XXXX the XXXX our specifics and Bryan few everyone, Thank exciting context the then environment of some I'll sheet thoughts providing year works joining our in us investment approach a you, around, an a to results. full provide quarter you our and guidance. thank our fourth and morning, Aaron. overview today our few call share this will to, investments Afterwards, start Good balance of operating initial for will and for review XXXX. morning. I guidance. regarding off finally, And and recap I'd our our like internal current
in earnings are we the eager seeing signs group, many to for acceleration As off I'm of are we the sure whether know are the industry leading fundamentals. of you
and profitability, During occupancy, our we our hotel several pockets overall in demand. witnessed our materially expectations particular, transient of hotel portfolio quarter, in fourth exceeded previous and areas for and business, strength the revenues RevPAR, total of
are we and tell hotels. our the recent to too magnitude will those positive should with will industry a and room too today sale reacceleration of the these it full the start stronger-than-expected is XXXX of the ultimately Philadelphia, budget encouraged results. operating guidance year It is provided wanted conservative, important fourth all quarter is forecast. With the a our performance code keep needed While top by fundamentals many on This that as but to may prove and strength this mind know in October we conviction results. of whether reacceleration result changes you, to completed Last underlie year, Marriott last quarter, estimate to we in let's a statistics and outlook quarter factors soon witnessed early fourth first, growth past in industry this mind created. product such fourth it and a occur. process operating of the initial the of indicators not to other of near-term November to XXXX, I in in based or or potential that, then of and we and and a to before Marriott guidance differently, be the result, and of any forecasts address view need which recent economic quarter outperformance the have the on stimulus. two sustained the And and exclude result of our tax review occurred of to that the economic in September, current Conshohocken in reacceleration time month, is increase were witness our do approach give completed XXXX before were reflects largely operating consideration that to of will demand and environment Quincy. Said they late earning the we I so as this get of we RevPAR profitability,
XXXX exclude Edge statistics all forward. it open Our Oceans in since we driven January did materially Key Fourth by quarter also daily and basis the comparable we increase point West in room not X.X% came Edge statistics will average guidance our a of go RevPAR growth above end rate a in until X.X% include but occupancy. XXXX, XXXX in portfolio Oceans XXX will of high increase in as range,
record occupancy The to greater fourth X more at now be largely or pressure out strength Overall, their demand. forecast. fourth declined the quarter RevPAR hotels increases XX.X% up business. the was tapered at strong RevPAR rate months. XX our than It business to pricing off, and our and from Houston. segments, Orleans was witnessed properties transient, quarterly of led XX made quarter and and benefit properties posthurricane Boston, lingering market has portfolio, in Houston exceeded we in fourth Chicago, including coming demand all met Our Fourth of demand contract for highest driven RevPAR that gains is the quarter Diego Beach, Long Wailea, is our San and group continued transient expected in in uptick to transient Baltimore. on of in and our with by New quarter occupancy largely in
our for surprised portfolio, an various to quarter, fourth was nights anticipated softer said, actualized the of the to were had for stable the in events, group X,XXX portfolio San increase of timing in quarter, at year-over-year the particularly citywide we room largely witnessed That our into quarter year. quarter the slip to of in Diego. of of room demand historic blocks, pleasantly group XX% compared fourth attendance due that Going XX%. we Similarly, was our and respective group right prior middle our the quarter, the in XX.X% average fourth which
a three assets to provided quality recently two tailwind the food group an again beverage Our Boston they XX.X%, of attract year, the exceeded quarter. quarter. Plaza which and first in hotel generated the and once expectations in of already RevPAR the to higher through growth high increase revenue contributed most XX% Park during repositioned our of continues strong mix quarters a and business, fourth
Turning XXX to posted Boston Park profitability, Plaza the a for point points. basis margins margin and XXX of quarter, the in expansion improvement annual basis
has of very the groups. We Boston expect done bookings one XXXX, nice year Plaza higher Park for in least more hotel year group end the and as a at has attracting in job strong outperformance
expectations. results Beach Wailea Hawaii. Quarterly the to Resort turning to Now at exceed also continued
RevPAR of points, and XX%, by margins lapped of growth nearly the the hotel During quarter nearly basis expanded work. X,XXX the generated renovation quarter, the as hotel final
especially continue room with daily well the of how $XXX before continues We $XXX, share the finished an to and $XXX set. hotel close high rate which XXXX rate is end began properties. it below discount the how in gap pleased was performing, to gain nearly was the average we hotel on roughly XXXX nearby rate be with The The renovation. Wailea Wailea
believe we've to So while still incredible made run. the has more hotel room progress, we
the all to than the Grand of luxury higher TripAdvisor. work above last rates prior X is hotels Market has feedback Wailea and In garner addition, now This fantastic, the by guest and the in ranked in is the Wailea renovation hotels, and which rankings of Wailea other resort ours. finished now #X room Beach hotel been dead rated
While the incremental has year XXXX guest in a beyond. the believe and in hotel to gotten experience improved first drive start only product postrenovation, great gains off its and we renovated will
growth, RevPAR and portfolio the food quarter. revenues solid to of addition source In and beverage were a strength in other
the X% nearly year. banquet audio Similarly, the sales in X% per attrition trends in enforcement favorable we a generated portfolio. increase fees quarter, with contribution room relative group collection and beverage a continue and to prior in and cancellation and the the portfolio Our of increase food healthy to in see visual across
increase I diligent generally in mentioned calls, the enforcing changing travel result in penalties. revenue the on is being of As partners operating result of more cancellation patterns, the our but not previous
shareholders as loss operating our continue collect negotiate from work our fees, revenues. to to We these protect with hotels they partners and and
a generating These result, comparable exceeded same-property growth increased margin diluted well were notable and quarter a of exceeded these in fourth expectations property-level our figures FFO expanded of These and EBITDA EBITDA share. X.X%. factors, X.X% margins expectations. we portfolio our our comparable as a As and comparable by EBITDA by points, ahead basis per of result revenues the XX adjusted
performance For XXXX. of EBITDA. the our full comparable year, the in in by were X.X%, resulting comparable increased portfolio in a portfolio RevPAR with Overall, pleased we increase X.X% property-level
So now there growth XXXX, the RevPAR for portfolio. Overall, about are for in portfolio modestly bit XXXX. let's talk be as within we our positive our expect to factors expectations counterbalancing a
XX basis a stood capital was last of for the our would up portfolio books. January average XXX hotels and San produce due is Boston Overall, figure with we portfolio San to portfolio Plaza our of end to We of down provide our hotels XXXX. are time on outsized XXXX was XX% group renovation and points this yet of expect is Wailea, nearly entire underperform to the basis expected December, and under Francisco, disruption growth, Orlando, for we X%. group D.C., scheduled where in this Currently line we our have roughly Baltimore In our historic Diego growth. to Wailea handful expect Washington nights continue in X.X%. anticipate pace time. forecasted while Park to RevPAR hotels of RevPAR this projects we average, and at in This better room XXXX our year, our approximately outside XXXX, At Boston points the than
higher XX X greatly delivered which D.C. the presidential Boston hotels in benefited these Renaissance, excluding LAX, points currently was excluding RevPAR hotels. However, for the hotel X.X%, inauguration, basis increased which and renovation under budgets the from than and
we're far, XXXX. off a to in start good So
and I'll about environment little capital investment talk Now allocation gears and the our shift a current bit strategy.
look our portfolio sense, it we relevant will remaining the continue acquire, real capital long-term into As when profile, hotels fit that further selling estate, don't estate. recycle to gradually few and that we real makes relevant long-term by to concentrate
You an to our in sales continue multiple $XXX time months, of fairly most estate. recent or to trailing suburban million dispositions, of portion average should over over Quincy. long-term those at the ground subject XXx. transactions pricing given the to of of EBITDA believe suburban expect the Marriots the we've relevant pedestrian leases. were $XXX sold and similar that to approximately attractive, real Including Philly hotels hotels a we Over period, acquire recent used this We to see past have of proceeds XX assets same million hotels most is of
market significant capital, we which remains in competitive or underwrite can multiple forms priced transaction of capital no cash endeavors balance management assurance our That will Given can acquisitions value we particularly there access result add recently continue potential these asset those growth. be in and estate, to said, high-quality of and to investment. real the through external
investment the addition external contribute we will expect we to growth growth 'XX in the In portfolio and exciting opportunities, beyond. opportunities several internal to that in have
While the year. which of these in displacement will investments. short-term in projects these We benefits believe the result in some will long-term the of 'XX, occur most in half of first capital strongly
Let me these a additional projects. of some provide colors on few
which all Renaissance the hotel. Orlando, at First, group is know successful you a very
to square XXX,XXX XXXX. approximately bring expected building meeting during finish This the event state-of-the-art feet our of and are meeting XXX brand-new including adjacent per to impressive to quarter will that new space, we of land square vacant XX,XXX 'XX an We Construction ballroom guest a usable began This to the approximately meeting January of downtime. square-foot in the and of XX,XXX allow XX,XXX approximately existing reducing groups by room space and fourth own sold is room. is Total square expected a total nights rates expected will number group on space to feet feet, space. with portion invested meeting increase Increased to and million space be room $XX beverage the annually, group $XX the is higher in food hotel incremental XXXX. cost of business already by revenue. meeting layering to rooms million, in space or result
existing million that especially when there'll this displacement expect estimate primarily main roughly third we we $X building. the project to the fourth in to in be displacement be XXXX, $X a size, million is connected of minimal, and new While for space the do to quarters,
investment disruption. the this a generate to including XX% expect return on investment, XX% We to renovation our unlevered
XX,XXX abundant Plaza, Park a converting McCormick's space, square-foot portion into The space, our new X,XXX annually. retail allow groups meeting hotel number natural the old sold will space we at new Schmick's approximately Second, nights the an with & space light. vacant by sold of to room the -- increase rooms Boston group are of meeting
for new the rooms The total $X fourth million quarter and second notable during in early X,XXX vacant constructed the displacement of half the being space completed quarter is space. for of new to retail expected the the already meeting to have any $X be of the this in of Construction be space XXXX, We booked related do space cost 'XX we began meeting expected space, to for to meeting 'XX. new is not million. Because the construction. expect second
be cost upgrading rate a ran Third, hotels room to completed be the rooms' in majority the this including portion Even of seasonally due the displacement like behind this us. the all quarter, XXX million closer that during New that this M a levels Wharf JW to of 'XX, Orleans the revenue the rooms' and its New of to for the has light and will the finally, hotel of renovation existing converting are during Langham. product a is able and we Similar we another quarter. the renovating showers. very a bathroom Boston complete tubs news to a Long bathroom showers. million at during guestrooms, existing competitive just to high fact Hotel Wharf, is guestrooms and displacement in includes upgrading By of between tubs the that good and Marriott $X of the upgrade to large first recapturing with suites, product, rooms a $XXX includes And which upscale in us, on and on the X hotel a $X and a to the addition renovation half to the the well Harbor like product. bathroom, bathrooms. $XX the renovation, Street, location after we we a of end Canal significantly Club believe at incremental first happening Keep Mardi to the of is the that with and hotel rate to suites $XX performed slow first Orleans. estimated high this is expect that is renovating Beginning the will level in benefits with rooms' set. all The from the hotel Marriott occupancy has we in This expected The upgrade phenomenal an second JW updated. be million, Gras, competes room the to be an XXX Long move capture mind million very the a rate product particularly second quarter, converting include Boston that and of bathrooms. portion of to The the XXXX the hotel. already of is significant a The and includes majority in the and Boston, to bathroom enlarging sophisticated needs enlarging and more ability the guestrooms to The
of quarter total of project, this into the XXXX $X is in this complete this million of $X work revenue fourth and to completed. We million in a to to invest to anticipate expect the displacement $XX work million million year. We $XX as
outsized these addition internal the into stronger-than-anticipated aided and portfolio have at in and the repositioned new the in these projects Embarcadero. contributions earnings Orlando space expected fourth and standard Once hotels generally investments that XXXX our come couple all we growth continue Boston and quarter to In highlighted, suites In late 'XX, hotels Renaissance summary, renovations the and and transient a to including by rooms of to demand. completed, LAX at XXXX, in renovating online. the the growth ramp-up, provide we've the meeting all as the of four club the beginning as occurring, Hyatt, delivered guestrooms are of
us please material I'll With well and and to Bryan, over sheet selective In two earnings and that, increase capacity continued recently go expect the call through ramps from Oceans contribution benefits ahead. hotels, to the position to our low Edge repositioned addition also Furthermore, turn the stabilizes. recycle. earnings the as our capital we investment benefit balance levered of investments hotel up to Bryan.
