Company: DRH-PA
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0001298946-25-000015
Chunk: 132

Company: DiamondRock Hospitality Co
Filing Date: 2025-02-28
Form: 10-K
Item: Item 16
Chunk 132
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 •Cavallo Point is subject to a ground lease with the United States National Park Service that runs until 2066. There are no renewal options. A portion of the Hotel Clio is subject to a ground lease that covers approximately 5,500 square feet. The term of the ground lease runs through December 2030, inclusive of two 5-year renewal options. The lease may be indefinitely extended thereafter in one-year increments. The remainder of the land on which the hotel is constructed is owned by us in fee simple. We lease the buildings and sublease the underlying land containing 28 of the 70 rooms at the Orchards Inn Sedona, which expires in 2070, including all extension options. The remainder of the land underlying the hotel is owned by us in fee simple. We sublease a parking area near the Bourbon Orleans Hotel. The sublease runs through July 2069. There are no renewal options. These ground leases generally require us to make rental payments (including a percentage of gross receipts as percentage rent with respect to the Courtyard New York Manhattan/Fifth Avenue, Westin Boston Seaport District, Salt Lake City Marriott, and Cavallo Point ground leases). Most of our ground leases require us to make payments for all charges, costs, expenses, assessments and liabilities, including real property taxes and utilities. Furthermore, these ground leases generally require us to obtain and maintain insurance covering the subject property.The following table reflects the current and future annual rents under our ground leases:

F-23

PropertyTerm (1)Annual RentEmbassy Suites by Hilton BethesdaThrough 4/2087$1,077,381 (2)Courtyard New York Manhattan/Fifth Avenue (3)10/2017 - 9/2027$1,132,81210/2027 - 9/2037$1,416,01510/2037 - 9/2047$1,770,01910/2047 - 9/2057$2,212,52410/2057 - 9/2067$2,765,65510/2067 - 9/2077$3,457,06910/2077 - 9/2087$4,321,33610/2087 - 9/2097$5,401,67010/2097 - 9/2107$6,752,08810/2107 - 9/2117$8,440,11010/2117 -