DiamondRock Hospitality

At DiamondRock Hospitality, we see ourselves as asset managers and capital allocators. Our shareholders trust us to be prudent stewards of their valuable capital. Hotels are the medium through which we invest, harvest and reinvest and it is our duty to execute this successfully again and again to drive total shareholder return or return capital when we cannot. We may not be the largest hotel REIT but we strive to be the best. Bigger is not better. Better is better. And if we can be better, then perhaps, we will earn the opportunity to be bigger. On behalf of the entire team at DiamondRock Hospitality, thank you to our operating partners for their hard work and focus and to our shareholders for their trust and confidence.

Check out this job at DiamondRock Hospitality: Corporate/Real Estate Paralegal #hiring

We’re #hiring! Check out this job at DiamondRock Hospitality: Vice President, Finance & Investor Relations

We're #hiring a new Vice President, Commercial Strategy in Bethesda, Maryland. Apply today or share this post with your network.

We are excited to announce the acquisition of the 245-room AC Hotel Minneapolis Downtown for $30 million or $122,000 per key. We believe this investment is an opportunity to capture a high in-place free cash flow yield in the desirable North Loop submarket of the burgeoning Minneapolis hospitality market at a very attractive basis. The purchase price represents an 8.2% capitalization rate on 2024 forecasted Net Operating Income. The high-quality hotel was developed in late-2016 and we estimate the purchase price represents more than a 60% discount to replacement cost. Additional details and key information can be found in the press release: https://lnkd.in/e8USEsCT

DiamondRock Hospitality reported strong results for the third quarter and raised our full-year 2024 FFO/sh guidance. Q3 2024 RESULTS Our strategy to build a strong base of demand at both our urban and resorts has been a source of continued strength in our top-line revenue and bottom-line profit growth.   • We delivered comparable Room RevPAR and Total RevPAR growth of 2.8% and 2.3% respectively over the third quarter of 2023.    • Comparable Hotel Adjusted EBITDA was $82.3 million, a 2.2 % increase over last year on nearly flat margins, leading the sector.  • Adjusted FFO per share was $0.26 per share. Our financial performance was among the strongest in the hotel REITs this quarter. 𝗥𝗘𝗩𝗜𝗦𝗜𝗢𝗡𝗦 𝗧𝗢 𝟮𝟬𝟮𝟰 𝗢𝗨𝗧𝗟𝗢𝗢𝗞  The success of our operating strategy has been a key driver behind our performance. Largely due to hurricane impacts in the third and fourth quarter, we expect our full year RevPAR will increase 1.5-2.0% or 50bp lower than our prior guidance. We expect out of room revenues will continue to contribute 150bp to annual Total RevPAR growth. • The midpoint of our 2024 Adjusted EBITDA guidance remains $284 million in a narrowed range of $281-287 million • The midpoint of our 2024 Adjusted FFO guidance remains $207.5 million in a narrowed range of $205-210 million. • The midpoint of our 2024 Adjusted FFO/sh guidance increased one half cent at the midpoint to $0.98/sh in a narrowed range of $0.97-0.99. 𝗖𝗔𝗣𝗜𝗧𝗔𝗟 𝗔𝗟𝗟𝗢𝗖𝗔𝗧𝗜𝗢𝗡 During the quarter we repurchased 0.7 million common shares at a weighted average purchase price of $8.14/sh for a total consideration of $5.4 million. Through September 30th we have repurchased 3.1 million shares at $8.33/sh for a total of $26 million. A copy of our press release can be found here: https://lnkd.in/e-7UNF7N

Congratulations to Iris Junge, CRME and the entire team at The Gwen, A Luxury Collection Hotel for delivering a superlative experience! Check us out next time you’re in #Chicago

We are thrilled to announce some recent accolades in DiamondRock Hospitality's portfolio: La Fuga at Shorebreak Fort Lauderdale has been awarded Tripadvisor 2024 Travelers’ Choice Best of the Best Winner. Wit & Wisdom at The Lodge at Sonoma, Autograph Collection has also been awarded Tripadvisor 2024 Travelers’ Choice Winner. Lake Austin Spa Resort was also named #1 Destination Spa by Condé Nast Traveler Readers’ Choice Awards. We are incredibly proud of our hotels, thankful to our operators and can’t wait to welcome you to check out these gems! #DRH #DiamondRock

“NEVER FORGET WHAT WE’RE CAPABLE OF DOING TOGETHER” That is the motto of www.911day.org and a message that resonates deeply with the DiamondRock Hospitality team. Today’s political climate may be sadly divisive but as a country, we were never more united than we were in the months immediately after the events of September 11, 2001. In our grief, we focused on what was important and we looked out for one another; we were Americans above everything else. “One Team” is one of DiamondRock Hospitality’s core values and for me it means helping one another to shared success. It means constructive dialogue, honest opinions and listening to understand. It reminds me of the support we all showed one another during those very sad days post 9/11. Today was our opportunity to come together as a team on the national day of service and rememberance to participate in the www.911day.org meal pack event in Washington, DC so we could help others to success. It was great fun and an even more rewarding experience — I encourage you to join next year.

Mark your calendars for after-market on Thursday, November 7th when #DiamondRock will be releasing third quarter earnings. An investor conference call has been scheduled for the morning of Friday, November 8th. Details can be found in the link below. We look forward to entertaining your questions. https://lnkd.in/gD88itqz