DiamondRock picks up Times Sq. hotel site

Bethesda, Md.-based hotel owner DiamondRock Hospitality is set to purchase a partially completed hotel on West 42nd Street in Times Square, according to the Associated Press. The site, which is being developed by Highgate Hotels Holdings, is reportedly being sold for between $112.5 million and $135 million. The final purchase price will be determined by the number of rooms the hotel is given approval to construct — it’s currently slated to include 250 to 300 rooms, but could have as many as 400. Construction is expected to be complete in roughly two years, with a 2013 opening expected. The site’s exact address was not immediately clear. Mark Brugger, CEO of DiamondRock, said that the purchase is part of a strategic effort to gain a greater foothold in urban markets. “We are very excited to enter into this agreement to purchase our fourth hotel in New York City,” Brugger said. “This acquisition furthers our strategy of enhancing our full-service portfolio with urban select service hotels.” TRD