HUNTINGTON BEACH, CA—After acquiring the Shorebreak Hotel here, DiamondRock Hospitality Co. has brought in Kimpton Hotels & Restaurants to manage the property, looking for enhanced operating results for its purchase. DiamondRock has acquired the beachfront hotel here for $58.5 million from an undisclosed seller.

The purchase price represents a 12.8 multiple on 2015 hotel EBITDA. According to Mark Brugger, president and CEO of DiamondRock, “This was a rare opportunity to buy a truly unique beachfront property in one of Southern California’s premier resort destinations. With 10 miles of pristine beaches, Huntington Beach is one of the highest-rated markets in the country, with excellent RevPAR growth potential and high barriers to entry.”

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