{"id":1004051436,"date":"2012-04-01T19:53:24","date_gmt":"2012-04-02T03:53:24","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=41836"},"modified":"2022-12-08T16:53:05","modified_gmt":"2022-12-09T00:53:05","slug":"renaissance-waverly-part-of-262m-portfolio-sold-to-inland","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/renaissance-waverly-part-of-262m-portfolio-sold-to-inland\/","title":{"rendered":"Renaissance Waverly Part of $262M Portfolio Sold to Inland"},"content":{"rendered":"<p style=\"text-align: justify\">By Georgiana Mihaila, Associate Editor<\/p>\n<p style=\"text-align: justify\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-41837\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2012\/03\/atlrb_phototour01.jpg\" alt=\"\" width=\"262\" height=\"300\" \/><\/p>\n<p style=\"text-align: justify\">DiamondRock Hospitality Company has completed the previously announced sale of a three-hotel portfolio to Inland American for $262.5 million. The 521-room Atlanta Renaissance Waverly hotel was part of the deal, along with Austin\u2019s 492-room Renaissance and the 409-room Griffin Gate Marriott Resort &amp; Spa in Lexington, Kentucky.<\/p>\n<p style=\"text-align: justify\">\u201cWe are pleased to announce the completion of the sale of the three hotels to Inland American. We believe the disposition achieves three primary benefits for DiamondRock: (1) improves portfolio quality and market concentration; (2) enhances the Company&#8217;s already best-in-class balance sheet by reducing debt by $180 million and increasing corporate cash by approximately $93 million; and (3) further positions DiamondRock to be an opportunistic acquirer of hotels in 2012,&#8221; stated Mark W. Brugger, chief executive officer of DiamondRock Hospitality Company.<\/p>\n<p style=\"text-align: justify\">DiamondRock made the first official announcement that it had entered into a purchase and sale agreement with an affiliate of Inland American for the 1,422-room portfolio on October 19, 2011. According to an official statement, all of the hotels are subject to long-term management agreements with Marriott International, Inc. Inland American, through its affiliates, acquired the portfolio for a contractual sales price of $262.5 million.<\/p>\n<p style=\"text-align: justify\">As part of the sale, the company received approximately $10 million for hotel working capital and cash previously held in restricted escrow accounts, net of closing costs. The hotels collectively generated $21.1 million of Adjusted EBITDA for DiamondRock in 2011.<\/p>\n<p style=\"text-align: justify\">The 521-room Renaissance Waverly, located in Northwest Atlanta, is attached to the Cobb Galleria Centre\u2014a 320,000-square-foot convention center\u2014and the Cucumber Mall.<\/p>\n<p style=\"text-align: justify\"><em>Photo Credits: Marriott International Official Website<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Georgiana Mihaila, Associate Editor<\/p>\n<p>DiamondRock Hospitality Company has completed the previously announced sale of a three-hotel portfolio to Inland American for $262.5 million. The 521-room Atlanta Renaissance Waverly hotel was part of the deal, along with Austin\u2019s 492-room Renaissance and [&#8230;]<\/p>\n","protected":false},"author":39,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1489,21742],"tags":[39387],"class_list":["post-1004051436","post","type-post","status-publish","format-standard","hentry","category-atlanta","category-latest","tag-atlanta"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Renaissance Waverly Part of $262M Portfolio Sold to Inland - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/renaissance-waverly-part-of-262m-portfolio-sold-to-inland\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Renaissance Waverly Part of $262M Portfolio Sold to Inland\" \/>\n<meta property=\"og:description\" content=\"By Georgiana Mihaila, Associate Editor DiamondRock Hospitality Company has completed the previously announced sale of a three-hotel portfolio to Inland American for $262.5 million. 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