DiamondRock Hospitality Company announced its third-quarter 2024 operating results, reporting comparable RevPAR of $214.44, a 2.8% increase from the prior year. Total RevPAR also grew by 2.3% to $317.67, with Hotel Adjusted EBITDA reaching $82.3 million, up 2.2% year-over-year. Adjusted FFO per diluted share remained flat at $0.26.
The company updated its full-year 2024 guidance, narrowing the comparable RevPAR growth outlook from 1.5%-3.0% to 1.5%-2.0%, reflecting current transient trends and impacts from Hurricanes Helene and Milton. Despite this, the midpoint of full-year Adjusted EBITDA guidance was reiterated, and the midpoint of Adjusted FFO per share guidance was increased by $0.005 to a range of $0.97 to $0.99.
During the quarter, DiamondRock continued its capital allocation strategy by repurchasing 0.7 million shares of common stock for $5.4 million. The company also strengthened its balance sheet by repaying a $73.3 million mortgage loan and extending the maturity of a $300.0 million unsecured term loan to January 3, 2026.
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