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DiamondRock’s 1Q tops analysts’ outlook

DiamondRock Hospitality Co., of Bethesda, a real estate investment trust that owns upscale and luxury hotels, reported first-quarter Funds From Operations of $29.5 million, a 10.1 percent increase over the $26.8 million in adjusted FFO reported in the prior-year period.

On a per-share basis, earnings were 15 cents per diluted share, versus 14 cents per share in the 2013 period.

Analysts polled by Thomson Reuters expected on average, earnings of 14 cents per share.

Revenue for the first quarter totaled $190.1 million compared to $175.9 million in the prior-year period.

Analysts had forecast revenue of $189 million.

In discussing the results, DiamondRock pointed to increased occupancy and higher revenue per available room as key to the improved financial picture.