Hotel Online  Special Report

Discount Hotels
London, Sydney, Rome, AmsterdamParis, Melbourne, Lisbon, Barcelona, Berlin, Hong Kong, New York, Auckland
DiamondRock Hospitality Company Acquires the
189-room Hotel 5A in Midtown Manhattan
for approximately $34.4 million
BETHESDA, Md., Dec. 23, 2004 - DiamondRock Hospitality Company ("DiamondRock") announced today that it has acquired the Hotel 5A, a boutique hotel property located in Midtown Manhattan. The 189-room hotel is conveniently situated near Fifth Avenue shopping and Bryant Park.

The hotel was purchased for approximately $34.4 million, or $182 thousand per room, and will be reflagged as a Courtyard by Marriott in January. An affiliate of Marriott International (NYSE: MAR) will manage the property under a long-term agreement.

"This acquisition represents a high quality asset in a premium Midtown Manhattan location. It is rare to find opportunities in locations like this that present such 

Hotel 5A
(formerly the Clarion Fifth Avenue)
New York, NY
promising economic potential," said Bill McCarten, chairman and chief executive officer of DiamondRock.

John Williams, president of DiamondRock, added: "DiamondRock will invest $4 million to completely renovate the property and convert it into a Courtyard. Marriott's reservation system generates high rated, unaccomodated reservations in Manhattan that will directly benefit this asset."

DiamondRock was formed in July 2004 and will elect to be a lodging real estate investment trust upon filing its first corporate tax return. More information about DiamondRock is available on its website:

This press release contains "forward-looking statements" within the meaning of federal securities law, including statements concerning business strategies and their intended results and similar statements concerning anticipated future events and expectations that are not historical facts. 


DiamondRock Hospitality
10400 Fernwood Road, Suite 300 
Bethesda, Maryland 20817 
Tel:  (301) 380-7100
Also See: DiamondRock Hospitality Company Acquires the 276 suite Bethesda Suites Marriott Hotel in Bethesda, Maryland for Approximately $41.6 million / November 2004

To search Hotel Online data base of News and Trends Go to Hotel.Online Search

Home | Welcome! | Hospitality News | Classifieds | Catalogs & Pricing | Viewpoint Forum | Ideas/Trends
Please contact Hotel.Online with your comments and suggestions.