HMT Host Marriott Cp

DiamondRock Acquires the Torrance Marriott From Host Marriott BETHESDA, Md., Jan. 7 /PRNewswire/ -- DiamondRock Hospitality Company ("DiamondRock") announced today that it has acquired from Host Marriott Corporation (NYSE:HMT) the Torrance Marriott hotel, located in Los Angeles, California. The 487-guestroom hotel was purchased for approximately $61.5 million. The hotel is managed by an affiliate of Marriott International (NYSE:MAR). (Logo: http://www.newscom.com/cgi-bin/prnh/20040708/DCTH028 ) "This is the second asset we have acquired from Host Marriott in the last month. The Torrance Marriott will greatly benefit from our aggressive asset management and repositioning plans. We plan to invest over $10 million in the hotel next year to renovate the property and capture higher rated business. The hotel is located less than 2 miles from the Pacific Ocean and is adjacent to the well-known Del Amo Mall, one of the largest malls in America," said Bill McCarten, chairman and chief executive officer of DiamondRock. DiamondRock was formed in July 2004. More information about DiamondRock is available on its website: http://www.diamondrockhospitality.com/. This press release contains "forward-looking statements" within the meaning of federal securities law, including statements concerning business strategies and their intended results and similar statements concerning anticipated future events and expectations that are not historical facts. The forward-looking statements in this press release are subject to numerous risks and uncertainties, including the effects of economic conditions, supply and demand changes for hotel rooms, competitive conditions in the lodging industry, relationships with clients and property owners, the impact of government regulations, the availability, terms and development of capital to finance growth, and changes in our strategic relationship with Marriott International, Inc. which could cause actual results to differ materially from those expressed in or implied by the statements herein. http://www.newscom.com/cgi-bin/prnh/20040708/DCTH028 http://photoarchive.ap.org/ DATASOURCE: DiamondRock Hospitality Company CONTACT: Mark Brugger of DiamondRock Hospitality Company, +1-301-380-3936, Web site: http://www.diamondrockhospitality.com/

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