Business
DIAMONDROCK HOSPITALITY COMPANY REPORTS FIRST QUARTER 2024 RESULTS
Comparable Total Revenues 3.8% Above 2023 Raises Midpoint of Full Year Guidance BETHESDA, Md., May 2, 2024 /PRNewswire/ -- DiamondRock Hospitality Company
About this update from Diamondrock Hospitality Company
[{"type":"text","content":"Comparable Total Revenues 3.8% Above 2023\nRaises Midpoint of Full Year Guidance\nBETHESDA, Md., May 2, 2024 /PRNewswire/ -- DiamondRock Hospitality Company (the \"Company\") (NYSE: DRH), a lodging-focused real estate investment trust that owns a portfolio of 36 premium hotels and resorts in the United States, today announced results of operations for the quarter ended March 31, 2024.\n\nFirst Quarter 2024 Highlights\nNet Income: Net income was $8.4 million and earnings per diluted share was $0.03.Comparable Revenues: Comparable total revenues were $256.4 million, a 3.8% increase from 2023.Comparable RevPAR: Comparable RevPAR was $184.23, a 0.4% decrease from 2023.Comparable Hotel Adjusted EBITDA: Comparable Hotel Adjusted EBITDA was $61.4 million, a 3.0% decrease from 2023.Comparable Hotel Adjusted EBITDA Margin: Comparable Hotel Adjusted EBITDA margin was 23.95%, a 169 basis point decrease from 2023.Adjusted EBITDA: Adjusted EBITDA was $53.6 million, a 3.2% decrease from 2023.Adjusted FFO: Adjusted FFO was $36.0 million and Adjusted FFO per diluted share was $0.17.Recent Development\nOn April 15, 2024, the Company announced leadership changes and a simplified organizational structure to drive continued business momentum. Jeffrey Donnelly, previously Executive Vice President and Chief Financial Officer, was appointed Chief Executive Officer, succeeding Mark Brugger, who departed the Company. Briony Quinn, previously Senior Vice President and Treasurer, was named Executive Vice President, Chief Financial Officer and Treasurer, succeeding Mr. Donnelly. Justin Leonard, formerly Executive Vice President and Chief Operating Officer, was appointed President. Mr. Leonard will maintain his role as Chief Operating Officer and assumed the responsibilities previously overseen by Troy Furbay, Executive Vice President and Chief Investment Officer, who departed the Company. In addition, Mr. Donnelly was appointed to the Company's Board of Directors on May 2, 2024.\nWith these changes DiamondRock reduced its executive team structure from six to four members, including the Company's Executive Vice President and General Counsel, who previously announced his intention to retire effective June 30, 2024.\n\"I am excited to have the opportunity to collaborate with the Board and our highly experienced executive team to create value for our sharehold...