DiamondRock Profit, FFO Fall
DiamondRock Hospitality of Bethesda said third-quarter profit fell 23 percent, to $12.2 million (13 cents a share), and funds from operations fell 8.7 percent, to $30.5 million (33 cents). Revenue dropped 3.1 percent, to $161.4 million in the period ended Sept. 5.
Same-store revenue per available room fell 3 percent in the third quarter, to $129.33 from $133.27 in the comparable period in 2007.
The company said the results met expectations. "We expect fundamentals to remain difficult over the next several quarters and are managing the business accordingly," said CEO Mark. W. Brugger in a statement.
DiamondRock said that it had $898.6 million in debt outstanding at the end of the quarter and that its liquidity is helped by keeping eight of its 20 hotels mortgage-debt-free. It also confirmed its 2008 guidance.
October 15, 2008; 10:26 AM ET
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