Urban Hotels Performance
The urban portfolio achieved a 3% RevPAR growth in the quarter, with April being the strongest month. Rate growth held steady at approximately 2.5% over the quarter. Total RevPAR growth at urban hotels was 100 basis points stronger than RevPAR growth, and food and beverage revenues were up over 5%.
Financial Achievements
Corporate adjusted EBITDA was $90.5 million, and adjusted FFO per share was $0.35. Free cash flow per share for the trailing 12 months increased approximately 4.5% to $0.63 per share.
Share Repurchases
The company repurchased 3.6 million shares year-to-date for $27.3 million at a cap rate of just under 10%. There is $146.8 million of capacity remaining on the share repurchase authorization.
Successful Refinancing
DiamondRock successfully refinanced, upsized, and extended the maturities under their senior unsecured credit facility, increasing its size to $1.5 billion from $1.2 billion with the pricing grid unchanged.
Food and Beverage Performance
F&B revenues increased 3.1%, with F&B profit increasing over 6% and margins increasing 105 basis points.