DiamondRock Hospitality Company Announces Results of Election for Stockholder Dividend
January 28 2010 - 4:00PM
PR Newswire (US)
BETHESDA, Md., Jan. 28 /PRNewswire-FirstCall/ -- DiamondRock
Hospitality Company (the "Company") (NYSE:DRH) announced today the
results of stockholder elections relating to the regular dividend
(the "Dividend") on shares of the Company's common stock, par value
$0.01 per share (the "Common Stock") declared by its Board of
Directors on December 15, 2009. The Dividend of $0.33 per share of
Common Stock will be paid in the form of a combination of cash and
shares of Common Stock or shares of Common Stock, as described
below, on January 29, 2010, to stockholders of record at the close
of business on December 28, 2009. The Company will pay fractional
shares in cash. (Logo:
http://www.newscom.com/cgi-bin/prnh/20040708/DCTH028 ) The terms of
the Dividend, including the ability of stockholders to elect to
receive the Dividend in the form of cash or shares of Common Stock,
and a limitation on the aggregate amount of cash to be included in
the Dividend, were described in detail in the prospectus filed with
the Securities and Exchange Commission on December 30, 2009.
Stockholders were required to deliver election forms to the
Company's transfer agent not later than 5:00 p.m., Eastern Time, on
January 18, 2010. Based on stockholder elections, the Company will
pay the Dividend in the form of approximately $4.1 million in cash
and approximately 3.9 million shares of its Common Stock. The total
number of shares included in the Dividend, and the number of shares
that will be paid to those stockholders receiving shares in
satisfaction of all or part of the Dividend, is calculated based on
a per share value of $9.5711, the average of the volume weighted
trading price per share of the Company's Common Stock on the New
York Stock Exchange for the period beginning on January 19, 2010
and ending on January 21, 2010. Summarized results of the Dividend
elections are as follows: -- To stockholders electing to receive
the Dividend in all cash, the Company will pay the Dividend in the
form of $0.041339 per share in cash and $0.288661 per share in
shares of Common Stock. -- To stockholders electing to receive all
stock, the Company will pay the Dividend in shares of Common Stock.
-- To stockholders failing to make an election, the Company will
pay the Dividend in shares of Common Stock. -- The Company will pay
fractional shares in cash. Registered stockholders with questions
regarding the Dividend may contact the Shareholder Relations
Department of American Stock Transfer & Trust Company, the
information agent and the Company's transfer agent, at (800)
937-5449. Stockholders whose shares are held through a bank, broker
or nominee should contact that bank, broker or nominee with any
questions regarding the Dividend or the election submitted by that
bank, broker or nominee on their behalf. About the Company
DiamondRock Hospitality Company is a self-advised real estate
investment trust (REIT) that is an owner of premium hotel
properties. DiamondRock owns 20 hotels with approximately 9,600
guestrooms. For further information, please visit DiamondRock
Hospitality Company's website at http://www.drhc.com/ . This press
release contains forward-looking statements within the meaning of
federal securities laws and regulations. These forward-looking
statements are identified by their use of terms and phrases such as
"anticipate," "believe," "could," "estimate," "expect," "intend,"
"may," "plan," "predict," "project," "should," "will," "continue"
and other similar terms and phrases, including references to
assumptions and forecasts of future results. Forward-looking
statements are not guarantees of future performance and involve
known and unknown risks, uncertainties and other factors which may
cause the actual results to differ materially from those
anticipated at the time the forward-looking statements are made.
These risks include, but are not limited to: national and local
economic and business conditions that will affect occupancy rates
at our hotels and the demand for hotel products and services;
operating risks associated with the hotel business; risks
associated with the level of our indebtedness and our ability to
meet covenants in our debt agreements; relationships with property
managers; our ability to maintain our properties in a first-class
manner, including meeting capital expenditure requirements; our
ability to complete planned renovation on budget; our ability to
compete effectively in areas such as access, location, quality of
accommodations and room rate structures; changes in travel
patterns, taxes and government regulations which influence or
determine wages, prices, construction procedures and costs; our
ability to complete acquisitions; our ability to raise equity
capital; the performance of acquired properties after they are
acquired; necessary capital expenditures on the acquired
properties; and our ability to continue to satisfy complex rules in
order for us to qualify as a REIT for federal income tax purposes;
and other risks and uncertainties associated with our business
described from time to time in our filings with the Securities and
Exchange Commission. Although we believe the expectations reflected
in such forward-looking statements are based upon reasonable
assumptions, it can give no assurance that the expectations will be
attained or that any deviation will not be material. All
information in this release is as of the date of this release, and
we undertake no obligation to update any forward-looking statement
to conform the statement to actual results or changes in our
expectations.
http://www.newscom.com/cgi-bin/prnh/20040708/DCTH028DATASOURCE:
DiamondRock Hospitality Company CONTACT: Chris King of DiamondRock
Hospitality Company, +1-240-744-1150 Web Site: http://www.drhc.com/
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