Welcome to our dedicated page for DiamondRock Hospitality Company news (Ticker: DRH), a resource for investors and traders seeking the latest updates and insights on DiamondRock Hospitality Company stock.
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) reported record revenues of $279.4 million for Q2 2022, marking an 89.4% increase from 2021. Net income reached $52.7 million, translating to earnings per diluted share of $0.23. Comparable RevPAR soared to $222.70, up 87.1% year-over-year. The company reinstated a quarterly cash dividend of $0.03 per share. DiamondRock also acquired Kimpton Fort Lauderdale Beach Resort for $35.3 million in April 2022 and is in compliance with all financial covenants.
DiamondRock Hospitality Company (NYSE: DRH) announced an update on its operations as of July 26, 2022. The company owns 34 premium hotels with over 9,500 rooms, strategically situated in key leisure destinations and gateway markets. The report highlights the company's portfolio diversified across global brands and unique boutique hotels. Investors can access more detailed operational trends by visiting their investor relations page. For comprehensive information about the company's offerings and performance, the public is directed to visit their official website.
DiamondRock Hospitality Company (NYSE: DRH) will release its second quarter 2022 financial results on August 3, 2022, post-market. A conference call, originally set for 9:00 a.m. ET, has been moved to noon ET on August 4, 2022. Details for participating in the call are available on the Company's Investor Relations page. DiamondRock operates a portfolio of 34 hotels with over 9,500 rooms, focused on leisure destinations and gateway markets, with operations under leading brands and boutique hotels.
DiamondRock Hospitality Company (NYSE: DRH) announced the appointment of Justin Leonard as Executive Vice President and Chief Operating Officer, effective July 18, 2022. Leonard brings 20 years of experience from Walton Street Capital, where he managed assets of 60 hotels totaling over 20,000 rooms. His expertise is expected to enhance the company's asset management and operational strategies. CEO Mark W. Brugger expressed confidence in Leonard’s ability to drive value and elevate the company’s performance in the lodging sector.
DiamondRock Hospitality Company (NYSE: DRH) will release its second-quarter 2022 financial results on August 3, 2022, after market close. A conference call for investors is set for August 4, 2022, at 9:00 a.m. ET. The earnings release will be accessible in the Investor Relations section of the Company's website. DiamondRock operates hotels in prime leisure and gateway markets, owning 34 hotels with over 9,500 rooms.
DiamondRock Hospitality Company (NYSE: DRH) announced a dividend of $0.515625 per share on its 8.250% Series A Cumulative Redeemable Preferred Stock. The dividend is set to be paid on June 30, 2022, to shareholders of record as of June 17, 2022. The company operates a diverse portfolio of 34 hotels, totaling over 9,500 rooms, focused on leisure destinations and key markets, enhancing its market presence as a significant real estate investment trust (REIT).
DiamondRock Hospitality Company (NYSE: DRH) has announced the acquisition of the Kimpton Fort Lauderdale Beach Resort for $35.3 million. This boutique resort features 96 rooms and a dedicated beachfront area. The purchase, completed on April 1, 2022, is expected to generate synergies through management by HEI Hotels & Resorts, which oversees a nearby property. The company anticipates a rapid ramp-up of the resort’s performance, aiming for a stabilized yield exceeding 8%. This acquisition brings DiamondRock's portfolio to 14 resorts.
DiamondRock Hospitality Company (NYSE: DRH) announced robust first-quarter results for 2022, featuring a net income of $10.1 million and a 128.1% increase in comparable revenues to $197.3 million. Comparable Hotel Adjusted EBITDA surpassed pre-pandemic levels at $51.1 million, up from $2.2 million in 2021. The company acquired Kimpton Fort Lauderdale Beach Resort for $35.3 million and expects full-year revenues to meet or exceed 2019 figures. A quarterly common dividend is projected to resume in Q3 2022.
DiamondRock Hospitality Company (NYSE: DRH) will announce its Q1 2022 financial results on May 5, 2022, after market close. A conference call for investors is scheduled for May 6, 2022, at 8:00 a.m. ET. Participants can join the call via telephone at 844-287-6622 or online. A rebroadcast will be available shortly after the call until May 13, 2022, accessible through the same phone numbers and the company's website. As of March 31, 2022, DiamondRock owns 33 hotels and resorts with over 9,400 rooms.
DiamondRock Hospitality Company (NYSE: DRH) announced the resignation of Thomas G. Healy, Executive VP and COO, effective April 15, 2022, to pursue new opportunities. His responsibilities will be assumed by Mark W. Brugger, President and CEO, ensuring a smooth transition in asset management and redevelopment. Healy's contributions were acknowledged as pivotal in enhancing the company's asset management team. The company remains optimistic about its position to leverage the hotel industry's recovery.
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