DiamondRock acquires Chico Hot Springs Resort in Montana for $33M

DiamondRock Hospitality Co

Purchase price $33M: $27M for 117-room resort (8.1% cap rate on 2022 NOI) and $6M for adjacent 595-acre ranch.
Resort near Yellowstone, fee-simple, unencumbered by brand or management agreements.
Expected stabilized NOI yield of 10.5% on total $33M investment; funded from corporate cash.
YTD Q2 2023 comparable RevPAR growth at resort was 8.7%.
Management sees durable cash flow, ROI opportunities, and irreplaceable location.

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