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) 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.
DiamondRock Hospitality Company (NYSE: DRH) announced amendments to its credit agreements, extending the waiver period for financial covenant testing from March 31, 2021, to December 31, 2021. The amendments allow retention of equity issuance proceeds for acquiring unencumbered properties and provide flexibility for capital recycling. CEO Mark W. Brugger highlighted the support from lending partners during challenging times, ensuring compliance with loan requirements. The company's portfolio consists of 31 premium hotels strategically located across the U.S.
DiamondRock Hospitality Company (NYSE: DRH) announced the tax treatment for its 2020 dividend distributions. For common stock, the record date was January 2, 2020, with a payable date of January 13, 2020, totaling $0.125 per share. Series A preferred stock had a record date of September 20, 2020, and a payable date of September 30, 2020, totaling $0.1776 per share, followed by another distribution of $0.515625 on shares recorded on December 19, 2020, payable December 31, 2020. Total distributions for preferred stock summed to $0.693225.
DiamondRock Hospitality Company (NYSE: DRH) plans to release its financial results for Q4 2020 on February 24, 2021, after market close. An investor conference call is set for February 25, 2021, at 9:00 AM ET. The earnings release will be available on the Company’s website. Investors can join via telephone or online, with details provided in the PR. A rebroadcast will be accessible for those who miss the live call, and information about the Company’s portfolio of 31 hotels can be found on its website.
DiamondRock Hospitality Company (NYSE: DRH) has declared a dividend of $0.515625 per share for its 8.250% Series A Cumulative Redeemable Preferred Stock. This dividend will be paid on December 31, 2020, to shareholders recorded as of December 18, 2020. The company owns 31 high-quality hotels across key markets, positioned under major brands like Hilton and Marriott, as well as unique boutique hotels, enhancing its portfolio diversity.
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