DiamondRock Hospitality Company 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 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 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.”
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