Company: DRH-PA
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001298946-25-000049
Chunk: 46

Company: DiamondRock Hospitality Co
Filing Date: 2025-05-02
Form: 10-Q
Item: Part I, Item 8
Chunk 46
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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 loan4.33%July 202554,279 54,657 Westin Boston Seaport District mortgage loan4.36%November 2025168,161 169,385 Unsecured term loan SOFR + 1.35% (1)January 2028500,000 500,000 Unsecured term loanSOFR + 1.35% (2)January 2026300,000 300,000 Senior unsecured credit facilitySOFR + 1.40%September 2026 (3)— — Total debt1,093,694 1,095,808 Unamortized debt issuance costs (4)(753)(514)Debt, net of unamortized debt issuance costs$1,092,941 $1,095,294 Weighted-Average Interest Rate (5)5.08% _______________________(1)Interest rate as of March 31, 2025 was 5.12%, which includes the effect of interest rate swaps.(2)Interest rate as of March 31, 2025 was 5.76