* Says sees acquisition to close in early Q3 * Shares down 7 pct after market
May 24 (Reuters) - Lodging-focused real estate investment trust DiamondRock Hospitality Co said it entered into an agreement to buy Hilton Minneapolis hotel for $152 million, sending its shares down 7 percent after market.
DiamondRock will also pay $3.5 million to fund the cost to defease Hilton Minneapolis' existing mortgage debt.
The REIT expects the acquisition to close early in its third quarter.
Shares of the Bethesda, Maryland-based company were trading down 7 percent after the bell at $8.57. They closed at $9.24 Monday on the New York Stock Exchange.
(Reporting by Fareha Khan in Bangalore; Editing by Maju Samuel) Keywords: HILTONMINNEAPOLIS TAKEOVER/ DIAMONDROCK (fareha.khan@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800 Reuters Messaging: fareha.khan.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
May 24 (Reuters) - Lodging-focused real estate investment trust DiamondRock Hospitality Co said it entered into an agreement to buy Hilton Minneapolis hotel for $152 million, sending its shares down 7 percent after market.
DiamondRock will also pay $3.5 million to fund the cost to defease Hilton Minneapolis' existing mortgage debt.
The REIT expects the acquisition to close early in its third quarter.
Shares of the Bethesda, Maryland-based company were trading down 7 percent after the bell at $8.57. They closed at $9.24 Monday on the New York Stock Exchange.
(Reporting by Fareha Khan in Bangalore; Editing by Maju Samuel) Keywords: HILTONMINNEAPOLIS TAKEOVER/ DIAMONDROCK (fareha.khan@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800 Reuters Messaging: fareha.khan.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.