Welcome to our dedicated page for Diamondrock Hospitality Co news (Ticker: DRH), a resource for investors and traders seeking the latest updates and insights on Diamondrock Hospitality Co stock.
DiamondRock Hospitality Company (DRH) is a self-advised lodging REIT whose news flow centers on the performance and capital management of its U.S. hotel and resort portfolio. Company press releases highlight quarterly earnings results, guidance updates, capital expenditure plans and changes to its capital structure.
Investors following DRH news will see regular updates on metrics such as RevPAR, total RevPAR, hotel adjusted EBITDA and adjusted funds from operations, along with commentary on demand trends across leisure and business travel segments. Earnings releases also describe comparable versus actual operating results, giving context on how the portfolio is performing over time.
DiamondRock’s news also covers balance sheet and financing actions. Recent announcements include the completion of a refinancing and upsizing of its senior unsecured credit facility, the repayment of property-specific mortgage loans and the resulting shift to a fully unsecured, unencumbered hotel portfolio after those repayments. The company has also reported on its share repurchase activity under an authorized program and on decisions to redeem its 8.250% Series A Cumulative Redeemable Preferred Stock.
Dividend declarations are another recurring topic, with releases detailing quarterly cash dividends on common stock, stub dividends and preferred stock dividends. In addition, DiamondRock issues notices about the timing of earnings releases and conference calls, and about its transfer of common stock listing from the New York Stock Exchange to the Nasdaq Global Select Market.
For readers interested in DRH, this news page aggregates these updates in one place, making it easier to review the company’s operating trends, capital allocation decisions and corporate actions over time.
DiamondRock Hospitality Company (NYSE: DRH) has announced the acquisition of the Kimpton Fort Lauderdale Beach Resort for $35.3 million. This boutique resort features 96 rooms and a dedicated beachfront area. The purchase, completed on April 1, 2022, is expected to generate synergies through management by HEI Hotels & Resorts, which oversees a nearby property. The company anticipates a rapid ramp-up of the resort’s performance, aiming for a stabilized yield exceeding 8%. This acquisition brings DiamondRock's portfolio to 14 resorts.
DiamondRock Hospitality Company (NYSE: DRH) announced robust first-quarter results for 2022, featuring a net income of $10.1 million and a 128.1% increase in comparable revenues to $197.3 million. Comparable Hotel Adjusted EBITDA surpassed pre-pandemic levels at $51.1 million, up from $2.2 million in 2021. The company acquired Kimpton Fort Lauderdale Beach Resort for $35.3 million and expects full-year revenues to meet or exceed 2019 figures. A quarterly common dividend is projected to resume in Q3 2022.
DiamondRock Hospitality Company (NYSE: DRH) will announce its Q1 2022 financial results on May 5, 2022, after market close. A conference call for investors is scheduled for May 6, 2022, at 8:00 a.m. ET. Participants can join the call via telephone at 844-287-6622 or online. A rebroadcast will be available shortly after the call until May 13, 2022, accessible through the same phone numbers and the company's website. As of March 31, 2022, DiamondRock owns 33 hotels and resorts with over 9,400 rooms.
DiamondRock Hospitality Company (NYSE: DRH) announced the resignation of Thomas G. Healy, Executive VP and COO, effective April 15, 2022, to pursue new opportunities. His responsibilities will be assumed by Mark W. Brugger, President and CEO, ensuring a smooth transition in asset management and redevelopment. Healy's contributions were acknowledged as pivotal in enhancing the company's asset management team. The company remains optimistic about its position to leverage the hotel industry's recovery.
DiamondRock Hospitality Company (NYSE: DRH) has launched Hotel Clio, its third Luxury Collection hotel, situated in Denver Cherry Creek. This positions DiamondRock as the largest owner of Luxury Collection hotels in North America. The hotel, acquired in 2011 for $74 million, underwent a $3.6 million redesign, aiming for a 70% internal rate of return. With 199 luxury rooms, it targets a 10.5% yield on total investment. Hotel Clio emphasizes local heritage in its design, enhancing DiamondRock's portfolio of urban lifestyle hotels.
DiamondRock Hospitality Company (NYSE: DRH) announced a dividend of $0.515625 per share on its 8.250% Series A Cumulative Redeemable Preferred Stock. The dividend will be paid on March 31, 2022, to shareholders of record by March 18, 2022. The Company operates a portfolio of 33 hotels with over 9,400 rooms in top leisure destinations and gateway markets.
DiamondRock Hospitality Company (NYSE: DRH) reported a fourth quarter net loss of $2.9 million, with total revenues of $196.8 million, down 13.3% from 2019. The company's Comparable RevPAR was $158.53, reflecting a 12.5% decline from 2019, despite a 7.6% increase in Comparable ADR. For the full year, net loss totaled $195.4 million, and total revenues declined 33.5% from 2019. However, the company completed significant acquisitions, including Henderson Beach Resort, totaling $500 million, expected to add $20 million in Hotel Adjusted EBITDA in 2022.
DiamondRock Hospitality Company (NYSE: DRH) announced the tax treatment for its 2021 dividend distributions to holders of its preferred stock. Throughout 2021, no dividends were paid to common stockholders. The total distribution for Series A Preferred Stock amounted to $2.0625 per share, with quarterly payments of $0.515625. Key dates include record dates of March 18, June 18, September 17, and December 20, and payable dates on March 31, June 30, September 30, and December 31, respectively. Shareholders are advised to consult their tax advisors for specific treatment of these distributions.
DiamondRock Hospitality Company (NYSE: DRH) will announce its fourth quarter 2021 financial results on February 17, 2022, after market close. A conference call for investors is set for February 18, 2022, at 9:00 a.m. ET. Details will be shared in the earnings release available on the company's website. For dial-in access, investors can call 844-287-6622 (international: 530-379-4559) using conference ID 6819388. A rebroadcast will be available after the call until March 11, 2022.
DiamondRock Hospitality Company (NYSE: DRH) acquired two Florida resorts, the Henderson Beach Resort in Destin and Tranquility Bay Beachfront Resort in Marathon, for a total of $175.5 million. This investment marks a strategic pivot towards leisure-oriented properties, reinforcing a portfolio shift to nearly two-thirds destination leisure hotels. The acquisitions align with DiamondRock's efforts to recycle $220 million into unencumbered, high-yield hotels, projecting increased investment yield and long-term cash flow growth, with yields of 6.4% and 11.5% for the new properties.