Diamondrock hospitality withdraws 2020 guidance; suspends dividend

Diamondrock hospitality company provides update and announces steps to mitigate covid-19 impact.diamondrock hospitality co - withdraws 2020 guidance; suspends common dividend.diamondrock hospitality - as of march 14, revenue negatively impacted by about $23 million of cancelled group business, excluding potential cancellation fees.diamondrock hospitality co - to ensure co has significant funds to meet ongoing obligations, drawn remaining $360 million on $400 million credit facility.diamondrock hospitality co - intends to pay a q4 2020 dividend sufficient to cover 100% of its taxable income for year ending dec. 31, 2020.diamondrock hospitality co - suspension of dividend could preserve up to $100 million of capital.diamondrock hospitality co - developed actions plans to significantly reduce costs at each of its hotels.diamondrock hospitality - suspended operations at hotel restaurants and outlets where demand is insufficient or prohibitions do not permit gatherings.diamondrock hospitality co - "right-sizing" hotels to current demand levels in order to aggressively reduce costs.diamondrock hospitality co - cancelled or deferred vast majority of its capital expenditures.diamondrock hospitality co - believe co has ability to withstand current slowdown.diamondrock hospitality co - now have about $380 million of cash on balance sheet.
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