DRH Stock Price Correlated With DiamondRock Hospitality Co Financials
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Income Statement
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Balance Sheet
DRH Income Statement
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DRH Cash Flow
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DRH Balance Sheet
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COMPANY PROFILE
Organization DiamondRock Hospitality Company (the “Company” or “we”) is a lodging-focused real estate company that owns a portfolio of premium hotels and resorts. Our hotels are concentrated in major urban market cities and in destination resort locations and many of our hotels are operated under a brand owned by one of the leading global lodging brand companies (Marriott International, Inc. (“Marriott”) or Hilton Worldwide (“Hilton”)). We are an owner, as opposed to an operator, of the hotels in our portfolio. As an owner, we receive all of the operating profits or losses generated by our hotels after we pay fees to the hotel managers and hotel brands, which are based on the revenues and profitability of the hotels.
As of December 31, 2021, we owned 32 hotels with 9,349 rooms, located in the following markets: Atlanta, Georgia; Boston, Massachusetts (2); Burlington, Vermont; Charleston, South Carolina; Chicago, Illinois (2); Denver, Colorado (2); Destin, Florida (2); Fort Lauderdale, Florida; Fort Worth, Texas; Huntington Beach, California; Key West, Florida (2); New Orleans, Louisiana; New York, New York (3); Phoenix, Arizona; Salt Lake City, Utah; San Diego, California; San Francisco, California (2); Sedona, Arizona (2); Sonoma, California; South Lake Tahoe, California; Washington D.C. (2); and Vail, Colorado.
During 2021, we sold the Frenchman's Reef & Morning Star Marriott Beach Resort (“Frenchman's Reef”), located in St. Thomas, U.S. Virgin Islands, and The Lexington Hotel, located in New York, New York. See Note 9 for further discussion of these sales. During 2021, we acquired the Bourbon Orleans Hotel, located in New Orleans, Louisiana, the Henderson Park Inn and the Henderson Beach Resort, located in Destin, Florida. On January 6, 2022, we acquired the Tranquility Bay Beachfront Resort located in Marathon, Florida. See Note 10 for further discussion of these acquisitions.
We conduct our business through a traditional umbrella partnership real estate investment trust, or UPREIT, in which our hotel properties are owned by our operating partnership, DiamondRock Hospitality Limited Partnership, or subsidiaries of our operating partnership. The Company is the sole general partner of our operating partnership and owns either directly or indirectly 99.7% of the limited partnership units (“common OP units”) of our operating partnership. The remaining 0.3% of the common OP units are held by third parties and executive officers of the Company. See Note 5 for additional disclosures related to common OP units.
COVID-19 Update
The novel coronavirus (COVID-19) has had and continues to have a significant effect on our industry and our business. The demand for lodging materially decreased beginning in March 2020 and, as a result of pandemic-induced government mandates and health official recommendations, twenty of our hotels suspended operations for a period of time in 2020. Four of our hotels suspended operations for a period of time in 2021. As of December 31, 2021, all of our hotels were open.
The COVID-19 pandemic showed signs of moderating in the first half of 2021; however, case counts increased in the second half of 2021 with the emergence of the Delta and Omicron variants. Whereas demand at our leisure-focused hotels improved in 2021, demand at our other hotels remains at historically low levels. Therefore, we expect the COVID-19 pandemic will continue to have a material adverse impact on our results of operations, financial position and cash flow in 2022.
The effectiveness and wide distribution of COVID-19 vaccines have generally reduced the spread and severity of COVID-19 infections. We believe improved global distribution of the vaccine is likely to positively impact the timing, pace, and extent of a lodging demand recovery. The emergence of new variant strains of COVID-19, however, has the potential to slow or reverse these expected positive trends in 2022 and beyond.
As of December 31, 2021, we owned 32 hotels with 9,349 rooms, located in the following markets: Atlanta, Georgia; Boston, Massachusetts (2); Burlington, Vermont; Charleston, South Carolina; Chicago, Illinois (2); Denver, Colorado (2); Destin, Florida (2); Fort Lauderdale, Florida; Fort Worth, Texas; Huntington Beach, California; Key West, Florida (2); New Orleans, Louisiana; New York, New York (3); Phoenix, Arizona; Salt Lake City, Utah; San Diego, California; San Francisco, California (2); Sedona, Arizona (2); Sonoma, California; South Lake Tahoe, California; Washington D.C. (2); and Vail, Colorado.
During 2021, we sold the Frenchman's Reef & Morning Star Marriott Beach Resort (“Frenchman's Reef”), located in St. Thomas, U.S. Virgin Islands, and The Lexington Hotel, located in New York, New York. See Note 9 for further discussion of these sales. During 2021, we acquired the Bourbon Orleans Hotel, located in New Orleans, Louisiana, the Henderson Park Inn and the Henderson Beach Resort, located in Destin, Florida. On January 6, 2022, we acquired the Tranquility Bay Beachfront Resort located in Marathon, Florida. See Note 10 for further discussion of these acquisitions.
We conduct our business through a traditional umbrella partnership real estate investment trust, or UPREIT, in which our hotel properties are owned by our operating partnership, DiamondRock Hospitality Limited Partnership, or subsidiaries of our operating partnership. The Company is the sole general partner of our operating partnership and owns either directly or indirectly 99.7% of the limited partnership units (“common OP units”) of our operating partnership. The remaining 0.3% of the common OP units are held by third parties and executive officers of the Company. See Note 5 for additional disclosures related to common OP units.
COVID-19 Update
The novel coronavirus (COVID-19) has had and continues to have a significant effect on our industry and our business. The demand for lodging materially decreased beginning in March 2020 and, as a result of pandemic-induced government mandates and health official recommendations, twenty of our hotels suspended operations for a period of time in 2020. Four of our hotels suspended operations for a period of time in 2021. As of December 31, 2021, all of our hotels were open.
The COVID-19 pandemic showed signs of moderating in the first half of 2021; however, case counts increased in the second half of 2021 with the emergence of the Delta and Omicron variants. Whereas demand at our leisure-focused hotels improved in 2021, demand at our other hotels remains at historically low levels. Therefore, we expect the COVID-19 pandemic will continue to have a material adverse impact on our results of operations, financial position and cash flow in 2022.
The effectiveness and wide distribution of COVID-19 vaccines have generally reduced the spread and severity of COVID-19 infections. We believe improved global distribution of the vaccine is likely to positively impact the timing, pace, and extent of a lodging demand recovery. The emergence of new variant strains of COVID-19, however, has the potential to slow or reverse these expected positive trends in 2022 and beyond.
Free historical financial statements for DiamondRock Hospitality Co.. See how revenue, income, cash flow, and balance sheet financials have changed over 52 quarters since 2011. Compare with DRH stock chart to see long term trends.
Data imported from DiamondRock Hospitality Co. SEC filings. Check original filings before making any investment decision.