DiamondRock Hospitality today announced that it has entered into a
definitive binding agreement to acquire the 384-room Oak Brook Hills Resort &
Conference Center located in Oak Brook, Illinois, a suburb of Chicago.  The
127-acre resort includes an 18-hole championship golf course at The Willow
Crest Gold Club.  The purchase price for the resort is $64 million.The resort is currently not affiliated with a national hotel brand.
DiamondRock intends to convert the resort to a Marriott Hotel; it will be
known as the “Oak Brook Hills Marriott Resort.” As part of the brand
conversion, DiamondRock will spend more than $14 million to renovate and
reposition the resort into the premier conference center in the greater
Chicago market.
  We expect that the closing of this acquisition will occur on or before
August 23, 2005, subject to the satisfaction of closing conditions.
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