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) was recognized as a Global Listed Sector Leader by the Global Real Estate Sustainability Benchmark (GRESB) for the second consecutive year, achieving top rank in the Hotel Sector. Key highlights include:
- 1st GRESB Score among hotel peers
- 2nd Performance Score among hotel peers
- 16th Performance Score in the Americas (Top 20%)
- GRESB Green Star recipient
- 3rd in U.S. Hotel peer set with an 'A' score
DiamondRock's sustainability report offers insights into its ongoing commitment to environmental, social, and governance (ESG) initiatives.
DiamondRock Hospitality Company (NYSE: DRH) will announce its third quarter 2021 financial results on November 4, 2021, after the market closes. An investor conference call is scheduled for November 5, 2021, at 9:00 a.m. ET. Interested parties can access the call via telephone or online through the Company’s website. A rebroadcast will be available for those unable to attend live, accessible until November 26, 2021. DiamondRock owns 31 hotels with over 9,100 rooms in prime locations.
DiamondRock Hospitality Company (NYSE: DRH) has declared a dividend of $0.515625 per share on its 8.250% Series A Cumulative Redeemable Preferred Stock. This dividend is set to be paid on September 30, 2021, to shareholders of record as of September 17, 2021. The company specializes in owning a diverse portfolio of hotels, currently holding 31 premium properties with over 9,100 rooms, strategically placed in key gateway markets and resorts.
DiamondRock Hospitality Company (NYSE: DRH) reported significant operational recovery in Q2 2021. Despite a net loss of $19.1 million (loss per diluted share: $0.10), comparable total revenues surged 514.8% year-over-year, reaching $124.8 million. Comparable RevPAR soared 563.1% to $107.56, while adjusted EBITDA climbed to $19.8 million. The company ended the quarter with $638.9 million in liquidity. Recent acquisitions, including the Bourbon Orleans Hotel and Henderson Park Inn, enhance its leisure-focused portfolio, now 34% resort-oriented.
DiamondRock Hospitality Company (NYSE: DRH) has completed a $10 million transformation of The Lodge at Sonoma, which became part of Marriott's Autograph Collection on July 1, 2021. CEO Mark Brugger highlighted the expected return on investment exceeding 25%, leveraging a low undepreciated investment basis of approximately $380,000 per key. The resort now features redesigned guest rooms, improved amenities, and onsite dining by renowned chef Michael Mina. Future projects include the repositioning of additional properties in Vail, Colorado, and Cherry Creek, Denver, enhancing DiamondRock's portfolio of boutique hotels.
DiamondRock Hospitality Company (NYSE: DRH) announced the successful sale of the 725-room Lexington Hotel in New York City for $185.3 million on June 30, 2021. This transaction yields a 14.2x multiple on 2019 Hotel EBITDA and a 5.4% capitalization rate on 2019 Hotel net operating income. The company plans to use the proceeds to acquire high-growth experiential resort and urban lifestyle hotels, aligning with its investment strategy. CEO Mark W. Brugger noted this move enhances the portfolio's alignment with market opportunities.
DiamondRock Hospitality Company (NYSE: DRH) plans to report its second quarter 2021 financial results on August 5, 2021, post-market. A conference call for investors will follow on August 6, 2021, at 8:00 a.m. ET. The earnings release will be available on the Company's website prior to the call. Interested individuals can participate via telephone or webcast. A rebroadcast will be accessible starting two hours after the live event until August 27, 2021. DiamondRock owns a diverse portfolio of 29 hotels totaling over 8,800 rooms.
DiamondRock Hospitality Company (NYSE: DRH) announced a dividend of $0.515625 per share for its 8.250% Series A Cumulative Redeemable Preferred Stock. This dividend will be payable on June 30, 2021, to shareholders recorded as of June 18, 2021. The company, a self-advised REIT, owns a diverse portfolio of 30 premium hotels, totaling over 9,600 rooms, positioned within key gateway and resort locations.
DiamondRock Hospitality Company (NYSE: DRH) announced that Margaritaville Beach House Key West will open in fall 2021 following a $3 million investment. The resort, located on Key West's largest beach, underwent an $18 million renovation, boasting enhanced amenities including food and beverage options, family-friendly activities, and a tropical pool. The partnership with Margaritaville is expected to boost demand, benefiting the resort's financial performance, with a potential competitive advantage in the market. Ocean Properties Hotels & Resorts will continue to operate the resort.
DiamondRock Hospitality Company (DRH) reported a net loss of $171.6 million for Q1 2021, translating to a loss per diluted share of $0.82. This reflects a 57.1% decrease in comparable total revenues from Q1 2020. RevPAR also saw a significant drop, down 54.4% year-over-year. However, the company achieved a 35.6% increase in Adjusted EBITDA from Q4 2020. Liquidity stands at $436.9 million, with plans to improve operations and sell The Lexington Hotel for $185 million. The company expects a rebound in lodging demand as vaccinations increase.
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