>DiamondRock to buy N.Y. hotel

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>DiamondRock Hospitality Co. of Bethesda has agreed to buy a hotel under construction on West 42nd Street in New York’s Times Square.

The company (NYSE: DRH) will pay between $112.5 million to $135 million, or about $450,000 a room, depending on the final number of rooms in the hotel. The numbers of rooms is expected to range from 250 and 300.

If the developers obtain additional permits, the number of rooms could reach 400, and DiamondRock would pay $178 million, or $445,000 per room.

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