NEW YORK (TheStreet) -- Shares of DiamondRock Hospitality (DRH) - Get Free Report were sliding in mid-morning trading on Tuesday as COO and Executive VP Robert Tanenbaum resigned from the lodging-focused real estate investment trust company, according to a SEC filing.
He will step down from his post at DiamondRock effective September 22 to join Park Hotel and Resorts, a lodging real estate company soon to be spun-off of Hilton Worldwide (HLT), as Executive VP of asset management.
DiamondRock, based in Bethesda, MD, has begun the search for a replacement with executive recruiting firm Ferguson Partners. In the interim, the company's other senior managers will assume Tanenbaum's responsibilities.
The company noted that his resignation was not the result of a disagreement.
Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
TheStreet Ratings rated this stock as a "buy" with a ratings score of B.
The company's strengths can be seen in multiple areas, such as its increase in net income, revenue growth, attractive valuation levels and growth in earnings per share. We feel its strengths outweigh the fact that the company has had somewhat disappointing return on equity.
You can view the full analysis from the report here: DRH