HotelNewsNow.com updates the news of public hotel companies on Friday. Following are the updates for: DiamondRock Hospitality Company; Host Hotels & Resorts; and Great Wolf Resorts.
Baird/STR Hotel Stock Index
The Baird/STR Hotel Stock Index closed Thursday at 2387.17. It was at 2386.51 as of 10:05 a.m. eastern time Friday.
DiamondRock Hospitality Company
DiamondRock Hospitality Company (NYSE: DRH) closed on the previously announced $170.4-million loan secured by a mortgage on the Lexington Hotel New York.
"This loan further strengthens DiamondRock's industry-leading balance sheet and positions it for growth. The $170 million in cash proceeds from this loan will be utilized to repay all outstanding balances on the company's corporate revolver and will bolster the Company's cash position," CEO Mark W. Brugger said in a news releas.
The Bethesda, Maryland-based real-estate investment trust’s stock price closed Thursday at $9.96 per share, up 3.32% year to date.
Great Wolf Resorts
An affiliate of Apollo Global Management LLC will acquire Great Wolf Resorts (Nasdaq: WOLF) for approximately $703 million, including the assumption of the company’s outstanding debt, according to a news release.
Great Wolf’s stock price closed on Thursday at $5.44 per share and is up 87.59% year to date.
Host Hotels & Resorts
Bethesda-based Host Hotels & Resorts (NYSE: HST) has priced $350 million of 5.25% senior notes. The offering is expected to close 22 March.
Proceeds will be used to repay debt secured by the JW Marriott Washington, D.C. and to redeem senior notes due in 2014.
The company’s stock price is up 7.65% year to date and closed Thursday at $15.90 per share.
Compiled by Shawn A. Turner.
