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Q1 Comparable RevPAR Increases 2.0%
Declares Second Quarter 2025 Dividends
BETHESDA, Md., May 1, 2025 /PRNewswire/ -- DiamondRock Hospitality Company (the "Company") (NYSE: DRH), a lodging 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 March 31, 2025.
Highlights
"First quarter operating results were in line with our expectations, with group revenues increasing over 10% and business transient revenues increasing over 9% to compared to last year. This strong revenue growth coupled with cost savings initiatives offset the softness at our Florida resorts in the first quarter resulting in comparable first quarter RevPAR growth of 2.0% and comparable Hotel Adjusted EBITDA growth of 2.2%.
The rise in macroeconomic uncertainly has had only a mild effect on performance thus far. Encouragingly, near-term leisure booking pace remains in line with prior year trends, however group revenue pickup in the second half of 2025 has been tempered by an unsettled business environment. In light of this, we are lowering our top line outlook for 2025 by 200 basis points, but maintaining our previous outlook for Adjusted FFO per share. We remain optimistic DiamondRock can drive earnings growth through continued operating performance and deliberate action on accretive capital recycling. We have repurchased $15.9 million of common shares utilizing a portion the proceeds from the sale of the Westin Washington, D.C., which exemplifies our strategy to harvest capital from low free cash flow yield assets and redeploy proceeds into higher return opportunities."
- Jeffrey J. Donnelly, Chief Executive Officer of DiamondRock Hospitality Company
Operating Results
Please see "Non-GAAP Financial Measures" attached to this press release for an explanation of the terms "EBITDAre," "Adjusted EBITDA," "Hotel Adjusted EBITDA," "Hotel Adjusted EBITDA Margin," "FFO" and "Adjusted FFO" and a reconciliation of these measures to net income. Comparable operating results include all hotels owned as of March 31, 2025 for all periods presented. See "Reconciliation of Comparable Operating Results" attached to this press release for a reconciliation to historical amounts.
Three Months Ended March 31, | |||||
2025 | 2024 | Change | |||
($ amounts in millions, except hotel statistics and per share amounts) | |||||
Comparable Operating Results(1) | |||||
ADR | $ 277.36 | $ 269.95 | 2.7 % | ||
Occupancy | 67.1 % | 67.6 % | (0.5) % | ||
RevPAR | $ 186.20 | $ 182.50 | 2.0 % | ||
Total RevPAR | $ 291.56 | $ 287.09 | 1.6 % | ||
Room Revenues | $ 160.8 | $ 159.2 | 1.0 % | ||
Total Revenues | $ 251.8 | $ 250.5 | 0.5 % | ||
Hotel Adjusted EBITDA | $ 61.3 | $ 60.0 | 2.2 % | ||
Hotel Adjusted EBITDA Margin | 24.36 % | 23.97 % | 39 bps | ||
Available Rooms | 863,550 | 872,508 | (8,958) | ||
Actual Operating Results(2) | |||||
Total Revenues | $ 254.9 | $ 256.4 | (0.6) % | ||
Net income attributable to common stockholders | $ 9.4 | $ 5.9 | 59.3 % | ||
Earnings per diluted share | $ 0.04 | $ 0.03 | 33.3 % | ||
Adjusted EBITDA(3) | $ 56.1 | $ 56.2 | (0.2) % | ||
Adjusted FFO(3) | $ 39.5 | $ 38.6 | 2.3 % | ||
Adjusted FFO per diluted share(3) | $ 0.19 | $ 0.18 | 5.6 % | ||
(1) | Amounts include the pre-acquisition operating results for AC Hotel Minneapolis Downtown from January 1, 2024 to March 31, 2024 and exclude the operating results for Westin Washington D.C. City Center sold on February 19, 2025. The pre-acquisition operating results were obtained from the seller of the hotel during the acquisition due diligence process. We have made no adjustments to the amounts provided to us by the seller. The pre-acquisition operating results were not audited or reviewed by the Company's independent auditors. |
(2) | Actual operating results include the operating results of all hotels for the Company's respective ownership periods. |
(3) | Effective January 1, 2025, the Company excludes share-based compensation from its calculations of Adjusted EBITDA and Adjusted FFO. Amounts reported for 2024 have been adjusted to reflect the current year presentation. |
Hotel Disposition
On February 19, 2025, the Company completed the sale of the 410-room Westin Washington D.C. City Center for a contract price of $92.0 million. The sale price represented an 11.2x multiple on 2024 Hotel EBITDA and a 7.5% capitalization rate on 2024 hotel net operating income, or a capitalization rate of 5.6% inclusive of the Company's projected capital expenditures. Excluding a one-time property tax credit and temporary discount on franchise fees the Hotel received in 2024, the sales price represented an 11.9x multiple on 2024 Hotel EBITDA and a 7.0% capitalization rate on 2024 Hotel net operating income, or a capitalization rate of 5.2% inclusive of the Company's projected capital expenditures.
Capital Expenditures
The Company invested approximately $25.6 million in capital improvements at its hotels during the three months ended March 31, 2025. The Company continues to expect to invest approximately $85 to $95 million in capital improvements at its hotels in 2025, however it is evaluating the timing and extent of certain projects that may be deferred or cancelled. Significant projects currently planned for 2025 include the following:
Balance Sheet and Liquidity
As of March 31, 2025, the Company had total debt outstanding of $1.1 billion, consisting of $800.0 million of unsecured term loans and three property-specific mortgage loans totaling $293.7 million, with a weighted average interest rate of 5.08%. The Company has three mortgage loans that mature in the next 12 months. The first mortgage loan maturity is on May 6, 2025, and the Company plans to repay that mortgage loan using cash on hand. The Company is actively pursuing a financing transaction, the proceeds of which will be used to repay the remaining mortgage loans that mature in 2025. In the event that the Company is unsuccessful in obtaining this new financing, it may use a combination of cash on hand and its senior unsecured revolving credit facility to address the remaining maturities.
The Company ended the quarter with $624.6 million of liquidity, comprised of $100.6 million of unrestricted corporate cash, $124.0 million of unrestricted cash at its hotels and full availability of its revolving credit facility.
Share Repurchase Program
During the quarter ended March 31, 2025, the Company repurchased 1.4 million shares of its common stock at an average price of $7.85 per share for a total purchase price of $11.1 million. Subsequent to quarter end, the Company repurchased 0.7 million shares of its common stock at an average price of $7.26 for a total purchase price of $4.8 million. The Company currently has $158.1 million of remaining capacity under its $200.0 million share repurchase program.
Dividends
On April 29, 2025, the Company's Board of Directors declared a quarterly cash dividend of $0.08 per share on its common stock. The dividend will be paid on July 11, 2025 to shareholders of record as of June 30, 2025. The Company's Board of Directors also declared a quarterly dividend of $0.515625 per share on its 8.250% Series A Cumulative Redeemable Preferred Stock. The dividend is payable on June 30, 2025 to shareholders of record as of June 20, 2025.
Guidance
The Company is updating its annual guidance for 2025 in light of the current macroeconomic uncertainty. The outlook is based on current economic and operating trends, which include moderating group revenue pickup for the remainder of the year. 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 Company anticipates full year 2025 results to be in the following range:
Current Guidance | Previous Guidance | Change at | ||||
Metric | Low End | High End | Low End | High End | ||
Comparable RevPAR Growth | (1.0) % | 1.0 % | 1.0 % | 3.0 % | (2.0) % | |
Adjusted EBITDA | $270 million | $295 million | $275 million | $300 million | ($5.0) million | |
Adjusted FFO | $198 million | $223 million | $199 million | $224 million | ($1.0) million | |
Adjusted FFO per share | $0.94 per share | $1.06 per share | $0.94 per share | $1.06 per share | - | |
Full year 2025 guidance is based in part on the following assumptions:
Earnings Call
The Company will host a conference call to discuss its first quarter results on Friday, May 2, 2025, at 11:00 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.
About the Company
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 36 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.
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; national and local economic and business conditions, including the potential for additional terrorist attacks, that will affect occupancy rates at the Company's hotels and the demand for hotel products and services; operating risks associated with the hotel business; relationships with property managers; the ability to compete effectively in areas such as access, location, quality of accommodations and room rate structures; changes in travel patterns, 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.
DIAMONDROCK HOSPITALITY COMPANY | |||
CONSOLIDATED BALANCE SHEETS | |||
(in thousands, except share and per share amounts) | |||
March 31, 2025 | December 31, 2024 | ||
ASSETS | (unaudited) | ||
Property and equipment, net | $ 2,625,136 | $ 2,631,221 | |
Assets held for sale | — | 93,400 | |
Right-of-use assets | 89,707 | 89,931 | |
Restricted cash | 49,638 | 47,408 | |
Due from hotel managers | 160,991 | 145,947 | |
Prepaid and other assets | 75,504 | 82,963 | |
Cash and cash equivalents | 100,621 | 81,381 | |
Total assets | $ 3,101,597 | $ 3,172,251 | |
LIABILITIES AND EQUITY | |||
Liabilities: | |||
Debt, net of unamortized debt issuance costs | 1,092,941 | 1,095,294 | |
Lease liabilities | 85,674 | 85,235 | |
Due to hotel managers | 123,724 | 121,734 | |
Liabilities of assets held for sale | — | 3,352 | |
Deferred rent | 74,584 | 73,535 | |
Unfavorable contract liabilities, net | 57,793 | 58,208 | |
Accounts payable and accrued expenses | 68,250 | 79,201 | |
Distributions declared and unpaid | 17,334 | 49,034 | |
Deferred income related to key money, net | 7,645 | 7,726 | |
Total liabilities | 1,527,945 | 1,573,319 | |
Equity: | |||
Preferred stock, $0.01 par value; 10,000,000 shares authorized; | |||
8.250% Series A Cumulative Redeemable Preferred Stock (liquidation | 48 | 48 | |
Common stock, $0.01 par value; 400,000,000 shares authorized; 206,972,935 | 2,069 | 2,076 | |
Additional paid-in capital | 2,253,718 | 2,268,521 | |
Accumulated other comprehensive loss | (4,511) | (1,360) | |
Distributions in excess of earnings | (686,428) | (679,050) | |
Total stockholders' equity | 1,564,896 | 1,590,235 | |
Noncontrolling interests | 8,756 | 8,697 | |
Total equity | 1,573,652 | 1,598,932 | |
Total liabilities and equity | $ 3,101,597 | $ 3,172,251 | |
DIAMONDROCK HOSPITALITY COMPANY | |||
CONSOLIDATED STATEMENTS OF OPERATIONS | |||
(in thousands, except share and per share amounts) | |||
(unaudited) | |||
Three Months Ended March 31, | |||
2025 | 2024 | ||
Revenues: | |||
Rooms | $ 163,118 | $ 163,507 | |
Food and beverage | 66,841 | 68,381 | |
Other | 24,894 | 24,535 | |
Total revenues | 254,853 | 256,423 | |
Operating Expenses: | |||
Rooms | 43,843 | 43,968 | |
Food and beverage | 46,417 | 47,239 | |
Other departmental and support expenses | 65,286 | 64,600 | |
Management fees | 5,018 | 5,310 | |
Franchise fees | 9,048 | 9,026 | |
Other property-level expenses | 24,899 | 26,618 | |
Depreciation and amortization | 27,892 | 28,313 | |
Corporate expenses | 7,683 | 8,904 | |
Total operating expenses | 230,086 | 233,978 | |
Interest expense | 15,158 | 16,246 | |
Interest (income) and other (income) expense, net | (1,464) | (1,069) | |
Total other expenses, net | 13,694 | 15,177 | |
Income before income taxes | 11,073 | 7,268 | |
Income tax benefit | 842 | 1,090 | |
Net income | 11,915 | 8,358 | |
Less: Net income attributable to noncontrolling interests | (58) | (30) | |
Net income attributable to the Company | 11,857 | 8,328 | |
Distributions to preferred stockholders | (2,454) | (2,454) | |
Net income attributable to common stockholders | $ 9,403 | $ 5,874 | |
Earnings per share: | |||
Earnings per share available to common stockholders - basic | $ 0.05 | $ 0.03 | |
Earnings per share available to common stockholders - diluted | $ 0.04 | $ 0.03 | |
Weighted-average number of common shares outstanding: | |||
Basic | 208,509,552 | 211,669,343 | |
Diluted | 210,346,070 | 212,342,467 | |
Non-GAAP Financial Measures
We use the following non-GAAP financial measures that we believe are useful to investors as key measures of our operating performance: EBITDA, EBITDAre, Adjusted EBITDA, Hotel Adjusted EBITDA, FFO and Adjusted FFO. These measures should not be considered in isolation or as a substitute for measures of performance in accordance with U.S. GAAP. EBITDA, EBITDAre, Adjusted EBITDA, Hotel Adjusted EBITDA, FFO and Adjusted FFO, as calculated by us, may not be comparable to other companies that do not define such terms exactly as the Company.
Use and Limitations of Non-GAAP Financial Measures
Our management and Board of Directors use EBITDA, EBITDAre, Adjusted EBITDA, Hotel Adjusted EBITDA, FFO and Adjusted FFO 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.
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.
EBITDA and EBITDAre
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 EBITDAre 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." EBITDAre 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 EBITDAre of unconsolidated affiliates.
We believe EBITDA and EBITDAre 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 EBITDAre, 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 EBITDAre as measures in determining the value of hotel acquisitions and dispositions.
FFO
The Company computes FFO in accordance with standards established by Nareit, which defines FFO as net income (calculated in accordance with U.S. GAAP) excluding gains or losses from sales of properties and impairment losses, plus real estate related depreciation and amortization. The Company believes that the presentation of FFO provides useful information to investors regarding its operating performance because it is a measure of the Company's operations without regard to specified non-cash items, such as real estate related depreciation and amortization and gains or losses on the sale of assets. The Company also uses FFO as one measure in assessing its operating results.
Adjustments to EBITDAre and FFO
We adjust EBITDAre and FFO when evaluating our performance because we believe that the exclusion of certain additional items described below provides useful supplemental information to investors regarding our ongoing operating performance and that the presentation of Adjusted EBITDA and Adjusted FFO when combined with U.S. GAAP net income, EBITDAre and FFO, is beneficial to an investor's complete understanding of our consolidated and property-level operating performance. We adjust EBITDAre and FFO for the following items:
In addition, to derive Adjusted FFO, we exclude any unrealized fair value adjustments to interest rate swaps and the portion of our non-cash ground lease expense recognized as interest expense. We exclude these non-cash amounts because they do not reflect the underlying performance of the Company.
Hotel Adjusted EBITDA
We believe that Hotel Adjusted EBITDA provides our investors a useful financial measure to evaluate our hotel operating performance, excluding the impact of our capital structure (primarily interest), our asset base (primarily depreciation and amortization), and our corporate-level expenses. With respect to Hotel Adjusted EBITDA, we believe that excluding the effect of corporate-level expenses provides a more complete understanding of the operating results over which individual hotels and third-party management companies have direct control. We believe property-level results provide investors with supplemental information on the ongoing operational performance of our hotels and effectiveness of the third-party management companies operating our business on a property-level basis. Hotel Adjusted EBITDA margins are calculated as Hotel Adjusted EBITDA divided by total hotel revenues.
Reconciliations of Non-GAAP Measures
EBITDA, EBITDAre, Adjusted EBITDA and Hotel Adjusted EBITDA
The following tables are reconciliations of our GAAP net income to EBITDA, EBITDAre and Adjusted EBITDA and Hotel Adjusted EBITDA (in thousands):
Three Months Ended March 31, | |||
2025 | 2024 | ||
Net income | $ 11,915 | $ 8,358 | |
Interest expense | 15,158 | 16,246 | |
Income tax benefit | (842) | (1,090) | |
Real estate related depreciation and amortization | 27,892 | 28,313 | |
EBITDA/EBITDAre | 54,123 | 51,827 | |
Non-cash lease expense and other amortization | 1,299 | 1,518 | |
Share-based compensation expense (2) | 665 | 2,635 | |
Hotel pre-opening costs | 23 | 234 | |
Adjusted EBITDA | 56,110 | 56,214 | |
Corporate expenses | 6,348 | 6,248 | |
Interest (income) and other (income) expense, net | (794) | (1,048) | |
Hotel Adjusted EBITDA | $ 61,664 | $ 61,414 | |
(1) | Effective January 1, 2025, the Company excludes share-based compensation expense from its calculation of Adjusted EBITDA. Amounts reported for 2024 have been adjusted to reflect the current year presentation. |
(2) | Amount includes $0.7 million of non-cash realized gains related to the Company's deferred compensation plan for the three months ended March 31, 2025. |
Full Year 2025 Guidance | |||
Low End | High End | ||
Net income | $ 78,117 | $ 104,117 | |
Interest expense | 61,500 | 60,500 | |
Income tax expense | 683 | 1,683 | |
Real estate related depreciation and amortization | 116,000 | 115,000 | |
EBITDAre | 256,300 | 281,300 | |
Non-cash lease expense and other amortization | 6,200 | 6,200 | |
Share-based compensation expense | 7,000 | 7,000 | |
Hotel pre-opening costs | 500 | 500 | |
Adjusted EBITDA | $ 270,000 | $ 295,000 | |
FFO and Adjusted FFO
The following tables are reconciliations of our GAAP net income to FFO and Adjusted FFO (in thousands):
Three Months Ended March 31, | |||
2025 | 2024 | ||
Net income | $ 11,915 | $ 8,358 | |
Real estate related depreciation and amortization | 27,892 | 28,313 | |
FFO | 39,807 | 36,671 | |
Distribution to preferred stockholders | (2,454) | (2,454) | |
FFO available to common stock and unit holders | 37,353 | 34,217 | |
Non-cash lease expense and other amortization | 1,475 | 1,518 | |
Share-based compensation expense (2) | 665 | 2,635 | |
Hotel pre-opening costs | 23 | 234 | |
Adjusted FFO available to common stock and unit holders | $ 39,516 | $ 38,604 | |
Adjusted FFO available to common stock and unit holders, per diluted share | $ 0.19 | $ 0.18 | |
Diluted weighted average shares and units | 211,353 | 213,098 | |
(1) | Effective January 1, 2025, the Company excludes share-based compensation from its calculation of Adjusted FFO. Amounts reported for 2024 have been adjusted to reflect the current year presentation. |
(2) | Amount includes $0.7 million of non-cash realized gains related to the Company's deferred compensation plan for the three months ended March 31, 2025. |
Full Year 2025 Guidance | |||
Low End | High End | ||
Net income | $ 78,117 | $ 104,117 | |
Real estate related depreciation and amortization | 116,000 | 115,000 | |
FFO | 194,117 | 219,117 | |
Distribution to preferred stockholders | (9,817) | (9,817) | |
FFO available to common stock and unit holders | 184,300 | 209,300 | |
Non-cash lease expense and other amortization | 6,200 | 6,200 | |
Share-based compensation expense | 7,000 | 7,000 | |
Hotel pre-opening costs | 500 | 500 | |
Adjusted FFO available to common stock and unit holders | $ 198,000 | $ 223,000 | |
Adjusted FFO available to common stock and unit holders, per diluted share | $ 0.94 | $ 1.06 | |
Diluted weighted average shares and units | 210,300 | 210,300 | |
Reconciliation of Comparable Operating Results
The following presents the revenues, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA Margin together with comparable prior year results (in thousands):
Three Months Ended March 31, | |||
2025 | 2024 | ||
Revenues | $ 254,853 | $ 256,423 | |
Hotel revenues from prior ownership (1) | — | 1,534 | |
Hotel revenues from sold hotel (2) | (3,077) | (7,466) | |
Comparable Revenues | $ 251,776 | $ 250,491 | |
Hotel Adjusted EBITDA | $ 61,664 | $ 61,414 | |
Hotel Adjusted EBITDA from prior ownership (1) | — | 34 | |
Hotel Adjusted EBITDA from sold hotel (2) | (331) | (1,401) | |
Comparable Hotel Adjusted EBITDA | $ 61,333 | $ 60,047 | |
Hotel Adjusted EBITDA Margin | 24.20 % | 23.95 % | |
Comparable Hotel Adjusted EBITDA Margin | 24.36 % | 23.97 % | |
(1) | Amounts represent the pre-acquisition operating results for AC Hotel Minneapolis Downtown from January 1, 2024 to March 31, 2024. The pre-acquisition operating results were obtained from the seller of the hotel during the acquisition due diligence process. We have made no adjustments to the amounts provided to us by the seller. The pre-acquisition operating results were not audited or reviewed by the Company's independent auditors. |
(2) | Amounts represent the operating results for Westin Washington D.C. City Center sold on February 19, 2025. |
Selected Quarterly Comparable Operating Information
The following table is presented to provide investors with selected quarterly comparable operating information for the Company's current portfolio of 36 hotels.
Quarter 1, 2024 | Quarter 2, 2024 | Quarter 3, 2024 | Quarter 4, 2024 | Full Year 2024 | |
ADR | $ 269.95 | $ 292.59 | $ 282.05 | $ 291.24 | $ 284.26 |
Occupancy | 67.6 % | 77.5 % | 76.2 % | 69.5 % | 72.7 % |
RevPAR | $ 182.50 | $ 226.83 | $ 214.79 | $ 202.40 | $ 206.64 |
Total RevPAR | $ 287.09 | $ 346.27 | $ 318.60 | $ 309.18 | $ 315.28 |
Revenues (in thousands) | $ 250,491 | $ 302,217 | $ 281,127 | $ 272,783 | $ 1,106,618 |
Hotel Adjusted EBITDA (in thousands) | $ 60,047 | $ 97,206 | $ 82,003 | $ 73,899 | $ 313,155 |
Hotel Adjusted EBITDA Margin | 23.97 % | 32.16 % | 29.17 % | 27.09 % | 28.30 % |
Available Rooms | 872,508 | 872,781 | 882,372 | 882,280 | 3,509,941 |
Market Capitalization as of March 31, 2025 | ||
(in thousands) | ||
Enterprise Value | ||
Common equity capitalization (at March 31, 2025 closing price of $7.72/share) | $ 1,616,966 | |
Preferred equity capitalization (at liquidation value of $25.00/share) | 119,000 | |
Consolidated debt (face amount) | 1,093,694 | |
Cash and cash equivalents | (100,621) | |
Total enterprise value | $ 2,729,039 | |
Share Reconciliation | ||
Common shares outstanding | 206,973 | |
Operating partnership units | 1,135 | |
Unvested restricted stock held by management and employees | 836 | |
Share grants under deferred compensation plan | 508 | |
Combined shares and units | 209,452 | |
Debt Summary as of March 31, 2025 | ||||||||
(dollars in thousands) | ||||||||
Loan | Interest Rate | Term | Outstanding | Maturity | ||||
Worthington Renaissance Fort Worth Hotel | 3.66 % | Fixed | 71,254 | May 2025 | ||||
Hotel Clio | 4.33 % | Fixed | 54,279 | July 2025 | ||||
Westin Boston Seaport District | 4.36 % | Fixed | 168,161 | November 2025 | ||||
Unsecured term loan | SOFR + 1.35% (1) | Variable | 500,000 | January 2028 | ||||
Unsecured term loan | SOFR + 1.35% (2) | Variable | 300,000 | January 2026 | ||||
Senior unsecured credit facility | SOFR + 1.40% | Variable | — | September 2026 (3) | ||||
Total debt | 1,093,694 | |||||||
Unamortized debt issuance costs (4) | (753) | |||||||
Debt, net of unamortized debt issuance costs | $ 1,092,941 | |||||||
Total weighted-average interest rate (5) | 5.08 % | |||||||
(1) | Interest rate as of March 31, 2025 was 5.12%, which includes the effect of interest rate swaps. |
(2) | Interest rate as of March 31, 2025 was 5.76%. |
(3) | Maturity date may be extended for an additional year upon the payment of applicable fees and the satisfaction of certain customary conditions. |
(4) | Excludes debt issuance costs related to our senior unsecured credit facility, which are included within Prepaid and Other Assets on the accompanying consolidated balance sheet. |
(5) | Weighted-average interest rate includes the effect of interest rate swaps. |
Operating Statistics – First Quarter | ||||||||||||
Number of | ADR | Occupancy | RevPAR | |||||||||
1Q 2025 | 1Q 2024 | B/(W) 2024 | 1Q 2025 | 1Q 2024 | B/(W) 2024 | 1Q 2025 | 1Q 2024 | B/(W) 2024 | ||||
AC Hotel Minneapolis Downtown (1) | 245 | $ 128.32 | $ 146.67 | (12.5) % | 41.1 % | 40.5 % | 0.6 % | $ 52.76 | $ 59.41 | (11.2) % | ||
Atlanta Marriott Alpharetta | 318 | $ 171.86 | $ 165.66 | 3.7 % | 64.9 % | 59.1 % | 5.8 % | $ 111.57 | $ 97.96 | 13.9 % | ||
Bourbon Orleans Hotel | 220 | $ 302.03 | $ 261.57 | 15.5 % | 68.6 % | 76.6 % | (8.0) % | $ 207.24 | $ 200.49 | 3.4 % | ||
Cavallo Point, The Lodge at the Golden Gate | 142 | $ 539.57 | $ 550.92 | (2.1) % | 51.5 % | 51.0 % | 0.5 % | $ 277.80 | $ 281.13 | (1.2) % | ||
Chicago Marriott Downtown Magnificent Mile | 1,200 | $ 199.47 | $ 173.13 | 15.2 % | 42.9 % | 46.3 % | (3.4) % | $ 85.67 | $ 80.22 | 6.8 % | ||
Chico Hot Springs Resort & Day Spa | 117 | $ 205.92 | $ 180.03 | 14.4 % | 59.9 % | 71.7 % | (11.8) % | $ 123.36 | $ 129.16 | (4.5) % | ||
Courtyard Denver Downtown | 177 | $ 165.03 | $ 156.97 | 5.1 % | 70.9 % | 67.8 % | 3.1 % | $ 117.08 | $ 106.42 | 10.0 % | ||
Courtyard New York Manhattan/Fifth Avenue | 189 | $ 224.94 | $ 208.12 | 8.1 % | 93.9 % | 89.0 % | 4.9 % | $ 211.19 | $ 185.26 | 14.0 % | ||
Courtyard New York Manhattan/Midtown East | 321 | $ 250.75 | $ 248.51 | 0.9 % | 87.6 % | 91.1 % | (3.5) % | $ 219.67 | $ 226.49 | (3.0) % | ||
Embassy Suites by Hilton Bethesda | 272 | $ 161.98 | $ 158.71 | 2.1 % | 55.5 % | 58.9 % | (3.4) % | $ 89.95 | $ 93.52 | (3.8) % | ||
Havana Cabana Key West | 106 | $ 338.18 | $ 407.80 | (17.1) % | 92.9 % | 85.6 % | 7.3 % | $ 314.11 | $ 349.24 | (10.1) % | ||
Henderson Beach Resort | 270 | $ 286.91 | $ 324.06 | (11.5) % | 40.5 % | 40.5 % | — % | $ 116.32 | $ 131.20 | (11.3) % | ||
Henderson Park Inn | 37 | $ 422.11 | $ 410.42 | 2.8 % | 51.9 % | 57.2 % | (5.3) % | $ 219.17 | $ 234.65 | (6.6) % | ||
Hilton Garden Inn New York/Times Square Central | 282 | $ 200.21 | $ 181.91 | 10.1 % | 68.2 % | 89.7 % | (21.5) % | $ 136.49 | $ 163.18 | (16.4) % | ||
Hotel Champlain Burlington | 258 | $ 142.41 | $ 147.57 | (3.5) % | 57.5 % | 56.2 % | 1.3 % | $ 81.82 | $ 82.96 | (1.4) % | ||
Hotel Clio | 199 | $ 282.38 | $ 266.77 | 5.9 % | 70.0 % | 65.2 % | 4.8 % | $ 197.67 | $ 173.98 | 13.6 % | ||
Hotel Emblem San Francisco | 96 | $ 252.59 | $ 254.29 | (0.7) % | 56.0 % | 58.8 % | (2.8) % | $ 141.44 | $ 149.50 | (5.4) % | ||
Kimpton Hotel Palomar Phoenix | 242 | $ 286.75 | $ 274.39 | 4.5 % | 76.8 % | 81.9 % | (5.1) % | $ 220.31 | $ 224.84 | (2.0) % | ||
Kimpton Shorebreak Fort Lauderdale Beach Resort | 96 | $ 272.11 | $ 259.42 | 4.9 % | 86.5 % | 89.1 % | (2.6) % | $ 235.30 | $ 231.18 | 1.8 % | ||
Kimpton Shorebreak Huntington Beach Resort | 157 | $ 288.04 | $ 286.87 | 0.4 % | 73.6 % | 78.5 % | (4.9) % | $ 211.92 | $ 225.25 | (5.9) % | ||
L'Auberge de Sedona | 88 | $ 788.96 | $ 860.57 | (8.3) % | 73.2 % | 65.0 % | 8.2 % | $ 577.28 | $ 559.03 | 3.3 % | ||
Lake Austin Spa Resort | 40 | $ 1,014.82 | $ 1,000.12 | 1.5 % | 50.9 % | 57.6 % | (6.7) % | $ 516.15 | $ 576.17 | (10.4) % | ||
Margaritaville Beach House Key West | 186 | $ 480.85 | $ 512.43 | (6.2) % | 91.0 % | 91.8 % | (0.8) % | $ 437.79 | $ 470.35 | (6.9) % | ||
Orchards Inn Sedona | 70 | $ (14.44) | $ 296.11 | (104.9) % | — % | 57.2 % | (57.2) % | $ — | $ 169.25 | (100.0) % | ||
Salt Lake City Marriott Downtown at City Creek | 510 | $ 204.34 | $ 198.29 | 3.1 % | 69.3 % | 65.7 % | 3.6 % | $ 141.58 | $ 130.36 | 8.6 % | ||
The Dagny Boston | 403 | $ 200.37 | $ 194.24 | 3.2 % | 77.9 % | 76.8 % | 1.1 % | $ 156.16 | $ 149.23 | 4.6 % | ||
The Gwen | 311 | $ 223.52 | $ 213.40 | 4.7 % | 67.0 % | 65.9 % | 1.1 % | $ 149.75 | $ 140.71 | 6.4 % | ||
The Hythe Vail | 344 | $ 678.66 | $ 629.06 | 7.9 % | 75.8 % | 76.4 % | (0.6) % | $ 514.47 | $ 480.78 | 7.0 % | ||
The Landing Lake Tahoe Resort & Spa | 82 | $ 324.87 | $ 332.66 | (2.3) % | 47.7 % | 46.7 % | 1.0 % | $ 155.00 | $ 155.36 | (0.2) % | ||
The Lindy Renaissance Charleston Hotel | 167 | $ 331.14 | $ 319.79 | 3.5 % | 85.5 % | 86.6 % | (1.1) % | $ 283.02 | $ 276.82 | 2.2 % | ||
The Lodge at Sonoma Resort | 182 | $ 335.90 | $ 311.09 | 8.0 % | 60.8 % | 45.4 % | 15.4 % | $ 204.16 | $ 141.10 | 44.7 % | ||
Tranquility Bay Beachfront Resort | 103 | $ 734.06 | $ 809.20 | (9.3) % | 78.9 % | 75.5 % | 3.4 % | $ 579.02 | $ 610.81 | (5.2) % | ||
Westin Boston Waterfront | 793 | $ 235.21 | $ 219.87 | 7.0 % | 76.3 % | 78.0 % | (1.7) % | $ 179.45 | $ 171.40 | 4.7 % | ||
Westin Fort Lauderdale Beach Resort | 432 | $ 330.69 | $ 330.31 | 0.1 % | 84.5 % | 87.6 % | (3.1) % | $ 279.44 | $ 289.51 | (3.5) % | ||
Westin San Diego Bayview | 436 | $ 223.85 | $ 218.22 | 2.6 % | 76.5 % | 61.3 % | 15.2 % | $ 171.14 | $ 133.84 | 27.9 % | ||
Westin Washington D.C. City Center | 410 | $ 254.66 | $ 188.29 | 35.2 % | 45.4 % | 60.7 % | (15.3) % | $ 115.57 | $ 114.25 | 1.2 % | ||
Worthington Renaissance Fort Worth Hotel | 504 | $ 212.06 | $ 209.20 | 1.4 % | 74.7 % | 69.9 % | 4.8 % | $ 158.44 | $ 146.33 | 8.3 % | ||
Comparable Total (2) | 9,595 | $ 277.36 | $ 269.95 | 2.7 % | 67.1 % | 67.6 % | (0.5) % | $ 186.20 | $ 182.50 | 2.0 % | ||
(1) | Hotel was acquired on November 12, 2024. Amounts reflect the pre-acquisition operating results of the period from January 1, 2024 to March 31, 2024. |
(2) | Amounts include the pre-acquisition operating results of the AC Minneapolis Downtown acquired in 2024 and exclude the Westin Washington D.C. City Center which was sold in 2025. |
Hotel Adjusted EBITDA Reconciliation - First Quarter 2025 | ||||||||
Net Income / (Loss) | Plus: | Plus: | Plus: | Equals: Hotel | ||||
Total Revenues | Depreciation | Interest Expense | Adjustments (1) | |||||
AC Hotel Minneapolis Downtown | $ 1,406 | $ (363) | $ 297 | $ — | $ — | $ (66) | ||
Atlanta Marriott Alpharetta | $ 4,788 | $ 1,606 | $ 363 | $ — | $ — | $ 1,969 | ||
Bourbon Orleans Hotel | $ 5,192 | $ 1,369 | $ 1,057 | $ — | $ 3 | $ 2,429 | ||
Cavallo Point, The Lodge at the Golden Gate | $ 9,685 | $ (270) | $ 1,459 | $ — | $ 94 | $ 1,283 | ||
Chicago Marriott Downtown Magnificent Mile | $ 17,116 | $ (3,018) | $ 3,110 | $ 6 | $ (397) | $ (299) | ||
Chico Hot Springs Resort & Day Spa | $ 3,300 | $ (236) | $ 430 | $ — | $ — | $ 194 | ||
Courtyard Denver Downtown | $ 2,141 | $ 131 | $ 383 | $ — | $ — | $ 514 | ||
Courtyard New York Manhattan/Fifth Avenue | $ 3,683 | $ (641) | $ 342 | $ 283 | $ 196 | $ 180 | ||
Courtyard New York Manhattan/Midtown East | $ 6,641 | $ 283 | $ 530 | $ — | $ — | $ 813 | ||
Embassy Suites by Hilton Bethesda | $ 2,584 | $ (1,970) | $ 547 | $ — | $ 1,450 | $ 27 | ||
Havana Cabana Key West | $ 4,001 | $ 1,364 | $ 314 | $ — | $ — | $ 1,678 | ||
Henderson Beach Resort | $ 6,591 | $ (934) | $ 1,110 | $ — | $ — | $ 176 | ||
Henderson Park Inn | $ 1,263 | $ (33) | $ 279 | $ — | $ — | $ 246 | ||
Hilton Garden Inn New York/Times Square Central | $ 4,060 | $ (1,086) | $ 658 | $ — | $ — | $ (428) | ||
Hotel Champlain Burlington | $ 2,954 | $ (1,220) | $ 781 | $ — | $ — | $ (439) | ||
Hotel Clio | $ 5,992 | $ (704) | $ 855 | $ 599 | $ 5 | $ 755 | ||
Hotel Emblem San Francisco | $ 1,514 | $ (56) | $ 293 | $ — | $ — | $ 237 | ||
Kimpton Hotel Palomar Phoenix | $ 7,412 | $ 1,956 | $ 508 | $ — | $ 193 | $ 2,657 | ||
Kimpton Shorebreak Fort Lauderdale Beach Resort | $ 3,646 | $ 696 | $ 369 | $ — | $ — | $ 1,065 | ||
Kimpton Shorebreak Huntington Beach Resort | $ 4,749 | $ 833 | $ 341 | $ — | $ — | $ 1,174 | ||
L'Auberge de Sedona | $ 7,655 | $ 1,930 | $ 411 | $ — | $ — | $ 2,341 | ||
Lake Austin Spa Resort | $ 4,465 | $ 280 | $ 717 | $ — | $ — | $ 997 | ||
Margaritaville Beach House Key West | $ 9,491 | $ 3,952 | $ 760 | $ — | $ — | $ 4,712 | ||
Orchards Inn Sedona | $ 775 | $ (458) | $ 96 | $ — | $ 42 | $ (320) | ||
Salt Lake City Marriott Downtown at City Creek | $ 9,054 | $ 2,575 | $ 1,047 | $ — | $ 11 | $ 3,633 | ||
The Dagny Boston | $ 6,678 | $ (985) | $ 1,560 | $ — | $ — | $ 575 | ||
The Gwen | $ 6,113 | $ (1,626) | $ 754 | $ — | $ — | $ (872) | ||
The Hythe Vail | $ 22,195 | $ 10,600 | $ 1,161 | $ — | $ — | $ 11,761 | ||
The Landing Lake Tahoe Resort & Spa | $ 2,161 | $ (113) | $ 318 | $ — | $ — | $ 205 | ||
The Lindy Renaissance Charleston Hotel | $ 5,371 | $ 1,924 | $ 364 | $ — | $ — | $ 2,288 | ||
The Lodge at Sonoma Resort | $ 5,867 | $ 436 | $ 492 | $ — | $ — | $ 928 | ||
Tranquility Bay Beachfront Resort | $ 6,761 | $ 1,934 | $ 467 | $ — | $ — | $ 2,401 | ||
Westin Boston Seaport District | $ 21,095 | $ (1,168) | $ 2,295 | $ 1,881 | $ (122) | $ 2,886 | ||
Westin Fort Lauderdale Beach Resort | $ 22,234 | $ 7,329 | $ 1,114 | $ — | $ — | $ 8,443 | ||
Westin San Diego Bayview | $ 9,842 | $ 1,618 | $ 1,349 | $ — | $ — | $ 2,967 | ||
Westin Washington D.C. City Center | $ 3,077 | $ 331 | $ — | $ — | $ — | $ 331 | ||
Worthington Renaissance Fort Worth Hotel | $ 13,301 | $ 2,604 | $ 961 | $ 677 | $ — | $ 4,242 | ||
Total | $ 254,853 | $ 28,870 | $ 27,892 | $ 3,446 | $ 1,475 | $ 61,664 | ||
Less: Sold Hotel (2) | $ (3,077) | $ (331) | $ — | $ — | $ — | $ (331) | ||
Comparable Total | $ 251,776 | $ 28,539 | $ 27,892 | $ 3,446 | $ 1,475 | $ 61,333 | ||
(1) | Includes non-cash expenses incurred by the hotels due to the straight lining of the rent from ground lease obligations and the non-cash amortization of intangible assets and liabilities. |
(2) | Represents the operating results of the Westin Washington D.C. City Center sold in 2025. |
Hotel Adjusted EBITDA Reconciliation - First Quarter 2024 | ||||||||
Net Income / (Loss) | Plus: | Plus: | Plus: | Equals: Hotel | ||||
Total Revenues | Depreciation | Interest Expense | Adjustments (1) | Adjusted EBITDA | ||||
Atlanta Marriott Alpharetta | $ 4,186 | $ 1,090 | $ 375 | $ — | $ — | $ 1,465 | ||
Bourbon Orleans Hotel | $ 4,991 | $ 1,314 | $ 874 | $ — | $ (29) | $ 2,159 | ||
Cavallo Point, The Lodge at the Golden Gate | $ 9,847 | $ (66) | $ 1,461 | $ — | $ 94 | $ 1,489 | ||
Chicago Marriott Downtown Magnificent Mile | $ 19,287 | $ (1,577) | $ 3,415 | $ 6 | $ (397) | $ 1,447 | ||
Chico Hot Springs Resort & Day Spa | $ 3,329 | $ (256) | $ 387 | $ — | $ 2 | $ 133 | ||
Courtyard Denver Downtown | $ 1,986 | $ 168 | $ 381 | $ — | $ — | $ 549 | ||
Courtyard New York Manhattan/Fifth Avenue | $ 3,301 | $ (941) | $ 359 | $ — | $ 253 | $ (329) | ||
Courtyard New York Manhattan/Midtown East | $ 6,928 | $ (569) | $ 526 | $ 875 | $ — | $ 832 | ||
Embassy Suites by Hilton Bethesda | $ 2,640 | $ (2,035) | $ 575 | $ — | $ 1,462 | $ 2 | ||
Havana Cabana Key West | $ 4,135 | $ 1,464 | $ 298 | $ — | $ — | $ 1,762 | ||
Henderson Beach Resort | $ 6,719 | $ (957) | $ 1,062 | $ — | $ — | $ 105 | ||
Henderson Park Inn | $ 1,278 | $ (117) | $ 274 | $ — | $ — | $ 157 | ||
Hilton Garden Inn New York/Times Square Central | $ 4,946 | $ (536) | $ 650 | $ — | $ — | $ 114 | ||
Hotel Champlain Burlington | $ 2,676 | $ (810) | $ 574 | $ — | $ — | $ (236) | ||
Hotel Clio | $ 5,429 | $ (1,034) | $ 845 | $ 621 | $ 5 | $ 437 | ||
Hotel Emblem San Francisco | $ 1,627 | $ (36) | $ 302 | $ — | $ — | $ 266 | ||
Kimpton Hotel Palomar Phoenix | $ 7,730 | $ 2,247 | $ 501 | $ — | $ 197 | $ 2,945 | ||
Kimpton Shorebreak Fort Lauderdale Beach Resort | $ 3,298 | $ 486 | $ 357 | $ — | $ — | $ 843 | ||
Kimpton Shorebreak Huntington Beach Resort | $ 5,006 | $ 981 | $ 380 | $ — | $ — | $ 1,361 | ||
L'Auberge de Sedona | $ 7,339 | $ 1,627 | $ 386 | $ — | $ — | $ 2,013 | ||
Lake Austin Spa Resort | $ 4,837 | $ 312 | $ 681 | $ — | $ — | $ 993 | ||
Margaritaville Beach House Key West | $ 10,107 | $ 4,200 | $ 766 | $ — | $ — | $ 4,966 | ||
Orchards Inn Sedona | $ 2,032 | $ 415 | $ 88 | $ — | $ 42 | $ 545 | ||
Salt Lake City Marriott Downtown at City Creek | $ 8,402 | $ 2,156 | $ 918 | $ — | $ 11 | $ 3,085 | ||
The Dagny Boston | $ 6,425 | $ (1,116) | $ 1,530 | $ — | $ — | $ 414 | ||
The Gwen | $ 5,473 | $ (1,865) | $ 949 | $ — | $ — | $ (916) | ||
The Hythe Vail | $ 20,496 | $ 9,508 | $ 1,181 | $ — | $ — | $ 10,689 | ||
The Landing Lake Tahoe Resort & Spa | $ 2,159 | $ (114) | $ 219 | $ — | $ — | $ 105 | ||
The Lindy Renaissance Charleston Hotel | $ 5,275 | $ 1,700 | $ 394 | $ — | $ — | $ 2,094 | ||
The Lodge at Sonoma Resort | $ 4,538 | $ (639) | $ 618 | $ — | $ — | $ (21) | ||
Tranquility Bay Beachfront Resort | $ 7,158 | $ 1,937 | $ 453 | $ — | $ — | $ 2,390 | ||
Westin Boston Seaport District | $ 21,101 | $ (1,199) | $ 2,484 | $ 1,953 | $ (122) | $ 3,116 | ||
Westin Fort Lauderdale Beach Resort | $ 24,022 | $ 8,261 | $ 1,083 | $ — | $ — | $ 9,344 | ||
Westin San Diego Bayview | $ 7,677 | $ 802 | $ 1,068 | $ — | $ — | $ 1,870 | ||
Westin Washington D.C. City Center | $ 7,466 | $ 353 | $ 1,048 | $ — | $ — | $ 1,401 | ||
Worthington Renaissance Fort Worth Hotel | $ 12,577 | $ 2,174 | $ 851 | $ 702 | $ — | $ 3,727 | ||
Total | $ 256,423 | $ 27,328 | $ 28,313 | $ 4,157 | $ 1,518 | $ 61,414 | ||
Add: Prior Ownership Results (2) | $ 1,534 | $ (290) | $ 324 | $ — | $ — | $ 34 | ||
Less: Sold Hotel (3) | $ (7,466) | $ (353) | $ (1,048) | $ — | $ — | $ (1,401) | ||
Comparable Total | $ 250,491 | $ 26,685 | $ 27,589 | $ 4,157 | $ 1,518 | $ 60,047 | ||
(1) | Includes non-cash expenses incurred by the hotels due to the straight lining of the rent from ground lease obligations and the non-cash amortization of intangible assets and liabilities. |
(2) | Represents the pre-acquisition operating results of the AC Minneapolis Downtown acquired in 2024. |
(3) | Represents the operating results of the Westin Washington D.C. City Center sold in 2025. |
SOURCE DiamondRock Hospitality Company
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