Business
DIAMONDROCK HOSPITALITY COMPANY REPORTS SECOND QUARTER 2024 RESULTS
Comparable Total Revenues 4.8% Above 2023 Raises Midpoint of Full Year Guidance BETHESDA, Md., Aug. 1, 2024 /PRNewswire/ -- DiamondRock Hospitality Company
About this update from Diamondrock Hospitality Company
[{"type":"text","content":"Comparable Total Revenues 4.8% Above 2023\nRaises Midpoint of Full Year Guidance\nBETHESDA, Md., Aug. 1, 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 June 30, 2024.\n\nSecond Quarter 2024 Highlights\nNet Income: Net income was $24.6 million and earnings per diluted share was $0.10.Comparable Revenues: Comparable total revenues were $309.3 million, a 4.8% increase from the second quarter of 2023.Comparable RevPAR: Comparable RevPAR was $229.21, a 2.2% increase from the second quarter of 2023.Comparable Total RevPAR: Comparable RevPAR was $348.37, a 4.5% increase from the second quarter of 2023.Comparable Hotel Adjusted EBITDA: Comparable Hotel Adjusted EBITDA was $99.5 million, a 5.5% increase from the second quarter of 2023.Comparable Hotel Adjusted EBITDA Margin: Comparable Hotel Adjusted EBITDA margin was 32.17%, a 20 basis point increase from the second quarter of 2023.Adjusted EBITDA: Adjusted EBITDA was $92.5 million, a 7.8% increase from the second quarter of 2023.Adjusted FFO: Adjusted FFO was $72.5 million and Adjusted FFO per diluted share was $0.34.Share Repurchases: The Company repurchased 2.5 million shares of its common stock at a weighted average price of $8.39 per share for a total consideration of approximately $20.6 million during the second quarter of 2024.Recent Developments\nBrand Conversion: In July 2024, the Company completed the repositioning and rebranding of the Hilton Burlington Lake Champlain as the Hotel Champlain Burlington, Curio Collection by Hilton. The transformation of the 258-room hotel represents a strong return-on-investment opportunity and included the creation of new lifestyle community spaces, a new all-day cafe, an upgraded state-of-the-art fitness center, and a new signature seafood restaurant, Original Skiff Fish & Oysters, in partnership with a local award-winning chef.Share Repurchases: The Company continued share repurchase activity subsequent to the end of the second quarter. To date in 2024, the Company has repurchased 2.8 million shares of its common stock at a weighted average price of $8.36 per share for a total consideration of approximately $23.5 million.\"S...