DiamondRock Hospitality is a self-managed REIT that owns 35 premium hotels and resorts across the U.S., totaling roughly 9,600 rooms across 26 markets. DiamondRock does not operate its hotels — all properties are managed by third-party operators, either independent management companies or brand-affiliated managers like Marriott, Hilton, or IHG. About 62% of EBITDA comes from urban hotels in major markets like Chicago, Boston, and New York, catering to business transient and group travelers. The remaining 38% comes from leisure-oriented destination resorts in supply-constrained markets like Sedona, the Florida Keys, and Vail. About 60% of the portfolio operates under a brand flag, while 40% operates as independent lifestyle hotels, giving DiamondRock more flexibility on costs and renovations. Revenue at the hotel level is driven by room revenue (tracked via RevPAR) and out-of-room revenue like food and beverage, spa, and parking. DiamondRock's strategy, internally called "DiamondRock 2.0," prioritizes growing free cash flow per share over gross EBITDA growth. Key levers include disciplined CapEx spending at 7%–9% of revenues (below the peer average of 10%–11%), portfolio recycling toward higher-yielding assets, share repurchases when shares trade at a discount to NAV, and controlling labor costs. DiamondRock carries no secured debt and has no maturities until 2029.