DiamondRock Hospitality Chairman to Retire
DiamondRock Hospitality Company announced that its Chairman, William W. McCarten, will retire from the Board of Directors. His retirement follows a 47-year career in the hospitality industry. DiamondRock is a publicly traded REIT with a portfolio of hotels and resorts.
- Before his retirement, William W. McCarten had a long-standing history with Marriott, working for the corporation and its related entities for over 25 years in various high-level positions before co-founding DiamondRock in 2004. - DiamondRock's portfolio includes two significant assets in Chicago: the 1,200-room Chicago Marriott Magnificent Mile and The Gwen, a 311-room hotel on Michigan Avenue, both of which have been part of the REIT's holdings since 2006. - The Chicago multifamily market is characterized by tight supply, with a vacancy rate of 4.7% in mid-2025 and 12-month rent growth at 3.8%, creating a competitive landscape for investors. Average multifamily cap rates in Chicago were recently reported at 6.2%, offering a sense of potential returns in the market. - For those looking to transition into real estate investment firms, employers are increasingly seeking candidates with strong skills in real estate financial modeling, underwriting, and a deep understanding of asset management and acquisitions. Job-seeking platforms like SelectLeaders are noted as a primary resource for finding analyst and associate positions in private equity real estate. - REITs, like DiamondRock, are companies that own or finance income-producing real estate and are required to distribute at least 90% of their taxable income to shareholders as dividends, offering a way to invest in real estate with more liquidity than direct property ownership. - The Midwest region is currently seen as a favorable market for multifamily investment, with expectations of balanced supply-and-demand dynamics and positive rent growth, which could present opportunities for new investors. - A common career path into real estate investment involves starting as an analyst to build foundational skills in financial modeling and analysis before moving into roles in acquisitions or asset management. - Mark W. Brugger, who co-founded DiamondRock with McCarten, took over as CEO in September 2008 and has an extensive background in real estate capital markets and structured finance from his time as an executive at Marriott International.
