DiamondRock Plans IPO

DiamondRock Hospitality Co., Bethesda, Md., a company that invests in "upscale" hotel properties, is planning an initial public offering of 26.087 million shares of its common stock.In the prospectus on the offer, which has not yet been declared effective by the Securities and Exchange Commission, the company says it expects shares to be priced in the $10.50 to $12.50 range. DiamondRock, which has opted for real estate investment trust status, said it plans to get its shares listed on the New York Stock Exchange. About 1.3 million shares of the offering are to be sold directly to Marriott, the hotel company, with whom DiamondRock has an "investment sourcing relationship." DiamondRock commenced operations in July 2004, after making a private offering of common stock, the company said.