- Gross consideration to NYSE:DRH from the sale of the 1,004-room hotel will be $160M, including payment for the hotel's capital reserve. The price represents a 6.6% cap rate on NOI of $10.5M for the 12 months ending on September 30.
- It's the latest in a series of sales of non-core assets for the company which acquired the hotel in 2005 for about $118M. The leveraged IRR exceeds 16%.
- A gain is expected to be recorded from the sale, but will be excluded from FFO and adjusted FFO.
- Source: Press Release