DiamondRock Buys Rehoboth Beach's Bellmoor Inn & Spa for $31 Million
DiamondRock Hospitality Company (NYSE: DRH) announced on October 8 that it has acquired the Bellmoor Inn & Spa in Rehoboth Beach, Delaware, for $31 million in cash, according to a PR Newswire release.
The 79-room boutique hotel at 6 Christian Street sits two blocks from the beach in the heart of Rehoboth Beach. The $31 million price works out to roughly $392,000 per key. The deal represents a 10.4x multiple of trailing-twelve-month EBITDA and an 8.6% capitalization rate on net operating income, with a stabilized NOI yield of about 9.5% after planned renovations.
CEO Jeffrey J. Donnelly said the acquisition fits the company's strategy of buying high-quality hotels in drive-to leisure markets. DiamondRock owns 35 hotels with 9,479 rooms across the United States.
The announcement was made from Bethesda, Maryland, where the real estate investment trust is headquartered. The company said it expects the property to benefit from planned upgrades to its rooms and spa facilities.
Published by GSM · USA (original Chinese edition)
Photo: 特拉华州里霍博斯海滩木板路，图片来源：Wikimedia Commons（CC BY-SA 4.0）
