BETHESDA, Md., July 9, 2012 /PRNewswire/ -- DiamondRock Hospitality Company (the "Company") ( NYSE:DRH) today announced that it plans to sell 20,000,000 shares of its common stock in an underwritten public offering pursuant to its effective shelf registration statement previously filed with the Securities and Exchange Commission. The underwriter will be granted a 30-day option to purchase up to an additional 3,000,000 shares of common stock.
The Company intends to use the net proceeds from the offering to fund a portion of the consideration for the acquisition of four hotel properties (the "Hotel Portfolio Acquisition"), which was also announced today.
Goldman, Sachs & Co. is serving as sole book-running manager for the offering. Goldman, Sachs & Co. may offer the shares of common stock from time to time for sale in one or more transactions in the New York Stock Exchange, in the over-the-counter market, through negotiated transactions or otherwise at market prices prevailing at the time of sale, at prices related to prevailing market prices or at negotiated prices.A copy of the prospectus supplement and accompanying prospectus relating to these securities may be obtained, when available, by contacting Goldman, Sachs & Co., Prospectus Department, 200 West Street, New York, NY 10282, telephone: 1-866-471-2526, facsimile: 212-902-9316 or by emailing email@example.com. This press 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.