Hotel Rex Trades for $29M
Interested in Retail? Don't miss RealShare NET LEASE WEST on November 11-12 in Los Angeles.Start your day well-informed with GlobeSt.com's National AM Alert. Sign Up Today!
SAN FRANCISCO-DiamondRock Hospitality Co. based in Bethesda has paid $29.5 million to buy Hotel Rex, a 94-room hotel located in San Francisco's Union Square district. It is the company's first acquisition in San Francisco. Joie de Vivre Hospitality Inc. is the manager of Hotel Rex. According to DiamondRock, Hotel Rex will continue to run as an independent boutique hotel. The property is anticipated to reach a 20% growth in revenue per available room in 2012.
With this acquisition, DiamondRock now owns 27 hotel properties. For the full story, go to Washington Business Journal .
GlobeSt.com News Hub is your link to relevant real estate and business stories from other local, regional and national publications.
You can now be notified via email if this story is updated by clicking on the "Follow this Story" link. You must be a registered member to take advantage of this "members only" benefit.