DiamondRock Hospitality Company (NYSE: DRH) announced that Aimbridge Hospitality assumed management of the Westin Boston Waterfront Hotel. The Hotel is now operated under a franchise agreement with Westin Hotel Management. L.P., a subsidiary of Marriott International, which expires in 2026. The Hotel was previously managed by Westin.
"Aimbridge has the unique expertise to drive tremendous results for our shareholders at the Westin Waterfront, Boston's dominant convention center hotel," said Mark W. Brugger, President & Chief Executive Officer of DiamondRock Hospitality Company. "We expect the hotel to have a record year in 2020 with group pace up 27%. The transition is projected to generate several million dollars of incremental EBITDA for our shareholders. We look forward to working with Aimbridge to provide our guests with an excellent hotel experience."
The Massachusetts Convention Center Authority ("MCCA") owns and oversees Boston's two major convention facilities: the Boston Convention & Exposition Center ("BCEC") located in the Seaport District and the John B. Hynes Veterans Memorial Convention Center in Back Bay. In December 2019, the MCCA engaged brokerage representation to sell the Hynes Convention Center and intends to use the sales proceeds to expand the BCEC facility and concentrate Boston's convention center business. The BCEC is among the largest convention facilities in the Northeastern U.S. and the 25 largest in the United States. The Hotel is the only hotel connected to the BCEC.
About the Company
DiamondRock Hospitality Company is a self-advised real estate investment trust (REIT) that is an owner of a leading portfolio of geographically diversified hotels concentrated in top gateway markets and destination resort locations. The Company owns 31 premium quality hotels with over 10,000 rooms. The Company has strategically positioned its hotels to be operated both under leading global brand families such as Hilton and Marriott as well as unique boutique hotels in the lifestyle segment. For further information on the Company and its portfolio, please visit DiamondRock Hospitality Company's website at www.drhc.com.
