Westin San Diego Part of $495M Portfolio DealWednesday, July 18, 2012
DiamondRock Hospitality Co. of Bethesda, Md. has agreed to buy a portfolio of four hotels for approximately $495 million, including Westin San Diego.
The 436-room Westin, located at 400 W. Broadway in downtown San Diego, is among four hospitality properties being sold by affiliates of New York-based Blackstone Real Estate Partners VI, part of The Blackstone Group.
DiamondRock CEO Mark Brugger said in a statement that Blackstone is taking a $75 million ownership stake in DiamondRock as part of the transaction. The company plans to complete the acquisition of the hotels by the end of July.
Also included in the deal are the Hilton Boston, the Westin Washington, D.C., and the Hilton Burlington in Vermont.