DiamondRock will focus on renovations in the near term, execs say

03/5/2013 | HotelNewsNow.com

Executives of DiamondRock Hospitality said Friday that the company's strategy over the next two years will focus on divesting noncore assets and renovating its existing hotel portfolio. DiamondRock's planned investment for renovations will amount to $140 million, says Sean M. Mahoney, the company's chief financial officer. "2014 to 2017 will be peak profitability years for the hotel industry, so we're trying to position the portfolio for those peak cash-flow years," said DiamondRock CEO Mark W. Brugger.

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