Business
DIAMONDROCK HOSPITALITY COMPANY REPORTS FOURTH QUARTER AND FULL YEAR 2024 RESULTS
Full Year Results Exceed Guidance Completes Sale of the Westin Washington D.C. City Center Announces $0.08 First Quarter 2025 Dividend BETHESDA, Md., Feb. 27,
About this update from Diamondrock Hospitality Company
[{"type":"text","content":"Full Year Results Exceed Guidance\nCompletes Sale of the Westin Washington D.C. City Center\nAnnounces $0.08 First Quarter 2025 Dividend\nBETHESDA, Md., Feb. 27, 2025 /PRNewswire/ -- DiamondRock Hospitality Company (the \"Company\") (NYSE: DRH), a lodging 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 and year ended December 31, 2024.\n\n \n \n \n \n \n \n\n \nFourth Quarter 2024 Highlights\nNet Loss: Net loss attributable to common stockholders was $13.7 million, or ($0.07) per diluted share compared to net income attributable to common stockholders of $8.5 million in the fourth quarter of 2023. The net loss attributable to common stockholders includes a $32.6 million impairment loss recorded on the Westin Washington D.C. City City Center.Comparable Revenues: $280.5 million, an increase of 5.7% compared to the fourth quarter of 2023.Comparable RevPAR: $200.46, an increase of 5.4% compared to the fourth quarter of 2023.Comparable Hotel Adjusted EBITDA: $75.9 million, an increase of 16.4% compared to the fourth quarter of 2023.Comparable Hotel Adjusted EBITDA Margin: 27.08%, an increase of 253 basis points compared to the fourth quarter of 2023.Adjusted EBITDA: $68.7 million, an increase of 19.9% compared to the fourth quarter of 2023.Adjusted FFO per Share: $0.24, an increase of 33.3% compared to the fourth quarter of 2023.Hotel Acquisition: Acquired the AC Hotel Minneapolis Downtown for $30.0 million on November 12, 2024.Full Year 2024 Highlights\nNet Income: Net income attributable to common stockholders was $38.2 million, or $0.18 per diluted share as compared to $76.5 million in 2023. Net income attributable to common stockholders includes a $32.6 million impairment loss recorded on the Westin Washington D.C. City Center and $20.4 million of severance costs related to the executive transition in 2024.Comparable Revenues: $1.1 billion, an increase of 4.3% compared to 2023.Comparable RevPAR: $205.15, an increase of 2.6% compared to 2023.Comparable Hotel Adjusted EBITDA: $321.4 million, an increase of 5.3% compared to 2023.Comparable Hotel Adjusted EBITDA Margin: 28.21%, an increase of 27 basis points compared to 2023.Adjusted EBITDA: $290.4 million, an increase of 6.9% compared to 2023.Adjusted FFO per Share: $1.01,...