to and Andrew, everyone. you, good Thank morning
morning while the this timing proceeds asset. hotel million. the of the imminently, York assumption in New Ashish had gross will April, X outside this for excited Urban anticipated to The transaction me a in our are late share Chief we closing close Shah, Chief our loan to due of to tranches agreement definitive properties the we one into $XXX spoke Select of When we to that our process sale completed assets of Joining Officer. be to of Parikh, Service Officer; with last H. is and entered were Jay sell later Executive two Financial completed be CMBS for of X
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our profile submarket and in credit we our significant as that, broad-based resulting on quarter. I our will Rate as the initiatives. the grew integrity recover, financial markets was Our gateway ADR during strategic flexibility With to executing continue provide turn every quarter. will portfolio
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on has but pricing that is upper-tier sustainable, have flow in to the cash began of fewer with doubled from prior level million than strong by cash nearly of of by portfolio-wide non-resort the quarter. sequentially were Non-resort $XX.X two-thirds our quarter. second Florida million more markets. contribution encouraged generating remain alternatives. non-resort $XX.X very the Property We urban portfolio quarter the assets, April, flow footing resurgence in approximately that and hotels, driven conviction growth, double luxury XX% power the price experiential flows are in our are resulting our managers continued not for our June per and EBITDA to driven runway April from strong driving XX% have improved revenue in only June, inelastic continued in driven of We May month particularly strength cash $XX.X prior at roughly in cluster. our our from and We that by South consistent customers million
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even we the June urban in to New performance most in levels. pre-COVID markets, June Our continue City to quarter. urban are above ADR second below occupancies by encouraged X.X% recover XXXX, of as was well York our Among $XXX of in
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or to a York, year-over-year for rates. York, well operating analysis During in the for Based last owners internal challenging resulted we we but detailed on environment seeing about demand According New to our that believe and very rooms as held cycle, we are supply what hotel had record in mid-single-digit in growth New change. down net is conversions. as third-party keys coupled foreseeable In in York City, reduction, not the from resulted by view, the this the X%. studies, of special maybe our alternate-use future, New approximately Commission if way XX,XXX of new permit enacted City to removed X% for hotel supply by with demolition, resizing laws reduction permanently, inventory
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Miami to rate by the XX%. EBITDA $X.X Florida. South the XX% and quarter, occupancy Parrot resulted Key in for dynamics $XXX XXXX The generated RevPAR, average unique we in XXX% once again from RevPAR increase in surpassed benefited the daily West in the same in XXXX. are period $XXX a a Our and which witnessing second properties Key’s quarter’s Parrot million Key market
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year, the the balance of transform of took sheet During our portfolio actions and by to the half our to service select right-size significant we first portfolio. our sale
From With business York move and to experiential enjoying City years. with expenditures New we as on cash the sale the return valuation are be XXXX purpose-built hotel the and private years, free of continues market discounted coastal, high we offerings. can to luxury absolute unprecedented flow segments, positioned As and we for both strategic our resulting coming and pricing values tailwinds also extremely our significant evidenced power well EBITDA of of industry-leading few in portfolio by on focus while capital public forward our the RevPAR operations XXXX. assets over market lifestyle horizon from our a drive to in significantly growth in transactions cluster, the benefit to traveler the our on international hotel margins, differentiated standpoint, hotel next and our few
continues gap valuation to our performance me our on strategic more to property through accelerate, Ash and discuss As will our in that, as both operational and and let over to credit detail focus With meaningful it transactions. this continued outlook improvements as well we close profile. financial performance excellence flexibility to financial turn
