Last $13.32 USD
Change Today +0.13 / 0.99%
Volume 1.5M
DRH On Other Exchanges
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As of 4:15 PM 08/20/14 All times are local (Market data is delayed by at least 15 minutes).

diamondrock hospitality co (DRH) Snapshot

Open
$13.18
Previous Close
$13.19
Day High
$13.36
Day Low
$13.07
52 Week High
08/20/14 - $13.36
52 Week Low
09/3/13 - $9.52
Market Cap
2.6B
Average Volume 10 Days
1.3M
EPS TTM
$0.22
Shares Outstanding
195.7M
EX-Date
06/26/14
P/E TM
61.5x
Dividend
$0.41
Dividend Yield
2.82%
Current Stock Chart for DIAMONDROCK HOSPITALITY CO (DRH)

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diamondrock hospitality co (DRH) Details

DiamondRock Hospitality Company, a lodging focused real estate company, owns premium hotels and resorts in North America. The company operates its hotels under the Hilton, Marriott, and Westin brand names in New York, Los Angeles, Chicago, Boston, and Atlanta; and in destination resort locations, such as the United States Virgin Islands and Colorado. As of December 16, 2011, it owned 26 hotels with approximately 12000 rooms. The company qualifies as a real estate investment trust (REIT) under the Internal Revenue Code. As a REIT, it would not be subject to federal corporate income taxes, if it distributes at least 90% of its taxable income to its stockholders. The company was founded in 2004 and is based in Bethesda, Maryland.

22 Employees
Last Reported Date: 02/25/14
Founded in 2004

diamondrock hospitality co (DRH) Top Compensated Officers

Chief Executive Officer, President and Direct...
Total Annual Compensation: $725.0K
Chief Financial Officer, Executive Vice Presi...
Total Annual Compensation: $386.0K
Chief Operating Officer and Executive Vice Pr...
Total Annual Compensation: $300.0K
Executive Vice President, General Counsel and...
Total Annual Compensation: $340.0K
Compensation as of Fiscal Year 2013.

diamondrock hospitality co (DRH) Key Developments

Diamondrock Hospitality Co. Announces Unaudited Consolidated Financial Results for the Second Quarter and Six Months Ended June 30, 2014; Revised Financial Guidance for 2014

Diamondrock Hospitality Co. announced unaudited consolidated financial results for the second quarter and six months ended June 30, 2014. For the quarter, total revenues were $229,934,000 against $218,014,000 for the same period of last year. Operating profit was $55,037,000 against $31,368,000 for the same period of last year. Income from continuing operations before income taxes was $56,234,000 against $18,571,000 for the same period of last year. Income from continuing operations was $51,916,000 against $14,120,000 for the same period of last year. Net income was $51,916,000 against $15,072,000 for the same period of last year. Earnings per share from continuing operations was $0.27 against $0.07 for the same period of last year. Basic earnings per share was $0.27 against $0.08 for the same period of last year. EBITDA was $95,960,000 against $61,327,000 for the same period of last year. Adjusted EBITDA was $70,911,000 against $62,413,000 for the same period of last year. FFO was $75,752,000 against $42,265,000 for the same period of last year. Adjusted FFO was $51,903,000 against $43,226,000 for the same period of last year. Adjusted FFO per share was $0.26 against $0.22 for the same period of last year. For the six months, total revenues were $420,018,000 against $393,876,000 for the same period of last year. Operating profit was $65,099,000 against $32,721,000 for the same period of last year. Income from continuing operations before income taxes was $53,423,000 against $7,625,000 for the same period of last year. Income from continuing operations was $55,953,000 against $9,320,000 for the same period of last year. Net income was $55,953,000 against $10,945,000 for the same period of last year. Earnings per share from continuing operations was $0.29 against $0.05 for the same period of last year. Basic earnings per share was $0.29 against $0.06 for the same period of last year. EBITDA was $132,797,000 against $91,474,000 for the same period of last year. Adjusted EBITDA was $108,188,000 against $96,683,000 for the same period of last year. FFO was $104,912,000 against $64,971,000 for the same period of last year. Adjusted FFO was $81,418,000 against $69,989,000 for the same period of last year. Adjusted FFO per share was $0.41 against $0.36,000 for the same period of last year. The company has spent approximately $40.4 million on capital improvements during the six months ended June 30, 2014. The majority of the capital improvements related to the substantial completion of the company's $140 million capital improvement program, which included the comprehensive renovations of the Westin Washington D.C. City Center, Westin San Diego, Hilton Boston and Hilton Burlington, as well as the guest room renovation at the Hilton Minneapolis. The company revised financial guidance for 2014, but does not undertake to update it for any developments in its business. The company's outlook assumes the Hilton Garden Inn Times Square Central opens in September 2014. The 2014 Pro Forma RevPAR growth excludes the Hilton Garden Inn Times Square Central, which is expected to positively impact the Company's RevPAR by approximately 75 basis points. The company is increasing its full year 2014 guidance to incorporate its second quarter outperformance. The company continues to expect to spend approximately $95 million on capital improvements at its hotels in 2014, of which approximately $45 million relates to the completion of the $140 million capital improvement program and approximately $50 million relates to new 2014 capital projects. The company does not expect any material disruption from capital projects in 2014. Pro Forma RevPAR Growth was expected to be in the range of 9.5% to 11.5%; Adjusted EBITDA was expected to be in the range of $225.5 million to $235.5 million; Adjusted FFO was expected to be in the range of $165 million to $172 million; and Adjusted FFO per share was expected to be in the range of $0.84 to $0.88 against its previous forecast of pro Forma RevPAR Growth was expected to be in the range of 9% to 11%; Adjusted EBITDA was expected to be in the range of $223 million to $233 million; Adjusted FFO was expected to be in the range of $163 million to $170 million; and Adjusted FFO per share was expected to be in the range of $0.83 to $0.87. The company expects approximately 26% of full year 2014 Adjusted EBITDA and Adjusted FFO to be earned during the third quarter 2014. The midpoint of the guidance range above implies Hotel Adjusted EBITDA margin growth of over 265 basis points. The company also increased its Pro Forma RevPAR growth outlook excluding the New York City hotels under renovation during 2013 to 6% to 8%.

DiamondRock Hospitality Company Enters into $86 Million Mortgage Loan Secured by the Courtyard New York Manhattan / Midtown East

DiamondRock Hospitality Company announced that it entered into a new $86 million mortgage loan secured by the Courtyard New York Manhattan /Midtown East. The new loan matures in 2024 and bears interest at a fixed rate of 4.40%. The new loan is interest-only for the first two years after which principal will amortize over 30 years. The hotel was previously encumbered by a $41.3 million mortgage loan bearing interest at 8.81%. The company used proceeds from the new loan to fully repay the $41.3 million outstanding on the existing mortgage loan. The remaining excess proceeds will be used to build capacity for future opportunistic investments. After the completion of this loan, 11 of the company's 25 hotels remain unencumbered by property-specific mortgage debt. The refinancing lowered the company's weighted average interest rate by approximately 20 basis points to 4.98%.

Diamondrock Hospitality Co. to Report Q2, 2014 Results on Aug 08, 2014

Diamondrock Hospitality Co. announced that they will report Q2, 2014 results at 9:00 AM, Eastern Standard Time on Aug 08, 2014

 

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