Company: DRH-PA
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0001298946-25-000015
Chunk: 79

Company: DiamondRock Hospitality Co
Filing Date: 2025-02-28
Form: 10-K
Item: Item 7
Chunk 79
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 11, 2024September 30, 2024$0.03 January 14, 2025December 31, 2024$0.23 

We have declared the following dividends to holders of our Series A Preferred Stock for the years ended December 31, 2024 and 2023, and through the date of this report:

Payment DateRecord DateDividend per ShareMarch 31, 2023March 17, 2023$0.515625 June 30, 2023June 20, 2023$0.515625 September 29, 2023September 18, 2023$0.515625 December 29, 2023December 18, 2023$0.515625 March 29, 2024March 18, 2024$0.515625 June 28, 2024June 18, 2024$0.515625 September 30, 2024September 20, 2024$0.515625 December 31, 2024December 20, 2024$0.515625 

Capital Expenditures

The management and franchise agreements for each of our hotels provide for the establishment of separate property improvement reserves to cover, among other things, the cost of replacing and repairing furniture, fixtures and equipment at our hotels and other routine capital expenditures. Contributions to the property improvement fund are calculated as a percentage of hotel revenues. In addition, we may be required to pay for the cost of certain additional improvements that are not permitted to be funded from the property improvement reserves under the applicable management or franchise agreement. As of 

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December 31, 2024, we have set aside $44.7 million for capital projects in property improvement funds, which are included in restricted cash on our consolidated balance sheets. 

We invested approximately $81.6 million in capital improvements at our hotels during the year ended December 31, 2024.  Completed projects in 2024 included the following:

•Hotel Champlain Burlington: We completed the rebranding and repositioning of the Hilton Burlington Lake Champlain to Hotel Champlain Burlington, a Curio Collection by Hilton in July 2024. The transformation of the 258-room hotel represents a strong return-on-investment opportunity and included the creation of new lifestyle community spaces, a new all-day cafe, an upgraded state-of-the-art fitness center, and