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DiamondRock Hospitality pany(DRH) - 2022 Q4 - Earnings Call Transcript
2023-02-21 20:04
Financial Data and Key Metrics Changes - For Q4 2022, comparable hotel adjusted EBITDA was $77 million, an increase of 121.9% or $175.7 million over 2021, surpassing pre-pandemic 2019 levels by $11.2 million or 17% [125][128] - Total comparable revenues for the company were $257 million in the quarter, an increase of nearly 23% over the comparable period in 2021 [127] - Comparable RevPAR for the portfolio in Q4 was $196, which is 6.7% higher than 2019, driven by room rates over 19% above 2019 [127][128] Business Line Data and Key Metrics Changes - Leisure revenues were up 26% in Q4 compared to 2019, with a 29% increase in average daily rates [118] - Group revenues in Q4 were nearly 103% of the same period in 2019, with group room rates up nearly 13% [130] - Resort performance showed total RevPAR up nearly 29% over the same period in 2019, driven by a greater than 40% increase in room rates [108] Market Data and Key Metrics Changes - Urban hotels' RevPAR reached 97.5% of 2019 levels, outperforming expectations [108] - Demand in the Florida Keys remains strong, with rates 50% higher than in 2019, contributing to high profit margins [21][108] - The company expects robust growth in Q1 from resorts in Vail, Huntington Beach, and Sonoma, with total Q1 RevPAR anticipated to be up double digits compared to 2019 [20][37] Company Strategy and Development Direction - The company aims to capitalize on acquisition opportunities in a challenging debt market for private equity firms, focusing on high-quality, value-add opportunities [4] - A strategic focus on ROI projects has been emphasized, with completed upgrades to four hotels producing $15.5 million more profit than in 2019 [131] - The company is positioned to benefit from a balanced portfolio of leisure, group, and business demand segments, with a projected earnings mix of 60% from urban markets and over 40% from resort markets in 2023 [126] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in closing the occupancy gap to 2019 levels, particularly in urban hotels, with significant momentum expected in 2023 [120] - The company anticipates some challenges to profit growth margins due to rising property taxes, insurance costs, and staffing wages, but remains optimistic about travel demand [134] - The outlook for 2023 is constructive, with expectations for record comparable total revenues and hotel adjusted EBITDA [119][134] Other Important Information - The company repurchased 1.6 million shares at an average price of $7.81 per share during Q4 [105] - The company has nearly $600 million in liquidity, providing a balance sheet advantage for opportunistic capital allocation [126] - The company was named the hotel sector leader in the Americas by GRESB for the third consecutive year, with new environmental and social targets set for 2030 [112] Q&A Session Summary Question: What gives confidence in closing the occupancy gap to 2019? - Management indicated that the majority of gains are expected in occupancy, particularly at urban hotels, with January showing a 15.8% increase compared to last year [120] Question: How are leisure rates being underwritten for 2023? - The approach to underwriting leisure rates is market-specific, with expectations of strong performance in key markets like Vail and Sonoma [140] Question: What are the expectations for margins in 2023? - Management expects high single-digit expense increases, indicating that flat GOP margins would be considered a success [24][146]
DiamondRock Hospitality pany(DRH) - 2022 Q3 - Earnings Call Transcript
2022-11-04 16:17
DiamondRock Hospitality Company (NYSE:DRH) Q3 2022 Earnings Conference Call November 4, 2022 9:00 AM ET Company Participants Mark Brugger – President, Chief Executive Officer Jeff Donnelly – Executive Vice President and Chief Financial Officer Justin Leonard – Executive Vice President and Chief Operating Officer Conference Call Participants Smedes Rose – Citi Austin Wurschmidt – KeyBanc Michael Bellisario – R.W. Baird Duane Pfennigwerth – Evercore ISI Anthony Powell – Barclays Bill Crow – Raymond James Oper ...
DiamondRock Hospitality pany(DRH) - 2022 Q3 - Quarterly Report
2022-11-03 16:00
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, 2022 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 ...
DiamondRock Hospitality pany(DRH) - 2022 Q2 - Earnings Call Transcript
2022-08-06 18:09
DiamondRock Hospitality Company (NYSE:DRH) Q2 2022 Earnings Conference Call August 4, 2022 9:00 AM ET Company Participants Briony Quinn - SVP & Treasurer Mark Brugger - President & CEO Jeff Donnelly - CFO Justin Leonard - COO & Head, Asset Management Conference Call Participants Dori Kesten - Wells Fargo Michael Bellisario - Baird Austin Wurschmidt - KeyBanc Anthony Powell - Barclays Chris Woronka - Deutsche Bank Bill Crow - Raymond James Chris Darling - Green Street Duane Pfennigwerth - Evercore ISI Floris ...
DiamondRock Hospitality pany(DRH) - 2022 Q2 - Quarterly Report
2022-08-03 16:00
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 June 30, 2022 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) Maryland ...
DiamondRock Hospitality pany(DRH) - 2022 Q1 - Earnings Call Transcript
2022-05-06 15:46
DiamondRock Hospitality Company (NYSE:DRH) Q1 2022 Earnings Conference Call May 6, 2022 8:00 AM ET Company Participants Mark Brugger - President and CEO Jeff Donnelly - EVP and Chief Financial Officer Conference Call Participants Dori Kesten - Wells Fargo Smedes Rose - Citi Chris Woronka - Deutsche Bank Austin Wurschmidt - KeyBanc Gregory Miller - Truist Securities Bill Crow - Raymond James Anthony Powell - Barclays Michael Bellisario - Baird Operator Ladies and gentlemen thank you for standing by and welco ...
DiamondRock Hospitality pany(DRH) - 2022 Q1 - Quarterly Report
2022-05-05 16:00
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 March 31, 2022 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) Marylan ...
DiamondRock Hospitality pany(DRH) - 2021 Q4 - Annual Report
2022-02-21 16:00
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _____________________________ FORM 10-K ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 001-32514 DIAMONDROCK HOSPITALITY COMPANY (Exact Name of Registrant as Specified in Its Charter) Maryland 20-1180098 (State of Incorpo ...
DiamondRock Hospitality pany(DRH) - 2021 Q4 - Earnings Call Transcript
2022-02-18 19:19
DiamondRock Hospitality Company (NYSE:DRH) Q4 2021 Earnings Conference Call February 18, 2022 9:00 AM ET Company Participants Briony R. Quinn - SVP and Treasurer Mark W. Brugger - President and CEO Jeff Donnelly - EVP and Chief Financial Officer Thomas Healy - COO and EVP, Asset Management Conference Call Participants Smedes Rose - Citi Research Austin Wurschmidt - KeyBanc Capital Markets Anthony Powell - Barclays Rich Hightower - Evercore Chris Woronka - Deutsche Bank Michael Bellisario - Robert W. Baird C ...
DiamondRock Hospitality pany(DRH) - 2021 Q3 - Earnings Call Transcript
2021-11-05 20:16
DiamondRock Hospitality Company (NYSE:DRH) Q3 2021 Earnings Conference Call November 5, 2021 9:00 AM ET Company Participants Mark Brugger - President & Chief Executive Officer Thomas Healy - Chief Operating Officer Jeff Donnelly - Executive Vice President & Chief Financial Officer Conference Call Participants Rich Hightower - Evercore Smedes Rose - Citi Dori Kesten - Wells Fargo Austin Wurschmidt - KeyBanc Dany Asad - Bank of America Michael Bellisario - Baird Chris Starling - Green Street Bill Crow - Raymo ...