DiamondRock sells Westin Washington D.C. City Center for $92M; 11.2x EBITDA multiple

DiamondRock Hospitality Co

Sold 410-room Westin Washington D.C. City Center for $92.0M on Feb 19, 2025.
Price reflects 11.2x multiple on 2024 Hotel EBITDA and 7.5% cap rate on 2024 NOI.
Excluding one-time credits, adjusted multiples are 11.9x EBITDA and 7.0% cap rate.
CEO Jeffrey Donnelly says sale advances strategy to drive per-share earnings growth.
Proceeds to be redeployed to create shareholder value; company owns 36 hotels post-sale.

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