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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 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.
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.
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