{"id":1004209033,"date":"2018-03-06T09:46:10","date_gmt":"2018-03-06T17:46:10","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004209033"},"modified":"2022-12-08T14:33:28","modified_gmt":"2022-12-08T22:33:28","slug":"diamondrock-grows-western-hotel-portfolio","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/diamondrock-grows-western-hotel-portfolio\/","title":{"rendered":"DiamondRock Grows Western Hotel Portfolio"},"content":{"rendered":"<p>By Tudor Scolca<\/p>\n<div id=\"attachment_1004209034\" style=\"width: 234px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/03\/DiamondRock-Palomar-Hotel.jpg\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004209034\" data-attachment-id=\"1004209034\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/diamondrock-grows-western-hotel-portfolio\/diamondrock-hotel-palomar-exterior\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/03\/DiamondRock-Palomar-Hotel.jpg\" data-orig-size=\"1600,2146\" 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;The Hotel Palomar Phoenix (PRNewsfoto\/DiamondRock Hospitality Company)&quot;,&quot;created_timestamp&quot;:&quot;0&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 Hotel Palomar exterior&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"DiamondRock Hotel Palomar exterior\" data-image-description=\"&lt;p&gt;Hotel Palomar&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Hotel Palomar&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/03\/DiamondRock-Palomar-Hotel.jpg?w=763\" class=\"wp-image-1004209034 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/03\/DiamondRock-Palomar-Hotel.jpg\" alt=\"Hotel Palomar\" width=\"224\" height=\"300\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/03\/DiamondRock-Palomar-Hotel.jpg 1600w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/03\/DiamondRock-Palomar-Hotel.jpg?resize=224,300 224w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/03\/DiamondRock-Palomar-Hotel.jpg?resize=768,1030 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/03\/DiamondRock-Palomar-Hotel.jpg?resize=763,1024 763w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/03\/DiamondRock-Palomar-Hotel.jpg?resize=1145,1536 1145w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/03\/DiamondRock-Palomar-Hotel.jpg?resize=1527,2048 1527w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/03\/DiamondRock-Palomar-Hotel.jpg?resize=150,201 150w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/03\/DiamondRock-Palomar-Hotel.jpg?resize=300,402 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/03\/DiamondRock-Palomar-Hotel.jpg?resize=696,934 696w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/03\/DiamondRock-Palomar-Hotel.jpg?resize=1068,1432 1068w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/03\/DiamondRock-Palomar-Hotel.jpg?resize=313,420 313w\" sizes=\"auto, (max-width: 224px) 100vw, 224px\" \/><\/a><p id=\"caption-attachment-1004209034\" class=\"wp-caption-text\">Hotel Palomar<\/p><\/div>\n<p><a href=\"https:\/\/www.commercialsearch.com\/news\/diamondrock-adds-to-hotel-portfolio\/\">DiamondRock Hospitality Co.<\/a> has acquired a boutique hotel in downtown Phoenix. The Kimpton Hotel Palomar traded for $80 million, a 12.6x multiple of the forward 12 months of hotel EBITDA. The company used existing corporate cash to fund the purchase, predicting a\u00a0$1 million impact to its first quarter adjusted EBITDA.<\/p>\n<p>The 242-key hotel is situated within the 1.2 million-square-foot mixed-use project, CityScape, at One E. Washington St. The property provides immediate access to the city&#8217;s downtown destinations, including the NBA Basketball Arena, Chase Field, the Phoenix Convention Center, several movie theaters, Symphony Hall and plenty of restaurants and retailers. Phoenix Sky Harbor International Airport is just a 10-minute drive from the hotel, while plenty of public transportation options facilitate transit across the metro.<\/p>\n<h2>Increased western exposure<\/h2>\n<p>Open since 2012, Kimpton Hotel Palomar features guestrooms ranging from 410 to 1,325 square feet. Amenities include a rooftop pool with cabanas and an upscale bar, yoga mats and several lounges, a fitness center, valet parking and a breakfast club. A meeting space of 15,000 square feet is also available, featuring natural light and a flexible indoor or outdoor area.<\/p>\n<p>\u201c<em>The acquisition aligns well with our strategic goals and increases our exposure to West and West Coast markets and urban lifestyle boutique hotels. Moreover, we have already identified a number of asset management opportunities to enhance the hotel\u2019s revenues and cost structure,<\/em>\u201d said Mark Brugger, president &amp; CEO of DiamondRock Hospitality Co., in a prepared statement.<\/p>\n<p>Kimpton will continue to manage the hotel acquired by DiamondRock, which will become unencumbered in two years. Phoenix is currently one of the top leading U.S. real estate markets, with a diversified economy fueled by a recent revitalization. According to the latest <a href=\"https:\/\/www.commercialsearch.com\/news\/riding-the-tech-wave-in-phoenix\/\">Yardi Matrix report<\/a>, the city\u2019s leisure and hospitality employment sector has seen a 3.7 percent year-over-year increase.<\/p>\n<p><em>Image courtesy of DiamondRock Hospitality Co.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The 242-key hotel first opened its doors in 2012, and is situated in downtown Phoenix, within the 1.2 million-square-foot CityScape mixed-use high-rise.<\/p>\n","protected":false},"author":1284,"featured_media":1004209034,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21751,21742,1601,15],"tags":[34182,33361,34183],"class_list":["post-1004209033","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-hotel","category-latest","category-phoenix","category-west","tag-diamondrock-hospitality-company","tag-kimpton-hotels-restaurants","tag-mark-brugger"],"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>DiamondRock Grows Western Hotel Portfolio - 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\/diamondrock-grows-western-hotel-portfolio\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"DiamondRock Grows Western Hotel Portfolio\" \/>\n<meta property=\"og:description\" content=\"The 242-key hotel first opened its doors in 2012, and is situated in downtown Phoenix, within the 1.2 million-square-foot CityScape mixed-use high-rise.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/diamondrock-grows-western-hotel-portfolio\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2018-03-06T17:46:10+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T22:33:28+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/03\/DiamondRock-Palomar-Hotel.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1600\" \/>\n\t<meta property=\"og:image:height\" content=\"2146\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Tudor Scolca\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/diamondrock-grows-western-hotel-portfolio\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/diamondrock-grows-western-hotel-portfolio\\\/\"},\"author\":{\"name\":\"Tudor Scolca\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/daae3daa7b99fdfb75a85cb3cd92a26d\"},\"headline\":\"DiamondRock Grows Western Hotel Portfolio\",\"datePublished\":\"2018-03-06T17:46:10+00:00\",\"dateModified\":\"2022-12-08T22:33:28+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/diamondrock-grows-western-hotel-portfolio\\\/\"},\"wordCount\":320,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/diamondrock-grows-western-hotel-portfolio\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2018\\\/03\\\/DiamondRock-Palomar-Hotel.jpg\",\"keywords\":[\"DiamondRock Hospitality Company\",\"Kimpton Hotels &amp; 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