<SEC-DOCUMENT>0001104659-20-097303.txt : 20200820
<SEC-HEADER>0001104659-20-097303.hdr.sgml : 20200820
<ACCEPTANCE-DATETIME>20200820171045
ACCESSION NUMBER:		0001104659-20-097303
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20200820
DATE AS OF CHANGE:		20200820

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DiamondRock Hospitality Co
		CENTRAL INDEX KEY:			0001298946
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-226674
		FILM NUMBER:		201120797

	BUSINESS ADDRESS:	
		STREET 1:		2 BETHESDA METRO CENTER
		STREET 2:		SUITE 1400
		CITY:			BETHESDA
		STATE:			MD
		ZIP:			20814
		BUSINESS PHONE:		240-744-1150

	MAIL ADDRESS:	
		STREET 1:		2 BETHESDA METRO CENTER
		STREET 2:		SUITE 1400
		CITY:			BETHESDA
		STATE:			MD
		ZIP:			20814

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DiamondRock Hospitality Co
		CENTRAL INDEX KEY:			0001298946
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		2 BETHESDA METRO CENTER
		STREET 2:		SUITE 1400
		CITY:			BETHESDA
		STATE:			MD
		ZIP:			20814
		BUSINESS PHONE:		240-744-1150

	MAIL ADDRESS:	
		STREET 1:		2 BETHESDA METRO CENTER
		STREET 2:		SUITE 1400
		CITY:			BETHESDA
		STATE:			MD
		ZIP:			20814
</SEC-HEADER>
<DOCUMENT>
<TYPE>FWP
<SEQUENCE>1
<FILENAME>tm2022001d5_fwp.htm
<DESCRIPTION>FWP
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; background-color: white"><B>Issuer Free Writing
Prospectus</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; background-color: white"><B>Filed Pursuant
to Rule 433</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; background-color: white"><B>Relating to Preliminary
Prospectus Supplement dated August 20, 2020</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; background-color: white"><B>to Prospectus
dated August 8, 2018</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; background-color: white"><B>Registration&nbsp;No.&nbsp;333-226674</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>PRICING TERM
SHEET</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>8.250% Series
A Cumulative Redeemable Preferred Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>(Liquidation
Preference $25.00 per Share)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>August 20, 2020</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; text-align: left; font-size: 10pt; width: 30%"><FONT STYLE="font-size: 10pt"><B>Issuer:</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left; font-size: 10pt; width: 70%"><FONT STYLE="font-size: 10pt">DiamondRock Hospitality Company, a Maryland corporation</FONT></TD></TR>
<TR>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Security:</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">8.250% Series A Cumulative Redeemable Preferred Stock</FONT></TD></TR>
<TR>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Number of Shares:</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">4,400,000 shares (5,000,000 shares if the underwriters&rsquo; over-allotment option to purchase additional shares is exercised in full)</FONT></TD></TR>
<TR>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Public Offering Price:</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">$25.00 per share; $110,000,000 total (not including the underwriters&rsquo; over-allotment option to purchase additional shares)</FONT></TD></TR>
<TR>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Underwriting Discounts:</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">$0.7875 per share; $3,465,000 total (not including the underwriters&rsquo; over-allotment option to purchase additional shares)</FONT></TD></TR>
<TR>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Maturity Date:</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">Perpetual (unless redeemed by the Issuer on or after August 31, 2025 or pursuant to its special optional redemption right, or converted by a holder in connection with a change of control described below under &ldquo;Change of Control&rdquo;)</FONT></TD></TR>
<TR>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Trade Date:</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">August 20, 2020</FONT></TD></TR>
<TR>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Settlement Date:</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">August 31, 2020 (T + 7)</FONT></TD></TR>
<TR>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Liquidation Preference:</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">$25.00, plus accrued and unpaid dividends</FONT></TD></TR>
<TR>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Dividend Rate:</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">8.250% per annum of the $25.00 per share liquidation preference (equivalent to $2.0625 per annum per share), accruing from August 31, 2020</FONT></TD></TR>
<TR>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Dividend Payment Dates:</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">Quarterly on or about the March 31, June 30, September 30 and December 31 of each year, beginning on September 30, 2020</FONT></TD></TR>
<TR>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Optional Redemption:</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">The Issuer may not redeem the Series A Preferred Stock prior to August 31, 2025, except in limited circumstances to preserve its status as a real estate investment trust and pursuant to the special optional redemption provision described below under &ldquo;Special Optional Redemption.&rdquo;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: left; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">On and after August 31, 2025, the Issuer may, at its option, redeem the Series A Preferred Stock, in whole or in part, at any time or from time to time, for cash at a redemption price of $25.00 per share, plus any accrued and unpaid dividends up to but excluding the date of redemption (subject to the special optional redemption right described below).</FONT></TD></TR>
<TR>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Special&nbsp;Optional&nbsp;Redemption:</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">Upon the occurrence of a Change of Control (as defined below), the Issuer may, at its option, redeem the Series A Preferred Stock, in whole or in part within 120 days after the first date on which such Change of Control occurred, by paying $25.00 per share, plus any accrued and unpaid dividends to, but not including, the date of redemption. If, prior to the Change of Control Conversion Date (as defined below), the Issuer exercises any of its redemption rights relating to the Series A Preferred Stock (whether the optional redemption right or the special optional redemption right), the holders of Series A Preferred Stock will not have the conversion rights described below.</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; text-align: left; font-size: 10pt; width: 30%"><FONT STYLE="font-size: 10pt"><B>Change of Control:</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 70%">
        <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">A &ldquo;Change of Control&rdquo;
        is when, after the original issuance of the Series A Preferred Stock, the following have occurred and are continuing:</P>
        <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left; text-indent: -0.25in">&bull;&emsp;
        &#8202;the acquisition by any person, including any syndicate or group deemed to be a &ldquo;person&rdquo; under Section&nbsp;13(d)(3)
        of the Securities Exchange Act of 1934, as amended, of beneficial ownership, directly or indirectly, through a purchase, merger
        or other acquisition transaction or series of purchases, mergers or other acquisition transactions of stock of the Issuer entitling
        that person to exercise more than 50% of the total voting power of all stock of the Issuer entitled to vote generally in the election
        of the Issuer&rsquo;s directors (except that such person will be deemed to have beneficial ownership of all securities that such
        person has the right to acquire, whether such right is currently exercisable or is exercisable only upon the occurrence of a subsequent
        condition); and</P>
        <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left; text-indent: -0.25in">&bull;&emsp;
&#8202;following the closing of any transaction referred to in the bullet point above, neither the Issuer nor the acquiring or
surviving entity has a class of common securities (or American Depositary Receipts representing such securities) listed on the
New York Stock Exchange, or the NYSE, the NYSE MKT LLC, or the NYSE MKT, or the Nasdaq Stock Market, or NASDAQ, or listed or quoted
on an exchange or quotation system that is a successor to the NYSE, the NYSE MKT or NASDAQ.</P></TD></TR>
<TR>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Conversion Rights:</B></FONT></TD>
    <TD STYLE="vertical-align: top">
        <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Upon the occurrence of a Change
        of Control, each holder of Series A Preferred Stock will have the right (unless, prior to the Change of Control Conversion Date,
        the Issuer has provided or provides notice of its election to redeem the Series A Preferred Stock) to convert some or all of the
        Series A Preferred Stock held by such holder (the &ldquo;Change of Control Conversion Right&rdquo;) on the Change of Control Conversion
        Date into a number of shares of the Issuer&rsquo;s common stock per share of Series A Preferred Stock to be converted equal to
        the lesser of:</P>
        <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left; text-indent: -0.25in">&bull;&emsp;&ensp;&#8202;the quotient obtained by dividing (i)&nbsp;the sum of (x) the $25.00 liquidation preference plus (y) the amount of any
accrued and unpaid dividends to, but not including, the Change of Control Conversion Date (unless the Change of Control Conversion
Date is after a record date for a Series A Preferred Stock dividend payment and prior to the corresponding Series A Preferred
Stock dividend payment date, in which case no additional amount for such accrued and unpaid dividend will be included in this
sum) by (ii)&nbsp;the Common Stock Price; and</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 30%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 70%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&bull;&emsp;&nbsp; 9.7466 (i.e., the Share Cap), subject to
certain adjustments;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">subject, in each case, to provisions for the receipt of alternative
consideration as described in the preliminary prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Share Cap is subject to pro rata adjustments for any share
splits (including those effected pursuant to a distribution of the Issuer&rsquo;s common stock), subdivisions or combinations
with respect to the Issuer&rsquo;s common stock as described in the preliminary prospectus supplement.</P></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">
        <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P>
        <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Upon such a
conversion, the holders will be limited to a maximum number of shares of the Issuer&rsquo;s common stock equal to the Share Cap
multiplied by the number of shares of Series A Preferred Stock converted. If the Common Stock Price is less than $2.565 (which
is approximately 50%&nbsp;of&nbsp;the&nbsp;per-share&nbsp;closing&nbsp;sale&nbsp;price of the Issuer&rsquo;s common stock reported
on the NYSE on August 19, 2020), subject to adjustment, the holders will receive a maximum of 9.7466 shares of the Issuer&rsquo;s
common stock per share of Series A Preferred Stock, which may result in the holders receiving a value that is less than the liquidation
preference of the Series A Preferred Stock.</P>
        <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">If, prior to the Change of Control
        Conversion Date, the Issuer has provided a redemption notice, whether pursuant to its special optional redemption right in connection
        with a Change of Control or its optional redemption right, holders of Series A Preferred Stock will not have any right to convert
        the series A Preferred Stock in connection with the Change of Control Conversion Right and any shares of Series A Preferred Stock
        selected for redemption that have been tendered for conversion will be redeemed on the related date of redemption instead of converted
        on the Change of Control Conversion Date.</P>
        <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The &ldquo;Change
of Control Conversion Date&rdquo; is the date the Series A Preferred Stock is to be converted, which will be a business day that
is no fewer than 20 days nor more than 35 days after the date on which the Issuer provides the required notice of the occurrence
of a Change of Control to the holders of Series A Preferred Stock.</P></TD></TR>
<TR>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">The &ldquo;Common Stock Price&rdquo; will be (i)&nbsp;if the consideration to be received in the Change of Control by the holders of the Issuer&rsquo;s common stock is solely cash, the amount of cash consideration per share of the Issuer&rsquo;s common stock or (ii)&nbsp;if the consideration to be received in the Change of Control by holders of the Issuer&rsquo;s common stock is other than solely cash (x)&nbsp;the average of the closing sale prices per share of the Issuer&rsquo;s common stock (or, if no closing sale price is reported, the average of the closing bid and ask prices or, if more than one in either case, the average of the average closing bid and the average closing ask prices) for the ten consecutive trading days immediately preceding, but not including, the effective date of the Change of Control as reported on the principal U.S. securities exchange on which the Issuer&rsquo;s common stock is then traded, or (y)&nbsp;the average of the last quoted bid prices for the Issuer&rsquo;s common stock&nbsp;in&nbsp;the&nbsp;over-the-counter&nbsp;market&nbsp;as&nbsp;reported by OTC Markets Group Inc. or similar organization for the ten consecutive trading days immediately preceding, but not including, the effective date of the Change of Control, if the Issuer&rsquo;s common stock is not then listed for trading on a U.S. securities exchange.</FONT></TD></TR>
<TR>
    <TD STYLE="text-align: left; width: 30%; vertical-align: top">&nbsp;</TD>
    <TD STYLE="width: 70%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>CUSIP/ISIN:</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">252784 400 / US2527844003</FONT></TD></TR>
<TR>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Joint&nbsp;Book-Running&nbsp;Managers:</B></FONT></TD>
    <TD STYLE="vertical-align: top">
        <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Wells Fargo Securities, LLC</P>
        <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">BofA Securities, Inc.</P>
        <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Citigroup Global Markets Inc.</P></TD></TR>
<TR>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Joint Lead Managers:</B></FONT></TD>
    <TD STYLE="vertical-align: top">
        <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">TD Securities (USA) LLC</P>
        <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">U.S. Bancorp Investments, Inc.</P></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; text-align: left; font-size: 10pt; width: 30%"><FONT STYLE="font-size: 10pt"><B>Senior Co-Managers:</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 70%">
        <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">BMO Capital Markets Corp.</P>
        <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">KeyBanc Capital Markets Inc.</P>
        <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">PNC Capital Markets LLC</P>
        <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Regions Securities LLC</P></TD></TR>
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    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Co-Managers:</B></FONT></TD>
    <TD STYLE="vertical-align: top">
        <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Barclays Capital Inc.</P>
        <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Deutsche Bank Securities Inc.</P></TD></TR>
<TR>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Listing:</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">The Issuer intends to file an application to list the Series A Preferred Stock on the NYSE under the symbol &ldquo;DRH Pr A&rdquo;. If the application is approved, trading of the Series A Preferred Stock on the NYSE is expected to commence within 30 days after the date of initial delivery of the Series&nbsp;A Preferred Stock.</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: left; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left; font-size: 10pt">&nbsp;</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; background-color: white"><B>This communication
is intended for the sole use of the person to whom it is provided by the sender.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; background-color: white"><B>The Issuer has
filed a registration statement (including a prospectus and a prospectus supplement) with the Securities and Exchange Commission
(&ldquo;SEC&rdquo;) for the offering to which this communication relates. Before you invest, you should read the base prospectus
and prospectus supplement in that registration statement and other documents the Issuer has filed with the SEC for more complete
information about the Issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC web site at www.sec.gov.
Alternatively, the Issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus
and prospectus supplement if you request it by contacting Wells Fargo Securities, LLC toll-free at 1-800-645-3751.</B></P>

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