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DiamondRock Hospitality Co., of Bethesda, a real estate investment trust that owns 26 upscale and luxury hotels in the U.S., said it has sold the 487-room Torrance Marriott South Bay, in Torrance, Calif.
The sale price was approximately $76 million, including credit for the hotel’s replacement reserve.
The buyer was not identified.
In a statement, Mark W. Brugger, president and CEO of DiamondRock Hospitality Co., said proceeds will be redeployed to a Hilton Garden Inn in New York’s Times Square that is nearing completion.
The day before DiamondRock’s announcement, Host Hotels & Resorts Inc., another Bethesda-based hotel REIT, announced the sale of the 244-room Four Seasons Hotel Atlanta for $62 million.
