DiamondRock Hospitality Co. / DRH

About DiamondRock Hospitality Co.

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

Industry: Hospitality And Travel | Category: Top 100 Companies

DiamondRock closed on five hotel acquisitions for a total of more than of $700 million last year, improving its position in some of the top hospitality markets, including Atlanta, Chicago and Boston. The company went to the equity markets twice in 2006, raising about $335 million. Shortly after the end of the year, it completed another equity offering that raised $318 million, which helped fund its $330 million acquisition of the Westin Boston Waterfront hotel.
DiamondRock continues to make capital investments in its hotels, with more than $61 million invested last year and $76 million planned for 2007, focusing on taking some hotels upscale while adding or improving meeting rooms to get more corporate business. The Chicago Marriott Downtown will get a $35 million face-lift and gain 17,000 square feet of meeting space.
The company's historic relationship with Marriott gives DiamondRock certain advantages. Marriott International gives DiamondRock a first crack at some deals, which helps DiamondRock in nearly a third of its acquisitions. Marriott owns about 5 percent of the company's stock, and several DiamondRock executives are former Marriott employees. An analyst at RBC Capital Markets likes DiamondRock's recent purchases of properties in Chicago and Boston, saying, "The portfolio is well positioned to benefit from strong expected convention calendars over the next two years."

2007 Financial Data

Total employees: 17 | Local employees: 17