DiamondRock to sell Los Angeles Airport Marriott

DiamondRock Hospitality Co. entered into a purchase and sale agreement to sell the Los Angeles Airport Marriott. DiamondRock will receive total gross consideration from the sale of approximately US$160 million.

The transaction is expected to close by the end of 2014 and increase DiamondRock’s 2014 pro-forma portfolio RevPAR by approximately US$4.50. The sale is believed to help DiamondRock achieve its strategic objectives to improve the quality of its portfolio and to increase its portfolio allocation to third-party managed hotels.

“Over the past few years, we have transformed our portfolio through strategic divestitures of non-core hotels and targeting acquisitions to focus on premium lodging assets in urban gateway markets,” said Mark Brugger, president and CEO of DiamondRock.