BETHESDA, Md.–(BUSINESS WIRE)–Could 6, 2021–
DiamondRock Hospitality Firm (“DiamondRock”) (NYSE: DRH), introduced right now that it bought the 478-room Frenchman’s Reef Marriott Resort & Spa and Noni Seashore, Autograph Assortment undertaking in St. Thomas, U.S.V.I. (collectively, “Frenchman’s Reef”) to an affiliate of Fortress Funding Group LLC (“Fortress”). As consideration, DiamondRock has obtained an upfront money cost in addition to a participation proper sooner or later income of the resort as soon as sure return metrics are achieved. The resort has been closed because it skilled devastating affect from sequential hurricanes in 2017. Underneath Fortress possession, the Frenchman’s Reef will full a serious rebuilding undertaking and reopen as a world vacation spot resort.
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“We’re extraordinarily excited to steward this vital property by means of the completion of its formidable rebuilding and, finally, to its reopening as a world vacation spot with unmatched amenities and facilities,” mentioned Thomas W. Pulley, International Head of the Fortress Credit score Actual Property enterprise. “It is a outstanding property—an irreplaceable asset that we’re thrilled so as to add to our portfolio. We welcome the chance to contribute to the long-term vibrancy of the St. Thomas economic system, and sit up for working carefully with U.S.V.I. officers and interesting with the folks of St. Thomas as an vital employer.”
“We’re delighted to consummate a transaction that permits DiamondRock to retain a monetary curiosity sooner or later success of Frenchman’s Reef whereas advancing our technique of accelerating our portfolio give attention to experiential drive-to resorts and life-style accommodations,” mentioned Mark W. Brugger, President and Chief Government Officer of DiamondRock Hospitality Firm. “We’re assured Fortress will convey a dynamic and thrilling imaginative and prescient to Frenchman’s Reef”.
Fortress Funding Group LLC is a number one, extremely diversified international funding supervisor. Based in 1998, Fortress manages $52.7 billion of belongings underneath administration as of December 31, 2020, on behalf of roughly 1,800 institutional purchasers and personal traders worldwide throughout a spread of credit score and actual property, non-public fairness and everlasting capital funding methods.
DiamondRock Hospitality Firm is a self-advised actual property funding belief (REIT) that’s an proprietor of a number one portfolio of geographically diversified accommodations concentrated in prime gateway markets and vacation spot resort areas. The Firm owns 30 premium high quality accommodations with over 9,600 rooms. The Firm has strategically positioned its accommodations to be operated each underneath main international model households in addition to distinctive boutique accommodations within the life-style phase. For additional data on the Firm and its portfolio, please go to DiamondRock Hospitality Firm’s web site at www.drhc.com.
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CONTACT: Fortress Contact
Gordon E. Runté
Chief Monetary Officer
Senior Vice President
KEYWORD: UNITED STATES NORTH AMERICA MARYLAND
INDUSTRY KEYWORD: PROFESSIONAL SERVICES FINANCE LODGING DESTINATIONS BANKING TRAVEL
SOURCE: Fortress Funding Group LLC
Copyright Enterprise Wire 2021.
PUB: 05/06/2021 04:56 PM/DISC: 05/06/2021 04:56 PM
Copyright Enterprise Wire 2021.