ATLANTA-DiamondRock Hospitality Co. and locally based Noble Investment Group have jointly acquired the 369-room Westin Atlanta North at Perimeter Center from White Plains-based Starwood Hotels & Resorts Worldwide for $61.5 million. Area hospitality sources tell the $166,666 per-room price is below replacement cost in today’s escalating construction costs environment.

William W. McCarten, chairman and CEO of the Bethesda, MD-based hospitality company, calls the transaction “an attractively priced acquisition of a high quality hotel in a solid market.”

McCarten says DiamondRock plans to invest another $3 million in capital improvements over the next 12 months. Noble will manage the 20-story property when the deal closes. The hotel will remain a Westin-branded property at 7 Concourse Parkway, about 30 minutes north of Downtown Atlanta.

McCarten says the hotel is forecasted to generate $6.3 million of earnings before interest, taxes, depreciation and amortization over the next year and $3.7 million of EBITDA during the remainder of 2006.

John Williams, president and chief operating officer of DiamondRock, calls Perimeter Center “one of the best lodging markets in the Southeast, with over 23 million sf of office space and such major demand generators as General Electric, Microsoft, Eli Lilly, as well as three world-class hospitals located less than one miles from the hotel.”

After the deal closes, DiamondRock will own 17 hotels with 7,680 rooms, Williams says. The company has “a strategic acquisition sourcing relationship” with Marriott International, he adds.

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