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DiamondRock buys Key West hotel

DiamondRock Hospitality Co., of Bethesda, a real estate investment trust that owns 27 hotels with over 110,000 rooms, announced that it has bought a 106-room boutique hotel, The Inn at Key West in Florida, for $47.5 million. The hotel is located off North Roosevelt Boulevard, the main thoroughfare in Key West. Hotels in Key West have the highest revenue per available room (RevPAR) in the U.S., DiamondRock said, and The Inn at Key West had a RevPAR of $174 for the fiscal year ended June 30. Overall, Key West RevPAR grew by nearly 22 percent from 2013 to 2014.