Hotel Rex Trades for $29M
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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 .
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