Company: DRH-PA
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0001298946-25-000015
Chunk: 124

Company: DiamondRock Hospitality Co
Filing Date: 2025-02-28
Form: 10-K
Item: Item 16
Chunk 124
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 price of $92.0 million. During the year ended December 31, 2024, we evaluated the recoverability of the carrying amount of the hotel as a result of our determination in the fourth quarter of 2024 that it is more likely than not that the hotel will be sold before the end of its previously estimated useful life. As a result, we recorded an impairment loss of $32.6 million to adjust the hotel's carrying amount to its estimated fair value less costs to sell. As of December 31, 2024, the buyer placed a $2.7 million non-refundable deposit and the hotel was classified as held for sale based on our assessment of the criteria for a hotel to be classified as held for sale. The associated assets and liabilities of the hotel are recorded in assets held for sale and liabilities of assets held for sale on our consolidated balance sheets. During the year ended December 31, 2024, we recorded additional impairment losses of $1.6 million related to the write-off of construction in progress that was determined not to be recoverable. During the year ended December 31, 2023, we recorded an impairment loss of $0.9 million related to the write-off of construction in progress that was determined not to be recoverable. During the year ended December 31, 2022, we recorded impairment losses of $2.8 million on the right-to-manage intangible asset related to the rental management agreements at Tranquility Bay Beachfront Resort upon our acquisition of four third-party owned units.

F-17

4. Hotel Acquisitions

Acquisitions2023 AcquisitionOn August 1, 2023, we acquired the 117-room Chico Hot Springs Resort and an adjacent ranch located in Pray, Montana for $31.9 million, including prorations and transaction costs. The acquisition was funded with corporate cash. On October 25, 2023, we acquired the Chico Day Spa adjacent to the hotel for $0.8 million, including prorations and transaction costs.2024 Acquisition

On November 12, 2024, we acquired the 245-room the AC Hotel Minneapolis Downtown located in Minneapolis, Minnesota for $30.5 million, including prorations and transaction costs. The acquisition was funded with corporate cash. 

5.  Debt

The following table sets forth information regarding the Company’s debt (dollars in thousands):Principal Balanceas of December 31,LoanInterest Rate