DiamondRock Hospitality Sells Courtyard by Marriott New York Manhattan/Fifth Avenue for $33 Million
DiamondRock Hospitality Company sold its leasehold interest in the Courtyard by Marriott New York Manhattan/Fifth Avenue for $33 million. The sale reflects a 6.3x multiple on 2025 adjusted EBITDA and a 13.3% cap rate on 2025 net operating income, though the stabilized cap rate is expected to be around 7.8% after accounting for future capital expenditures and expenses. The company has adjusted its 2026 financial guidance downward as a result.
Tickers: $DRH
Topics: capital allocation EBITDA FFO financial guidance hotel sale real estate