Lodging-focused real estate investment trust DiamondRock Hospitality Co (DRH.N) said it would acquire a hotel property under development in Times Square, New York City for $112.5-$135 million. Upon completion, the hotel is expected to contain about 250 to 300 guest rooms. The number of guestrooms could be increased to about 400, if certain permits are obtained, which could push up the purchase price to about $178 million, the company said in a statement.
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