Common Dividends for 2024 Total
$0.32 Per Share
BETHESDA, Md., Dec. 9, 2024
/PRNewswire/ -- DiamondRock Hospitality Company (the "Company")
(NYSE: DRH) announced that its Board of Directors has declared a
fourth quarter dividend of $0.23 per
common share, which includes the Company's regular quarterly
dividend of $0.03 per common share,
along with a stub dividend of $0.20
per common share. The dividend will be paid on January 14, 2025 to shareholders of record as of
December 31, 2024.
The fourth quarter dividend, together with the regular dividends
declared for the first three quarters of 2024, total $0.32 per share and represent an annual yield of
3.3% based on the closing stock price on December 6, 2024. The Company expects to
declare regular quarterly dividends of $0.08 per common share in 2025 and, depending on
its 2025 operating income, a stub dividend in the fourth quarter of
2025.
The Company's Board of Directors also declared a quarterly
dividend of $0.515625 per share on
its 8.250% Series A Cumulative Redeemable Preferred Stock. The
dividend is payable on December 31,
2024 to shareholders of record as of December 20, 2024.
About the Company
DiamondRock Hospitality Company is a self-advised real estate
investment trust (REIT) that is an owner of a leading portfolio of
geographically diversified hotels concentrated in leisure
destinations and top gateway markets. The Company currently owns 37
premium quality hotels and resorts with over 10,000 rooms. The
Company has strategically positioned its portfolio to be operated
both under leading global brand families as well as independent
boutique hotels in the lifestyle segment. For further information
on the Company and its portfolio, please visit DiamondRock
Hospitality Company's website at www.drhc.com.
This press release contains forward-looking statements within
the meaning of federal securities laws and regulations. These
forward-looking statements are identified by their use of terms and
phrases such as "believe," "expect," "intend," "project,"
"forecast," "plan" and other similar terms and phrases, including
references to assumptions and forecasts of future results.
Forward-looking statements are not guarantees of future performance
and involve known and unknown risks, uncertainties and other
factors which may cause the actual results to differ materially
from those anticipated at the time the forward-looking statements
are made. These risks include, but are not limited to: the adverse
impact of any future pandemic, epidemic or outbreak of any highly
infectious disease on the U.S., regional and global economies,
travel, the hospitality industry, and the financial condition and
results of operations of the Company and its hotels; national and
local economic and business conditions, including the potential for
additional terrorist attacks, that will affect occupancy rates at
the Company's hotels and the demand for hotel products and
services; operating risks associated with the hotel business;
relationships with property managers; the ability to compete
effectively in areas such as access, location, quality of
accommodations and room rate structures; changes in travel
patterns, taxes and government regulations which influence or
determine wages, prices, construction procedures and costs; and
other risk factors contained in the Company's filings with the
Securities and Exchange Commission. Although the Company believes
the expectations reflected in such forward-looking statements are
based upon reasonable assumptions, it can give no assurance that
the expectations will be attained or that any deviation will not be
material. All information in this release is as of the date of this
release, and the Company undertakes no obligation to update any
forward-looking statement to conform the statement to actual
results or changes in the Company's expectations.
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SOURCE DiamondRock Hospitality Company