DiamondRock Hospitality Company (NYSE:DRH) Q3 2023 Earnings Conference Call November 1, 2023 10:00 AM ET
Company Participants
Briony Quinn - Senior Vice President & Treasurer
Mark Brugger - President & Chief Executive Officer
Jeff Donnelly - Executive Vice President & Chief Financial Officer
Conference Call Participants
Austin Wurschmidt - KeyBanc Capital Markets
Smedes Rose - Citi
Duane Pfennigwerth - Evercore ISI
Dori Kesten - Wells Fargo Securities
Chris Woronka - Deutsche Bank
Floris Van Dijkum - Compass Point
Anthony Powell - Barclays Bank
Dany Asad - Bank of America
Bill Crow - Raymond James
Chris Darling - Green Street
Mike Bellisario - Baird
Operator
Good day, ladies and gentlemen. Thank you for standing by. Welcome to the DiamondRock Hospitality Third Quarter 2023 Earnings Conference Call. At this time, all participants are on a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. [Operator Instructions] Please note that today's conference is being recorded.
I'll now hand the conference over to your speaker host, Briony Quinn, Senior Vice President and Treasurer. You may begin.
Briony Quinn
Thank you. Good evening, everyone. Welcome to DiamondRock's Third Quarter 2023 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 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
Thank you for joining us. Global travel demand remains strong. Annual hotel stays in the United States are expected to surpass the pre-pandemic record of 1.3 billion room nights, 2023 is also setting a new normal in hotel patterns as the changes to the way global citizens travel settles in post-pandemic.
During this recovery, DiamondRock has been a leader, and we believe we are well positioned to outperform going forward. Our confidence stems from our high-quality portfolio. We have spent more than a decade renovating, repositioning and recycling our portfolio to curate a collection of hotels and resorts specifically designed to attract today's travelers. By full year revenue, our portfolio remains approximately 60% urban and 40% resort.