DiamondRock Hospitality Company Announces Pricing of Follow-On Common Stock Offering
BETHESDA, Md., March 30 /PRNewswire-FirstCall/ -- DiamondRock Hospitality Company (NYSE: DRH) today announced the pricing of its follow-on public offering of 16,800,000 shares of common stock at a price of $13.00 per share. DiamondRock has granted the underwriters an option to purchase up to an additional 2,520,000 shares of common stock to cover over-allotments, if any. The offering is expected to close on April 4, 2006, subject to customary closing conditions. Merrill Lynch & Co., Friedman, Billings, Ramsey & Co. and Wachovia Securities acted as the joint book-running managers of the offering. Citigroup Global Markets Inc., JMP Securities and Robert W. Baird & Co. acted as the co-managers.
Copies of the prospectus are available from the offices of Merrill Lynch & Co., 4 World Financial Center, New York, NY 10080, from the offices of Friedman, Billings, Ramsey & Co., 1001 Nineteenth Street North, Arlington, Virginia 22209, and from the offices of Wachovia Securities Attn.: Equity Capital Markets, 375 Park Avenue, New York, NY 10152, or from the offices of any of the other underwriters identified above.
A registration statement relating to these securities has been filed with the Securities and Exchange Commission and has become effective. This release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. Any offer or sale will be made only by means of the written prospectus forming part of the effective registration statement.
About DiamondRock Hospitality Company
DiamondRock Hospitality Company is a self-advised real estate company that owns and acquires upper upscale and upscale hotel properties located in North America and operated under nationally recognized brand names. To a lesser extent, it acquires premium limited-service and extended-stay hotel properties in urban locations. DiamondRock has a strategic acquisition sourcing relationship with Marriott International. DiamondRock owns 16 hotels with 7,311 rooms in 10 States and one U.S. territory. For more information about DiamondRock or to receive future press releases, please see the Company's website at http://www.drhc.com.
SOURCE DiamondRock Hospitality Company
CONTACT: Mark W. Brugger, 1-240-744-1150