DIAMONDROCK HOSPITALITY ANNOUNCES UPDATE ON RECENT OPERATIONS

Rhea-AI Summary

DiamondRock Hospitality Company (NYSE: DRH) reported strong preliminary revenue results for November and December 2022. November revenues increased by 27.3% compared to 2021 and 7.1% compared to 2019. December saw a growth of 10.5% and 10.7% compared to the same periods. For the fourth quarter, revenues rose 23.4% from 2021 and 8.5% from 2019. Full-year 2022 revenues exceeded $1 billion, marking a significant milestone for the company, which operates a portfolio of 35 hotels.

Positive

• November revenues increased 27.3% compared to 2021.
• December revenues grew 10.5% compared to 2021.
• Fourth quarter revenues increased 23.4% from 2021.
• Full year 2022 revenues exceeded $1 billion.

Negative

• None.

BETHESDA, Md., Jan. 11, 2023 /PRNewswire/ -- DiamondRock Hospitality Company (the "Company") (NYSE: DRH) today provided an update on preliminary results for November and December 2022, showing continued strong revenue growth compared to 2019.  November comparable revenues grew 27.3% and 7.1% compared to 2021 and 2019, respectively.  December comparable revenues grew 10.5% and 10.7% compared to 2021 and 2019.  Preliminary fourth quarter comparable revenues increased 23.4% and 8.5%, compared to 2021 and 2019, respectively.  Preliminary full year 2022 comparable revenues increased 56.3% and 6.2%, compared to 2021 and 2019, respectively. 

"DiamondRock's portfolio set new records in 2022 with total owned revenue exceeding $1 billion for the first time in the Company's history," stated Mark W. Brugger, President and Chief Executive Officer of the Company.  "We saw continued strength in travel demand during the fourth quarter with room rates meaningfully exceeding pre-pandemic levels at both our urban and resort properties."

Please visit https://investor.drhc.com/presentations to view the presentation with additional data on the Company's current operating trends. Comparable operating results exclude the Kimpton Fort Lauderdale Beach Resort, which opened in April 2021, and the recently acquired Lake Austin Spa Resort for all periods.

About the Company

DiamondRock Hospitality Company is a self-advised real estate investment trust (REIT) that is an owner of a leading portfolio of geographically diversified hotels concentrated in leisure destinations and top gateway markets. The Company currently owns 35 premium quality hotels with over 9,600 rooms. The Company has strategically positioned its hotels to be operated both under leading global brand families as well as unique boutique hotels in the lifestyle segment. For further information on the Company and its portfolio, please visit DiamondRock Hospitality Company's website at www.drhc.com.

View original content:https://www.prnewswire.com/news-releases/diamondrock-hospitality-announces-update-on-recent-operations-301719052.html

SOURCE DiamondRock Hospitality Company

FAQ

What were DiamondRock Hospitality's revenue results for December 2022?

In December 2022, DiamondRock Hospitality's revenues grew by 10.5% compared to 2021.

How did DiamondRock Hospitality perform in the fourth quarter of 2022?

The fourth quarter of 2022 saw a revenue increase of 23.4% compared to 2021.

What is DiamondRock Hospitality's stock symbol?

DiamondRock Hospitality is traded under the stock symbol DRH.

What significant milestone did DiamondRock Hospitality achieve in 2022?

In 2022, DiamondRock Hospitality exceeded $1 billion in total owned revenue for the first time.

What was the revenue growth for DiamondRock Hospitality in November 2022?

In November 2022, comparable revenues grew by 27.3% compared to 2021.