DiamondRock acquires AC Hotel Minneapolis Downtown for $30M; 8.2% cap rate on 2024 NOI

DiamondRock Hospitality Co

Purchase price $30M (~$122k/key) for 245-room fee simple hotel, paid with cash on hand.
8.2% capitalization rate on forecasted 2024 net operating income; hotel constructed in 2016.
Portfolio grows to 37 hotels; acquisition not in Nov 7 2024 guidance; adds ~20 bps to comparable RevPAR growth and ~10 bps to Total RevPAR.
CEO cites opportunity at significant discount to replacement cost with immediate yield.

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