DIAMONDROCK HOSPITALITY COMPANY REPORTS FIRST QUARTER 2026 RESULTS

About this update from Diamondrock Hospitality Company

[{"type":"text","content":" Raises 2026 Guidance ","length":20,"tagName":"p","attribs":{}},{"type":"text","content":" BETHESDA, Md. , April 30, 2026 /PRNewswire/ -- DiamondRock Hospitality Company (Nasdaq: DRH, the "Company"), a lodging real estate investment trust that owns a portfolio of 35 premium hotels and resorts in the United States, today announced results of operations for the quarter ended March 31, 2026.","length":309,"tagName":"p"},{"type":"image","alt":"(PRNewsfoto/DiamondRock Hospitality Company)","displaySize":"","headline":null,"caption":"(PRNewsfoto/DiamondRock Hospitality Company)","className":"","disableSlideshowImg":false,"size":{"original":{"width":400,"height":215,"url":"https://media.zenfs.com/en/prnewswire.com/565a6735581b743e28172adc1e0ebba4"},"resized":{"url":"https://s.yimg.com/ny/api/res/1.2/GeO.K5xCfMI0W0ZIiSZ._Q--/YXBwaWQ9aGlnaGxhbmRlcjt3PTcwNTtoPTM3OQ--/https://media.zenfs.com/en/prnewswire.com/565a6735581b743e28172adc1e0ebba4","width":400,"height":215}},"href":"https://mma.prnewswire.com/media/779900/DiamondRock_Hospitality_Logo.html","hrefExternal":true,"rel":"nofollow"},{"type":"text","content":" FIRST QUARTER 2026 HIGHLIGHTS ","length":29,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":" Net Income: Net income attributable to common stockholders was $14.5 million, or $0.07 per diluted share, an increase of 54.3% and 75.0%, respectively, compared to the first quarter of 2025.","length":190,"tagName":"p"}]},{"val":[{"type":"text","content":" Adjusted EBITDA: $60.6 million, an increase of 8.0% compared to the first quarter of 2025.","length":90,"tagName":"p"}]},{"val":[{"type":"text","content":" Adjusted FFO per Diluted Share: $0.22, an increase of 15.8% compared to the first quarter of 2025.","length":98,"tagName":"p"}]},{"val":[{"type":"text","content":" Comparable RevPAR: $190.01, an increase of 2.0% compared to the first quarter of 2025.","length":86,"tagName":"p"}]},{"val":[{"type":"text","content":" Comparable Total RevPAR: $298.95, an increase of 2.5% compared to the first quarter of 2025, driven by a 3.4% increase in out-of-room revenues.","length":143,"tagName":"p"}]},{"val":[{"type":"text","content":" Comparable Hotel Adjusted EBITDA: $66.2 million, an increase of 8.0% compared to the first quarter of 2025.","length":107,"tagName":"p"}]},{"val":[{"type":"text","content":" Comparable Hotel Adjusted EBITDA Margin: 25.63%, an increase of 127 basis points compared to the first quarter of 2025.","length":119,"tagName":"p"}]},{"val":[{"type":"text","content":" Westin Boston Seaport District Franchise Agreement: The Company executed a new franchise agreement for the Westin Boston Seaport District that will retain the Westin flag. The current franchise agreement expires on December 31, 2026, and the new agreement is effective as of January 1, 2027.","length":291,"tagName":"p"}]},{"val":[{"type":"text","content":" Hotel Under Contract for Disposition: As of March 31, 2026, the Company was under contract to sell one hotel with its closing expected in the second quarter of 2026.","length":165,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":1289,"olType":false},{"type":"text","content":" RECENT DEVELOPMENT ","length":18,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":" Share Repurchases : Subsequent to the quarter ended March 31, 2026, the Company repurchased 0.1 million shares of its common stock at an average price of $9.38 per share for a total consideration of approximately $1.3 million. On April 28, 2026, the Company's Board of Directors approved a new $300 million share repurchase program, which replaces the Company's existing share repurchase program.","length":403,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":403,"olType":false},{"type":"text","content":" "We delivered first quarter results ahead of expectations despite a difficult RevPAR comparison and disruptive weather in several of our markets. The efforts of our asset management team and operating partners continue to differentiate DiamondRock, as reflected in strong returns from recent renovations, meaningful margin expansion, and our ability to enhance operating performance while limiting earnings disruption across the portfolio. Over the trailing twelve months, we generated nearly 20% growth in free cash flow per share, underscoring the impact of our disciplined operating and capital allocation strategy. ","length":623,"tagName":"p","attribs":{}},{"type":"readMore"},{"type":"text","content":" We secured a new franchise agreement for the Westin Boston Seaport District, which we expect will maximize near, medium, and long‑term value for shareholders by prioritizing cash flow, strategic flexibility, and risk‑adjusted returns. We also advanced our capital recycling initiatives, with one hotel now under contract for sale. We intend to deploy these proceeds opportunistically, consistent with our commitment to allocate capital where it can drive the highest returns for shareholders. ","length":492,"tagName":"p","attribs":{}},{"type":"text","content":" We are constructive on the demand outlook across our portfolio, supported by recent booking trends and the continued resilience of the higher‑end consumer. We raised the midpoint of our guidance largely to account for the stronger than expected results, but we are keeping a measured approach to guidance for the remainder of the year given recent geopolitical events and an uncertain macroeconomic environment. Even against this backdrop, our updated guidance marks another new FFO peak for DiamondRock." ","length":510,"tagName":"p","attribs":{}},{"type":"text","content":"- Jeffrey J. Donnelly, Chief Executive Officer of DiamondRock Hospitality Company ","length":81,"tagName":"p","attribs":{}},{"type":"text","content":" OPERATING RESULTS ","length":17,"tagName":"p"},{"type":"text","content":" Please see "Non-GAAP Financial Measures" attached to this press release for an explanation of the terms "EBITDAre," "Adjusted EBITDA," "Hotel Adjusted EBITDA," "Hotel Adjusted EBITDA Margin," "FFO" and "Adjusted FFO" and a reconciliation of these measures to net income. "Comparable" operating results and statistics include all hotels owned as of March 31, 2026 for all periods presented. See "Comparable Hotel Operating Statistics and Results" and "Reconciliation of Comparable Operating Results" attached to this press release for an explanation of our comparable hotels and a reconciliation to historical amounts. "Actual" operating results and statistics include the operating results and statistics for all hotels for only the Company's respective ownership periods. ","length":886,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"colspan":"1","rowspan":"1","style":"PADDING-RIGHT:0.83em;PADDING-LEFT:0.17em;VERTICAL-ALIGN:BOTTOM;TEXT-ALIGN:RIGHT;","val":[{"type":"text","content":" ","length":0,"tagName":"p","attribs":{}}]},{"colspan":"3","rowspan":"1","style":"PADDING-RIGHT:0.17em;PADDING-LEFT:0.17em;VERTICAL-ALIGN:BOTTOM;TEXT-ALIGN:CENTER;","val":[{"type":"text","content":" Three Months Ended March 31, ","length":28,"tagName":"p","attribs":{}}]}]},{"val":[{"colspan":"1","rowspan":"1","style":"PADDING-RIGHT:0.83em;PADDING-LEFT:0.17em;VERTICAL-ALIGN:BOTTOM;TEXT-ALIGN:RIGHT;","val":[{"type":"text","content":" ","length":0,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"PADDING-RIGHT:0.83em;PADDING-LEFT:0.17em;VERTICAL-ALIGN:BOTTOM;TEXT-ALIGN:CENTER;","val":[{"type":"text","content":" 2026 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On April 28, 2026, the Company's Board of Directors authorized a new $300 million share repurchase program, which replaces the existing repurchase program. There have not been any repurchases made under the new program.","length":461,"tagName":"p"},{"type":"text","content":" DIVIDENDS ","length":9,"tagName":"p"},{"type":"text","content":"On April 30, 2026, the Company's Board of Directors declared a regular quarterly cash dividend of $0.09 per share on its common stock. The dividend will be paid on July 14, 2026 to stockholders of record as of June 30, 2026. The Company expects to declare regular quarterly dividends of $0.09 per common share in 2026 and, depending on its 2026 operating income, a stub dividend in the fourth quarter of 2026.","length":413,"tagName":"p"},{"type":"text","content":" GUIDANCE ","length":8,"tagName":"p"},{"type":"text","content":"Achievement of the anticipated results is subject to the risks disclosed in the Company's filings with the U.S. Securities and Exchange Commission, which may cause actual results to differ materially from the anticipated results expressed or implied below. The outlook below does not assume any dispositions, acquisitions, or common share repurchases and is based on current operating trends and macroeconomic conditions.","length":425,"tagName":"p"},{"type":"text","content":"The Company is raising its 2026 guidance to reflect the better than expected first quarter results, as well as the benefit of a more favorable insurance renewal. 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assumptions:","length":70,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Full year cash corporate expenses of approximately $25.0 million to $26.0 million, which excludes share-based compensation;","length":123,"tagName":"p"}]},{"val":[{"type":"text","content":"Full year cash interest expense of approximately $58.5 million to $59.5 million; and","length":84,"tagName":"p"}]},{"val":[{"type":"text","content":"Fully diluted weighted average common shares and units of 208.0 million.","length":72,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":279,"olType":false},{"type":"text","content":" EARNINGS CALL ","length":13,"tagName":"p"},{"type":"text","content":"The Company will host a conference call to discuss its first quarter results on Friday, May 1, 2026, at 9:00 a.m. Eastern Time. The conference call will be accessible by telephone and through the internet. Interested individuals are requested to register for the call using this link to obtain dial-in and webcast details. Registration details are also available by visiting https://investor.drhc.com . A replay of the conference call webcast will be archived and available online.","length":480,"tagName":"p"},{"type":"text","content":" ABOUT THE COMPANY ","length":17,"tagName":"p"},{"type":"text","content":"DiamondRock Hospitality Company is a self-advised real estate investment trust (REIT) that is an owner of a leading portfolio of geographically diversified hotels concentrated in leisure destinations and top gateway markets. The Company currently owns 35 premium quality hotels with approximately 9,600 rooms. The Company has strategically positioned its portfolio to be operated both under leading global brand families as well as independent boutique hotels in the lifestyle segment. For further information on the Company and its portfolio, please visit DiamondRock Hospitality Company's website at www.drhc.com .","length":619,"tagName":"p"},{"type":"text","content":" This press release contains forward-looking statements within the meaning of federal securities laws and regulations. These forward-looking statements are identified by their use of terms and phrases such as "believe," "expect," "intend," "project," "forecast," "plan" and other similar terms and phrases, including references to assumptions and forecasts of future results. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors which may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made. These risks include, but are not limited to: the adverse impact of any future pandemic, epidemic or outbreak of any highly infectious disease on the U.S., regional and global economies, travel, the hospitality industry, and the financial condition and results of operations of the Company and its hotels; negative developments or volatility in the economy, including, but not limited to elevated inflation and interest rates, job loss or growth trends, the imposition of trade sanctions or tariffs and any potential retaliatory responses thereto, an increase in unemployment or a decrease in corporate earnings and investment; risks associated with the lodging industry overall, including, without limitation, decreases in the frequency of travel, decreases in the demand for, or frequency of, international travel as a result of evolving global trade dynamics or otherwise, and increases in operating costs; relationships with property managers; the ability to compete effectively in areas such as access, location, quality of accommodations and room rate structures; changes in taxes and government regulations which influence or determine wages, prices, construction procedures and costs; and other risk factors contained in the Company's filings with the Securities and Exchange Commission. Although the Company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that the expectations will be attained or that any deviation will not be material. All information in this release is as of the date of this release, and the Company undertakes no obligation to update any forward-looking statement to conform the statement to actual results or changes in the Company's expectations. 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","length":27,"tagName":"p"},{"type":"text","content":"We use the following non-GAAP financial measures that we believe are useful to investors as key measures of our operating performance: EBITDA, EBITDA re , Adjusted EBITDA, Hotel Adjusted EBITDA, FFO and Adjusted FFO. We also present Comparable Total Revenue, Comparable Room Revenues, Comparable Hotel Adjusted EBITDA and Comparable Hotel Adjusted EBITDA Margin. These measures should not be considered in isolation or as a substitute for measures of performance in accordance with U.S. GAAP. EBITDA, EBITDA re , Adjusted EBITDA, Hotel Adjusted EBITDA, FFO, Adjusted FFO, Comparable Total Revenue, Comparable Room Revenues, Comparable Hotel Adjusted EBITDA and Comparable Hotel Adjusted EBITDA Margin, as calculated by us, may not be comparable to other companies that do not define such terms exactly as the Company.","length":813,"tagName":"p"},{"type":"text","content":" Use and Limitations of Non-GAAP Financial Measures ","length":50,"tagName":"p"},{"type":"text","content":"Our management and Board of Directors use EBITDA, EBITDAre, Adjusted EBITDA, Hotel Adjusted EBITDA, FFO, Adjusted FFO, Comparable Total Revenue, Comparable Room Revenues, Comparable Hotel Adjusted EBITDA and Comparable Hotel Adjusted EBITDA Margin, to evaluate the performance of our hotels and to facilitate comparisons between us and other lodging REITs, hotel owners who are not REITs and other capital intensive companies. The use of these non-GAAP financial measures has certain limitations. These non-GAAP financial measures as presented by us, may not be comparable to non-GAAP financial measures as calculated by other real estate companies. These measures do not reflect certain expenses or expenditures that we incurred and will incur, such as depreciation, interest and capital expenditures. We compensate for these limitations by separately considering the impact of these excluded items to the extent they are material to operating decisions or assessments of our operating performance. Our reconciliations to the most comparable U.S. GAAP financial measures, and our consolidated statements of operations and comprehensive income and consolidated statements of cash flows, include interest expense, capital expenditures, and other excluded items, all of which should be considered when evaluating our performance, as well as the usefulness of our non-GAAP financial measures.","length":1389,"tagName":"p"},{"type":"text","content":"These non-GAAP financial measures are used in addition to and in conjunction with results presented in accordance with U.S. GAAP. They should not be considered as alternatives to operating profit, cash flow from operations, or any other operating performance measure prescribed by U.S. GAAP. These non-GAAP financial measures reflect additional ways of viewing our operations that we believe, when viewed with our U.S. GAAP results and the reconciliations to the corresponding U.S. GAAP financial measures, provide a more complete understanding of factors and trends affecting our business than could be obtained absent this disclosure. We strongly encourage investors to review our financial information in its entirety and not to rely on a single financial measure.","length":767,"tagName":"p"},{"type":"text","content":" EBITDA and EBITDA re ","length":19,"tagName":"p"},{"type":"text","content":"EBITDA represents net income (calculated in accordance with U.S. GAAP) excluding: (1) interest expense; (2) provision for income taxes, including income taxes applicable to sale of assets; and (3) depreciation and amortization. The Company computes EBITDA re in accordance with the National Association of Real Estate Investment Trusts ("Nareit") guidelines, as defined in its September 2017 white paper "Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate." EBITDA re represents net income (calculated in accordance with U.S. GAAP) adjusted for: (1) interest expense; (2) provision for income taxes, including income taxes applicable to sale of assets; (3) depreciation and amortization; (4) gains or losses on the disposition of depreciated property including gains or losses on change of control; (5) impairment write-downs of depreciated property and of investments in unconsolidated affiliates caused by a decrease in value of depreciated property in the affiliate; and (6) adjustments to reflect the entity's share of EBITDA re of unconsolidated affiliates.","length":1146,"tagName":"p"},{"type":"text","content":"We believe EBITDA and EBITDA re are useful to an investor in evaluating our operating performance because they help investors evaluate and compare the results of our operations from period to period by removing the impact of our capital structure (primarily interest expense) and our asset base (primarily depreciation and amortization, and in the case of EBITDA re , impairment and gains or losses on dispositions of depreciated property) from our operating results. In addition, covenants included in our debt agreements use EBITDA as a measure of financial compliance. We also use EBITDA and EBITDA re as measures in determining the value of hotel acquisitions and dispositions.","length":677,"tagName":"p"},{"type":"text","content":" FFO ","length":3,"tagName":"p"},{"type":"text","content":"The Company computes FFO in accordance with standards established by Nareit, which defines FFO as net income (calculated...

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