DiamondRock Hospitality Company has recorded a net income of $27.33m in the third quarter (Q3) of 2023, marking a decline of 4.3% from $28.55m in the year-ago quarter.
The net income attributable to common stockholders for the latest quarter ending September 30, 2023, was $24.81m as against $26m in the corresponding period of the prior year.
The earnings per share in the latest quarter, both basic and diluted, remained unchanged from last year, standing at $0.12.
Total revenue was $276.52m in Q3 2023, as against $268.20m in the year-ago period.
DiamondRock’s total net operating expenses for the latest quarter was $233.76m, compared to $220.41m in the corresponding quarter of last year.
The adjusted EBITDA (earnings before interest, taxes, depreciation and amortisation) was $73.23m, compared with $76.25m a year earlier.
The company’s total revenue per available room (RevPAR) for Q3 2023 was $312.35, while it was $312.57 in Q3 2022.
The occupancy rate increased from 75.1% in the year-ago period to 76.7% in Q3 2023.
DiamondRock Hospitality Company president and CEO Mark W. Brugger said: “DiamondRock's results for the third quarter were modestly ahead of our expectations. The team did a great job controlling expenses, which saw significant improvement over the prior quarter. Accomplishments in the third quarter also included the successful completion of the major repositioning of The Dagny in Boston.
“For the fourth quarter, we expect our RevPAR growth to improve approximately 100 basis points from the third quarter and be essentially flat compared to 2022, driven by improving results from our resort portfolio.”
In August this year, the company purchased a free simple interest in Chico Hot Springs Resort and the nearby ranch in Paradise Valley, Montana for $33m.
