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DIAMONDROCK HOSPITALITY COMPANY

(DRH)
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DiamondRock Hospitality Company : Reports Second Quarter Results; Cash Flow Positive Throughout Second Quarter; Acquires Bourbon Orleans Hotel in New Orleans and Henderson Park Inn in Destin, Florida

08/06/2021 | 11:20am EST

BETHESDA, Md - DiamondRock Hospitality Company (the 'Company') (NYSE: DRH), a lodging-focused real estate investment trust that owns a portfolio of 31 premium hotels in the United States, today announced results of operations for the quarter ended June 30, 2021.

Second Quarter 2021 Highlights:

Net Loss: Net loss was $19.1 million and loss per diluted share was $0.10.

Comparable Revenues: Comparable total revenues increased 514.8% from the second quarter of 2020.

Comparable RevPAR: Comparable RevPAR was $107.56, an increase of 563.1% from second quarter of 2020.

Comparable Hotel Adjusted EBITDA: Comparable Hotel Adjusted EBITDA was $29.0 million, a $31.6 million improvement from the first quarter of 2021.

Adjusted EBITDA: Adjusted EBITDA was $19.8 million, a $29.4 million increase from the first quarter of 2021.

Adjusted FFO: Adjusted FFO was $11.1 million and Adjusted FFO per diluted share was $0.05.

Liquidity: The Company ended the second quarter with $638.9 million total liquidity comprised of $192.9 million of unrestricted corporate cash, $46.0 million of unrestricted cash at its hotels and full capacity under the Company's $400 million revolving credit facility. The Company has remained cash flow positive since March 2021.

Dispositions: On April 30, 2021, the Company sold the partially rebuilt Frenchman's Reef Marriott Resort & Spa and Noni Beach, Autograph Collection project in St. Thomas, U.S.V.I. (collectively, 'Frenchman's Reef'). On June 30, 2021, the Company sold the Lexington Hotel New York for $185.3 million.

Recent Developments:

Hotel Acquisitions: The Company acquired the Bourbon Orleans Hotel in New Orleans, Louisiana on July 29, 2021 and the Henderson Park Inn in Destin, Florida on July 30, 2021. These acquisitions are consistent with the Company's portfolio strategy to invest in high-quality, leisure-oriented properties located in high barrier-to-entry markets. These acquisitions increase the Company's exposure to resort and leisure-oriented hotels to 34.0%.

Preliminary July Results: Preliminary RevPAR for July was $166.05, a 373.6% increase from July 2020 and a 11.8% decline from July 2019. Preliminary July ADR was $239.81, a 15.8% increase over July 2020 and a 5.1% increase over July 2019.

'The second quarter demonstrated a rapid return of travel demand and exceeded our internal expectations' said Mark W. Brugger, President and Chief Executive Officer of DiamondRock Hospitality Company. 'The majority of our portfolio turned cash flow positive during the quarter and we now expect DiamondRock to be cash flow positive for the full year 2021. In addition to stronger than expected profits, we have made significant portfolio enhancements to position the Company for a strong recovery as travel demand continues to improve. Earlier this year, we sold our development project in the U.S. Virgin Islands and a challenging hotel in New York City and redeployed a portion of those proceeds into one of the best located boutique hotels in the French Quarter of New Orleans and a lifestyle beachfront resort in Destin, Florida. With our strong balance sheet, DiamondRock is focused on external growth as well as internal return-on-investment opportunities like the upbrandings at our Vail and Sonoma resorts.'

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 exclude our 2021 dispositions for all periods presented. See 'Reconciliation of Comparable Operating Results' attached to this press release for a reconciliation to historical amounts.

See full release at: https://investor.drhc.com/static-files/25d2cdab-9630-425c-be30-18f82cbe619b

(C) 2021 Electronic News Publishing, source ENP Newswire

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Financials (USD)
Sales 2021 551 M - -
Net income 2021 -197 M - -
Net Debt 2021 893 M - -
P/E ratio 2021 -8,98x
Yield 2021 0,10%
Capitalization 1 723 M 1 723 M -
EV / Sales 2021 4,74x
EV / Sales 2022 3,30x
Nbr of Employees 29
Free-Float 98,4%
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Number of Analysts 14
Last Close Price 8,18 $
Average target price 10,58 $
Spread / Average Target 29,4%
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Managers and Directors
Mark W. Brugger President, Chief Executive Officer & Director
Jeffrey J. Donnelly Chief Financial Officer & Executive Vice President
William W. McCarten Non-Executive Chairman
Thomas G. Healy Chief Operating Officer & EVP-Asset Management
Troy G. Furbay Chief Investment Officer & Executive VP