DiamondRock Hospitality Company (NYSE:DRH) Q1 2022 Earnings Conference Call May 6, 2022 8:00 AM ET

Company Participants

Mark Brugger - President and CEO

Jeff Donnelly - EVP and Chief Financial Officer

Conference Call Participants

Dori Kesten - Wells Fargo

Smedes Rose - Citi

Chris Woronka - Deutsche Bank

Austin Wurschmidt - KeyBanc

Gregory Miller - Truist Securities

Bill Crow - Raymond James

Anthony Powell - Barclays

Michael Bellisario - Baird

Operator

Ladies and gentlemen thank you for standing by and welcome to DiamondRock Hospitality’s First Quarter 2022 Earnings Release. At this time all participants are in a listen-only mode. After the presentation there will be a question-and-answer session. [Operator Instructions]

I would now like to hand the conference over to your speaker today, Jeff Donnelly, Chief Financial Officer at DiamondRock. Please go ahead.

Jeff Donnelly

Thank you Carmen and good morning everyone. This is Jeff Donnelly, Chief Financial Officer with DiamondRock Hospitality. And welcome to our first quarter 2022 earnings call. With me on the call today is Mark Brugger, our President and Chief Executive Officer.

Before we begin, 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 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.

Mark Brugger

Thanks Jeff. Thank you for joining us today for DiamondRock’s earnings call. The recent rebound in travel demand has exceeded our expectations despite the Omicron pause in January. Americans are clearly getting back on the road after being locked down for the last two years. The culmination of our strategically crafted portfolio and operational excellence has allowed us to deliver first quarter hotel adjusted EBITDA higher than the comparable period in pre-pandemic 2019. In fact, based on current demand trends, we expect portfolio total revenue to exceed full year 2019 same store total revenues for the full year 2022. Moreover, hotel adjusted EBITDA is projected to exceed 2019 levels for the next 12 month period.