SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
CURRENT REPORT PURSUANT TO
SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported):
September 10, 2019
DiamondRock Hospitality Company
(Exact name of registrant as specified in charter)
(State or Other Jurisdiction
2 Bethesda Metro Center, Suite 1400
Bethesda, MD 20814
(Address of Principal Executive Offices) (Zip Code)
(Registrant’s telephone number, including area code): (240) 744-1150
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Name of each exchange on which registered
Common Stock, $0.01 par value
New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
☐ Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
This Current Report on Form 8-K (“Current Report”) contains forward-looking statements within the meaning of federal securities laws and regulations. These forward-looking statements are identified by their use of terms and phrases such as “believe,” “expect,” “intend,” “project,” “anticipate,” “position,” and other similar terms and phrases, including references to assumptions and forecasts of future results. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors which may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made. These risks include, but are not limited to those risks and uncertainties associated with our business described from time to time in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K filed on February 26, 2019. Although we believe the expectations reflected in such forward-looking statements are based upon reasonable assumptions, we can give no assurance that the expectations will be attained or that any deviation will not be material. All information in this Current Report is as of the date of this Current Report, and we undertake no obligation to update any forward-looking statement to conform the statement to actual results or changes in our expectations.
ITEM 7.01. Regulation FD Disclosure
On September 10, 2019, the DiamondRock Hospitality Company (the “Company”) issued a press release to provide an update on the impact from Hurricane Dorian. A copy of that press release is furnished as Exhibit 99.1 to this Current Report. The press release has also been posted in the investor relations/presentations section of the Company’s website at www.drhc.com.
The information in this Current Report, including the exhibit attached hereto, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, nor shall such information be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act regardless of any general incorporation language in such filing. This Current Report will not be deemed an admission as to the materiality of any information in this Current Report that is required to be disclosed solely by Regulation FD.
ITEM 9.01. Financial Statements and Exhibits.
The following exhibits are included with this report:
Inline XBRL Taxonomy Extension Schema Document
Inline XBRL Taxonomy Extension Calculation Linkbase Document
Inline XBRL Taxonomy Extension Definition Linkbase Document
Inline XBRL Taxonomy Extension Label Linkbase Document
Inline XBRL Taxonomy Extension Presentation Linkbase Document
Cover Page Interactive Data File
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
DIAMONDROCK HOSPITALITY COMPANY
Date: September 10, 2019
/s/ Briony R. Quinn
Briony R. Quinn
Senior Vice President and Treasurer
Chief Financial Officer
Senior Vice President
FOR IMMEDIATE RELEASE
DIAMONDROCK PROVIDES UPDATE ON IMPACT OF HURRICANE DORIAN
BETHESDA, Maryland, Tuesday, September 10, 2019 - DiamondRock Hospitality Company (the "Company") (NYSE: DRH) today provided an update on its hotels that were impacted by Hurricane Dorian.
“We extend our heartfelt sympathies to all those in Dorian’s path this past week, and our deepest gratitude to the folks on the ground at our hotels. Their vigilance ensured the safety of our guests and hotel associates and mitigated property damage,” said Mark Brugger, President & Chief Executive Officer of DiamondRock Hospitality Company. “Fortunately, no guests or employees were injured as a result of the storm. Property damage and construction delays were minimal and collectively we expect the storm-related earnings disruption to be less than $1 million in Hotel Adjusted EBITDA for the portfolio.”
The Frenchman’s Reef & Morning Star Beach Resort, which has been closed since late 2017 and in the process of a comprehensive rebuilding, experienced the effects of Hurricane Dorian as a Category 1 storm. The property experienced very minor physical damage and a one week delay to the construction schedule. Construction resumed shortly after the storm passed and the Company currently expects the hotel to reopen in the second half of 2020.
The Renaissance Charleston Historic District closed on Monday, September 2nd following a mandatory evacuation order and reopened on Saturday, September 7th. The hotel experienced minor water intrusion from wind-driven rain, which is being remediated, but lost business due to the five day closure and expected recovery ramp up.
The Westin Fort Lauderdale Beach Resort remained open and operational during Hurricane Dorian and did not incur any physical damage. While the hotel did incur some lost business due to storm-related travel disruption, the financial impact was not material.
Havana Cabana Key West and Sheraton Suites Key West were not in the path of Hurricane Dorian and remained open and operational. While the hotels did incur some lost business due to storm-related travel disruption, the financial impact was not material.
About the Company
DiamondRock Hospitality Company is a self-advised real estate investment trust (REIT) that is an owner of a leading portfolio of geographically diversified hotels concentrated in top gateway markets and destination resort locations. The Company owns 31 premium quality hotels with over 10,000 rooms. The Company has strategically positioned its hotels to be operated both under leading global brand families such as Hilton and Marriott as well as unique boutique hotels in the lifestyle segment. For further information on the Company and its portfolio, please visit DiamondRock Hospitality Company’s website at www.drhc.com.