Welcome to our dedicated page for Diamondrock Hospitality news (Ticker: DRH), a resource for investors and traders seeking the latest updates and insights on Diamondrock Hospitality stock.
DiamondRock Hospitality Company reports developments for a self-advised lodging REIT that owns premium hotels and resorts in the United States. Company news centers on hotel operating results, RevPAR and Total RevPAR trends, Adjusted EBITDA, Adjusted FFO, portfolio transactions, franchise arrangements, and capital allocation across properties concentrated in leisure destinations and gateway markets.
Recurring updates also cover distributions and tax treatment for common and Series A preferred stock, investor presentations, responsible-business recognition, annual meeting matters, and board governance. The company positions its portfolio across global hotel brand families and independent boutique hotels in the lifestyle segment.
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 Guidance remains withdrawn due to pandemic uncertainty.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.
DiamondRock Hospitality Company (NYSE: DRH) has successfully refinanced its near-term debt by obtaining a $48 million mortgage loan secured by the Salt Lake City Marriott Downtown. The new loan replaces an existing $52.5 million mortgage and matures in January 2022, with an option for a one-year extension. This refinancing strengthens DiamondRock's balance sheet, providing financial flexibility amidst the COVID-19 pandemic. The company's total debt maturity includes $2.9 million in 2020 and $333.3 million due in 2023, totaling to $423.3 million in 2024.