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DiamondRock Hospitality Company (DRH) is a renowned real estate investment trust (REIT) focused on owning and managing a diverse portfolio of premium hotels and resorts. Incorporated in Maryland, the company operates a significant portfolio comprising 36 high-quality hotels and resorts with over 9,700 rooms located in key gateway cities and leisure destinations throughout North America and the U.S. Virgin Islands. DiamondRock's properties are strategically positioned to be managed under leading global hotel brands such as Marriott, Hilton, and Starwood as well as independent boutique hotels in the lifestyle segment.
The company's business model is centered around acquiring, owning, managing, and renovating full-service hotel properties to maximize shareholder returns. DiamondRock differentiates itself from its peers through a focused strategy based on three core principles: maintaining a balanced portfolio with excellent growth prospects, employing innovative asset management practices, and preserving a conservative balance sheet for strategic flexibility.
Recently, DiamondRock has made significant strides in enhancing its portfolio and financial performance. In 2023, the company achieved record hotel revenues with a 4% year-over-year increase, positioning itself strongly for future growth. Additionally, the company completed the acquisition of the Chico Hot Springs Resort and adjacent ranch in Montana for $33 million, adding a unique lifestyle resort to its portfolio.
Financially, DiamondRock maintains robust liquidity with $628.5 million in available funds as of the first quarter of 2024. The company's debt structure is well managed, with $1.2 billion in total debt, comprising both unsecured term loans and property-specific, non-recourse mortgage debt.
DiamondRock is also committed to enhancing shareholder value through its share repurchase program and consistent dividend payments. During the past year, the company repurchased 318,454 shares of common stock and declared quarterly dividends for both common and preferred stockholders.
Looking ahead, DiamondRock's strategic focus includes significant capital improvements at its hotels, with an expected investment of approximately $100 million in 2024 to enhance guest experiences and drive revenue growth. The company's leadership changes in 2024, including the appointments of Jeffrey Donnelly as CEO and Briony Quinn as CFO, underscore its commitment to driving continued business momentum and achieving its long-term strategic goals.
For further information on DiamondRock Hospitality Company and its portfolio, please visit their official website at www.drhc.com.
DiamondRock Hospitality Company (NYSE: DRH) has acquired the AC Hotel Minneapolis Downtown for $30 million ($122,000 per key). The 245-room hotel, built in 2016, is located in downtown Minneapolis, a major hub for Fortune 1000 companies and biotechnology. The acquisition represents an 8.2% capitalization rate on forecasted 2024 net operating income and brings DRH's portfolio to 37 hotels. The property is expected to add 20 basis points to comparable full-year RevPAR growth and 10 basis points to Total RevPAR growth, though it won't significantly impact 2024 Adjusted EBITDA or FFO per share.
DiamondRock Hospitality Company (NYSE: DRH), a lodging REIT, reported its Q3 2024 results. Net income stood at $26.6 million ($0.11 per diluted share). Comparable revenues rose 2.5% YoY to $285.1 million, while Comparable RevPAR increased 2.8% to $214.44. Adjusted EBITDA grew 3.3% to $75.6 million. The company repaid a $73.3 million mortgage and extended a $300 million unsecured term loan to January 2026. Share repurchases totaled 0.7 million shares at $8.14/share, amounting to $5.4 million. Full-year guidance for RevPAR was adjusted to 1.5%-2.0% growth, reflecting hurricane impacts. Liquidity was $591.7 million, including $75.3 million in unrestricted corporate cash. Capital expenditures are projected at $85 million for 2024, with $58.4 million already invested.
DiamondRock Hospitality Company (NYSE: DRH) has announced its schedule for the third quarter 2024 earnings release and conference call. The company will report its financial results after market close on Thursday, November 7, 2024. A conference call for investors and interested parties is set for Friday, November 8, 2024, at 9:00 a.m. Eastern Time.
Participants can access the call details by registering through a provided link. The earnings release will be available in the Investor Relations section of the company's website at www.drhc.com. For those unable to attend the live call, a replay will be accessible two hours after completion for a time via a webcast URL.
DiamondRock Hospitality Company (NYSE: DRH) has announced dividend declarations for the third quarter of 2024. The company's Board of Directors has declared a quarterly cash dividend of $0.03 per common share, payable on October 11, 2024, to shareholders of record as of September 30, 2024. Additionally, a quarterly dividend of $0.515625 per share has been declared on the company's 8.250% Series A Cumulative Redeemable Preferred Stock, payable on September 30, 2024, to shareholders of record as of September 20, 2024.
DiamondRock Hospitality Company (NYSE: DRH) reported its second-quarter 2024 results with net income of $24.6 million and EPS of $0.10. Comparable total revenues increased 4.8% year-over-year to $309.3 million. Comparable RevPAR rose by 2.2% to $229.21, while adjusted EBITDA increased 7.8% to $92.5 million. The company raised its full-year guidance with expected Adjusted EBITDA between $278 million and $290 million and Adjusted FFO per share between $0.95 and $1.00. Share repurchases totaled 2.5 million shares at an average price of $8.39, amounting to $20.6 million. The Hilton Burlington Lake Champlain was rebranded as the Hotel Champlain Burlington. The company has $629.5 million in liquidity and declared a quarterly dividend of $0.03 per common share.
On June 3, 2024, DiamondRock Hospitality (NYSE: DRH) announced that its Board of Directors has declared a quarterly cash dividend of $0.03 per common share, payable on July 12, 2024, to shareholders of record as of June 28, 2024.
The Board also declared a quarterly dividend of $0.515625 per share on its 8.250% Series A Cumulative Redeemable Preferred Stock, payable on June 28, 2024, to shareholders of record as of June 18, 2024.
DiamondRock Hospitality (NYSE: DRH) will release its second-quarter 2024 financial results on Thursday, August 1, 2024, after market close.
A conference call to discuss the results is scheduled for the following day, Friday, August 2, 2024, at 9:00 a.m. ET.
The call will be accessible via telephone and the internet, with registration details available on the company's Investor Relations website.
A replay of the call will be available two hours after the live event for a time.
DiamondRock Hospitality Company (NYSE: DRH) has promoted Stephen Spierto to Chief Accounting Officer, effective May 15, 2024. Spierto, who joined in November 2023, previously served as Vice President, Corporate Controller. He has a background in real estate and hospitality auditing from Ernst & Young. The company also announced Anika Fischer as Senior Vice President and General Counsel, effective June 3, 2024. Fischer was previously Deputy General Counsel at Essex Property Trust, with expertise in capital markets and real estate transactions. CEO Jeffrey J. Donnelly praised both appointments for their strategic and legal expertise.
DiamondRock Hospitality Company reported first quarter 2024 results, with comparable total revenues 3.8% above 2023, net income of $8.4 million, and earnings per diluted share of $0.03. The company raised the midpoint of its full-year guidance. Recent developments include leadership changes to drive business momentum.
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