Diamondrock Hospitality Co (NYSE:DRH) Q4 2023 Earnings Conference Call February 23, 2024 11:00 AM ET
Company Participants
Briony Quinn - SVP & Treasurer
Mark Brugger - President, CEO & Director
Jeffrey Donnelly - CFO, EVP
Conference Call Participants
Dori Kesten - Wells Fargo Securities
Smedes Rose - Citi
Austin Wurschmidt - KeyBanc Capital Markets
Bill Crow - Raymond James
Floris van Dijkum - Compass Point Research & Trading
Mike Bellisario - Baird
Anthony Powell - Barclays Investment Bank
Duane Pfennigwerth - Evercore ISI
Chris Woronka - Deutsche Bank
Operator
Good day, and thank you for standing by. Welcome to the DiamondRock Hospitality fourth-quarter 2023 earnings conference call. [Operator Instructions].
I would now like to hand the conference over to your first speaker today, Briony Quinn, Chief Accounting Officer and Treasurer. Please go ahead.
Briony Quinn
Good morning, everyone, and welcome to DiamondRock's fourth-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 Brugger
Thank you for joining us today for our earnings call and our outlook for 2024. We are pleased that we will be reintroducing guidance on this call. Let's jump in.
2023 was another successful year for DiamondRock across several fronts. The company generated total shareholder returns of just over 16%, as our portfolio of high-quality hotels and resorts achieved total revenue of $1.1 billion, a new record for DiamondRock.
As a testament to the success of our investment strategy, total comparable revenue was 11.3% higher than 2019, among the best of any full-service lodging REIT. And full-year hotel adjusted EBITDA was $19 million higher than 2019. Solid results from the DiamondRock portfolio led to full-year 2023 comparable revenues increasing 4%, adjusted EBITDA of $271.7 million, and adjusted FFO per share of $0.93.
In the fourth quarter, adjusted EBITDA was $57.3 million and adjusted FFO per share was $0.18. All these results are in line or ahead of management's expectations provided in our last earnings call in November, where we said we were comfortable with consensus estimates. I'll briefly provide some highlights from the fourth quarter so we could see more time to discuss our outlook and allow time for your questions.