Diamondrock Hospitality (DRH) Falls Neary 9%

Shares of Diamondrock Hospitality Company DRH were down nearly 9% at $8.45 per share in the after hours market. The real estate investment trust said that it had agreed to acquire the Hilton Minneapolis hotel for $152 million. The company will also pay an additional $3.5 million to defease the Hotel's pre-existing mortgage debt. Diamondrock Hospitality Company said that it would offer 20 million of its shares, which amount to about 15% of outstanding shares. The deal is expected to close during Diamondrock Hospitality Company's 3rd quarter.