- January 13, 2023
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Hotel News Now
Maryland-based hotel real estate investment trust DiamondRock Hospitality achieved strong revenue growth at the end of 2022.
In November, DiamondRock’s comparable revenues increased 27.3% year over year and 7.1% compared to 2019, according to the company’s news release providing an operational update. December comparable revenues increased 10.5% and 10.7%, respectively.
Preliminary fourth-quarter comparable revenues grew 23.4% year over year and 8.5% compared to 2019. Preliminary full-year 2022 comparable revenues grew 56.3% and 6.2%, respectively.
Mark Brugger, president, CEO and director of DiamondRock, said in the news release that the company’s portfolio “set new records in 2022 with total owned [hotels] revenue exceeding $1 billion for the first time in the company’s history.”
“We saw continued strength in travel demand during the fourth quarter with room rates meaningfully exceeding pre-pandemic levels at both our urban and resort properties,” he added.
DiamondRock owns a portfolio of 35 hotels and resorts, totaling more than 9,600 rooms, primarily in leisure destinations and gateway markets. The hotels are a mix of branded and boutique.
Comparable operating results exclude the Kimpton Fort Lauderdale Beach Resort and Lake Austin Spa Resort.
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