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BETHESDA, MD-DiamondRock Hospitality Co. has acquired the fee simple interest in Hotel Rex, a full-service boutique property in San Francisco, for $29.5 million. The 94-key hotel is located in the Union Square district of the city and is managed by Joie de Vivre Hospitality LLC. The hotel was built in 1907 and is fashioned after the San Francisco art and literary salons of the 1920-30s.

This trade is the REIT‘s first acquisition in San Francisco, according to CEO Mark W. Brugger. The property is moving at an attractive initial yield and a significant discount to replacement cost, he says in a prepared statement.

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