Company: DRH-PA
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0001298946-25-000077
Chunk: 87

Company: DiamondRock Hospitality Co
Filing Date: 2025-08-08
Form: 10-Q
Item: Part I, Item 8
Chunk 87
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 $300 million of proceeds under the Amended Credit Facility to repay the outstanding amount on our senior unsecured revolving credit facility, that had been drawn to payoff the mortgage loan secured by the Hotel Clio. We intend to prepay the mortgage loan secured by the Westin Boston Seaport District in September 2025. Following this repayment, we will have no debt maturities until January 2028 and our portfolio will be fully unencumbered by secured debt. We remain committed to our core strategy of prudent leverage.

Information about our financing activities is available in Note 5 to the accompanying consolidated financial statements.  

ATM Program

In August 2024, our board of directors approved an “at-the-market” equity offering program (the “ATM Program”), pursuant to which we may issue and sell shares of our common stock from time to time, having an aggregate offering price of up to $200.0 million. We did not sell any shares under the ATM Program during the three and six months ended June 30, 2025 and 2024.

Share Repurchase Program

On May 1, 2024, our board of directors authorized the repurchase of up to $200.0 million of our common stock under a share repurchase program. The timing and actual number of shares repurchased will depend on a variety of factors, including price and general business and market conditions. The share repurchase program does not obligate us to acquire any particular amount of shares, and may be suspended or discontinued at any time at our discretion. The share repurchase program will expire on May 1, 2026. During the six months ended June 30, 2025, we repurchased 3,097,942 shares of common stock at an average price of $7.64 per share for a total purchase price of $23.7 million under this program. During the six months ended June 30, 2024, we repurchased 2,454,307 shares of common stock at an average price of $8.39 per share for a total purchase price of $20.6 million under this program. Subsequent to June 30, 2025, we repurchased 466,919 shares of common stock at an average price of $7.64 per share for a total purchase price of $3.6 million under this program. As of August 7, 2025, we have $146.8 million of authorized capacity remaining under the share repurchase program.