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Deals & Dealmakers

DiamondRock sells Hilton Garden Inn Chelsea for $65M

DiamondRock Hospitality has just sold the Hilton Garden Inn Chelsea for $65 million. The property, which will soon undergo renovations, was sold to a “China-based entity.”

Photo by m01229/ Flickr
Photo by m01229/ Flickr

“The sale of the Hilton Garden Inn Chelsea / New York City moves the company towards an even more diversified portfolio by reducing the company’s allocation to New York City by approximately 150 basis points,” said DiamondRock President and Chief Executive Officer Mark W. Brugger.

The Hilton Inn Chelsea sale was just one of two transactions that DiamondRock closed today. The company also sold the 821-room Hilton Minneapolis for $143 million.

DiamondRock acquired the Hilton Garden Inn Chelsea in September of 2010 for $68.4 million or about $405,000 per room. The 23-story tower, which is located at 119-121 West 28th Street, contains 169 rooms and 71,000 s/f of space.

JLL served as the broker for the transaction.

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