DiamondRock Hospitality Company announced their first quarter 2024 results, revealing a 3.8% increase in comparable total revenues above 2023. The company also raised the midpoint of its full-year guidance. The announcement, made on May 2, 2024, highlighted various developments within the organization, including leadership changes aimed at driving continued business momentum.

Jeffrey Donnelly, the newly appointed Chief Executive Officer of DiamondRock Hospitality Company, expressed his enthusiasm for the opportunity to work with the Board and the executive team to create value for shareholders. He extended gratitude to the departing executives, Mark Brugger and Troy Furbay, for their contributions to the company.

Donnelly emphasized the company's commitment to its current strategy of creating long-term shareholder value through the acquisition, active ownership, and disposition of value-added resort and urban hotel real estate. Despite a revenue mix shift towards less profitable channels, the company managed to tightly control expenses and deliver first-quarter Adjusted FFO per share in line with expectations.

The company also reported healthy group sales production and raised its full-year earnings guidance, incorporating savings associated with a streamlined leadership structure and confidence in group pace. DiamondRock Hospitality Company invested approximately $18.9 million in capital improvements at its hotels during the first quarter of 2024 and expects to spend around $100 million on such improvements throughout the year.

As of March 31, 2024, the company had $628.5 million in liquidity, $1.2 billion of total debt outstanding, and declared quarterly cash dividends. The company revised its annual guidance for 2024, expecting results to align with the following parameters.

DiamondRock Hospitality Company will host a conference call on May 3, 2024, to discuss its first-quarter results. Interested individuals can register for the call online. The company, a self-advised real estate investment trust, owns a portfolio of 36 premium hotels with over 9,700 rooms, strategically positioned in leisure destinations and top gateway markets.

The press release also contained forward-looking statements and information on non-GAAP financial measures, emphasizing the company's commitment to transparency and providing a comprehensive understanding of its operations.