UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT PURSUANT TO
SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported):
October 8, 2014
DiamondRock Hospitality Company
(Exact name of registrant as specified in charter)
Maryland | | 001-32514 | | 20-1180098 |
(State or Other Jurisdiction
of Incorporation) | | (Commission File Number) | | (IRS Employer
Identification No.) |
3 Bethesda Metro Center, Suite 1500
Bethesda, MD 20814
(Address of Principal Executive Offices) (Zip Code)
(240) 744-1150
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
ITEM 2.03. Creation of a Direct Financial Obligation or an Obligation Under an Off-Balance Sheet Arrangement of a Registrant.
On October 8, 2014, DiamondRock Hospitality Company (the “Company”) amended its $170.4 million mortgage loan secured by The Lexington Hotel New York City (the “Loan”). The amended Loan bears interest at an initial floating rate of LIBOR plus 275 basis points, but features a pricing grid that further reduces the spread to as low as 175 basis points upon the hotel achieving certain cash flow hurdles. The amendment also extended the potential term of the Loan by approximately 30 months to October 2019. The Loan has a five-year term, which includes two one-year extension options available to the Company subject to the satisfaction of certain terms and conditions and the payment of an extension fee. Except as described above, all of the other material terms of the Loan remain in full force and effect.
ITEM 7.01. Regulation FD Disclosure.
On October 13, 2014, the Company issued a press release reporting the Loan amendment. A copy of the press release is attached to this Current Report on Form 8-K (“Current Report”) as Exhibit 99.1 and is incorporated by reference herein. The press release has also been posted in the investor relations/presentations section of the Company’s website at www.drhc.com.
The information in this Item 7.01 of this Current Report, including the exhibit attached hereto, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section. The information in this Current Report shall not be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act regardless of any general incorporation language in such filing.
ITEM 9.01. Financial Statements and Exhibits.
(d) Exhibits
Exhibit
No. | | Description |
99.1 | | Press Release dated October 13, 2014 |
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| DIAMONDROCK HOSPITALITY COMPANY |
| | |
| | |
Date: October 13, 2014 | By: | /s/ William J. Tennis |
| | William J. Tennis |
| | Executive Vice President, General Counsel and Corporate Secretary |
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