Company: DRH-PA
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001298946-25-000049
Chunk: 7

Company: DiamondRock Hospitality Co
Filing Date: 2025-05-02
Form: 10-Q
Item: Part I, Item 1
Chunk 7
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 to disclose the disaggregation by jurisdiction of income tax expense and income taxes paid. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, with early adoption permitted. 

3.  Property and Equipment

Property and equipment consists of the following (in thousands):

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March 31, 2025December 31, 2024Land$570,386 $570,386 Land improvements2,400 2,400 Buildings and site improvements2,824,650 2,812,461 Furniture, fixtures and equipment204,644 200,415 Construction in progress30,127 24,969  3,632,207 3,610,631 Less: accumulated depreciation(1,007,071)(979,410) $2,625,136 $2,631,221 

As of March 31, 2025 and December 31, 2024, we had accrued capital expenditures of $1.5 million and $5.4 million, respectively. 

4.  Hotel Dispositions

On February 19, 2025, we sold the Westin Washington, D.C. City Center to an unaffiliated third party for $92.0 million. During the fourth quarter of 2024, we evaluated the recoverability of the carrying amount of the Westin Washington, D.C. City Center as a result of our assessment that it was more likely than not that the hotel would be sold significantly before the end of its previously estimated useful life. As a result, we recorded an impairment loss of $32.6 million during the fourth quarter of 2024 to adjust the hotel's carrying amount to its estimated fair value less cost to sell. The fair value was determined based on the contractual sales price pursuant to an executed purchase and sale agreement. For the three months ended March 31, 2025, there were no incremental impairment losses. We received net proceeds of approximately $89.0 million from the transaction, which included credit for the hotel's working capital. 

5.  Debt

The following table sets forth information regarding the Company’s debt (dollars in thousands):Principal Balance as ofLoanInterest RateMaturity DateMarch 31, 2025December 31, 2024Worthington Renaissance Fort Worth Hotel mortgage loan3.66%May 2025$71,254 $71,766 Hotel Clio mortgage loan