Diamondrock Hospitality (DRH) Reports In-Line Q3 FFO; Guides FY11 FFO Below Views; to Sell non-Core Hotels in $262.5M Deal

Diamondrock Hospitality (NYSE: DRH) reported Q3 FFO of $0.16, in-line with the analyst estimate of $0.16. Revenue for the quarter came in at $179 million versus the consensus estimate of $177.55 million.

Diamondrock Hospitality sees FY2011 FFO of $0.63-$0.65, versus the consensus of $0.66.

The Company's Pro Forma RevPAR was $126.05, an increase of 7.2% from the comparable period in 2010.

The Company has entered into a purchase and sale agreement to sell a portfolio of three non-core hotels to an affiliate of Inland American for a contractual purchase price of $262.5 million. The 1,422-room portfolio consists of the 409-room Griffin Gate Marriott Resort and Spa located in Lexington, Kentucky, the 521-room Renaissance Waverly located in Atlanta, Georgia, and the 492-room Renaissance Austin located in the Arboretum submarket of Austin, Texas.

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