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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) will announce its Q1 2023 financial results on May 4, 2023, after market close. An investor conference call is scheduled for May 5, 2023, at 9:00 AM ET. Registration for the call is available online, enabling participation via telephone and the internet. The Company, a self-advised real estate investment trust, operates a portfolio of 35 hotels with over 9,600 rooms, focusing on leisure destinations and gateway markets. Additional information can be found on the Company's website.
DiamondRock Hospitality Company (NYSE: DRH) announced a quarterly cash dividend of
DiamondRock Hospitality Company (NYSE: DRH) reported strong operational results for 2022, with a net income of $109.7 million and earnings per diluted share of $0.47, reflecting a 54.8% revenue increase over 2021. The fourth quarter saw net income rise to $18.4 million, with revenues at $256.9 million, up 22.6% from 2021. Comparable RevPAR reached $198.37, a 50.6% increase year-over-year. The company acquired Lake Austin Spa Resort for $75.8 million and repurchased 1.6 million shares at an average price of $7.81. The firm ended 2022 with $589.5 million in liquidity and reinstated a quarterly dividend of $0.09. Looking ahead, the company anticipates robust demand in the hotel industry.
On January 24, 2023, DiamondRock Hospitality Company (NYSE: DRH) detailed the tax treatment for its 2022 distributions to shareholders of common and Series A preferred stock. Key dates include:
- Record Date (Common): 9/30/2022, Payable Date: 10/12/2022, Total Distribution: $0.03/share
- Record Date (Common): 12/30/2022, Payable Date: 1/12/2023, Total Distribution: $0.06/share
- Series A Preferred: Multiple distributions totaling $0.515625/share were noted for various record dates.
Shareholders are advised to consult tax advisors regarding their individual tax implications.
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.
DiamondRock Hospitality Company (NYSE: DRH) will report its fourth quarter 2022 financial results on February 21, 2023, before the market opens. A conference call for investors is scheduled for the same day at 10:00 a.m. ET to discuss the earnings release. The call can be accessed via telephone and internet, with registration required. DiamondRock Hospitality owns 35 hotels with over 9,600 rooms, strategically positioned in key market segments.
On December 7, 2022, DiamondRock Hospitality Company (NYSE: DRH) declared a quarterly cash dividend of $0.06 per common share, which includes a $0.03 recurring dividend and a $0.03 special dividend. This dividend is payable on January 12, 2023, to shareholders of record as of December 30, 2022.
Additionally, a $0.515625 dividend was announced for Series A Cumulative Redeemable Preferred Stock, payable on December 30, 2022, to those on record by December 19, 2022.
DiamondRock Hospitality Company (NYSE: DRH) reported a record third quarter in 2022, achieving a net income of $28.6 million and earnings per diluted share of $0.12. Total revenues increased by 34.2% year-over-year to $266.9 million, with a comparable RevPAR of $211.40, reflecting a 29.3% rise over 2021. The company successfully completed a $1.2 billion refinancing of its credit facility, enhancing its liquidity to $843.4 million. Additionally, $200 million was allocated for a share repurchase program, with $12.3 million already utilized. The company declared a quarterly dividend of $0.03 per share on October 12, 2022.
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.
DiamondRock Hospitality Company (NYSE: DRH) announced the successful refinancing of its primary unsecured credit facility, increasing it from $750 million to $1.2 billion. This includes a $400 million revolving credit facility, a $300 million term loan maturing in January 2026, and a $500 million term loan maturing in January 2028. The refinancing enhances balance sheet strength, providing liquidity over $600 million without near-term debt maturities. The proceeds will be used to repay existing loans, securing financial flexibility for future investments.
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