BETHESDA, Md., Nov. 13,
2012 /PRNewswire/ -- DiamondRock Hospitality Company (the
"Company") (NYSE: DRH) today provided an update on the impact of
Hurricane Sandy.
There was no significant property damage at the Company's hotels
directly impacted by the storm, including two hotels located in
Washington, D.C., four hotels and
a development site located in New York
City and two hotels located in Boston. The Company estimates the impact to
operating performance to be as follows:
- Fourth quarter 2012 RevPAR growth lower by 140 to 170 basis
points;
- Full year 2012 RevPAR growth lower by 50 to 60 basis
points;
- Total revenues lower by $3.0 to $3.5
million; and
- Adjusted EBITDA lower by $2.0 to $2.5
million
About the Company
DiamondRock Hospitality Company is a self-advised real estate
investment trust (REIT) that is an owner of premium hotel
properties. The Company owns 27 premium hotels with
approximately 11,600 rooms and holds the senior mortgage loan on
another premium hotel. The Company's hotels are generally
operated under globally recognized brands such as Hilton, Marriott,
and Westin. For further information, please visit DiamondRock
Hospitality Company's website at www.drhc.com.
This press release contains forward-looking statements within
the meaning of federal securities laws and regulations.
These forward-looking statements are generally identifiable by
use of the words "will," "believe," "expect," "intend,"
"anticipate," "estimate," "project" or similar expressions, whether
in the negative or affirmative. Forward-looking statements are
based on management's current expectations and assumptions and are
not guarantees of future performance. Factors that may cause
actual results to differ materially from current expectations
include those risk factors and other factors discussed from time to
time in our periodic filings with the Securities and Exchange
Commission, including our Annual Report on Form 10-K for the year
ended December 31, 2011. Accordingly,
there is no assurance that our expectations will be realized.
Except as otherwise required by the federal securities laws, we
expressly disclaim any obligations or undertaking to publicly
release any updates or revisions to any forward-looking statement
contained in this press release to reflect events, circumstances or
changes in expectations after the date of this press
release.
SOURCE DiamondRock Hospitality Company