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) 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.
DiamondRock Hospitality Company (NYSE: DRH) reported substantial adverse impacts from the COVID-19 pandemic for Q3 2020, with a net loss of $79.6 million and comparable revenues down 79.2% year-over-year. The company's RevPAR plummeted by 81% compared to 2019. Despite these challenges, DiamondRock improved its cash burn rate, averaging $8.5 million per month, reflecting effective cost management. The company's liquidity rose to $434.5 million, benefiting from a recent preferred stock offering, while operational adjustments included converting five long-term management agreements to more flexible arrangements.
DiamondRock Hospitality Company (NYSE: DRH) will report its third quarter 2020 financial results on November 5, 2020, after market close. An investor conference call is scheduled for November 6, 2020, at 9:00 a.m. ET. The earnings release will be accessible via the company's website. For those unable to attend live, a rebroadcast will be available within two hours after the call until November 27, 2020. DiamondRock operates a portfolio of 31 hotels across diverse markets, enhancing its presence in both global brands and boutique segments.
DiamondRock Hospitality Company (NYSE: DRH) announced a dividend of $0.1776 per share on its 8.250% Series A Cumulative Redeemable Preferred Stock. This dividend is payable on September 30, 2020 to shareholders of record as of September 20, 2020. This marks the first dividend distribution from the original issue date through September 30, 2020. The Company manages a diverse portfolio of 31 hotels, strategically located in prime markets and resorts.
DiamondRock Hospitality Company (NYSE: DRH) announced the appointment of Michael A. Hartmeier to its Board of Directors, effective October 1, 2020. Hartmeier brings over 25 years of investment banking experience, having completed more than $125 billion in financing and advisory assignments.
Previously, he led Lodging, Gaming and Leisure Investment Banking at Barclays and held senior roles at Lehman Brothers and Credit Suisse. His expertise is expected to enhance shareholder value as the Company seeks to optimize its operations and financial performance.
DiamondRock Hospitality Company (NYSE: DRH) has announced an underwritten public offering of 4,400,000 shares of its 8.250% Series A Cumulative Redeemable Preferred Stock, priced at $25.00 per share. The gross proceeds are estimated at $110 million before deductions. Closing is anticipated on August 31, 2020. Proceeds will be utilized for general corporate purposes including debt repayment and property improvements. The Series A Preferred Stock is expected to be listed on the NYSE under the symbol DRH Pr A.
FAQ
What is the current stock price of Diamondrock Hospitality Co (DRH)?
What is the market cap of Diamondrock Hospitality Co (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?
