DiamondRock Hospitality / DRH

About DiamondRock Hospitality

6903 Rockledge Dr., Suite 800, Bethesda, Md. 20817
www.drhc.com | 240-744-1150 | Founded: 2004

Industry: Hospitality And Travel | Category: Public Companies

DiamondRock went public in May 2005 with the sale of 1.4 million shares, which raised $225 million. Marriott International and private investors put $196 million into the trust to invest primarily in Marriott hotels and resorts. The company had a secondary offering of 19.3 million shares in March of this year, which raised about $239 million.
Since its launch two years ago, the company has gone on a buying spree of Marriott hotels and resorts around North America. In March of this year, the company bought the Chicago Marriott Downtown Magnificent Mile for $295 million. The acquisition followed the purchases of eight hotels in 2005. DiamondRock bought the Orlando Airport Marriott for $70 million last November. In July, it purchased Oak Brook Hills Resort & Conference Center, a 127-acre golf resort in Oak Brook, Ill., a suburb of Chicago, for $64 million. Also in July, it bought Buckhead SpringHill Suites by Marriott, in an Atlanta suburb, for $34 million. In June, it paid $62 million for the Vail Marriott Mountain Resort & Spa in Vail, Colo. Also that month, it bought a portfolio of four hotels for $315 million, including the Marriott Los Angeles Airport, Renaissance Worthington in Fort Worth, Marriott Atlanta Alpharetta and Frenchman's Reef & Morning Star Resort in the U.S. Virgin Islands.

2005 Financial Data

Revenues: $229,450,000 | Net Income: $-7,336,000
Asssets: $966,012,000 | Earnings Per Share: $-0.19
Stockholder Equity: $463,388,000 | Annual Dividend: $0.38
Total employees: 14 | Local employees: 14