DiamondRock Hospitality Company owned 35 hotels with 9,595 rooms across 26 markets in the United States as of December 31, 2025. Approximately 40% of the portfolio operates as independent hotels, with the remainder under major global brands like Marriott, Hilton, or IHG. Net income for the year ended December 31, 2025, significantly increased by 111.3% to $101.9 million, compared to $48.25 million in 2024. Total revenues slightly decreased by 0.8% to $1,120.5 million in 2025 from $1,129.9 million in 2024. Rooms revenue decreased by 1.9% ($14.0 million) in 2025, primarily due to the sale of Westin Washington D.C. City Center, partially offset by the acquisition of AC Hotel Minneapolis Downtown. Food and beverage revenues saw a marginal increase of $0.1 million, while other revenues (spa, parking, resort fees) increased by $4.5 million in 2025. Total hotel operating expenses decreased by 1.1% ($8.9 million) in 2025. Corporate expenses decreased by 35.0% ($18.5 million) in 2025, largely due to severance expenses recognized in 2024 related to executive leadership changes. Interest expense decreased by 4.1% ($2.7 million) in 2025, primarily due to mortgage debt repayments. The company recorded an impairment loss of $1.1 million in 2025, a substantial reduction from $34.2 million in 2024. Net cash provided by operations was $243.7 million in 2025, while net cash provided by investing activities was $7.5 million, including $89.0 million from property sales and $81.6 million in capital expenditures. Net cash used in financing activities was $276.7 million, including $295.8 million in mortgage debt principal payments, $119.0 million for preferred stock redemption, and $37.1 million for common share repurchases. All 4,760,000 outstanding shares of 8.250% Series A Cumulative Redeemable Preferred Stock were redeemed for $119.0 million on December 31, 2025. The company refinanced a $300.0 million unsecured term loan and entered into a Seventh Amended and Restated Credit Agreement on July 22, 2025, increasing its credit facility to $1.5 billion and extending maturities. As of December 31, 2025, total debt outstanding was $1.1 billion, with a weighted average interest rate of 4.98% and a weighted average maturity of approximately 3.6 years. The portfolio is fully unencumbered by secured debt as of December 31, 2025. The company repurchased 4,798,642 shares of common stock for $37.1 million in 2025, with $137.0 million remaining under the share repurchase program as of February 27, 2026. Expected capital improvements for 2026 are estimated to be between $80 million and $90 million.