DiamondRock Hospitality Announces Completion Of Hilton Minneapolis Renovation
BETHESDA, Md., May 21, 2014 /PRNewswire/ - DiamondRock Hospitality Company (the "Company") (NYSE: DRH) announces the successful completion of its $13.0 million renovation of the Hilton Minneapolis, including guest rooms, guest bathrooms and corridors, which commenced in November 2013 and which was completed in March 2014.
DiamondRock expects the renovated property to deliver substantial EBITDA and RevPAR growth in 2014 and beyond. The hotel is the largest in Minnesota and a AAA Four Diamond hotel. Its dominant position and top-tier status, coupled with enhanced amenities and a new contemporary design, are expected to differentiate it from competitors in the area and further enhance market penetration.
Mark W. Brugger, President and Chief Executive Officer of DiamondRock Hospitality Company, stated, "The Hilton Minneapolis is another example of our successful 2013 capital program focusing on projects that will drive meaningful growth in 2014 and beyond. Hilton Minneapolis performs at the top of its competitive set and we believe this renovation will allow it to continue to do so going forward.
Brugger added, "Company-wide, our renovations are substantially complete and have positioned DiamondRock for outsized growth over the next several years."
The comprehensive renovation, completed on-time and on budget, enhanced key aspects of the hotel's guestrooms and suites. All guest rooms have been redesigned and offer Hilton Hotels & Resorts' signature, plush Serenity Beds, 50-inch high-definition LCD televisions, in-room refrigerators, laptop safes, Cuisinart(R) two-cup coffeemakers, a work desk with ergonomic chair and a digital panel that allows guests to connect and charge several digital devices at once. The renovated guest bathrooms feature granite counter tops, back-lit mirrors and a custom nightlight.
The renovations will also introduce significant sustainability measures to improve the property's operating efficiency and environmental profile. These include:
- Replacing CFL technology with LED lighting, converting 6,566 fixtures that will result in an annual 551,251 KWH reduction in electrical usage.
- Converting 1,642 bathroom light fixtures to T-5 fluorescent bulbs, creating annual savings of 100,000 KWH.
- Installing low-flow shower heads that yield an annual reduction in water consumption by 1,753,040 gallons.
- Replacing all guest room heating systems with new energy-efficient fan motors.
Transformed by The Gettys Group, a Chicago company that specializes in hotel design, Hilton Minneapolis will offer guests an enhanced room product that reflects the hotel's timeless design with a sophisticated urban finish. The design is thoughtful with warm colors, contemporary original art and the occasional splash of playful accents. Rich wood tones are contrasted with light neutral fabrics and blended with stone and polished metal for a sophisticated urban look.
Media can access additional information about Hilton Minneapolis at: news.hilton.com/minneapolis.
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 25 premium quality hotels with over 10,700 rooms. The Company has strategically positioned its hotels to generally be operated under leading global brands such as Hilton, Marriott, and Westin. For further information on the Company and its portfolio, please visit DiamondRock Hospitality Company's website at www.drhc.com.
SOURCE DiamondRock Hospitality Company
CONTACT: Sean Mahoney, (240) 744-1150
Web site: http://www.drhc.com
Reported by: Online.wsj.com
DiamondRock expects the renovated property to deliver substantial EBITDA and RevPAR growth in 2014 and beyond. The hotel is the largest in Minnesota and a AAA Four Diamond hotel. Its dominant position and top-tier status, coupled with enhanced amenities and a new contemporary design, are expected to differentiate it from competitors in the area and further enhance market penetration.
Mark W. Brugger, President and Chief Executive Officer of DiamondRock Hospitality Company, stated, "The Hilton Minneapolis is another example of our successful 2013 capital program focusing on projects that will drive meaningful growth in 2014 and beyond. Hilton Minneapolis performs at the top of its competitive set and we believe this renovation will allow it to continue to do so going forward.
Brugger added, "Company-wide, our renovations are substantially complete and have positioned DiamondRock for outsized growth over the next several years."
The comprehensive renovation, completed on-time and on budget, enhanced key aspects of the hotel's guestrooms and suites. All guest rooms have been redesigned and offer Hilton Hotels & Resorts' signature, plush Serenity Beds, 50-inch high-definition LCD televisions, in-room refrigerators, laptop safes, Cuisinart(R) two-cup coffeemakers, a work desk with ergonomic chair and a digital panel that allows guests to connect and charge several digital devices at once. The renovated guest bathrooms feature granite counter tops, back-lit mirrors and a custom nightlight.
The renovations will also introduce significant sustainability measures to improve the property's operating efficiency and environmental profile. These include:
- Replacing CFL technology with LED lighting, converting 6,566 fixtures that will result in an annual 551,251 KWH reduction in electrical usage.
- Converting 1,642 bathroom light fixtures to T-5 fluorescent bulbs, creating annual savings of 100,000 KWH.
- Installing low-flow shower heads that yield an annual reduction in water consumption by 1,753,040 gallons.
- Replacing all guest room heating systems with new energy-efficient fan motors.
Transformed by The Gettys Group, a Chicago company that specializes in hotel design, Hilton Minneapolis will offer guests an enhanced room product that reflects the hotel's timeless design with a sophisticated urban finish. The design is thoughtful with warm colors, contemporary original art and the occasional splash of playful accents. Rich wood tones are contrasted with light neutral fabrics and blended with stone and polished metal for a sophisticated urban look.
Media can access additional information about Hilton Minneapolis at: news.hilton.com/minneapolis.
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 25 premium quality hotels with over 10,700 rooms. The Company has strategically positioned its hotels to generally be operated under leading global brands such as Hilton, Marriott, and Westin. For further information on the Company and its portfolio, please visit DiamondRock Hospitality Company's website at www.drhc.com.
SOURCE DiamondRock Hospitality Company
CONTACT: Sean Mahoney, (240) 744-1150
Web site: http://www.drhc.com
Reported by: Online.wsj.com
