William W. McCarten, chairman and CEO of the Bethesda, MD-basedhospitality company, calls the transaction "an attractively pricedacquisition of a high quality hotel in a solid market."
McCarten says DiamondRock plans to invest another $3 million incapital improvements over the next 12 months. Noble will manage the20-story property when the deal closes. The hotel will remain aWestin-branded property at 7 Concourse Parkway, about 30 minutesnorth of Downtown Atlanta.
McCarten says the hotel is forecasted to generate $6.3 millionof earnings before interest, taxes, depreciation and amortizationover the next year and $3.7 million of EBITDA during the remainderof 2006.
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