NEW YORK CITY-Bethesda-based DiamondRock Hospitality Co. has agreed to purchase a hotel, which is being developed on West 42nd Street in Times Square, New York. The company will buy the hotel by paying between $112.5 million to $135 million or about $450,000 per room.
The final payment for the upcoming hotel will depend on the number rooms. Highgate Holdings and an affiliate of Walton Street LLC are developing the hotel. DiamondRock has said that the hotel will be managed by Highgate. For the full story, go to Washington Business Journal.
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