{"id":1004208983,"date":"2018-03-02T12:26:44","date_gmt":"2018-03-02T20:26:44","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004208983"},"modified":"2022-12-03T14:02:24","modified_gmt":"2022-12-03T22:02:24","slug":"diamondrock-adds-to-hotel-portfolio","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/diamondrock-adds-to-hotel-portfolio\/","title":{"rendered":"DiamondRock Adds to Hotel Portfolio"},"content":{"rendered":"<p>By Evelyn Jozsa<\/p>\n<div id=\"attachment_1004208984\" style=\"width: 331px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/03\/The-Landing-Resort-and-Spa.jpg\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004208984\" data-attachment-id=\"1004208984\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/diamondrock-adds-to-hotel-portfolio\/diamondrock-hospitality-company-front-view\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/03\/The-Landing-Resort-and-Spa.jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;DiamondRock Hospitality Company&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;(PRNewsfoto\/DiamondRock Hospitality Company)&quot;,&quot;created_timestamp&quot;:&quot;1519862400&quot;,&quot;copyright&quot;:&quot;This image must be used within the context of the news release it accompanied. Request permission from issuer for other uses.&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;DiamondRock Hospitality Company front view&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"The Landing Resort &#038; Spa\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;The Landing Resort &#038; Spa&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/03\/The-Landing-Resort-and-Spa.jpg?w=800\" class=\"wp-image-1004208984 \" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/03\/The-Landing-Resort-and-Spa.jpg\" alt=\"The Landing Resort &amp; Spa\" width=\"321\" height=\"250\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/03\/The-Landing-Resort-and-Spa.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/03\/The-Landing-Resort-and-Spa.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/03\/The-Landing-Resort-and-Spa.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 321px) 100vw, 321px\" \/><\/a><p id=\"caption-attachment-1004208984\" class=\"wp-caption-text\">The Landing Resort &amp; Spa<\/p><\/div>\n<p><a href=\"https:\/\/www.commercialsearch.com\/news\/phoenix-resorts-trade-for-97m\/\">DiamondRock Hospitality Co.<\/a> has purchased The Landing Resort &amp; Spa, a 77-key luxury resort in Lake Tahoe, Calif. for $42 million or $545,000 per key. The acquisition represents a 7 percent yield on 2017 Hotel Adjusted EBITDA. The company funded the acquisition with existing corporate cash.<\/p>\n<p>At 4104 Lakeshore Blvd., The Landing occupies a lakeside location within two minutes of the Lincoln Highway, which provides access to Lake Tahoe Airport, offering 120 flights per day. Besides this, the hotel is close to the city\u2019s nightlife venues including casinos, restaurants and shopping centers, as well as Heavenly Village and the Heavenly Mountain Ski Resort gondola. Amenities of the resort include:<\/p>\n<ul>\n<li>spa and fitness center<\/li>\n<li>indoor and outdoor function space<\/li>\n<li>rooftop deck<\/li>\n<li>outdoor pool and hot tub<\/li>\n<li>restaurant<\/li>\n<\/ul>\n<p><em>&#8220;This acquisition is well-aligned with our capital allocation strategy and increases our portfolio&#8217;s exposure to resorts, West Coast markets, and independent operators. Furthermore, we see numerous opportunities to enhance performance through the implementation of our asset management best practices and our ROI capital plan,&#8221;<\/em> said Mark Brugger, president &amp; chief executive officer of DiamondRock Hospitality Co., in prepared remarks.<\/p>\n<p><em>Image courtesy of DiamondRock Hospitality Co.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The company purchased The Landing Resort &amp; Spa, a 77-key luxury resort in Lake Tahoe, Calif., for $42 million. <\/p>\n","protected":false},"author":871,"featured_media":1004208984,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21751,21783,21742,36080,15],"tags":[34182,34183],"class_list":["post-1004208983","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-hotel","category-investment","category-latest","category-sacramento","category-west","tag-diamondrock-hospitality-company","tag-mark-brugger"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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