M&A Deal Summary

Diamondrock Hospitality Acquires The Westin Washington D.C

On July 9, 2012, Diamondrock Hospitality acquired leisure company The Westin Washington D.C from The Blackstone Group

Acquisition Highlights
  • This is Diamondrock Hospitality’s 2nd transaction in the Leisure sector.
  • This is Diamondrock Hospitality’s 3rd transaction in the United States.
  • This is Diamondrock Hospitality’s 1st transaction in District of Columbia.

M&A Deal Summary
Date 2012-07-09
Target The Westin Washington D.C
Sector Leisure
Buyer(s) Diamondrock Hospitality
Sellers(s) The Blackstone Group
Deal Type Divestiture

Target

The Westin Washington D.C

Washington,, District of Columbia, United States
The Westin Washington, D.C. is a 406-room full-service hotel located in downtown Washington, D.C. with over 12,000 square feet of meeting space. The hotel opened in 1982 and converted to the Westin brand in 2006 after undergoing a major renovation. The hotel is centrally located to appeal to business and leisure guests visiting the K Street business corridor, White House, Washington Convention Center, National Mall and U.S. Capitol.

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Buyer(S) 1

Buyer

Diamondrock Hospitality

Bethesda, Maryland, United States
Category Company
Sector Real Estate
Employees33
Revenue 1.1B USD (2023)
DESCRIPTION

Diamondrock Hospitality is a self-advised real estate investment trust (REIT) that is an owner of a portfolio of geographically diversified hotels concentrated in top gateway markets and destination resort locations. Diamondrock Hospitality is based Bethesda, Maryland.

DEAL STATS #
Overall 3 of 10
Sector (Leisure) 2 of 8
Type (Divestiture) 2 of 2
State (District of Columbia) 1 of 1
Country (United States) 3 of 10
Year (2012) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-07-09 The Westin San Diego

San Diego, California, United States

The Westin San Diego is a 436-room full-service hotel located in downtown San Diego featuring over 19,000 square feet of meeting space. The hotel opened in 1991 as part of a San Diego mixed-use facility and was converted to the Westin brand in 2007 after undergoing a major renovation. The hotel is within walking distance of several major group and leisure demand generators, including the San Diego Convention Center, Seaport Village, Little Italy, Gaslamp Quarter and is across the street from the new Federal Courthouse (expected to open in late 2012).

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-11-13 The Hotel Rex

San Francisco, California, United States

The 94-room Hotel Rex is one block from the famed Union Square. Leisure and business guests enjoy the Hotel’s convenient location close to the city’s leading retail, dining and entertainment venues as well business demand generators including the Moscone Center, the Financial District and the burgeoning hub of the technology sector in the South of Market (SoMa) District.

Buy $30M

Seller(S) 1

SELLER

The Blackstone Group

New York, New York, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1987
PE ASSETS 131.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

The Blackstone Group is a global alternative investment management firm. The Firm's investment activities span real estate, secondary investments, hedge funds, credit, infrastructure, and private equity. Blackstone's private equity group targets opportunities globally including buyout acquisitions of established companies, development projects, growth equity financings, and industry consolidations. Sectors of interest include automotive, healthcare, chemicals, industrial, commercial property, lodging, communications, media/publishing, consumer & retail, packaging, consumer products, pharmaceuticals, energy, technology, entertainment, telecommunications, financial services, theme parks, food & beverage, and transportation. Blackstone's private equity real estate group looks for opportunities across North/South America, Asia, Australia/New Zealand, and Europe. The real estate group will consider both equity and debt investments. Areas of interest include healthcare, hotel, industrial, office, residential, and retail. The Blackstone Group was formed in 1987 and is based in New York, New York.

DEAL STATS #
Overall 67 of 173
Sector (Leisure) 5 of 12
Type (Divestiture) 7 of 9
State (District of Columbia) 1 of 1
Country (United States) 46 of 105
Year (2012) 5 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-07-09 The Westin San Diego

San Diego, California, United States

The Westin San Diego is a 436-room full-service hotel located in downtown San Diego featuring over 19,000 square feet of meeting space. The hotel opened in 1991 as part of a San Diego mixed-use facility and was converted to the Westin brand in 2007 after undergoing a major renovation. The hotel is within walking distance of several major group and leisure demand generators, including the San Diego Convention Center, Seaport Village, Little Italy, Gaslamp Quarter and is across the street from the new Federal Courthouse (expected to open in late 2012).

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-09-05 GCA Services Group

Cleveland, Ohio, United States

GCA Services Group, Inc. is a provider of quality facility services, including janitorial/custodial services, contamination control for cleanroom manufacturing, facilities operations and maintenance services, grounds and athletic field management services, diversified staffing, and more.

Buy -
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