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DiamondRock buys the walls of Hilton Garden Inn Times Square Central

DiamondRock Hospitality Company has acquired the property for 127.2 million dollars, close to 97 million euros.

DiamondRock Hospitality Company announced the acquisition of the Hilton Garden Inn Times Square Central for 127.2 million dollars (451,000 dollars per room), or close to 97 million euros (around 343,000 euros per room). The property will be managed by Highgate Hotels, under the Hilton Garden Inn brand.

Open since September 1, 2014, the Hilton Garden Inn Times Square Central is a new-build property with 282 rooms that enjoys a privileged situation in the center of New York, at Times Square. The property also has a restaurant, the Garden Grille, and meeting rooms.

"The hotel enjoys a prime location within Times Square that will benefit from tremendous demand from both business and leisure travelers. We expect this hotel to be very successful and one of the highest RevPAR and highest profit margin hotels within our portfolio," declared Mark W. Brugger, President and Chief Executive Officer of DiamondRock Hospitality Company.

With this new acquisition, DiamondRock Hospitality Company adds 27 hotels to its portfolio, for more than 11,000 operational rooms.
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