DIAMONDROCK HOSPITALITY ANNOUNCES UPDATE ON RECENT OPERATIONS

Rhea-AI Summary

DiamondRock Hospitality Company (NYSE: DRH) reported strong operational results for September 2022. RevPAR increased by 43.5% year-over-year and 9.8% compared to September 2019. Total revenues for September reached $93.4 million, marking a 12.5% increase from 2019. For Q3 2022, RevPAR grew 8.7% and total revenues rose 11.7% compared to 2019. The recent $1.2 billion bank facility enhances the company's balance sheet, positioning them as a leader in the lodging sector.

Positive

• RevPAR grew 43.5% compared to September 2021 and 9.8% compared to September 2019.
• Total September revenues of $93.4 million, a 12.5% increase compared to 2019.
• Q3 RevPAR increased by 8.7% and total revenues by 11.7% compared to 2019.
• Completed $1.2 billion bank facility strengthens balance sheet.

Negative

• None.

BETHESDA, Md., Oct. 20, 2022  /PRNewswire/ -- DiamondRock Hospitality Company (the "Company") (NYSE: DRH) today provided an update on September 2022 operations, showing continued strong RevPAR growth both for the month and the third quarter.  September RevPAR grew 43.5% and 9.8% compared to 2021 and 2019, respectively.  Comparable total revenues for September were $93.4 million, an increase of 12.5% compared to 2019.  For the third quarter, RevPAR grew 8.7% and total revenues increased 11.7% compared to 2019. 

"DiamondRock is pleased to announce another record-setting quarter as the industry bounces back from the pandemic and consumers continue to spend on travel and experiences," said Mark W. Brugger, President and Chief Executive Officer of the Company.  "Our unique portfolio's ability to deliver outstanding operating results, along with the enhanced balance sheet strength from the Company's recently completed $1.2 billion bank facility, position DiamondRock to continue to be a leader in the lodging sector."

Please visit https://investor.drhc.com/presentations to view the presentation with additional data on the Company's current operating trends.

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 34 premium quality hotels with over 9,500 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-301655526.html

SOURCE DiamondRock Hospitality Company

FAQ

What were DiamondRock Hospitality's RevPAR results for September 2022?

RevPAR increased by 43.5% compared to 2021 and 9.8% compared to September 2019.

What were the total revenues for DiamondRock Hospitality in September 2022?

Total revenues reached $93.4 million, a 12.5% increase from 2019.

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

In Q3 2022, RevPAR grew by 8.7% and total revenues increased by 11.7% compared to 2019.

What financial facility did DiamondRock Hospitality recently complete?

They completed a $1.2 billion bank facility to strengthen their balance sheet.