DiamondRock Hospitality Company (DRH, Financial) filed Amended Quarterly Report for the period ended 2009-03-27.
DiamondRock Hospitality Company is a self-advised real estate company that owns, acquires and invests in upper upscale and upscale hotel properties located primarily in North America. To a lesser extent, it may invest, on a selective basis, in premium limited-service and extended-stay hotel properties in urban locations. The Company has a strategic acquisition sourcing relationship with Marriott International. Diamondrock Hospitality Company has a market cap of $993.43 million; its shares were traded at around $8.4 with a P/E ratio of 8.32 and P/S ratio of 1.43.
We have only two near-term mortgage debt maturities totaling $68 million. The debt maturities include $40.2 million coming due on the Courtyard Manhattan/Midtown East on December 11, 2009 and $27.7 million coming due on the Griffin Gate Marriott in January 2010. We have agreed on terms with a lender to provide up to $43 million of mortgage debt with a term of five years on the Courtyard Manhattan/Midtown East and have locked our interest rate at 8.81%. The terms of the loan are still subject to approval of the lenders credit committee. We cannot provide assurance that this lender will fund the mortgage debt or that the terms of the loan will be satisfactory to us, as we have not yet agreed on definitive documentation nor has the lender completed its due diligence. We are currently assessing the best alternatives to refinance the Griffin Gate Marriott mortgage debt. Our most likely alternatives include repaying the mortgage debt with corporate cash or refinancing the mortgage debt with a new mortgage lender.
As of March 27, 2009, we owned 20 hotels. Our total assets were $2.1 billion as of March 27, 2009. Total liabilities were $1.1 billion as of March 27, 2009, including $872.4 million of debt. Stockholders equity was approximately $1.0 billion as of March 27, 2009.
Our net loss for the fiscal quarter ended March 27, 2009 was $5.3 million compared to net income of $5.2 million for the fiscal quarter ended March 21, 2008.
Read the The complete ReportDRH is in the portfolios of David Williams of Columbia Value and Restructuring Fund, Ken Heebner of CAPITAL GROWTH MANAGEMENT LP, Richard Pzena of Pzena Investment Management LLC, Bruce Kovner of Caxton Associates.
DiamondRock Hospitality Company is a self-advised real estate company that owns, acquires and invests in upper upscale and upscale hotel properties located primarily in North America. To a lesser extent, it may invest, on a selective basis, in premium limited-service and extended-stay hotel properties in urban locations. The Company has a strategic acquisition sourcing relationship with Marriott International. Diamondrock Hospitality Company has a market cap of $993.43 million; its shares were traded at around $8.4 with a P/E ratio of 8.32 and P/S ratio of 1.43.
Highlight of Business Operations:
We believe the current economic environment has confirmed the merits of our financing strategy. We believe that we maintain a reasonable amount of fixed interest rate mortgage debt with limited near-term maturities. As of March 27, 2009, we had $872.4 million of debt outstanding, which consisted of $52.0 million outstanding on our senior unsecured credit facility and $820.4 million of mortgage debt. We currently have eight hotels, with an aggregate historic cost of $790 million, which are unencumbered by mortgage debt. As of March 27, 2009, our debt had a weighted-average interest rate of 5.37% and a weighted-average maturity date of 6.1 years. In addition, as of March 27, 2009, 93.5% of our debt was fixed rate.We have only two near-term mortgage debt maturities totaling $68 million. The debt maturities include $40.2 million coming due on the Courtyard Manhattan/Midtown East on December 11, 2009 and $27.7 million coming due on the Griffin Gate Marriott in January 2010. We have agreed on terms with a lender to provide up to $43 million of mortgage debt with a term of five years on the Courtyard Manhattan/Midtown East and have locked our interest rate at 8.81%. The terms of the loan are still subject to approval of the lenders credit committee. We cannot provide assurance that this lender will fund the mortgage debt or that the terms of the loan will be satisfactory to us, as we have not yet agreed on definitive documentation nor has the lender completed its due diligence. We are currently assessing the best alternatives to refinance the Griffin Gate Marriott mortgage debt. Our most likely alternatives include repaying the mortgage debt with corporate cash or refinancing the mortgage debt with a new mortgage lender.
As of March 27, 2009, we owned 20 hotels. Our total assets were $2.1 billion as of March 27, 2009. Total liabilities were $1.1 billion as of March 27, 2009, including $872.4 million of debt. Stockholders equity was approximately $1.0 billion as of March 27, 2009.
Our net loss for the fiscal quarter ended March 27, 2009 was $5.3 million compared to net income of $5.2 million for the fiscal quarter ended March 21, 2008.
Read the The complete ReportDRH is in the portfolios of David Williams of Columbia Value and Restructuring Fund, Ken Heebner of CAPITAL GROWTH MANAGEMENT LP, Richard Pzena of Pzena Investment Management LLC, Bruce Kovner of Caxton Associates.
