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) has launched Hotel Clio, its third Luxury Collection hotel, situated in Denver Cherry Creek. This positions DiamondRock as the largest owner of Luxury Collection hotels in North America. The hotel, acquired in 2011 for $74 million, underwent a $3.6 million redesign, aiming for a 70% internal rate of return. With 199 luxury rooms, it targets a 10.5% yield on total investment. Hotel Clio emphasizes local heritage in its design, enhancing DiamondRock's portfolio of urban lifestyle hotels.
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 will be paid on March 31, 2022, to shareholders of record by March 18, 2022. The Company operates a portfolio of 33 hotels with over 9,400 rooms in top leisure destinations and gateway markets.
DiamondRock Hospitality Company (NYSE: DRH) reported a fourth quarter net loss of $2.9 million, with total revenues of $196.8 million, down 13.3% from 2019. The company's Comparable RevPAR was $158.53, reflecting a 12.5% decline from 2019, despite a 7.6% increase in Comparable ADR. For the full year, net loss totaled $195.4 million, and total revenues declined 33.5% from 2019. However, the company completed significant acquisitions, including Henderson Beach Resort, totaling $500 million, expected to add $20 million in Hotel Adjusted EBITDA in 2022.
DiamondRock Hospitality Company (NYSE: DRH) announced the tax treatment for its 2021 dividend distributions to holders of its preferred stock. Throughout 2021, no dividends were paid to common stockholders. The total distribution for Series A Preferred Stock amounted to $2.0625 per share, with quarterly payments of $0.515625. Key dates include record dates of March 18, June 18, September 17, and December 20, and payable dates on March 31, June 30, September 30, and December 31, respectively. Shareholders are advised to consult their tax advisors for specific treatment of these distributions.
DiamondRock Hospitality Company (NYSE: DRH) will announce its fourth quarter 2021 financial results on February 17, 2022, after market close. A conference call for investors is set for February 18, 2022, at 9:00 a.m. ET. Details will be shared in the earnings release available on the company's website. For dial-in access, investors can call 844-287-6622 (international: 530-379-4559) using conference ID 6819388. A rebroadcast will be available after the call until March 11, 2022.
DiamondRock Hospitality Company (NYSE: DRH) acquired two Florida resorts, the Henderson Beach Resort in Destin and Tranquility Bay Beachfront Resort in Marathon, for a total of $175.5 million. This investment marks a strategic pivot towards leisure-oriented properties, reinforcing a portfolio shift to nearly two-thirds destination leisure hotels. The acquisitions align with DiamondRock's efforts to recycle $220 million into unencumbered, high-yield hotels, projecting increased investment yield and long-term cash flow growth, with yields of 6.4% and 11.5% for the new properties.
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 payable on December 31, 2021, to shareholders of record as of December 20, 2021. The company, a self-advised REIT, owns 31 premium hotels with over 9,100 rooms in major markets and resort locations. This strategic positioning within the hospitality sector enhances its appeal among investors.
DiamondRock Hospitality Company (NYSE: DRH) announced the grand opening of the Margaritaville Beach House Key West after a $3.5 million investment. The upgraded resort features 186 suites, a lagoon-style pool, and family-friendly amenities. The property, acquired for $94 million in 2015, was rebranded from the Barbary Beach House Key West. The Company projects that the new investment will yield over an 80% return, generating nearly $14 million in EBITDA for 2021, significantly enhancing financial performance.
DiamondRock Hospitality Company (NYSE: DRH) has launched The Hythe, a Luxury Collection Resort in Vail, Colorado. This property, Marriott's only Luxury Collection alpine resort in North America, represents a significant investment, with an expected $8.4 million capital investment poised to yield over 80% returns. The resort is projected to generate stabilized EBITDA of over $17 million, reflecting a 6.1x EBITDA multiple. Featuring 344 luxury rooms and a premier spa, The Hythe aims to become a premier destination for both visitors and hotel guests, enhancing DiamondRock's portfolio of exceptional hospitality experiences.
DiamondRock Hospitality Company (DRH) reported a net loss of $1.8 million for Q3 2021, with revenues declining by 20.4% to $181.5 million compared to the same period in 2019. The company achieved a comparable RevPAR of $155.17, a 19.6% decrease from 2019. However, comparable Hotel Adjusted EBITDA improved to $48.3 million, reflecting a recovery from Q2 2021. The company ended the quarter with total liquidity of $537.9 million and acquired two hotels, reinforcing its strategy in leisure-oriented properties. Preliminary revenues for October 2021 show a recovery to 78.6% of 2019 levels.
FAQ
What is the current stock price of DiamondRock Hospitality Company (DRH)?
What is the market cap of DiamondRock Hospitality Company (DRH)?
What does DiamondRock Hospitality Company do?
How many properties does DiamondRock own?
What brands are included in DiamondRock's portfolio?
What is DiamondRock's business model?
What recent acquisition did DiamondRock complete?
What is DiamondRock's financial condition?
Does DiamondRock pay dividends?
What are DiamondRock's strategic principles?
What are DiamondRock's recent financial achievements?
Where can I find more information about DiamondRock Hospitality Company?
