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DiamondRock Hospitality Company (DRH)

- NYSE
  • 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.
    • Source: Press Release
    • Previously: DiamondRock Hospitality agrees to $149M Ft. Lauderdale purchase (Nov. 19, 2014)
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  • 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.
    | Comment!
  • 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.
    • Source: Press Release
    | Comment!
  • 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.
    • Source: Press Release
    | Comment!
  • 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.
    • Press Release
    | Comment!
  • Oct. 14, 2014, 11:29 AM
    • The $170.4M mortgage on The Lexington NYC has been amended, cutting the initial floating rate to Libor plus 275 basis points, with another 100 points of spread narrowing once certain cash flow hurdles are achieved. The loan term was increased by 30 months to October 2019.
    • The reduced borrowing costs are expected to save DiamondRock Hospitality (DRH +3%) between $1.5M and $2M of annual interest expense.
    • Source: Press Release
    | Comment!
  • Sep. 12, 2014, 4:19 PM
    • DiamondRock Hospitality (NYSE:DRH) declares $0.1025/share quarterly dividend, in line with previous.
    • Forward yield 3.16%
    • Payable Oct. 10; for shareholders of record Sept. 30; ex-div Sept. 26.
    | Comment!
  • Sep. 2, 2014, 4:32 PM
    • The 106-room hotel was purchased for $47.5M, or $448K per room. The price represents 12.1x estimated 2014 EBITDA and a 7.6% cap rate on forecasted NOI.
    • The deal was funded by DRH with cash on hand.
    • Source: Press Release
    | Comment!
  • Aug. 8, 2014, 8:35 AM
    • Q2 adjusted FFO of $51.9M or $0.26 per share vs. $43.2M and $0.22 a year ago. Adjusted EBITDA of $70.9M vs. $62.4M. Dividend of $0.1025.
    • Pro forma RevPAR of $169.21 up 11.9% Y/Y. Pro forma RevPAR hotel adjusted EBITDA margin of 32.53% up 243 basis points. Pro forma occupancy of 83.7% up 420 basis points.
    • The Hilton Garden Inn in Times Square is set to open in September and generate about $5M of hotel adjusted EBITDA this year.
    • Full-year AFFO per share guidance is boosted to $0.84-$0.88 from $0.83-$0.87, with RevPAR growth of 9.5%-11.5% from 9%-11%.
    • Previously: DiamondRock Hospitality beats by $0.01, misses on revenue
    • DRH flat premarket
    | Comment!
  • Aug. 8, 2014, 8:02 AM
    • DiamondRock Hospitality (NYSE:DRH): Q2 FFO of $0.26 beats by $0.01.
    • Revenue of $229.6M (+8.5% Y/Y) misses by $2.39M.
    • Press Release
    | Comment!
  • Jul. 10, 2014, 11:14 AM
    • Key, says Cowen, is hotel room demand likely to continue growing faster than supply, especially in the major gateway coastal markets, setting the state for "an extended period of pricing flexibility and enhanced growth ... [and] incomparable hotel EBITDA."
    • “Absent the impact of acquisitions or dispositions, that would produce growth in comparable hotel EBITDA of between 7% and 9% next year,” compared to NOI growth of 3% for the rest of the REIT sector. Their favorites are Host Hotels (HST +0.9%), LaSalle Hotels (LHO -0.1%), and Pebblebrook Hotel Trust (PEB +0.1%).
    • “With Q2 RevPAR tracking materially above guidance and our prior estimates, we are raising our Q2 estimates, virtually across the board," says the team at MLV. The stocks to own into earnings season are not just those who will beat expectations, but those who will raise guidance as well. Their favorites are those with the fastest internal growth - DiamondRock Hospitality (DRH -0.1%), Host Hotels (HST +0.9%), Strategic Hotels (BEE +0.8%), and RLJ Lodging (RLJ) - along with those trading at material valuation discounts: Summit Hotel Properties (INN +0.1%), Hersha Hospitality (HT -0.4%), and Ashford Hospitality (AHT +0.6%).
    | Comment!
  • Jun. 2, 2014, 9:17 AM
    • DiamondRock Hospitality Company (DRH) declares $0.1025/share quarterly dividend, in line with previous.
    • Forward yield 3.30%
    • Payable July 10; for shareholders of record June 30; ex-div June 26.
    | Comment!
  • May 12, 2014, 8:05 AM
    • DiamondRock Hospitality (DRH): Q1 EPS of $0.15 beats by $0.02.
    • Revenue of $190.1M (+8.1% Y/Y) beats by $0.85M.
    • Press Release
    | Comment!
  • Mar. 25, 2014, 4:46 PM
    • DiamondRock Hospitality Company (DRH) declares $0.1025/share quarterly dividend, 21% increase  from prior dividend of $0.085
    • Forward yield 3.36%
    • Payable April 10; for shareholders of record March 31; ex-div March 26.
    | Comment!
  • Feb. 25, 2014, 6:17 AM
    • DiamondRock Hospitality Company (DRH): Q4 FFO of $0.17 misses by $0.02.
    • Revenue of $201.46M (-24.4% Y/Y) misses by $7.14M.
    • Press Release
    | Comment!
  • Feb. 25, 2014, 6:03 AM
    • DiamondRock Hospitality Company (DRH) declares $0.085/share quarterly dividend, in line with previous.
    • Forward yield 2.73%
    • Payable Jan 10; for shareholders of record Dec. 31; ex-div Dec. 27.
    | Comment!
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Company Description
Diamondrock Hospitality Co is a lodging-focused real estate investment trust. The Company owns approximately 27 hotels with 10,552 rooms.
Sector: Financial
Country: United States