DiamondRock Hospitality Company (NYSE:DRH) Q4 2022 Earnings Conference Call February 21, 2023 8:30 AM ET
Company Participants
Briony Quinn - Senior Vice President and Treasurer
Mark Brugger - President, Chief Executive Officer
Jeff Donnelly - Executive Vice President and Chief Financial Officer
Justin Leonard - Executive Vice President and Chief Operating Officer
Conference Call Participants
Smedes Rose - Citi
Dany Asad - Bank of America
Michael Bellisario - R.W. Baird
Anthony Powell - Barclays
Duane Pfennigwerth - Evercore ISI
Patrick Scholes - Truist Securities
Chris Woronka - Deutsche Bank
Floris van Dijkum - Compass Point LLC
Chris Darling - Green Street
Stephen Grambling - Goldman Sachs
Bill Crow - Raymond James
Operator
Good day and thank you for standing by. Welcome to the DiamondRock Hospitality Company's Fourth Quarter 2022 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded.
And I would now like to hand the conference over to your speaker today, Ms. Briony Quinn, Senior Vice President and Treasurer. Ms. Quinn, please go ahead.
Briony Quinn
Thank you, Chris. Good morning, everyone. Welcome to DiamondRock's fourth quarter 2022 earnings call and webcast. Before we get started, let me remind everyone that many of our comments today are not historical facts and are considered to be forward-looking statements under federal securities laws. As described in our filings with the SEC, these statements are subject to numerous risks and uncertainties that could cause future results to differ materially from those expressed in or implied by our comments today.
In addition, on today's call, we will discuss certain non-GAAP financial information. A reconciliation of this information to the most directly comparable GAAP financial measure can be found in our earnings press release.
With that, I'm pleased to turn the call over to Mark Brugger, our President and Chief Executive Officer. Mark?
Mark Brugger
Good morning and thank you for joining us today. I'm here with our entire Executive team and we'll be happy to take your questions after the prepared remarks.
The fourth quarter capped off the best year in history of DiamondRock, with record revenues, record margins, and record profits. For the full year, comparable hotel adjusted EBITDA was $319.8 million, this was an increase of 121.9% or $175.7 million over 2021. Results even surpassed pre-pandemic 2019 with comparable RevPAR better by 5.5% and comparable hotel adjusted EBITDA better by $38.4 million. Importantly, comparable profit margins were 31.36%, surpassing our pre-pandemic peak by 184 basis points.