Maryland company purchases Chico Hot Springs
Chico Hot Springs Resort has been purchased by DiamondRock Hospitality Company out of Maryland.
DiamondRock Hospitality acquired Chico for $33 million, according to a press release. The 153-acre, 117-room resort was purchased for $27 million along with the 595-acre adjacent ranch for $6 million.
"Acquiring owner-operated properties in unique markets often allows DiamondRock to achieve superior returns on high-quality real estate. Moreover, Chico has numerous of the attractive attributes we target, such as durable cash flow, significant ROI opportunities, irreplaceable location, fee-simple, and fully unencumbered by brand and management," President and Chief Executive Officer Mark W. Brugger of DiamondRock Hospitality Company said.
DiamondRock Hospitality currently owns 36 premium-quality hotels and resorts.
The company says it plans to pursue high return-on-investment opportunities at Chico including additional rooms and glamping, affordable workforce housing, and renewable power.
"Chico Hot Springs Resort is another example of DiamondRock's leadership in identifying attractive investment opportunities that align with our focus on unique, leisure-oriented experiential hotels and resorts," Brugger said.
Source: KBZK News
