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  DiamondRock Hospitality Company Reports Quarterly
Net Loss of $5.8 million for its Initial Portfolio
of Seven Hotels

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BETHESDA, Md., Aug. 1, 2005 - DiamondRock Hospitality Company (the "Company") (NYSE: DRH) an owner and acquirer of high quality premium branded hotels, today announced results of operations for the second quarter ended June 17, 2005.
    
Highlights
  • Successfully completed initial public offering of 29.8 million shares of common stock, including the exercise of an additional 3.7 million shares from the over-allotment option, for a total of $288.7 million in net proceeds.
  • For the seven hotels owned during the quarter, increased same-store revenue per available room ("RevPAR") by 14 percent from $105.73 to $120.53 over the comparable period in 2004.
  • Quarterly adjusted earnings before interest, income taxes, depreciation and amortization ("Adjusted EBITDA") of $8.0 million.
  • For the seven hotels owned during the quarter, increased same-store hotel adjusted EBITDA operating profit margin by 260 basis points over the comparable period in 2004.
  • Quarterly Funds from Operations ("FFO") per diluted share of ($0.05) and quarterly adjusted FFO per diluted share of $0.13.
  • Quarterly net loss of $5.8 million, or ($0.20) per diluted share.
  • Secured a $75 million line of credit.
  • Retired $64.0 million of debt associated with the Torrance Marriott and Sonoma Renaissance.
  • Closed on the acquisition of seven hotels subsequent to the quarter end for aggregate contractual purchase prices of $475.1 million.
Operating Results

For the fiscal quarter ended June 17, 2005, the Company's total revenue was $33.5 million.  Net loss totaled $5.8 million, or ($0.20) per diluted share, and adjusted EBITDA of $8.0 million.  The Company reported FFO of ($1.5 million), or ($0.05) per diluted share and adjusted FFO of $3.8 million or $0.13 per diluted share for the second quarter.
    
For the period from January 1, 2005 to June 17, 2005, total revenue was $59.9 million, net loss was $11.1 million, and adjusted EBITDA was $11.6 million.  FFO and adjusted FFO were ($2.4 million) and $4.5 million, respectively, for the two fiscal quarters ended June 17, 2005.
    
RevPAR for the initial portfolio of seven hotels increased 14.0 percent during the quarter as compared to the second quarter of 2004, driven by an 11.4 percent increase in average daily room rate and an increase in occupancy of 1.9 percentage points.  Comparable hotel adjusted EBITDA operating profit margins for the quarter for these hotels increased 260 basis points, from 26.8 percent to 29.4 percent as compared to the second quarter of 2004.
    
For the period from January 1, 2005 to June 17, 2005, the Company's hotel RevPAR for the initial portfolio of seven hotels increased by 13.2% driven by an 11.4 percent increase in average daily room rate and an increase in occupancy of 1.2 percentage points.  Hotel adjusted EBITDA operating profit margins for those hotels for the two fiscal quarters increased 370 basis points, from 21.7 percent to 25.4 percent.
    
William W. McCarten, chief executive officer, stated, "The second quarter was an exciting time for our company as we successfully completed our initial public offering and delivered strong performance from our high quality hotel portfolio. Favorable lodging industry fundamentals continue to benefit our portfolio, and our unique sourcing relationship with Marriott International has proven highly valuable. Despite the very competitive hotel acquisition market, we believe that we will continue to identify opportunities to rebrand and reposition hotels in strong markets with high barriers to entry."
    
Portfolio Update and Balance Sheet
    
On May 25, 2005, the Company completed its initial public offering, raising $288.7 million in net proceeds.  During the second quarter, a portion of the proceeds from the offering was used to pay off outstanding loans, including the outstanding loan on the Torrance Marriott, which had a principal balance of $44.0 million.  The Company also paid off the outstanding loan on the Lodge at Sonoma, a Renaissance Resort and Spa, which had a principal balance of $20.0 million.
    
As of June 17, 2005, the Company had $159.3 million of total debt and $273.1 million of cash and cash equivalents, a significant portion of which was utilized for the acquisitions during the period subsequent to June 17, 2005.
    
Recent Events
    
Subsequent to the end of the second quarter the Company completed several hotel acquisitions as follows:

  • A portfolio of four hotels, including the Marriott Los Angeles Airport Hotel, the Worthington Renaissance Hotel (Fort Worth), the Atlanta Alpharetta Marriott Hotel, and the Marriott Frenchman's Reef and Morning Star Resort (USVI) for a contractual purchase price of $315 million.
  • The Vail Marriott Mountain Resort and Spa for the contractual purchase price of $62.0 million.
  • The Buckhead SpringHill Suites by Marriott in the Buckhead area of Atlanta, Georgia for a contractual purchase price of $34.1 million.
  • The Oak Brook Hills Resort & Conference Center in Oak Brook, Illinois for a contractual purchase price of $64.0 million.  This hotel is being rebranded as the Oak Brook Hills Marriott Resort.
In connection with the above acquisitions, the Company placed secured loans on the Marriott Los Angeles Airport, the Worthington Renaissance Hotel and the Marriott Frenchman's Reef and Morning Star Resort. The loan on the Marriott Los Angeles Airport Hotel has a principal balance of $82.6 million, a term of 10 years, bears interest at 5.30 percent, and is interest only for the entire term.  The loan on the Worthington Renaissance has a principal balance of $57.4 million, a term of 10 years, bears interest at 5.40 percent, and is interest only for the first four years and then amortizes on a 30-year schedule.  The loan on the Marriott Frenchman's Reef and Morning Star Resort has a principal balance of $62.5 million, a term of 10 years, bears interest at 5.44 percent, and is interest only for the first three years and then amortizes on a 30-year schedule.
    
On July 8, 2005, the Company consummated its senior secured revolving credit facility.  The facility has a three-year term and a $75 million limit, with an ability to increase the facility up to $250 million with lender approval.  As long as the Company maintains a debt-to-asset value of less than 65 percent, outstanding funds on the credit facility will bear interest at LIBOR plus 1.45 percent.  Wachovia Bank, Citigroup North America, and Bank of America participated in the credit facility.  The Company made a $5 million draw under this credit facility subsequent to June 17, 2005.
    
2005 Outlook
    
The Company is introducing 2005 guidance, but does not undertake to update it for any developments in its business.  Achievement of the anticipated results is subject to the risks disclosed in the Company's filings with the Securities and Exchange Commission.
    
For the full year 2005 the Company expects same store RevPAR to increase in the range of 8 percent to 10 percent.  For the third quarter of 2005, same-store RevPAR will grow 6% to 8% as compared to the RevPAR in the comparable period in the prior year.  The Company expects full year hotel adjusted EBITDA operating margins to increase by approximately 210 - 230 basis points.  The RevPAR and adjusted hotel EBITDA margin guidance assumes that the Company owned twelve of our fourteen hotels on January 1, 2005.  It excludes the historical and forecasted results for the Buckhead SpringHill Suites and Oak Brook Hills Marriott Resort.  Buckhead SpringHill Suites is excluded as it was first opened on July 1, 2005 and has no historical results for any prior period.  Oak Brook Hills Marriott Resort is excluded as we consummated the purchase of the hotel on July 29, 2005 and our financial audit will not be completed until the latter part of August.
    
For the ownership period of the portfolio of fourteen hotels, the Company estimates that for the full year 2005:
  • Adjusted EBITDA will be between $43 million and $46 million.
  • FFO will be between $13.5 million and $16.5 million and adjusted FFO will be between $24.1 million and $27.1 million.
The Company estimates that for the third quarter of 2005:
  • Adjusted EBITDA will be between $12 million and $14 million.
  • FFO will be between $5.4 million and $7.4 million and adjusted FFO will be between $7.0 million and $9.0 million.
  • Dividend per common share will be $0.1725.
  • We will substantially complete the $6 million renovation at the Courtyard New York Fifth Avenue.
Disclosure regarding the non-GAAP financial measures, including EBITDA, Adjusted EBITDA, FFO and Adjusted FFO is included as an attachment to this release, along with a reconciliation to the most relevant GAAP financial measures.
    
Ground Leases
    
Several hotels owned by the Company are subject to ground leases.  These include Bethesda Suites Marriott, Courtyard New York Fifth Avenue, Salt Lake City Downtown Marriott, and Griffin Gate Marriott Resort.  In the second quarter, the contractual cash rent payable on the ground leases totaled $417,000.  In conformance with the requirements of GAAP, the Company records rent expense on a straight-line basis for ground leases that provide minimal rental payments that increase in pre-established amounts over the remaining term of the ground lease.  Because of this, the Company incurred approximately $2.0 million in ground rent expense for the second quarter.  The non-cash portion of ground rent expense recorded during the second quarter was $1.6 million.
    
Dividend Update
    
During the second quarter, the Company declared a dividend for the stub period between our IPO and the end of our second quarter of $0.0326 per share, payable to its common stockholders of record as of June 17, 2005.  The dividend was paid on June 28, 2005.   For the third quarter, the Company expects to pay a dividend of $0.1725 per share, subject to approval by the board of directors.
    
 
 
DiamondRock Hospitality Company
Condensed Consolidated Income Statement for the Fiscal Quarter
Ended June 17, 2005 and the Period from
January 1, 2005 to June 17, 2005

                                              Fiscal Quarter    Period from
                                                  Ended        January 1, 2005
                                              June 17, 2005   to June 17, 2005
                                               (Unaudited)      (Unaudited)

    Rooms                                       $23,833,517     $42,501,868
    Food and beverage                             7,791,155      14,205,252
    Other                                         1,891,044       3,157,377

    Total revenues                               33,515,716      59,864,497

    Operating Expenses:
    Rooms                                         5,598,776      10,586,057
    Food and beverage                             5,680,917      10,762,154
    Management fees                               1,210,846       2,109,011
    Other hotel expenses                         12,746,028      24,360,713
    Depreciation and amortization                 4,340,984       8,703,130
    Corporate expenses                            5,937,309       7,946,739

    Total operating expenses                     35,514,860      64,467,804

    Operating loss                               (1,999,144)     (4,603,307)

    Other Expenses (Income):
    Interest income                                (284,049)       (560,827)
    Interest expense                              3,630,470       6,484,739

    Total other expenses/(income)                 3,346,421       5,923,912

    Loss before income taxes                     (5,345,565)    (10,527,219)

    Income tax expense                             (478,990)       (558,847)

    Net loss                                    $(5,824,555)   $(11,086,066)

    Loss per share:
    Basic and diluted                                $(0.20)         $(0.44)

                       DiamondRock Hospitality Company
Condensed Consolidated Balance Sheet as of June 17, 2005 and December 31, 2004
                      ASSETS
                                             June 17, 2005   December 31, 2004 (Unaudited)
    Property and equipment, at cost          $ 355,586,800     $ 286,727,306
    Less: accumulated depreciation              (9,821,511)       (1,084,867)
                                               345,765,289       285,642,439

    Deferred financing costs, net                2,512,687         1,344,378
    Restricted cash                             19,551,276        17,482,515
    Due from hotel managers                      3,190,795         2,626,262
    Purchase deposits and pre-acquisition
     costs                                      11,295,442         3,272,219
    Prepaid and other assets                     2,350,923         4,340,259
    Cash and cash equivalents                  273,125,031        76,983,107

           Total assets                      $ 657,791,443     $ 391,691,179

       LIABILITIES AND SHAREHOLDERS' EQUITY
    Liabilities:
    Mortgage debt, at face amount            $ 156,439,719     $ 177,827,573
    Debt premium                                 2,869,507         2,944,237

    Total debt                                 159,309,226       180,771,810

    Deferred income related to key money         6,425,826         2,490,385
    Unfavorable lease liability                  5,458,848         5,776,946
    Due to hotel managers                          680,226         3,985,795
    Dividends declared and unpaid                1,693,125                 -
    Accounts payable and accrued expenses        7,668,851         3,078,825

    Total other liabilities                     21,926,876        15,331,951

    Shareholders' Equity:
    Preferred stock, $.01 par value;
     10,000,000 shares authorized;
     no shares issued and outstanding                    -                 -

    Common stock, $.01 par value; 100,000,000
     shares authorized; 50,815,864 and 21,020,100
     shares issued and outstanding at
     June 17, 2005 December 31, 2004,
     respectively                                  508,159           210,201

    Additional paid-in capital                 489,250,873       197,494,842
    Accumulated deficit                        (13,203,691)       (2,117,625)

    Total shareholders' equity                 476,555,341       195,587,418

             Total liabilities and
              shareholders' equity           $ 657,791,443     $ 391,691,179
                       DiamondRock Hospitality Company
 Consolidated Statement of Cash Flows for the Period from January 1, 2005 to
                                June 17, 2005

                                                                 Period from
                                                            January 1, 2005 to
                                                               June 17, 2005

    Cash flows from operating activities:                        (Unaudited)
      Net loss                                                  $(11,086,066)
      Adjustments to reconcile net loss to net cash provided
by operating activities:

        Property depreciation and amortization                     8,703,130
        Non-cash straight line ground rent                         3,180,110
        Non-cash financing costs as interest                         960,062
        Market value adjustment to interest rate caps                 (8,445)
        Amortization of debt premium and unfavorable lease
         liability                                                  (140,577)
        Amortization of deferred income and corporate depreciation   (64,559)
        Stock-based compensation                                   4,969,510
        Income tax expense                                           558,847
      Changes in assets and liabilities:
        Prepaid expenses and other assets                          1,438,934
        Due to/from hotel managers                                (3,870,102)
        Accounts payable and accrued expenses                       (371,406)

      Net cash provided by operating activities                    4,269,438

    Cash flows from investing activities:
      Hotel acquisition and capital expenditures                 (65,806,012)
      Receipt of deferred key money                                4,000,000
      Cash paid for restricted cash at acquisition               (10,000,000)
      Change in restricted cash                                      879,924
      Purchase deposits and pre-acquisition costs                (10,927,784)

      Net cash used in investing activities                      (81,853,872)

    Cash flows from financing activities:
      Proceeds from mortgage debt                                 44,000,000
      Repayments of mortgage debt                                (56,948,685)
      Scheduled mortgage debt principal payments                  (1,387,854)
      Payment of financing costs                                  (2,128,371)
      Proceeds from sale of common stock                         291,799,785
      Payment of costs related to sale of common stock            (1,608,517)

      Net cash provided by financing activities                  273,726,358
 

    Net increase in cash and cash equivalents                    196,141,924
    Cash and cash equivalents, beginning of period                76,983,107
    Cash and cash equivalents, end of period                    $273,125,031

    Supplemental Disclosure of Cash Flow Information:
    Cash paid for interest                                        $5,962,359
    Cash paid for income taxes                                    $1,114,363
 

    Non-GAAP Financial Matters
    We use the following four non-GAAP financial measures that we believe are useful to investors as key measures of our operating performance: (1) EBITDA (2) Adjusted EBITDA, (3) FFO and (4) Adjusted FFO.
    EBITDA represents net income (loss) excluding: (1) interest expense; (2) provision for income taxes, including income taxes applicable to sale of assets; and (3) depreciation and amortization. We believe EBITDA is useful to an investor in evaluating our operating performance because it helps investors evaluate and compare the results of our operations from period to period by removing the impact of our capital structure (primarily interest expense) and our asset base (primarily depreciation and amortization) from our operating results. We also use EBITDA as one measure in determining the value of hotel acquisitions and dispositions.
                                                      Historical
                                                Fiscal          Period from
                                            Quarter Ended     January 1, 2005
                                            June 17, 2005    to June 17, 2005

    Net loss                                  $(5,824,555)      $(11,086,066)

    Interest expense                            3,630,470          6,484,739
    Income tax expense                            478,990            558,847
    Depreciation and amortization               4,340,984          8,703,130

    EBITDA                                     $2,625,889         $4,660,650

                                                  Forecast Third Quarter 2005

                                                 Low End           High End

    Net loss                                  $(2,590,000)         $(590,000)

    Interest expense                            4,600,000          4,600,000
    Income tax expense                            400,000            400,000
    Depreciation and amortization               8,000,000          8,000,000

    EBITDA                                    $10,410,000        $12,410,000

                                                  Forecast Full Year 2005

                                                 Low End           High End
 

    Net loss                                 $(14,026,250)      $(11,026,250)

    Interest expense                           17,400,000         17,400,000
    Income tax expense                          1,500,000          1,500,000
    Depreciation and amortization              27,500,000         27,500,000

    EBITDA                                    $32,373,750        $35,373,750

    Management also evaluates our performance by reviewing adjusted EBITDA because the Company believes that the exclusion of certain additional recurring and non-recurring items described below provides useful supplemental information regarding our ongoing operating performance and that the presentation of Adjusted EBITDA, when combined with the primary GAAP presentation of net income, is beneficial to a complete understanding of our operating performance. We adjust EBITDA for the following items, which may occur in any period, and refer to this measure as Adjusted EBITDA:
     * Straight Line Ground Rent: We exclude the non-cash expense incurred from straight lining the rent from our ground lease obligations.
     * The impact of fully vested irrevocable commitments to issue 382,500 shares of stock to our five senior executive officers made in connection with the initial public offering and expensed in the second quarter.  These were grants and do not reflect the underlying performance of the Company.
     * Cumulative effect of a change in accounting principle -- Infrequently, the Financial Accounting Standards Board (FASB) promulgates new accounting standards that require the consolidated statement of operations to reflect the cumulative effect of a change in accounting principle.  We exclude these one-time adjustments because they do not reflect our actual performance for that period.
     * Impairment Losses -- We exclude the effect of impairment losses recorded because we believe that including them in EBITDA is not consistent with reflecting the ongoing performance of our remaining assets.  In addition, we believe that impairment charges are similar to gains (losses) on dispositions and depreciation expense, both of which are also excluded from EBITDA.

                                                       Historical
 

                                                  Fiscal         Period from
                                              Quarter Ended    January 1, 2005
                                              June 17, 2005   to June 17, 2005
 

    EBITDA                                       $2,625,889       $4,660,650

    Non-cash ground rent                          1,590,055        3,180,110
    Initial public offering stock grants          3,736,250        3,736,250
 

    Adjusted EBITDA                              $7,952,194      $11,577,010

                                                 Forecast Third Quarter 2005
                                                  Low End          High End

    EBITDA                                      $10,410,000      $12,410,000

    Non-cash ground rent                          1,590,000        1,590,000

    Adjusted EBITDA                             $12,000,000      $14,000,000

                                                   Forecast Full Year 2005
                                                  Low End          High End

    EBITDA                                      $32,373,750      $35,373,750

    Non-cash ground rent                          6,890,000        6,890,000
    Initial public offering stock grants          3,736,250        3,736,250

    Adjusted EBITDA                             $43,000,000      $46,000,000

    We compute FFO in accordance with standards established by NAREIT, which defines FFO as net income (loss) (determined in accordance with GAAP), excluding gains (losses) from sales of property, plus depreciation and amortization and after adjustments for unconsolidated partnerships and joint ventures (which are calculated to reflect FFO on the same basis). We believe that the presentation of FFO provides useful information to investors regarding our operating performance because it is a measure of our operations without regard to specified non-cash items, such as real estate depreciation and amortization and gain or loss on sale of assets. We also use FFO as one measure in determining our results after taking into account the impact of our capital structure.
                                                      Historical
                                            Fiscal Quarter     Period from
                                                Ended        January 1, 2005
                                            June 17, 2005    to June 17, 2005

    Net loss                                  $(5,824,555)      $(11,086,066)
    Real estate related depreciation
     and amortization                           4,340,984          8,703,130

    FFO                                       $(1,483,571)       $(2,382,936)

    FFO per Share (Basic and Diluted)              $(0.05)            $(0.10)
 

                                                 Forecast Third Quarter 2005
                                                  Low End          High End

    Net loss                                   $(2,590,000)        $(590,000)
    Real estate related depreciation
     and amortization                            8,000,000         8,000,000

    FFO                                         $5,410,000        $7,410,000

                                                  Forecast Full Year 2005

                                                  Low End          High End

    Net loss                                  $(14,026,250)     $(11,026,250)
    Real estate related depreciation
     and amortization                           27,500,000        27,500,000

    FFO                                        $13,473,750       $16,473,750

    Management also evaluates our performance by reviewing Adjusted FFO because the Company believes that the exclusion of certain additional recurring and non-recurring items described below provides useful supplemental information regarding our ongoing operating performance and that the presentation of Adjusted FFO, when combined with the primary GAAP presentation of net income, is beneficial to a complete understanding of our operating performance. We adjust FFO for the following items, which may occur in any period, and refer to this measure as Adjusted FFO:
     * Straight Line Ground Rent: We exclude the non-cash expense incurred from straight lining the rent from our ground lease obligations.
     * The impact of fully vested irrevocable commitments to issue 382,500 shares of stock to our five senior executive officers made in connection with the initial public offering and expensed in the second quarter.  The impact of these grants do not reflect the underlying performance of the Company.
     * Cumulative effect of a change in accounting principle -- Infrequently, the Financial Accounting Standards Board (FASB) promulgates new accounting standards that require the consolidated statement of operations to reflect the cumulative effect of a change in accounting principle.  We exclude these one-time adjustments because they do not reflect our actual performance for that period.
     * Impairment Losses -- We exclude the effect of impairment losses recorded because we believe that including them in EBITDA is not consistent with reflecting the ongoing performance of our remaining assets.  In addition, we believe that impairment charges are similar to gains (losses) on dispositions and depreciation expense, both of which are also excluded from EBITDA.

                                                Historical
                                                 Fiscal        Period from
                                               Quarter Ended  January 1, 2005
                                              June 17, 2005   to June 17, 2005

    FFO                                         $(1,483,571)     $(2,382,936)

    Non-cash ground rent                          1,590,055        3,180,110
    Initial public offering stock grants          3,736,250        3,736,250

    Adjusted FFO                                 $3,842,734       $4,533,424

    Adjusted FFO per Share (Basic and
     Diluted)                                         $0.13            $0.18
                                                  Forecast Third Quarter 2005
                                                   Low End         High End
 

    FFO                                          $5,410,000       $7,410,000

    Non-cash ground rent                          1,590,000        1,590,000

    Adjusted FFO                                 $7,000,000       $9,000,000
 

                                                Forecast Full Year 2005
                                                   Low End         High End

    FFO                                         $13,473,750      $16,473,750

    Non-cash ground rent                          6,890,000        6,890,000
    Initial public offering stock grants          3,736,250        3,736,250

    Adjusted FFO                                $24,100,000      $27,100,000
 

                       DiamondRock Hospitality Company
Pro Forma Financial Information for the for the Fiscal Quarters Ended June 17,
 2005 and June 18, 2004 and the Periods from January 3, 2004 to June 18, 2004
                     and January 1, 2005 to June 17, 2005
    The acquired properties are included in our results of operations from the respective dates of acquisition. The following unaudited pro forma results of operations reflect these transactions, with the exception of the SpringHill Suites Buckhead and the Oak Brook Hills Resort & Conference Center which are excluded from the pro forma results of operations below, as if each had occurred on the first day of the fiscal period presented.  In our opinion, all significant adjustments necessary to reflect the effects of the acquisitions have been made; however, a preliminary allocation of the purchase price to land and buildings was made, and we will finalize the allocation after all information is obtained.
                                                 Period from    Period from
                        Fiscal        Fiscal      January 1,     January 3,
                    Quarter Ended Quarter Ended     2005 to        2004 to
                    June 17, 2005 June 17, 2004  June 17, 2005 June 18, 2004
    Revenues          $72,011,528   $66,967,952   $147,010,254  $136,163,997
    Hotel level
     expenses          54,746,082    52,442,120    109,009,160   104,946,631
    Depreciation and
     amortization       6,809,929     6,580,323     14,170,855    13,640,398
    Corporate expenses  5,850,609     2,103,870      7,946,739     4,200,000
    Interest expenses,
     net                3,583,204     3,831,069      7,122,599     7,763,401
    Income tax benefit
     (provision)        1,594,258   (1,163,405)       (85,000)     (100,000)

    Net income         $2,615,962      $847,165     $8,675,901    $5,513,566

    EBITDA            $11,698,886   $12,421,962    $30,615,182   $27,017,365

    Adjusted EBITDA   $17,025,191   $14,012,017    $37,531,542   $30,197,475

    FFO                $9,425,891    $7,427,488    $22,846,756   $19,153,964

    Adjusted FFO      $14,752,196   $13,033,793    $29,763,116   $26,350,324

    Adjusted FFO per Share
     (Basic and Diluted)    $0.51                        $1.19
 

About the Company
    
DiamondRock Hospitality Company is a self-advised real estate investment trust (REIT) that is an owner and acquirer of upper upscale and upscale hotel properties located primarily in North America.  To a lesser extent, it may invest, on a selective basis, in premium limited-service and extended-stay hotel properties in urban locations.  As of August 1, 2005, the Company owns 14 hotels that comprise 5,637 rooms.  The Company has a strategic acquisition sourcing relationship with Marriott International.  
    
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. 

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Contact:

DiamondRock Hospitality Company
http://www.drhc.com

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Also See: DiamondRock Hospitality Acquires a 2,330 room Portfolio of Four Hotels for $315 million / June 2005
DiamondRock Hospitality Company Acquires the 276 suite Bethesda Suites Marriott Hotel in Bethesda, Maryland for Approximately $41.6 million / November 2004


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