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 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.
DiamondRock Hospitality Company (NYSE: DRH) announced a quarterly dividend of $0.515625 per share on its 8.250% Series A Cumulative Redeemable Preferred Stock, payable on September 30, 2022. The record date for shareholders is September 16, 2022. Additionally, a cash dividend of $0.03 per common share has been declared, payable on October 12, 2022, with a record date of September 30, 2022. The company operates 34 hotels with over 9,500 rooms, focusing on leisure destinations and key markets.
DiamondRock Hospitality Company (NYSE: DRH) will announce its third-quarter 2022 financial results on November 3, 2022, after market close. A conference call for investors is scheduled for November 4, 2022, at 9:00 a.m. ET. Investors can access the call via a registered link and through the company’s website. DiamondRock owns 34 hotels with over 9,500 rooms, focusing on leisure destinations and top gateway markets. For more details, visit 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).
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