DiamondRock Hospitality Company, a prominent lodging-focused real estate investment trust (REIT) managing 36 premium hotels and resorts across the United States, has disclosed its operational results for the first quarter ending March 31, 2024. The company reported a net income of $8.4 million, with earnings per diluted share at $0.03. Despite a 3.8% increase in comparable total revenues reaching $256.4 million, Comparable RevPAR slightly declined by 0.4% to $184.23. The Adjusted EBITDA was $53.6 million, marking a 3.2% decrease from the previous year.
Significant shifts in leadership were also announced, with Jeffrey Donnelly stepping up as the new CEO, succeeding Mark Brugger. Alongside, other strategic realignments were made within the executive team to enhance operational efficiency and drive shareholder value.
The first quarter witnessed robust group sales and significant revenue from food and beverage services, contributing to stable revenue growth aligned with expectations. Capital investments included ongoing and new projects at several properties, aiming to enhance their market position and guest experience.
DiamondRock remains focused on long-term value creation through strategic acquisitions, active ownership, and the disposition of key real estate assets, aiming for superior performance across the industry.