DiamondRock Hospitality (DRH) came out with quarterly funds from operations (FFO) of $0.26 per share, in line with the Zacks Consensus Estimate. This compares to FFO of $0.26 per share a year ago. These figures are adjusted for non-recurring items.A quarter ago, it was expected that this hotel and resort real estate investment trust would post FFO of $0.32 per share when it actually produced FFO of $0.34, delivering a surprise of 6.25%.Over the last four quarters, the company has surpassed consensus FFO est ...

COMPANY CONTACT Briony Quinn Chief Financial Officer (240) 744-1196 DIAMONDROCK HOSPITALITY COMPANY REPORTS THIRD QUARTER 2024 RESULTS BETHESDA, Maryland, Thursday, November 7, 2024 – DiamondRock Hospitality Company (the "Company") (NYSE: DRH), a lodging real estate investment trust that owns a portfolio of 36 premium hotels and resorts in the United States, today announced results of operations for the quarter ended September 30, 2024. Third Quarter 2024 Highlights • Net Income: Net income was $26.6 millio ...

BETHESDA, Md., Nov. 7, 2024 /PRNewswire/ -- DiamondRock Hospitality Company (the "Company") (NYSE: DRH), a lodging real estate investment trust that owns a portfolio of 36 premium hotels and resorts in the United States, today announced results of operations for the quarter ended September 30, 2024.Third Quarter 2024 Highlights Net Income: Net income was $26.6 million, or $0.11 per diluted share. Comparable Revenues: $285.1 million, increased 2.5% compared to the third quarter of 2023. Comparable RevPAR: $2 ...

DiamondRock Hospitality (NYSE: DRH ) is a hotel REIT owning 36 properties with almost 10,000 rooms across the United States. About a third of its EBITDA was generated in Chicago, Boston and New York City, and interestingly, DiamondRock prefers its hotels to be He is the leader of the investment group European Small Cap Ideas which offers exclusive access to actionable research on appealing Europe-focused investment opportunities not found elsewhere. The a focus is on highquality ideas in the small-cap space ...

Overview of the Recent Transaction On September 30, 2024, FMR LLC (Trades, Portfolio) executed a significant transaction involving the shares of Diamondrock Hospitality Co (DRH, Financial), a wellknown player in the REITs industry. The firm reduced its holdings by 12,399,040 shares, which resulted in a decrease of 99.90% from its previous position. This move adjusted FMR LLC (Trades, Portfolio)'s stake in Diamondrock Hospitality to a mere 12,284 shares, reflecting a minimal portfolio impact of -0.01%. The s ...

BETHESDA, Md., Sept. 4, 2024 /PRNewswire/ -- DiamondRock Hospitality Company (the "Company") (NYSE: DRH) will report financial results for the third quarter 2024 after the market closes on Thursday, November 7, 2024. A conference call for investors and other interested parties is scheduled for the next day on Friday, November 8, 2024 at 9:00 a.m. Eastern Time (ET). The information to be discussed on the call will be contained in the Company's earnings release, which will be available in the Investor Relatio ...

Core Points - DiamondRock Hospitality Company declared a quarterly cash dividend of $0.03 per common share, payable on October 11, 2024, to shareholders of record as of September 30, 2024 [1] - The Company also declared a quarterly dividend of $0.515625 per share on its 8.250% Series A Cumulative Redeemable Preferred Stock, payable on September 30, 2024, to shareholders of record as of September 20, 2024 [2] Company Overview - DiamondRock Hospitality Company is a self-advised real estate investment trust (REIT) that owns a diversified portfolio of hotels, primarily located in leisure destinations and major gateway markets [3] - The Company currently owns 36 premium quality hotels and resorts, totaling over 9,700 rooms [3] - The portfolio includes properties operated under leading global brand families as well as independent boutique hotels in the lifestyle segment [3]

Investors interested in REIT and Equity Trust - Other stocks are likely familiar with DiamondRock Hospitality (DRH) and Gaming and Leisure Properties (GLPI) . But which of these two stocks is more attractive to value investors? We'll need to take a closer look to find out. We have found that the best way to discover great value opportunities is to pair a strong Zacks Rank with a great grade in the Value category of our Style Scores system. The proven Zacks Rank emphasizes companies with positive estimate re ...

shunyufan/iStock via Getty Images Introduction/Earnings DiamondRock Hospitality Company (NYSE:DRH) is a hotel REIT with a portfolio of 36 hotels and resorts located in the U.S. They announced their second quarter FY2024 results on August 1st, reporting a double beat on both FFO per share and revenue. Revenue increased to $309.3mn for the quarter, which represented a 4.8% increase YoY and beat consensus estimates by 2.4%. FFO per share beat by $0.02 coming in at $0.34 for the quarter. Revenue per available r ...

Financial Data and Key Metrics Changes - Comparable RevPAR grew 2.2% year-over-year, which was 260 basis points higher than the growth in the first quarter [3] - Total RevPAR increased 4.5%, an acceleration from the 2.4% growth in the first quarter [3] - Comparable hotel adjusted EBITDA was $99.5 million, reflecting a 5.5% growth over last year [5] - Adjusted FFO per share increased 6% over 2023 to $0.34 per share [5] - 2024 adjusted EBITDA is expected to range between $278 million and $290 million [6] - 2024 adjusted FFO is projected to range between $201.5 million to $213.5 million, with adjusted FFO per share increasing to $0.95 to $1 [6] Business Line Data and Key Metrics Changes - Group revenue increased 7.2% year-over-year, with banquet catering and AV revenue rising over 20% [4] - Comparable RevPAR at resorts was 1.9% higher than last year, with total RevPAR 2.7% higher [4] - Comparable RevPAR at urban hotels was 2.2% higher than last year, with total RevPAR 5.4% above 2023 [4] - Comparable hotel operating expenses increased 4.5% from last year, with total wages and benefits increasing by 7% [4] Market Data and Key Metrics Changes - Group room revenue on the books is up 14% over the prior year, with over 30% growth at specific urban hotels [11] - Resort comparable occupancy increased 8.6%, offset by a 6.1% decline in ADR [11] - The company is outperforming its markets, taking share in 14 of its 16 resorts [12] Company Strategy and Development Direction - The company is focused on maximizing profit rather than just RevPAR or margin, shifting towards Group business to enhance total RevPAR growth [10] - The strategy includes reducing capital expenditures as a percentage of revenues to improve retained earnings for share repurchases and ROI projects [17][18] - The company plans to continue growing its leisure market exposure while also targeting urban markets [15][20] Management's Comments on Operating Environment and Future Outlook - Management expects total RevPAR growth to be in the range of 3% to 4.5% for the year, with a slight reduction in room RevPAR growth due to the focus on Group business [6] - The company anticipates that the second half of the year will not see the same level of out-of-room spending as the first half [6] - Management is optimistic about the performance of the Group strategy and its ability to drive incremental revenue and profit [6] Other Important Information - The company successfully implemented a new Oracle cloud-based ERP system to streamline accounting activities and enhance data analysis [8] - Share repurchase activity commenced during the quarter, with 2.8 million shares repurchased at an average price of $8.36 per share [7] - The company plans to repay a $73 million mortgage maturity with cash on hand and extend a $300 million term loan maturity to January 2026 [7] Q&A Session Summary Question: Update on noncore asset identification and transaction market - Management highlighted specific noncore assets and noted that the transaction market remains challenging due to high debt costs [21][22] Question: Rate sensitivity of leisure transient customers - Management indicated that there is a reversion to prior patterns, with a focus on building the base through Group bookings [23][24] Question: Insights on portfolio composition and guidance - Management attributed the ability to raise guidance to a strategic shift towards Group bookings and effective management of leisure-centric properties [27][28] Question: Appetite for dilutive trophy asset acquisitions - Management expressed a lack of interest in dilutive acquisitions, focusing instead on capital allocation that maximizes returns [30][31] Question: Benefits of the new enterprise analytics platform - The platform allows for standardized reporting and benchmarking across the portfolio, aiding in cost management [34] Question: Changes to ROI pipeline - Management confirmed no material changes to the ROI pipeline but continues to evaluate potential projects [36] Question: Priorities for share repurchase - Management indicated that share repurchases are a priority, especially given the current market conditions [39] Question: Sensitivity of smaller group bookings to economic changes - Management noted that smaller group bookings are less sensitive to economic changes compared to larger assets [75]