Please ensure Javascript is enabled for purposes of website accessibility

DiamondRock Hospitality prices 11M stock offering

BETHESDA — DiamondRock Hospitality Co. said Wednesday that it plans to raise about $133.7 million from a public offering of 11 million shares.

The offering was priced at $12.15 per share, 3.1 percent below its closing price of $12.54 on Tuesday.

The real estate investment trust expects to give the offering’s net proceeds to its operating partnership. The partnership will use $20 million of the proceeds to pay the deposit required under an agreement for a hotel set to be developed that will be purchased upon completion. The remaining funds will be used for future acquisitions and for general working capital purposes.

The company based in Bethesda, Md., gave the underwriters a 30-day option to buy up to an additional 1.7 million shares.

DiamondRock owns 23 hotels.