CHICAGO
DiamondRock Hospitality Company (the "Company"), a lodging-focused real estate investment trust that owns a portfolio of premium hotels in the United States, announced today that it has completed the sale of the Oak Brook Hills Resort which is located in a suburb of Chicago.
"We are pleased to announce the sale of the suburban Oak Brook Hills Hotel, illustrating our commitment to continuously prune the bottom-tier of our portfolio," said Mark W. Brugger, President and CEO of DiamondRock Hospitality Company. "The hotel was our least profitable hotel and had the lowest average revenue per available room within the portfolio."
The Company sold the 386-room Oak Brook Hills Resort to an unaffiliated third party for $30.1 million, including $4.0 million of seller financing. The Oak Brook Hills Resort generated approximately $1.0 million of Hotel Adjusted EBITDA and had negative net operating income during the trailing twelve months period ending March 31, 2014. The Hotel's Adjusted EBITDA was approximately $2.0 million for the full year in 2013.
The property offers 36 meeting rooms and more than 42,000 square feet of event space.
