Diamondrock Hospitality Co Stock Price, News & Analysis

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.

DiamondRock Hospitality Company (DRH) reported a net loss of $73.4 million for Q2 2020, a significant decline attributed to COVID-19, with revenues plummeting by 92.1% year-over-year to $20.4 million. The company suspended operations at 20 of its hotels, reopening 12 during the quarter. Debt modifications included waivers for financial covenants and extended mortgage maturity to 2022. As of June 30, 2020, liquidity stood at $363.9 million, with total debt at $1.2 billion and no material debt maturities until 2022. Guidance remains withdrawn due to pandemic uncertainty.

DiamondRock Hospitality Company (NYSE: DRH) will release its second quarter 2020 financial results on August 6, 2020, after market close. A conference call for discussion will follow on August 7, 2020, at 9:00 a.m. ET. Investors can access the call via telephone or online, with a replay available for two hours post-call until August 28, 2020. DiamondRock Hospitality operates 31 hotels with over 10,000 rooms, positioned in gateway markets and resorts, aimed at leveraging both renowned global brands and lifestyle boutique offerings.