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LEXINGTON, KY-Marriott International has sold the 408-room Marriott Griffin Gate Resort here for $50 million, according to the new owner, to DiamondRock Hospitality Co. of Bethesda, MD. Marriott International will continue to manage the hotel under a long-term agreement.DiamondRock was formed in July 2004 and will elect to be a hotel REIT upon filing its first corporate tax return. The Griffin Gate acquisition is the fourth property in the company’s portfolio. The others are located in New York City, Bethesda and Sonoma, CA. All properties are being managed by Marriott International.Griffin Gate is in the midst of a $12-million-plus renovation, according to a prepared statement by DiamondRock chairman/CEO Bill McCarten. McCarten could not be reached Wednesday morning for additional comment.Last week, DiamondRock announced its acquisition of Hotel 5A, a 189-room boutique hotel property located in Midtown Manhattan for $34.4 million. It will be reflagged as a Courtyard by Marriott in January. Earlier in December, DiamondRock acquired the 276-room Bethesda Marriott Suites in Bethesda’s I-270 Technology Corridor for $41.6 million. In October 2004, DiamondRock paid $33 million for the Lodge at Sonoma, a Renaissance Resort and Spa. The 182-room luxury resort was built and opened by a local developer in 2000 at a cost in excess of $50 million.

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