DiamondRock Hospitality Company operates as a real estate investment trust (REIT) and owns a portfolio of 27 premium hotels and resorts containing 11,590 guest rooms in the aggregate, concentrated in key gateway cities and destination resorts throughout North America and the U.S. Virgin Islands. Our vision is to be the premier allocator of capital in the lodging industry and our goal is to deliver above-average shareholder returns across the full lodging cycle. We strive to differentiate ourselves from peers by executing on three strategic principles:

• Maintaining a balanced portfolio of high-quality assets with superior growth prospects in markets that have high barriers to entry.
• Implementing disciplined and innovative approaches to asset management that drive meaningful upside to underlying performance.
• Preserving a clean, conservative balance sheet that supports strategic and financial flexibility, dividends and shareholder returns.

Each of our hotels and resorts is managed by a third party. Most are operated under a brand owned by one of the leading global lodging brand companies (Marriott™, Starwood™ or Hilton™).

We regularly analyze all of the properties in our portfolio, as well as market conditions, to ensure that we are allocating capital to the highest return opportunities. Our ongoing capital allocation activities include renovation projects, marketing non-core assets for sale, and acquisitions. Additionally, our conservative capital structure helps us achieve the optimal balance between value, risk and cost of capital. We seek to further enhance value through efficient corporate overhead, best-in-class corporate governance practices, and openness and transparency in our communications with investors.