DIAMONDROCK HOSPITALITY DEBUTS THE DAGNY IN BOSTON
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"This strong return-on-investment opportunity advances DiamondRock's strategy to curate unique and differentiated experiences coveted by today's traveler. The Dagny is the Company's thirteenth independent hotel, marking the first time more than one-third of DiamondRock's portfolio is fully independent," said Mark W. Brugger, President and Chief Executive Officer of DiamondRock Hospitality Company.
The Dagny rebranding included a
For more information or to place a reservation, please visit https://www.thedagnyboston.com/.
About The Dagny
The Dagny, initially known as the Public Services Building and later as the Batterymarch Building, was
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.
This press release contains forward-looking statements within the meaning of federal securities laws and regulations. These forward-looking statements are identified by their use of terms and phrases such as "believe," "expect," "intend," "project," "forecast," "plan" and other similar terms and phrases, including references to assumptions and forecasts of future results. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors which may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made. These risks and uncertainties include, but are not limited to, the state of the
The Dagny
Reconciliation of Hotel Net Income to Hotel EBITDA and Hotel Net Operating Income
(unaudited, in millions)
Year Ended | |||||
2023 | 2024 | 2027 | |||
Hotel Net Income | $ 3.5 | $ 6.5 | $ 10.9 | ||
Depreciation and amortization | 5.7 | 6.0 | 5.9 | ||
Hotel EBITDA | 9.2 | 12.5 | 16.8 | ||
Less: Capital reserve | (1.4) | (1.5) | (1.8) | ||
Hotel Net Operating Income | $ 7.8 | $ 11.0 | $ 15.0 |
This press release includes certain non-GAAP financial measures as defined under Securities and Exchange Commission (SEC) rules. These measures are not in accordance with, or an alternative to, measures prepared in accordance with
The Company has presented estimated hotel EBITDA and hotel net operating income because it believes these measures provide investors and analysts with an understanding of the hotel-level operating performance. These non-GAAP measures do not represent amounts available for management's discretionary use, because of needed capital replacement or expansion, debt service obligations or other commitments and uncertainties, nor are they indicative of funds available to fund the Company's cash needs, including its ability to make distributions. The Company's presentation of the hotel's estimated EBITDA and net operating income should not be considered as an alternative to net income (computed in accordance with GAAP) as an indicator of the hotel's financial performance. The table above is a reconciliation of the hotel's estimated EBITDA and net operating income calculations to net income in accordance with GAAP. Any differences are a result of rounding.
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SOURCE DiamondRock Hospitality Company
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