DiamondRock acquires The Inn at Key West

|About: DiamondRock Hospitality ... (DRH)|By:, SA News Editor

The 106-room hotel was purchased for $47.5M, or $448K per room. The price represents 12.1x estimated 2014 EBITDA and a 7.6% cap rate on forecasted NOI.

The deal was funded by DRH with cash on hand.