DiamondRock Hospitality Offloads Midtown Courtyard by Marriott

DiamondRock Hospitality Company has sold its leasehold interest in the 189-key Courtyard by Marriott New York Manhattan/Fifth Avenue to an undisclosed buyer for $33.0 million. The sale price represents a 6.3x multiple on 2025 adjusted EBITDA and a 13.3% cap rate on 2025 hotel NOI. Given $12 million of upcoming capital expenditures, a contractual increase...