Business
DIAMONDROCK HOSPITALITY COMPANY REPORTS THIRD QUARTER 2023 RESULTS
Comparable Total Revenues Flat to 2022 and 12% Higher than 2019 BETHESDA, Md., Nov. 1, 2023 /PRNewswire/ -- DiamondRock Hospitality Company (the "Company")
About this update from Diamondrock Hospitality Company
[{"type":"text","content":"Comparable Total Revenues Flat to 2022 and 12% Higher than 2019\nBETHESDA, Md., Nov. 1, 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 September 30, 2023.\n\nThird Quarter 2023 Highlights\nNet Income: Net income was $27.3 million and earnings per diluted share was $0.12.Comparable Revenues: Comparable total revenues were $277.1 million, a 0.1% increase over 2022 and a 12.0% increase over 2019.Comparable RevPAR: Comparable RevPAR was $210.03, a 1.1% decrease from 2022 and a 7.6% increase over 2019.Comparable Hotel Adjusted EBITDA: Comparable Hotel Adjusted EBITDA was $81.1 million, a 6.6% decrease from 2022 and a 8.9% increase over 2019.Comparable Hotel Adjusted EBITDA Margin: Comparable Hotel Adjusted EBITDA margin was 29.27%, a 210 basis point decrease from 2022 and a 85 basis point decrease over 2019.Adjusted EBITDA: Adjusted EBITDA was $73.2 million, a 4.1% decrease from 2022 and a 8.4% increase over 2019.Adjusted FFO: Adjusted FFO was $54.6 million and Adjusted FFO per diluted share was $0.26.Hotel 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.\"DiamondRock's results for the third quarter were modestly ahead of our expectations. The team did a great job controlling expenses, which saw significant improvement over the prior quarter. Accomplishments in the third quarter also included the successful completion of the major repositioning of The Dagny in Boston. For the fourth quarter, we expect our RevPAR growth to improve approximately 100 basis points from the third quarter and be essentially flat compared to 2022 driven by improving results from our resort portfolio,\" said Mark W. Brugger, President and Chief Executive Officer of DiamondRock Hospitality Company. \nOperating Results\nPlease see \"Non-GAAP Financial Measures\" attached to this press release for an explanation of the terms \"EBITDAre,\" \"Adjusted EBITDA,\" \"Hotel Adjusted EBITDA,\" \"Hotel A...