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DiamondRock buys Times Square hotel

DiamondRock Hospitality Co., of Bethesda, a real estate investment trust that owns 27 hotels with over 11,000 rooms, announced that it acquired the 282-room Hilton Garden Inn/Times Square Central in New York on Aug. 29 for $127.2 million. The hotel opened on Monday, and DiamondRock expects it to generate approximately $5 million of adjusted earnings in 2014. The hotel is located on 42nd Street between Avenue of the Americas and Broadway. It will be operated by Highgate Hotels.