DiamondRock Set to Acquire Chicago Marriott
BETHESDA, MD, March 7, 2006. DiamondRock Hospitality Co. has entered into a definitive binding agreement with a joint venture between affiliates of The Carlyle Group and LaSalle Hotel Properties to acquire the 1,192 room Chicago Marriott Downtown Magnificent Mile.
The contractual purchase price for the hotel is $295 million plus approximately $11 million of net consideration in the form of an assumed property tax liability and other adjustments. The hotel is budgeted to generate $25.8 million of earnings before interest, taxes, depreciation and amortization for the full year 2006.
William McCarten, DiamondRock chairman/CEO, noted the company secured the hotel on an off-market basis "at attractive pricing- an 11.86 multiple of budgeted 2006 EBITDA."
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
