DiamondRock Hospitality Company Announces the Exercise of the Underwriters' Over-Allotment Option and the Closing of Its Follow-On Public Offering of Common Stock
BETHESDA, Md., April 4 /PRNewswire-FirstCall/ -- DiamondRock Hospitality Company (NYSE: DRH) today announced that the underwriters of its recent follow-on public offering of common stock have exercised their over-allotment option to acquire an additional 2,520,000 shares of common stock. In addition, today DiamondRock completed the sale of all 19,320,000 shares of common stock (including the additional shares purchased pursuant to the over- allotment option). DiamondRock received net cash proceeds of $239,229,900 today.
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 final 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.
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 of DiamondRock Hospitality Company, +1-240-744-1150