DiamondRock Hospitality Raises Quarterly Dividend by 12.5%

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DiamondRock Hospitality Company (NYSE:DRH), a real estate investment trust focused on upscale hotels, announced a 12.5% increase in its quarterly dividend. Shareholders of record on March 31st will receive $0.09 per share on April 14th, up from the previous $0.08 per share payout.

Why it matters

The dividend increase signals confidence in DiamondRock's financial performance and ability to generate stable cash flows from its portfolio of full-service hotels in key U.S. markets. As the hospitality industry continues to recover from the pandemic, this move underscores DiamondRock's positioning to benefit from the rebound in business and leisure travel.

The details

DiamondRock Hospitality's new quarterly dividend of $0.09 per share represents an annualized payout of $0.36 and a dividend yield of 3.6% based on the company's current stock price. The ex-dividend date is March 31st, meaning shareholders must own the stock by that date to receive the April 14th payment.

• DiamondRock Hospitality declared the dividend on Thursday, February 26th.
• The dividend will be paid on Tuesday, April 14th to shareholders of record on Tuesday, March 31st.
• The ex-dividend date is Tuesday, March 31st.

What’s next

Investors will be watching to see if DiamondRock Hospitality can continue to raise its dividend as the hotel industry recovers from the pandemic.