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DIAMONDROCK HOSPITALITY COMPANY REPORTS SECOND QUARTER RESULTS
BETHESDA, Md., Aug. 3, 2023 /PRNewswire/ -- DiamondRock Hospitality Company (the "Company") (NYSE: DRH), a lodging-focused real estate investment trust that
About this update from Diamondrock Hospitality Company
[{"type":"text","content":"BETHESDA, Md., Aug. 3, 2023 /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, 2023.\nSecond Quarter 2023 Highlights\nNet Income: Net income was $39.1 million and earnings per diluted share was $0.17.Comparable Revenues: Comparable total revenues were $289.3 million, a 0.9% increase over 2022 and a 9.3% increase over 2019.Comparable RevPAR: Comparable RevPAR was $226.41, a 0.5% increase over 2022 and a 8.0% increase over 2019.Comparable Hotel Adjusted EBITDA: Comparable Hotel Adjusted EBITDA was $93.6 million, a 9.7% decrease over 2022 and a 3.5% increase over 2019.Comparable Hotel Adjusted EBITDA Margin: Comparable Hotel Adjusted EBITDA margin was 32.36%, a 381 basis point decrease over 2022 and a 178 basis point decrease over 2019.Adjusted EBITDA: Adjusted EBITDA was $85.8 million, a 6.7% decrease over 2022 and a 5.8% increase over 2019.Adjusted FFO: Adjusted FFO was $67.3 million and Adjusted FFO per diluted share was $0.32.Share Repurchases: The Company repurchased 262,054 shares of its common stock at an average price of $7.67 per share for a total purchase price of $2.0 million during the second quarter.Recent Developments\nHotel Acquisition: The Company acquired Chico Hot Springs Resort located in Paradise Valley, Montana for $33.0 million on August 1, 2023.Hotel Rebranding: The Company completed the rebranding of the Hilton Boston Downtown/Faneuil Hall to The Dagny, an independent lifestyle boutique hotel, on August 1, 2023.\"The DiamondRock portfolio delivered a new record for comparable revenues in the quarter even as it made major investments into its portfolio to secure future performance. Our urban portfolio delivered strong total revenue growth of 7.1% with solid performance from group, but the rate of improvement in business transient demand appears to be moderating. Competition from international destinations and cruise lines led our smaller portfolio of resorts to rebalance to a 'new normal' with total revenues declining 8.3%. However, revenues from our resorts remained 33.1% ahead of the comparable period in 2019 as destination resorts remain the biggest winner from an acceleration in the secul...