Tomahawk, WI 05/13/2014 (Basicsmedia) –  Tomahawk, WI 05/13/2014 (Basicsmedia) –  DiamondRock Hospitality Company (NYSE:DRH) announced its quarterly results for the first quarter ended March 31, 2014 that shows a quarterly dividend of $0.1025 per share, a 21% growth from previous quarter. The company expenses were about $26 million during the first Quarter. This amount is part of the input of $140 million to its project capital improvement program. The program is expected to refurbish various hotels in Washington D.C, San Diego, Boston and Burlington along with guest room in Minneapolis. The company quarter ended with no outstanding debt on its $200 million unsecured credit facility. The company had $111.5 million cash at hand and property specific mortgage debt of nearly $1.1 billion. This is its simply stated balance sheet.

The Oak Brook Hills Resorts Sale

DiamondRock has announced that it has completed all the formalities in the sale of Oak Brook Hills Resort that is located near Chicago. The 386-room resort was running at low profit with when compared to rest of the resorts and the company preferred to sell it at $30.1 million inclusive of $4 million of seller financing. DiamondRock Hospitality Company (NYSE:DRH) supports such a move since it can focus more on other resorts to make profits.

Starwood President’s Award

The Starwood Hotels and Resorts conferred the CEO and the COO of the DiamondRock Hospitality Company with the President Award. This is with respect to their tenacity shown in DiamondRock’s purchase and renovation of The Westin San Diego and The Westin Washington D.C resorts. The Starwood Hotels & Resorts weigh different factors such as uniqueness in achievements, teamwork, Starwood’s vision for future and levels of confidence to succeed in honoring with this award.

The Westin San Diego Hotel Renovation

The DiamondRock Hospitality Company (NYSE:DRH) announced the completion of its renovation works to the Westin San Diego resort. The process, which consumed $14.5 million, includes refurbishing guest rooms, lobby and fitness center. The CEO was of high praise to the transformed state of the resort and hinted that the resort is well placed now to do a premium business. This will potentially increase the earnings of the 436-room hotel that is located in San Diego’s Central Business District.

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