SYgle>Industry Information>DiamondRock Hospitality Company Reports Third Quarter 2017 Results

DiamondRock Hospitality Company Reports Third Quarter 2017 Results

Column: industry Tag: DiamondRock,DiamondRock Hospitality,Third Quarter Published: 2017-11-08 11:34 Source: Author:

Third Quarter 2017 Highlights

Net Income: Net income was $21.6 million and earnings per diluted share was $0.11.

Comparable RevPAR: RevPAR was $195.13, a 2.1% increase from the comparable period of 2016.

Comparable Hotel Adjusted EBITDA Margin: Hotel Adjusted EBITDA margin was 31.70%, a decrease of 115 basis points from the comparable period of 2016. Comparable hotel operating expenses increased approximately 1.6% from 2016.

Adjusted EBITDA: Adjusted EBITDA was $63.1 million, a decrease of?$2.5 million from 2016.

Adjusted FFO: Adjusted FFO was $50.1 million and Adjusted FFO per diluted share was $0.25.

Dividends: The Company declared a dividend of $0.125?per share during the third quarter, which was paid on?October 12, 2017.

Mark W. Brugger, President and Chief Executive Officer of DiamondRock Hospitality Company stated, "We are pleased with our third quarter results and positive momentum entering the fourth quarter that allowed us to raise full year RevPAR guidance. Our third quarter results benefited from outperformance in Chicago, Fort Worth and Salt Lake City, as well as our asset management team's strong execution limiting comparable hotel expense growth to 1.6%. As we look forward, with approximately $167 million?of cash on hand, no borrowings on our $300 million credit facility and most of our hotels unencumbered by debt, DiamondRock is well-positioned for capital deployment."

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