DiamondRock Hospitality pany(DRH) - 2024 Q4 - Annual Results

Financial Performance - Net loss attributable to common stockholders for Q4 2024 was $13.7 million, or ($0.07) per diluted share, compared to a net income of $8.5 million in Q4 2023, impacted by a $32.6 million impairment loss on the Westin Washington D.C. City Center[5] - Net loss attributable to common stockholders for the year ended December 31, 2024, was $38,230,000, compared to a net income of $76,523,000 in 2023[29] - Net income for Q4 2024 was $(11,296) thousand, compared to $10,983 thousand in Q4 2023, with a full year net income of $48,250 thousand in 2024 versus $86,635 thousand in 2023[40] - FFO for Q4 2024 was $50,323 thousand, up from $39,290 thousand in Q4 2023, with full year FFO at $196,007 thousand compared to $198,878 thousand in 2023[42] Revenue Growth - Comparable revenues for Q4 2024 were $280.5 million, an increase of 5.7% compared to Q4 2023, while full year comparable revenues reached $1.1 billion, up 4.3% from 2023[5] - Total revenues for the year ended December 31, 2024, increased to $1,129,883,000, up from $1,074,867,000 in 2023, representing a growth of approximately 5.1%[29] - Total revenues for the fourth quarter of 2024 reached $279,051 million, with an adjusted EBITDA of $75,453 million[58] - The total comparable revenue for the year to date 2023 was $1,092,452,000, with an adjusted EBITDA of $305,224,000, indicating consistent performance[64] Adjusted EBITDA - Adjusted EBITDA for Q4 2024 was $68.7 million, a 19.9% increase from Q4 2023, and for the full year, it was $290.4 million, up 6.9% from 2023[9] - Adjusted EBITDA for Q4 2024 was $68,697 thousand, compared to $57,291 thousand in Q4 2023, with full year Adjusted EBITDA reaching $290,402 thousand versus $271,669 thousand in 2023[40] - Hotel Adjusted EBITDA for Q4 2024 was $75,453 thousand, an increase from $64,818 thousand in Q4 2023, with full year Hotel Adjusted EBITDA at $318,614 thousand compared to $301,156 thousand in 2023[44] - The total adjusted EBITDA for the year to date 2024 was $301,156,000, showing a significant increase compared to prior periods[64] Capital Expenditures and Investments - The company expects to invest approximately $85 to $95 million in capital improvements at its hotels in 2025[14] - The company repurchased 3.1 million shares of its common stock at an average price of $8.33 per share for a total of approximately $26.0 million during 2024[16] - The company declared a quarterly cash dividend of $0.08 per share on its common stock, payable on April 11, 2025[19] Guidance and Projections - The company provided guidance for 2025, expecting Adjusted EBITDA between $275 million and $300 million and Adjusted FFO between $199 million and $224 million[21] - Full year 2025 guidance for net income is projected between $79,117 thousand and $105,117 thousand[40] - Full year 2025 guidance for Adjusted EBITDA is estimated between $275,000 thousand and $300,000 thousand[40] - Full year 2025 guidance for FFO is expected to be between $195,117 thousand and $220,117 thousand[42] Asset and Liability Management - Total assets as of December 31, 2024, were $3,172,251,000, a decrease from $3,238,687,000 in 2023[27] - Total liabilities decreased to $1,573,319,000 as of December 31, 2024, from $1,589,704,000 in 2023[27] - Consolidated debt amounts to $1,095.8 million, with a weighted-average interest rate of 5.21%[50] Hotel Performance Metrics - Comparable RevPAR for Q4 2024 was $200.46, a 5.4% increase from Q4 2023, and for the full year, it was $205.15, up 2.6% compared to 2023[5] - The company has a total of 10,004 comparable rooms, achieving an average daily rate (ADR) of $290.02 and occupancy of 69.1% in Q4 2024[52] - The overall occupancy rate for YTD 2024 is 72.6%, up from 71.6% in the same period of 2023, reflecting a 1.0% increase[54] - The overall performance of the comparable hotels indicates a positive trend in revenue growth and occupancy rates across various locations[54] Acquisitions and Rebranding - The company completed the rebranding of the Hilton Burlington Lake Champlain to Hotel Champlain Burlington, Curio Collection by Hilton, in July 2024, enhancing its portfolio[17] - The company acquired the AC Hotel Minneapolis Downtown on November 12, 2024, contributing to the operating results for the period[52] - The hotel portfolio includes acquisitions such as the AC Minneapolis Downtown and Chico Hot Springs Resort & Day Spa, contributing to the overall performance metrics[56]