BETHESDA, Md., Nov. 15, 2024 /PRNewswire/ -- DiamondRock Hospitality Company (the "Company") (NYSE: DRH) today announced it has acquired the fee simple interest in the 245-room AC Hotel Minneapolis Downtown (the "Hotel") for $30 million, or approximately $122,000 per key with cash on hand. The Hotel, constructed in 2016, is located in downtown Minneapolis, which has one of the largest concentrations of Fortune 1000 companies in the world and is also a major hub for biotechnology and medical innovation."The ...

DiamondRock Hospitality Company (NYSE:DRH) Q3 2024 Earnings Conference Call November 8, 2024 9:00 AM ET Company Participants Briony Quinn - CFO Jeff Donnelly - CEO Justin Leonard - President and COO Conference Call Participants Dori Kesten - Wells Fargo Securities Austin Wurschmidt - KeyBanc Capital Markets Smedes Rose - Citi Duane Pfennigwerth - Evercore ISI Chris Woronka - Deutsche Bank Michael Bellisario - Baird Chris Darling - Green Street Advisors Operator Good day and thank you for standing by. Welcom ...

Financial Data and Key Metrics Changes - Comparable RevPAR growth was 2.8% over 2023, which was 60 basis points stronger than the previous quarter, while comparable total RevPAR growth was 2.3% over 2023 [6] - Comparable hotel adjusted EBITDA was $82.3 million, reflecting 2.2% growth over 2023 on a 9 basis point lower margin [12] - Corporate adjusted EBITDA increased 3.3% to $75.6 million [12] - The company ended the quarter with a net debt-to-EBITDA ratio of 3.7 times and maintained strong liquidity with over $75 million in corporate cash [14] Business Line Data and Key Metrics Changes - Urban hotels led the portfolio with comparable RevPAR growth of 4.2% in the quarter, while comparable RevPAR at resorts declined by 80 basis points from 2023 [8] - Group revenues increased by 15.7% over 2023, driven by an 8.8% increase in rate and a 6.3% increase in roommates [10] - Total revenue growth for resorts was 1.6%, with specific highlights including Cavallo Point delivering RevPAR growth of over 18% [9] Market Data and Key Metrics Changes - The portfolio experienced a headwind from Hurricane Helene, which held back RevPAR and total RevPAR growth by approximately 35 basis points [7] - Group demand showed strength, but transient pickup, particularly on weekends, was slightly weaker than anticipated [8] Company Strategy and Development Direction - The company is focused on capital allocation strategies, including asset acquisitions and dispositions, share repurchases, and high-return internal investments [17] - A reduction in full-year capital expenditure guidance to $85 million from a previous range of $90 million to $100 million was announced, reflecting better planning and execution [23] - The company aims to maintain capital expenditures in the range of 7% to 9% of revenue going forward [40] Management's Comments on Operating Environment and Future Outlook - Management affirmed the midpoint of EBITDA guidance for the full year and narrowed the range based on recent hurricanes and economic outlook [24] - The group booking pace for 2025 is currently down over 3% compared to the same time last year, but there is positive growth in pace for the first half of 2025 [26] - Management remains optimistic about the leisure segment, expecting it to hold on to pandemic-era gains and return to premium growth [28] Other Important Information - The company was awarded Hotel Global Sector Leader status by GRESB for the fifth consecutive year, recognizing its dedication to corporate responsibility and ESG transparency [19] - The company executed several swaps to fix SOFR at an average rate of 3.2%, entering 2025 with approximately 57% of debt at fixed rates [15] Q&A Session Summary Question: Are there changes likely in ROI projects over the next three years? - Management aims to remain in the 7% to 9% of revenue range for total capital spending, with ongoing evaluations of projects [40][41] Question: What are the expectations for labor costs over the next year? - Labor costs in resort markets have cooled, with wages up about 1.5 points, while urban markets may see increases of 3% to 5% [43][44] Question: What is the outlook for major convention markets for next year? - There is a slight negative bias in convention markets like Chicago and DC, with Boston expected to be flat [46][47] Question: How does the shift in booking trends impact the outlook? - The focus on leisure and resort assets is a long-term strategy, with short-term challenges due to economic pressures [50][52] Question: What is the anticipated EBITDA disruption from the Orchard Inn repositioning? - Expected EBITDA disruption is about $0.5 million, with a goal of achieving a $250 ADR lift for the Orchards [81][83]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________ to _________ Commission File Number: 001-32514 DIAMONDROCK HOSPITALITY COMPANY (Exact Name of Registrant as Specified in Its Charter) Mar ...

For the quarter ended September 2024, DiamondRock Hospitality (DRH) reported revenue of $285.13 million, up 3.1% over the same period last year. EPS came in at $0.26, compared to $0.12 in the year-ago quarter.The reported revenue compares to the Zacks Consensus Estimate of $286.98 million, representing a surprise of -0.64%. The company has not delivered EPS surprise, with the consensus EPS estimate being $0.26.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings - ...

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 ...