DiamondRock picks up hotel in Manhattan, N.Y.

The company acquired the 169-room Hilton Garden Inn Chelsea New York City.  DiamondRock Hospitality Co. said Sept. 13 that it acquired the 169-room Hilton Garden Inn Chelsea New York City in Manhattan, N.Y., for $68.4 million.  The purchase price represents a 12.9x 2010 EBITDA and a 7% capitalization rate on 2010 NOI.  The company funded the acquisition through corporate cash.  The company retained the current hotel manager, subject to a new, short-term management agreement.  DiamondRock now expects to end 2010 with an unrestricted cash balance of approximately $90 million, no near-term debt maturities and an untapped $200 million corporate revolver.  Click here for full report…