January 11, 2007
DiamondRock Hospitality Company announces agreement to acquire the leasehold interest in the recently built 793-room Westin Boston Waterfront Hotel among other assets.
On January 10, Willkie client DiamondRock Hospitality Company announced that it has entered into an agreement with a Boston-based developer to acquire the leasehold interest in the recently built 793-room Westin Boston Waterfront Hotel, which is attached to the new convention center in downtown Boston. The acquisition agreement also includes a leasehold interest in 100,000 square feet of retail space and an option to acquire a leasehold interest in an adjacent site with development rights to build a new 325-room hotel. The purchase price for all three assets was agreed at $330 million. Bethesda, MD-based DiamondRock is a real estate investment trust that owns 20 hotels in major U.S. markets. Willkie also advised DiamondRock in its recent acquisitions of hotels in Atlanta and Dallas. The current transaction was handled by partner Steven Klein and associates Gary Litke and Daniel Backer.