DiamondRock Hospitality Company (DRH) CEO Mark Brugger on Q3 2020 Results - Earnings Call Transcript

DiamondRock Hospitality Company (NYSE:DRH) Q3 2020 Earnings Conference Call November 6, 2020 9:00 AM ET

Company Participants

Briony Quinn - Senior Vice President & Treasurer
Mark Brugger - President & Chief Executive Officer
Jeff Donnelly - Executive Vice President & Chief Financial Officer

Conference Call Participants

Rich Hightower - Evercore
Austin Wurschmidt - KeyBanc
Chris Woronka - Deutsche Bank
Lukas Hartwich - Green Street
Stephen Grambling - Goldman Sachs
Anthony Powell - Barclays

Operator

Welcome to the Diamond Rock's Third Quarter 2020 Earnings Call. I will now hand the call over to, Ms. Briony Quinn. Please go ahead.

Briony Quinn

Thank you, Tiffany. Good morning everyone. Welcome to Diamondrock's Third Quarter 2020 Earnings Call. Before we begin, let me remind everyone that many of the comments made on this call are considered forward-looking statements and not historical fact.

As described in our filings with the SEC, these statements are subject to numerous risks and uncertainties that could cause future results to differ materially from those implied by our comments today. In addition, on today's call we will discuss certain non-GAAP financial information. A reconciliation of this information to the most directly comparable GAAP financial measure can be found in our earnings press release.

With that, I am pleased to turn the call over to Mark Brugger, our President and Chief Executive Officer.

Mark Brugger

Good morning. And thank you for your interest in, DiamondRock. Since our last earnings call, we have made outstanding progress on multiple fronts. I'll highlight just four. First, we increased our total liquidity and decreased our total debt, through a successful, preferred equity offering.

Second, we reduced our monthly burn rate, significantly beating our prior expectations. Third, we reopened five additional hotels. And fourth, we struck a sweeping deal with Marriott that not only increased the NAV of our portfolio by $50 million, but