DiamondRock Hospitality Company announced Wednesday that it has purchased Chico Hot Springs Resort in the Paradise Valley for $33 million.

The Maryland-based hospitality company owns 35 hotels and resorts in 13 states and the District of Columbia. Chico is its first acquisition in Montana or the broader Pacific Northwest. The 117-room resort and adjacent ranch sit on a combined 748 acres at the base of Emigrant Peak, not far from the northern entrance of Yellowstone National Park.

“Chico Hot Springs Resort is another example of DiamondRock’s leadership in identifying attractive invest...