DiamondRock Hospitality Co. has sold the 725-room Lexington Hotel in New York City for $185.3 million. The new owner was not disclosed.
DiamondRock intends to redeploy the net proceeds from the sale to acquire high-growth experiential resort and urban lifestyle hotels aligned with its investment strategy.
“We are pleased to announce the closing of this transaction, which right-sizes our portfolio's exposure to New York City,” said Mark Brugger, president and CEO of DiamondRock. “This disposition also provides DiamondRock with significant investment capacity for on-strategy acquisitions.”
