DiamondRock Hospitality Co., of Bethesda, a real estate investment trust that owns upscale and luxury hotels, reported second-quarter Funds From Operations of $43.2 million, or 22 cents per diluted share, compared to $46.4 million, or 28 cents per diluted share, for the year-ago period.
Revenue totaled $224.2 million in this year’s quarter versus $210.8 million in the 2012 period.
Ten analysts polled by Thomson Reuters had forecast, on average, earnings of 21 cents on revenue of $218.74 for the 2013 quarter.
Revenue per available room, or revpar, a measure of hotel rates and occupancy, rose only 0.2 percent, to $146.84, but was impacted by renovations at three New York City hotels that decreased the availability of rooms.
Excluding those renovations, revpar rose by 6.7 percent.