DiamondRock Hospitality Company has completed the acquisition of The Bellmoor Inn & Spa, a 79-room luxury resort located in Rehoboth Beach, Delaware. The transaction, finalized on October 1, 2026, involved the purchase of the fee simple interest in the property for a total consideration of $31.0 million.
The acquisition price equates to approximately $392,000 per key. According to the company, the purchase price represents a 10.4x multiple of the hotel's trailing twelve-month EBITDA and an 8.6% capitalization rate based on its net operating income (NOI). The hotel's trailing twelve-month results ended August 2026 show Hotel EBITDA of $3.0 million and Hotel NOI of $2.7 million.
DiamondRock stated that the acquisition was funded with cash on hand. The company projects that following the implementation of asset management initiatives and planned off-season capital improvements, the hotel will generate a stabilized Hotel NOI yield of approximately 9.5%. The transaction is not expected to have a material impact on the company’s fourth quarter 2026 earnings.
