DiamondRock's 2025 capital recycling tells a cleaner story than its RevPAR guidance does. The $121.5 million preferred stock redemption eliminated a 8.25% annual cost of capital that most hotel REIT investors are still overlooking.
DiamondRock posted a strong Q4 beat and redeemed $121.5M in preferred stock, but their 2026 guidance implies a company betting on capital structure optimization over top-line growth. The question is whether that's discipline or a ceiling.
DRH's net income jumped 274% in Q4 and the dividend got a bump. But the full-year EBITDA guidance for 2026 is flat to down, and nobody's talking about what that means for the per-key math.
