Welcome to our dedicated page for Diamondrock Hospitality Co news (Ticker: DRH), a resource for investors and traders seeking the latest updates and insights on Diamondrock Hospitality Co 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 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.
DiamondRock Hospitality Company (NYSE: DRH) has elected Tabassum Zalotrawala to its Board of Directors effective May 5, 2021. This change comes as Gilbert Ray and Maureen McAvey did not seek reelection. The appointment aligns with the company’s initiative for board refreshment to enhance shareholder value. Zalotrawala, previously Chief Development Officer at Chipotle, brings extensive expertise in real estate and construction. She has been recognized for leading innovative projects that drive financial performance.
DiamondRock Hospitality Company (NYSE: DRH) will disclose its financial results for Q1 2021 on May 6, 2021, after market close. A conference call will follow on May 7, 2021, at 9:00 a.m. ET. Interested parties can access the call via phone at 844-287-6622 or internationally at 530-379-4559, using conference ID 3978794. A replay will be available until May 28, 2021. The company, owning 31 hotels with over 10,000 rooms, operates mainly under renowned brands like Hilton and Marriott.
DiamondRock Hospitality Company (NYSE: DRH) has declared 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 March 31, 2021 to shareholders of record as of March 18, 2021. DiamondRock operates a portfolio of 31 hotels with more than 10,000 rooms, concentrating on top gateway markets and destination resorts. The company focuses on both global brand and boutique hotel operations.
DiamondRock Hospitality Company (NYSE: DRH) announced significant financial losses for Q4 and the full year 2020, impacted heavily by the COVID-19 pandemic. The company reported a net loss of $208.3 million in Q4, with a 75.2% drop in total revenues compared to 2019. Adjusted EBITDA was ($14.9) million, declining by $77.6 million versus the previous year. Liquidity improved to $481.7 million. The company has resumed operations at some hotels but suspended others due to ongoing travel demand challenges. Future capital expenditure is estimated at $50 million for essential projects in 2021.
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