DiamondRock Hospitality Company (the “Company”) (NYSE: DRH), a lodging-focused real estate investment trust that owns a portfolio of 27 premium hotels in the United States, today announced results of operations for the quarter ended March 31, 2013.
First Quarter Highlights
— RevPAR: The Company’s RevPAR was $119.40, an increase of 2.0% from 2012.
Excluding the Company’s New York City hotels under renovation, the
Company’s RevPAR increased 5.6% from 2012.
— Hotel Adjusted EBITDA Margin: The Company’s Hotel Adjusted EBITDA margin
was 20.98%, a decrease of 38 basis points from 2012. Excluding the
Company’s New York City hotels under renovation, the Company’s Hotel
Adjusted EBITDA margin was 22.98%, an increase of 93 basis points from
2012.
— Adjusted EBITDA: The Company’s Adjusted EBITDA was $34.3 million.
— Adjusted FFO: The Company’s Adjusted FFO was $26.8 million and Adjusted
FFO per diluted share was $0.14.
— Hotel Financings: The Company raised $102 million through two separate
secured financings during the first quarter.
— Allerton Settlement: The Company closed on the settlement of the
bankruptcy and related litigation involving its senior mortgage loan
secured by the Allerton Hotel, receiving a $5.0 million principal
payment and a new $66.0 million mortgage loan.
— Chief Operating Officer: On April 1, 2013, Robert Tanenbaum joined the
Company as Chief Operating Officer and Executive Vice President, Asset
Management.