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quarter. resilience business benefits of reached travel, fee the cost and results million of reflect in the asset-light Our fourth fourth our revenues the our containment Gross quarter clear on focus strong model. $XXX
particularly the again card were quarter. fees performance strong, totaling franchise our new driven robust in by non-RevPAR-related XX% levels ahead or in totaled $XXX management quarter as residential of outstanding million as and account Our acquisitions XXXX branded business. fees, the million Incentive fourth global in well IMF, $XX spending
with resorts up Just luxury XXXX. under at earned from almost half quarter the XX% of fees comparable fourth resort IMF of these were to our properties compared
leased from $XX Our a portfolio fourth as $XX loss profits, of at owned improved quarter increase generated nice of a in and the Europe. results and the million U.S. of in hotels XXXX million
higher as extraordinary hotels lower-than-normal Our and in totaled profitability a quarter, expense levels. return the occupancy and costs, fourth or expenses. of higher continued despite other operating have expectations million work breakeven legal done and to higher result to quickly teams including G&A true-ups $XXX than adapt better compensation prior these
hotel G&A full cash than in lower bring have $XXX full pandemic, from partnered and we at significant down drive occupancy year level, levels franchisees and and lower working resulting XXXX. to savings diligently throughout restructuring other costs, came ongoing our million, year activities XX% breakeven XXXX, with the in reflecting our XXXX, owners At flow. For the
well recovery committed place reduction positive occupancies keeping Many we're and as and we of into be underway, down. delivering costs will the to guest hotel consistent productivity experiences the With initiatives rebound. maintained cost put while operating enhancement
inflation. benefit improving, cost future labor environment close years. inflation is in that optimistic We're on wage eye the keeping slowly our a While reduction mitigate efforts could and we're
and As always, maturities over with managing cash our significant We we cushion. are position covers outlays cash liquidity with at also near-term during year-end billion, XXXX the our which of flow with $X.X level. debt were pleased carefully corporate generation
these before full Our positive payments cash companies. were million cash which from considering of effectively program the card loyalty in flows loyalty received credit flows total we factoring reduced the year $XXX received around X/X modestly the the in payments, were from XXXX, negative. After reduced repaid
of or RevPAR too still much XXXX, give guidance. again earnings share and to is visibility. where of business the some have historically provide occupancy meaningfully January, volatility the on general year. first Looking with specific XXXX. uncertainty color items on the some demand thoughts there lowest do ahead and and certain some But quarter Omicron I'll to specific in will I impacted observations start transient group global we month
leisure compared X% XX% minimal global travel, RevPAR occupancy for to just due 'XX January below primarily to month While of we disruption XXXX. to was saw declined rate the as lower
pick to in and recovery expect pace customer to up levels. segments returned given weekly see the have nicely We March bookings now February across pre-Omicron
the 'XX the decline However, restrictions We of the see earlier XXXX. first take of RevPAR countries to expect versus each end travel then quarter progression recovery XXXX a forward through in XX% year, with the back could from year. levels compared significant some global reinstituting strict quarter we step quarter 'XX the this fourth in
slowdown demand that end the year, of That bolsters gap decline through Delta-related third quarter fourth fourth the year. compared the will the narrow year, quarter in XXXX last the up the end XXXX meaningfully quarter the to XXXX. our optimism fourth of Following XX% RevPAR temporary the of quarter meaningfully last during of picked by to
and more markets and additional we leisure transient strong to ADR, demand robust expect business As and office, sustained employees improvement return group. in the transient reopen significant
leisure. see further the expect business improvement International global guests. trips cross-border nearly blend and room also to XX% XXXX, from RevPAR. getting of In also on growth back We were road in that nights in should drive travelers
visitors. pandemic over Cross-border domestic So while time XX% compared were nights in global room domestic has from XXXX the down during most same than were demand XX% XXXX room come more down to far, nights period. the
of few that the as the places quarter encouraged can such be. in Thailand up, travel return Cayman the are Islands. impactful in pickup the swift fourth activity in performance seen last Our booking We're East we've the that how Middle illustrates in and weeks international opening by
expect of in fees. Turning a RevPAR of could sensitivity to million versus the $XX fees. change to At current 'XX year RevPAR million full 'XX levels, year X% around we be $XX full
compounding from growth credit As of This growth fees as expect franchise from is of comparison non-RevPAR-related we've and compared by makes relevant sensitivity our not XXXX is years X no XXXX, higher the the seen, impact the to out. given relationship variability less fees. the non-RevPAR-related driven fees. continued from longer rooms the contributions inclusion IMF In linear we new contributions card
the anticipate also owned global improves. from leased We our and growth environment portfolio as profit
XX%. For $XXX expenses tax interest due below be year-over-year XXXX primarily higher compensation well expenses. million, the higher million is full levels expense net $XXX expected and still assumed year, $XXX to is could be anticipated costs basis rate roughly core other travel and on around million, but higher a and total to to G&A to our
includes of our priority driving anticipate be a million, always, full $XXX million XXXX. flow to As cash headquarters. which capital investment will in spending year We and roughly new maintenance million $XXX for $XXX
to companies. loyalty XXXX in made before received on improving in focused our payments factoring our We ratios to from to and with X card the reduced line progress slightly the from credit positive cash flows adjusted of in expect credit EBITDA. remain be leverage X.Xx adjusted our debt during XXXX great target We in bringing
repurchases, bit by continues with paying share of restart be XX%. then of dividends begin beyond. levels can XXXX. returns capital and likely in we Assuming to a in the a including with XXXX capital in the We could below see would largely ratio traditional a a along more recovery as back We returns, payout half anticipated, meaningful position dividend our
we teams years, adapted continued imagined. have never of progress and Operator? our ahead. significant opportunities We in happy your X to our business now and and in made well take We're are performed. have could has company tested about I our recovery Tony proud ways Over has how how last and incredibly XXXX are questions. the our been growth excited
