July 10, 2012 · 0 Comments
BETHESDA, Md., July 9, 2012 (www.hospitalitybusinessnews.com) – DiamondRock Hospitality Company today announced that it plans to sell 20,000,000 shares of its common stock in an underwritten public offering pursuant to its effective shelf registration statement previously filed with the Securities and Exchange Commission. The underwriter will be granted a 30-day option to purchase up to an additional 3,000,000 shares of common stock.
The Company intends to use the net proceeds from the offering to fund a portion of the consideration for the acquisition of four hotel properties, which was also announced today.
Goldman, Sachs & Co. is serving as sole book-running manager for the offering. Goldman, Sachs & Co. may offer the shares of common stock from time to time for sale in one or more transactions in the New York Stock Exchange, in the over-the-counter market, through negotiated transactions or otherwise at market prices prevailing at the time of sale, at prices related to prevailing market prices or at negotiated prices.