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  "documentTitle": "DiamondRock Hospitality | Investor Presentation Deck | 21 slides",
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  "authorName": "DiamondRock Hospitality",
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  "presentationDate": "2024-05-01 00:00:00",
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      "kind": "callout",
      "text": "VALUATION PREMIUM:\nUNENCUMBERED VS.\nENCUMBERED HOTELS\n15% TO 20%",
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      "text": "% OF BRAND MANAGED PROPERTIES\nDRH PEB RLJ SHO HST PK XHR\nNon-Brand Managed\nBrand Managed",
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      "text": "Terminable at Will\nAsset Liquidity Enhanced\nSuperior Cost Controls\n50 to 100 bps Better Exit Cap Rate\nEnhanced Flexibility to Optimize Performance",
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      "text": "Notes\nSource: Company 2023 Annual Reports\n1RLJ reflects only Hilton brand managed hotels, as other brand managed properties were not disclosed\n2HST reflects % of rooms that are brand-managed since properties are not disclosed\n3PK reflects an estimate as numbers were not disclosed\n4Includes restaurant ground lease at Southernmost Beach Resort\n5Excludes the Kimpton Palomar Phoenix lease due to perpetual purchase rights and Hotel Clio patio ground lease which is\nnot critical to operations\n6Excludes JW Marriott New Orleans airspace lease\n7Excludes Hyatt Regency Santa Clara due to purchase rights",
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      "text": "GROUND LEASE EXPOSURE\nCOMPANY % OF ROOMS TENOR OF THE 5 SHORTEST LEASES NO. OF LEASED HOTELS\nPEB4 44% 26 Years 18 Hotels\nHST 30% 18 Years 19 Hotels\nPK 23% 21 Years 14 Hotels\nPEER AVERAGE 23% 33 Years 11 Hotels\nDRH5 20% 58 Years 6 Hotels\nSHO6 18% 48 Years 1 Hotels\nRLJ 17% 17 Years 13 Hotels\nXHR7 7% 71 Years 2 Hotels",
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