DiamondRock Hospitality Company (NYSE: DRH) today announced it has priced an underwritten public offering of 4,400,000 shares of its 8.250% Series A Cumulative Redeemable Preferred Stock liquidation preference $25.00 per share. Gross proceeds to the Company will be approximately $110,000,000 before deducting underwriting discounts and offering expenses. The offering is expected to close on August 31, 2020, subject to customary closing conditions. As a part of the offering, the Company granted the underwriters a 30-day option to purchase up to an additional 600,000 shares of Series A Preferred Stock solely to cover over-allotments, if any. The Company has applied to list the Series A Preferred Stock on the New York Stock Exchange under the symbol "DRH Pr A."

The Company intends to use the net proceeds of this offering for general corporate purposes, which may include the repayment of amounts outstanding under its senior unsecured credit facility, capital expenditures, the improvement of properties in its portfolio, working capital and other general purposes.

Wells Fargo Securities, LLC is serving as representative of the underwriters for the offering and joint book-running manager with BofA Securities, Inc. and Citigroup Global Markets Inc. TD Securities (USA) LLC and U.S. Bancorp Investments, Inc. are acting as joint lead managers for the offering. BMO Capital Markets Corp., PNC Capital Markets LLC, KeyBanc Capital Markets Inc. and Regions Securities LLC are acting as senior co-managers for the offering. Barclays Capital Inc. and Deutsche Bank Securities Inc. are acting as co-managers for the offering.

About the Company

DiamondRock Hospitality Company is a self-advised real estate investment trust (REIT) that is an owner of a leading portfolio of geographically diversified hotels concentrated in top gateway markets and destination resort locations. The Company owns 31 premium quality hotels with over 10,000 rooms. The Company has strategically positioned its hotels to be operated both under leading global brand families such as Hilton and Marriott as well as unique boutique hotels in the lifestyle segment.