Business View Caribbean | May 2021

7 BUSINESS VIEW CARIBBEAN MAY 2021 D iamondRock Hospitality Company and Fortress Investment Group LLC Announce a Transaction for the Frenchman’s Reef Marriott Resort & Spa and Noni Beach, Autograph Collection Project in St. Thomas, U.S.V.I. DiamondRock Hospitality Company recently announced that it has sold the 478-room Frenchman’s Reef Marriott Resort & Spa and Noni Beach, Autograph Collection project in St. Thomas, U.S.V.I. (collectively, “Frenchman’s Reef”) to an affiliate of Fortress Investment Group LLC. As consideration, DiamondRock has received an upfront cash payment as well as a participation FRENCHMAN’S REEF IN U.S.V.I. TO BE REBUILT AND REOPENED AS A DESTINATION RESORT right in the future profits of the hotel once certain return metrics are achieved. The resort has been closed since it experienced devastating impact from sequential hurricanes in 2017. Under Fortress ownership, the Frenchman’s Reef will complete a major rebuilding project and reopen as a global destination resort. “We are extremely excited to steward this important property through the completion of its ambitious rebuilding and, ultimately, to its reopening as a global destination with unrivaled facilities and amenities,” said Thomas W. Pulley, Global Head of the Fortress Credit Real Estate business. “This is a remarkable property—an OPENING L INES