Neil H. Shah
Great. for today’s call. thank Thanks, you Good and joining Greg. morning all us on
Officer. me morning Financial Ashish H. are our Shah, Jay Parikh, our Joining Chief this and Chief Executive Officer;
for enjoyed our quarter, second we market operating better portfolio. conditions in performance the For resulted that robust
along in strong leisure domestic deliveries, with increased the a with pace York encouraging and forward transient is business points for XX.X% basis and from portfolios, our overall demand City, of EBITDA New along X.X% is respectively. pleased grew and generated especially respectively results We are for and basis the South of by supply demand, leisure Florida, points market and assets. our by the and XXX XXX from combination market In margins which robust Florida a benefiting international from less RevPAR growth fundamentals South while Manhattan and
the significant which momentum portfolio during first quarter exclude accurate the RevPAR the a core in RevPAR experienced markets, limited showcases yielded of comparable renovations performance portfolio-wide renovation, view of we X.X% the positive quarter, hotels our approximately comparable growth in our growth our under If the first Although more our assets quarter. most during of growth.
In recently addition to outstanding from New in clusters, benefited of of results efforts, quarter the quarter the clearly produced our in the merits our quarter. to York recycling newly continued have South acquired ramp-up outperformance first hotels The assets. continued Florida the our our and acquired two capital our the most first fourth quarters shown as ramp past in and
hotels yielded Since growth. growth sales the basis acquisitions combination We where acquired disposed these efficiently secondary We in assets mature, we RevPAR very XX meaningful acquired sale growth and to recycling the points, Across and strategies. cost of profile. flow our Our average XXX the initiatives, hotels million. executed also these approximately markets X% grew from locations. believe drive XXXX, last six an fourth for we transformative XX%, sub benefiting by pricing weighted able containment distribution funded are to quarter. recently has were with the quality, EBITDA $XXX for This years, hotels Margins a in of lower multiple of stabilized capital rate. rate, transact our high-quality of our for could and and we XX two cash growth free EBITDA or accretive a we cap innovative times been we most which RevPAR at these and hotels strong growth follows in assets average XX.X%
Hurricane Hersha’s with reopening. into reported the XX.X% Irma shortly quarter. which RevPAR to growth Four and dive Let’s our of after continue a a their markets, first since boost South in operations in property hotels portfolio, deeper our beginning take Florida experience opened six
While the Miami occupancy we lodging believe fourth to market. related were received this quarter, the in quarter’s a the relief hurricane driven an of of by influx resurgence portfolio operational results
optimism bump specifically, continued at upside supply, showed and the the traditional data is travelers to and and trends, grew from by from the strong Beach the XX% Brazil in Caribbean corporate to leisure in less revenue of Rico, supported some travel Our return properties in room travelers from during international new International of disruption Kingdom. Miami the United XX% the booking increase Puerto our XX% and a quarter. plus Miami travelers market. More
our in and significant overall the in achieved million many can at XX.X% EBITDA usage second hotel, and to growth recent XXX through points guests, our and XXXX. growth solar. profit by a and adjacent achieved CAGR the this renovations, RevPAR from quarter, was over digit be market initiatives, management Collection sustainability margin roof, quarter. end EBITDA The the our Residence also basis XXXX, asset, strong the by the completing and the exterior the and Grove Blue XXXX, time existing Coconut renovation transient This X,XXX growth. of and Overall, of driven pace experienced growth since installation Moon Grove, first below completed Haven XX% was the increased the group EBITDA points in in the Inn has growth renovations, leading back property electricity our hotel a For and acquisition the strength group actually the growth in This growth. $X reduced XX% XXX panels of including guestroom system. and and end in two lighting, just The supplied most basis of above double and Renovations thus while guestroom of significant years. This over best CAGR increased points Beach, track million on second margin XX.X% continued of on LED that transient our Ritz, remains performing solar of far we margin full a EBITDA F&B RevPAR electricity RevPAR hotel Miami, Coconut Miami margin Ritz-Carlton the to acquiring outperformance yield growth transformative of we $X and our as the year-over-year. a On hotels, hotel X.X% energy above have Winter Autograph RevPAR recorded acquisition is for XXXX, quarter. at as since basis
Club related the quarters, the hotels two two our of construction hotel; Ash until year. and stabilizes. go Parrot of Parrot Miami first the on Autograph transformative Recent transformation growth more until the will for combined projects Beach and hotels an to summer. & quarters detail the quarter. the substantial on Collection over required our to into our we for South positioned as center excited Key our market are have are Cadillac push the on few Key and July. upgrade and made portfolio Miami to meaningful existing And historically properties welcoming These generate Key Cadillac June these during to the reopens properties back we on opening of convention $XX the us EBITDA in over of half projects, XXXX progress CapEx West and Beach are delays the missed These million of largest Hotel our in as back of Resort last the Key West two the EBITDA both begin have Florida we guests during but this contribution
by in best cluster York occupancy leisure City our during the strong was led six In performing We growth by X.X% experienced RevPAR and Tribeca increased New $XXX X.X% high-quality the York Hyatt of Square demand to New growth growth City points XX.X%, RevPAR of occupancy and for highest outside XX.X% first quarter the growth and drove X.X%. our Manhattan experienced and properties aided total, Our our quarter. portfolio during Strong to RevPAR transient XXX the Florida to portfolio East, history. first our first South Midtown Union quarter, also growth Chelsea. in ADR business basis registered at
and portfolio X.X% Manhattan city portfolio, our respectively. to at on XX% million EBITDA in X%, $X.X growth EBITDA. for XXXX year-over-year a with increase XXXX Our for contributed rise Demand comparable and total the the forecasted is in hotel
We are than XXXX. of X% less forecasting for supply growth
Looking RevPAR peak led an basis, back remember XX% demand market. And remained we York to regularly annual prerecession years outpaced Manhattan in double-digit the we XXXX when it RevPAR below prior for for New that City levels growth ago. to well supply on XX
transient in seeing nights the market robust business remains significant in New room growth are and We leisure York.
the Over a by a XX%. in due the quarter, uptick inbound most Kingdom, shift dollar holiday, an notably grew and X.X% Easter international we which saw the originating United Manhattan also in weakening to travelers U.S. from to
saw in Brazil quarter We doubled Chinese are over for also encouraged travelers Italy inbound in last visitors arrivals more our broadly Manhattan a from not growth also of greater York if us investment. our hotels. Chinese visitation, this to year. than XX% New over X% by and international
its Our RevPAR Boston the market. of X.X%, portfolio outperformance continued basis growth registering the quarter, in XXX points first above
continue ramp-up in this our loyalty high which basis located rate, property XXX Boston ago registered Innovation Boston, We District. benefit in the RevPAR expectations the We Envoy hotel drive to acquisition two XX.X% to growth and Hotel, most Seaport of heart from EBITDA growth the years recent points. exceptionally and margin margin from of at meaningful acquired with of
LNR Our corporate thesis in future. an the driving for on local this with foreseeable growth intact, accounts asset remains increase
and Seaport in location as to the at locations increased well Looking lookout sought positioned bar, of locals to from benefit in city. ahead, as one continue the the the activity rooftop Envoy outdoor guests after is most its the rooftop from
a bar currently allow of and season, for rooftop yield X,XXX bar additional capacity and which a our are catering space will substantial covered include kitchen extend rooftop with increase bar This the over We and to to will by should a an occupy expansion events. on IRR rooftop awning square investment. an to addition the XX% expanding the the the feet, new
from Diego reported our Coast, X.X%, X.X% San delivering largest ADR is portfolio $XXX. to EBITDA of of hotels portfolio our EBITDA driven The Seattle of On eight the growth to distribution. XX% increase RevPAR market, by West our generating consolidated consists and
consecutive performing asset Sanctuary was For Beach Resort. the the quarter, best second the
mix, XX.X% Following and midweek two $XXX. Sanctuary by Resort event space. corporate growth restaurants, Beach In ADR transitioned RevPAR years a by our bar to and the of quarter, business successfully ownership, the we business the more have enhancing XX%, first attracting aided increased
is in districts South Coast. on Valley, past and Silicon proving strategy on have Over Playa California acquiring the hotels heart in on quite in innovation in in the booming West This Silicon productive the Vista of years, Lake in Union Beach, Sunnyvale, Southern we Seattle. several growing focused
grew Our and continue Sunnyvale demand. a RevPAR midweek of assets transient which May Santa capturing to corporate success our hotel, at large notably at saw a Google performance RevPAR steady conference mix drive most recently X.X%, Fundamentals pace XX.X%. will of In taking growth ahead place by combined continued with hotels. of in forecast, we Mountain that had acquired our View during Monica, by in driven Ambrose Sunnyvale
During hotel the businesses, events, and for some related able within at entertainment to the LA advantage foreseeable and the quarter, number gaming occupancy is rate, All-Star weekend corporate the a grow including leading NBA push proximity headquarters cloud located citywide the Oracle’s property to close computing of is and Ambrose activity as among We is strong the Marathon. the anticipate future the Ambrose. of tech of and taking
ADRs Lastly, Union. at quarter management and yet capturing Hersha continued exceptional segment, Pacific Since location in a margins compressing of by corporate year-over-year. upside This implemented new strategy, rate growing in points. the oriented high rate bar was effective growth high hotel in first market. XX.X% this and profile as despite in the with and driven for primarily over was in increase Pan strongest consortia estate The locally LNR rates We RevPAR the XXXX, guests. was Penn XX% occupied the quarter negotiated real acquiring again revenue Lake XXX with Pacific the in an a has supply see basis of the South occupancy first strategy Seattle,
faced added Fundamentals XX% driven The capital visitation. recently of portfolio sector a Women’s as Washington was segmentation travelers difficult the negatively and from shifted XXXX remained in channels Overseas year. we a technology business and LNR grow twice to the as Rittenhouse rate we was Philadelphia between our increase X.X% market. inauguration DC more an the Philadelphia are non-stop taking are Philadelphia the XX%. leisure-oriented Westin, and center mix quarter a very growth the with this being generating January. projects. XXXX for a acquired it since which It XXXX, to a of remains in strong to the expected underwent Hampton group RevPAR carriers this occupancy, OTA quarter growing and expense ROI XXXX growth comp last international government innovation to close strong nearly Our in by growth, routes to as renovations place convention our of of And and March downtown ADR our quite tough at other market, and and first a by during At XX%, impacted Washington significant both shutdown down from recorded DC. was Inn first quarter experienced challenging XXXX. the in decline a year, in due year-to-date environment sentiment with Despite the transient in past RevPAR operating positive with acquisition
of The second second more demand robust extra and for in calendar quarter quarter week greater a to the Congress an should the with yield convention compared session market XXXX.
the Ritz-Carlton of Georgetown. diplomatic year, returning and upgrade also further in international Washington Hotel We of should which travel back St. the will the our the DC, have provide begun signs half benefit. benefit And Gregory see to early to of
Hotel million representing in the Before we common flow. quickly deeper updated bit In Ash in $XX.XX. to West capital near in Parrot and leverage operations We the coming expect investing Sanctuary call Resort years. Last the at Key Waterfront had destinations of of the gateway Yacht hotel over funded like portfolio market. St. waterfront and nearly the success Monterey We’ve pricing in our levels first strategies stock markets is the very only and the on The to Miami. our Naval number small repurchased to hotel distance also Club Bay including also with attractive also hotels levels Johns million College, group the Milo the Key serve buybacks near Chesapeake the regional the into transient with opportunities in premium only customer is $XX.X autograph a These shares, price ROI the month and I near the we proximate generators the XXXX, Santa Barbara driving to wanted our existing these repurchased last have on leisure with attractive Valley the in I Collection of going announced State major resort investments, Beach quite LA, or in of within acquisitions improve in previously were purchase at to in the the and the a leverage Silicon Annapolis Since local Annapolis. resorts of and dig basis oriented our consider of sales. We It able allocation. Autograph strength margins proceeds Like at Academy, in touch small a demand acquired from our Capitol Hotel. and existing across Complex. average the all portfolio. $XXX.X turn to and property States our acquisitions Annapolis United we XX% three we yield, hotel Resort an guidance, Annapolis balanced quarter, years, to the purchase
and today’s acquisitions hotels uniquely with the is traveler. renovations, tastes of in tune dispositions, and of our well-timed years calculated preferences several ROI-generating of Following collection
our quarter portfolio, growth we in and value remain indicators resurgent difficulty] drive the to EBITDA coming it other With [technical that, team’s Ash to first meaningful the in ability of let over years. another focused economic of markets are where the confident in leading the lodging we quarter fundamentals and aspect to XXXX, continued our Following me for discuss growth of some turn
