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May 28, 2015, 7:59 AM
- DiamondRock Hospitality (NYSE:DRH) declares $0.125/share quarterly dividend, in line with previous.
- Forward yield 3.74%
- Payable July 14; for shareholders of record June 30; ex-div June 26.
May 21, 2015, 8:01 AM
May 8, 2015, 8:55 AM
- Q1 adjusted FFO of $37.7M or $0.19 per share vs. $29.5M and $0.15 one year ago.
- Pro forma ADR of $199.45 up 4.3%, occupancy of 75.6% up 250 bps, RevPAR of $150.78 up 7.9%.
- Full-year AFFO per share guidance is lowered by a penny at the top end to $1-$1.02. RevPAR growth of 6-7% is the same.
- Earnings call at 10 ET
- Previously: DiamondRock Hospitality beats by $0.02, beats on revenue (May 8)
- DRH flat premarket
May 8, 2015, 8:34 AM
- DiamondRock Hospitality (NYSE:DRH): Q1 FFO of $0.19 beats by $0.02.
- Revenue of $208.89M (+9.9% Y/Y) beats by $4.02M.
May 7, 2015, 5:30 PM
Apr. 15, 2015, 11:29 AM
- The new mortgage on the Renaissance Worthington is for $85M at a fixed rate of 3.66%, and will amortize over 30 years after a two-year interest only period. The rate on the new loan is 170 basis points lower than the previous one.
- Proceeds were used to pay off the previous note, with money beyond that used to fund the prepayment of the mortgage on Frenchman's Reef & Morning Star Marriott Beach Resort, which may be fully prepaid next month.
- The refi and the repayment will ower DRH's weighted-average interest rate by about 15 bps to 4.7%.
Mar. 25, 2015, 9:48 AM
- Downgraded to Reduce from Neutral are DiamondRock Hospitality (DRH -1.3%), FelCor Lodging (FCH -1.8%), Hersha Hospitality Trust (HT -2.5%), Host Hotels and Resorts (HST -0.9%), and LaSalle Hotel (LHO -1.5%).
- Cut to Neutral from Buy is Starwood Hotels (HOT -0.9%).
- For what it's worth, Starwood - the only one of the group rated a Buy before today - has about the worst performance of the bunch over the last year, ahead about 6% (Hersha is up just 5%, and the rest are up by far more).
Mar. 9, 2015, 10:07 AM
- The previously red-hot lodging REIT sector has struggled over the past few weeks on a combination of perky valuations and firming expectations for interest rate hikes.
- DiamondRock (DRH +0.8%) is lower by about 15% since late January, but still ahead a little more than 10% Y/Y. Baird upgrades to Outperform from Neutral, but Morgan Stanley downgrades to Equalweight from Overweight.
Feb. 24, 2015, 8:46 AM
- Q4 adjusted FFO of $41.8M or $0.21 per share vs. $33.5M and $0.17 one year ago.
- Average daily rate of $212.71 up 4.5% Y/Y. Occupancy of 75.1% up 270 basis points. RevPAR of $159.64 up 8.3%. Adjusted EBITDA margin of 29.3% up 196 bps. Adjusted EBITDA of $60.8M vs. $49.3M a year ago.
- 2015 outlook: RevPAR growth of 6-7%. Adjusted FFO per share of $1.00-$1.03 vs. $0.87 in 2014.
- Earnings call at 10 ET
- Previously: DiamondRock Hospitality misses by $0.02, misses on revenue (Feb. 24)
- In other news, the company purchased the Shorebreak Hotel in Huntington Beach, CA on Feb. 6 for $58.5M, representing a 12.8x multiple on projected adjusted EBITDA for 2015.
- DRH flat premarket
Feb. 24, 2015, 8:34 AM
- DiamondRock Hospitality (NYSE:DRH): Q4 FFO of $0.21 misses by $0.02.
- Revenue of $223.62M (+11.0% Y/Y) misses by $1.12M.
Feb. 23, 2015, 5:30 PM
- AIXG, ALKS, AMT, BMO, CBRL, CEQP, CLDT, CLDX, CMCSA, CMLP, COT, CRNT, CRZO, CYRN, DAKT, DCI, DPZ, DRH, DYAX, ECL, EXAS, EXLS, EXPD, FDML, GLDD, GTLS, HD, IART, IPXL, M, MNKD, NEO, ODP, PCRX, PF, PLL, RLGY, SAFM, SAH, SHLX, SHOO, SPAR, SPWR, SUI, THRM, TOL, TREX, TRXC, UTHR, VAL, VSI, WEN, WIN, WLK, WPC, ZINC
Dec. 19, 2014, 8:41 AM
- In line with the company's goal to spin out of non-core assets into high-growth, high-quality properties, DiamondRock (NYSE:DRH) sold the 1,004-room hotel for proceeds of about $160M, representing a 6.6% cap rate.
- The money was rolled into the purchase of the Westin Beach Resort & Spa in Ft. Lauderdale.
- Previously: DiamondRock Hospitality agrees to $149M Ft. Lauderdale purchase (Nov. 19, 2014)
Dec. 15, 2014, 4:11 PM
- DiamondRock Hospitality (NYSE:DRH) declares $0.10/share quarterly dividend, in line with previous.
- Forward yield 2.74%
- Payable Jan. 12; for shareholders of record Dec. 31; ex-div Dec. 29.
Nov. 19, 2014, 8:52 AM
- The purchase price of $149M or $345K per guest room for the Westin Beach Resort & Spa represents a 12-12.5x multiple on projected 2015 EBITDA. The deal is expected to close this year.
- The beachfront hotel has 432 rooms and 32K square feet of meeting space. It underwent an $86M renovation in 2009.
- As of September 30, DiamondRock (NYSE:DRH) owned 27 premium quality hotels and more than 11K rooms.
Nov. 17, 2014, 8:40 AM
- Gross consideration to DRH from the sale of the 1,004-room hotel will be $160M, including payment for the hotel's capital reserve. The price represents a 6.6% cap rate on NOI of $10.5M for the 12 months ending on September 30.
- It's the latest in a series of sales of non-core assets for the company which acquired the hotel in 2005 for about $118M. The leveraged IRR exceeds 16%.
- A gain is expected to be recorded from the sale, but will be excluded from FFO and adjusted FFO.
Nov. 4, 2014, 7:38 AM
- DiamondRock Hospitality (NYSE:DRH): Q3 AFFO of $0.25 beats by $0.02.
- Revenue of $229.21M (+12.2% Y/Y) beats by $1.19M.
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