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NYSE:DRH
9.42
+0.02 (+0.21%)
As of 2021-09-24 Close (EST)
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IRAM2021Team5 IRAM 2021 Feb 2021

I expect DiamondRock Hospitality to have a better Q4 than anticipated. Earnings results will be out on February 24, 2021. The primary tailwind going into Q4 is a higher than anticipated resort occupancy rate. This will be driven by end of year vacation rollover expirations that normally occur in Q4 for calendar year companies. These employees will be looking for the next best alternative, which is luxury 5 star resorts within the US in warmer, drive-to destinations. On the Q3 call Mike Hartmeier was added to the board, who has prior M&A banking experience in the lodging sector. This addition further cements DRH’s strategic direction to pursue additional resort purchases. Five of their last six acquisitions have been resorts. However, the market has distressed sellers that are hoping to ride out the pandemic and not sell at heavily discounted prices. Lastly, once people begin discussing herd immunity this will be a driver for the sector and for DRH as well. I will be looking for advance bookings at the convention style hotels and further reductions in cancellations. Goal for this inclusion is to monitor until the earnings call and then reevaluate if need be.

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