BETHESDA, MD—DiamondRock Hospitality Company’s EVP and CFO Sean M. Mahoney will leave the company on March 31 to pursue other opportunities.
The change is not related to any issues involving the REIT’s financial results, business practices, internal controls or financial reporting, according to the company. DiamondRock has disclosed information about Mahoney’s departure in a Form 8-K filed with the Securities and Exchange Commission today.
DiamondRock has engaged Spencer Stuart to conduct a nationwide search for a successor.
“The board and I thank Sean for all his contributions to DiamondRock since he joined us in 2004, and we wish him the best as he pursues the next chapter in his career,” said Mark W. Brugger, DiamondRock’s president and CEO. “Our business continues to perform well, and operations finished the year with a very strong fourth quarter. The combination of DiamondRock’s high-quality hotel portfolio, intense asset management focus and fortress balance sheet position it well to drive value for our shareholders in 2018 and beyond.”
Mahoney stated, “It has been a pleasure to work at DiamondRock for the last 13 years and I am incredibly proud of our team’s many accomplishments. After thoughtful consideration, I have decided it is time to pursue new business opportunities. I wish the company and my colleagues all the best for the future and know the company is in good hands. I am confident in the team’s ability to drive value at DiamondRock going forward.”
According to the company, its portfolio is performing at the top end of internal expectations due to its favorable market concentration and aggressive asset management. It expects fourth quarter RevPAR growth to come in just under the high end of its implied guidance of 4%. Additionally, the company expects to recognize between $4 million and $5 million of business interruption insurance income related to recent natural disasters in the fourth quarter. This income wasn’t included in the company’s guidance provided on its third quarter earnings call.
