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Stock Market & Financial Investment News

News Breaks
July 23, 2014
07:21 EDTDRHDiamondRock downgraded to Neutral from Outperform at RW Baird
Baird downgraded DiamondRock to Neutral based on full valuation, dependence on outsized growth at the Lexington Hotel and exposure to New York City and Chicago. Price target raised to $14 from $13.
News For DRH From The Last 14 Days
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February 24, 2015
08:40 EDTDRHDiamondRock acquires The Shorebreak Hotel for $58.5M
DiamondRock announced that it recently acquired the Shorebreak Hotel in Huntington Beach, CA, for a purchase price of $58.5M. The purchase price represents a 12.8 multiple on 2015 forecasted Hotel earnings before interest, taxes, depreciation and amortization. In the twelve-month period ended December 31, 2014, the Shorebreak Hotel achieved a RevPAR of $176 from a combination of 83% occupancy and an ADR of over $213. The Hotel achieved a compound annual RevPAR growth rate since it has opened of approximately 15%. The acquisition of the Shorebreak Hotel brings the total number of properties in the company's portfolio to 28 and is the company's seventh resort property and fourth property located on the West Coast.
08:37 EDTDRHDiamondRock sees FY15 adjusted FFO $1.00-$1.03, consensus $1.06
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08:37 EDTDRHDiamondRock reports Q4 adjusted FFO 21c, consensus 23c
Reports Q4 revenue $223.63M, consensus $224.73M. Reports Q4 pro forma RevPar up 8.3% to $159.64M.

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