DiamondRock to pay US$335m for Manhattan Radisson

NEW YORK CITY DiamondRock Hospitality Co. would pay US$470,000 per key for Radisson Lexington in Midtown Manhattan, according to published reports.

The deal for the 712-key hotel, which would value it at US$335 million, is in the final stages of negotiations, according to The Wall Street Journal. The sellers are a partnership of Blackstone Group, a Goldman Sachs Group fund and Highgate Holdings. Eastdil Secured handled the listing.

The hotel, located at 511 Lexington Ave., was part of the MeriStar Hospitality Corp. portfolio that Blackstone acquired in 2006.