an update balance thank provide of provide significant guidance. investment late on soon will Thanks, review then call our Afterward, year how XXXX. as that us. today results XXXX expect our and Brian the Aaron of and operating we I’ll will you with provide ongoing be this our current sheet our environment. additional an our everyone the and growth update completed good to I’ll projects morning well and capital and as recap a specifics joining flexibility operating capacity, into for start the on first quarter
increased quarter, business profitability our strength previous expectations first the our of particularly in we portfolio and our hotel experienced as occupancy, demand. overall RevPAR, various hotel parts with total exceeded revenues of During transient acceleration for the
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group talk details let’s with So, operating beginning the about results trends. of our
bit a due in of demand expected calendar year-over-year conventions in a quarter Easter shift down the citywide the tough to markets, As first group Washington comparison impact was fewer our and in the negative aggregate, D.C. increase and attendance in and group on against robust Presidential remain food our trends spend the the said group by statistics visual. Inauguration. group and evidenced beverage audio as healthy That in
in which actualized quarter attendance room of first line at XX.X% group the Our expectation. our was respective in with the block,
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in profitability. the RevPAR, our higher hotels higher has incremental that incremental not to a levels portfolio in high-end business to continue more importantly remix group drive discuss to I’ll moment, of As comes we opportunities find but with only
demand. bit So, let’s talk about a transient
despite greater nights was nights, room quarter, occupancy approximately In demand XX,XXX we more our pricing particular the demand in year, out generally having this the in first Transient first was quarter. New rooms fill which last transient quarter. in quarter we portfolio generated is roomrevenues. although As stronger and incremental typically Orlando But witness portfolio transient across nearly room strength case the stronger many year expected in have XXX,XXX anticipated nights hotel of other higher in was in reduction renovation room it and/or to most Chicago, Boston, help recent compared to lowest anticipated reported than was than it flat service York, in our of transient date, kept quarter and what first and fueled the companies demand the than prior quarter Maui. the added transient group occupancy seasonally the demand and in nearly for
strength source quarter. beverage and of As and revenues food other the such, in were
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to $XXX,XXX insurance Irma, in Hotel. related Additionally, interruption West Hurricane business Key we of proceeds netted our
expect guidance, some resort. in our future, in XX point power increase in reflects expectations. our revenues, near guidance comparable which to and into of Together, high was trends first these portion resulted business quarter, exceeded in the a near our RevPAR, end but basis a the total a not consideration in decline additional which the We of materially interruption proceeds of taken this has collect the earnings which true X.X%
account approximately D.C., RevPAR drag, Excluding our quarter the in in XXX points properties RevPAR first Houston. for displacement and declined impacted of Baltimore basis hotels, which
of transient Diego. of small met trends’ or by the based broader which in mitigated in in increase a Wailea, Overall our quarterly Key asset suggests were RevPAR single properties just XX our at Chicago, than gains Plaza, their RevPAR Park forecast, a hotels portfolio. exceeded declines Our XX Boston West the in our or solid San and part
range of exceeded these overall share nearly and top respectively. portfolio in guidance and the expectations X% diluted a factors, result our EBITDA for by EBITDA of resulted the and FFO adjusted X% As our per adjusted above our end
in are and strongest third strengthening demand fourth of to the Looking in across Transient continues out New quarter Diego and looking year, San many signs San board seeing rest have the growth. to the York, improve with segments. Francisco specifically we to the of
second future more for On the record. favorable have group Orlando, and group highest we Group room production second years bookings in and over Chicago nights current expect the was strong citywide activity the quarter half of Diego. the XXX,XXX booked, year side, our quarter first San with to on in first
that have now in have forecasted of we line group books or with XXXX, For group actualized pays rooms and XX% the on XXXX. approximately our remains
XXXX outperformance. and our reflect we to quarter Accordingly, remains Additionally, visual beverage audio forward-looking have first spend group on promising. and food our ancillary full-year increased guidance
the XXXX share FFO EBITDA X.X% of by year full midpoint increased and have our and We adjusted X.X% adjusted per respectively. diluted
by the RevPAR first transient year the the witness three quarters witnessed latter We these continuation quarter the for midpoint favorable into trends but to in have fully the part recent increase of outlook year. last will RevPAR also our trends the prove the first need lift may This year. in to not reflects XX the our of This points. conservative, of favorable to does a we be of basis increased project quarter, outperformance full guidance but the
significantly repositioned for spend the to at move RevPAR generated growth I Plaza I’d of XX% our the market. growth assets. RevPAR during onto on moment Boston ahead X.X% like comments Before the Boston of discussing first Park a projects, capital our quarter progress the
the advantage quarter the focused book Plaza As rooms solid took the and lowest first driving group at quarter Park transient demand a is of in year, base on then of market.
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the Boston case expect million hotel than Park million Plaza of is XXXX, in approximately EBITDA we which $XX when in XXXX. We the to higher was generate $XX bought
results Turning Beach Resort continued Wailea at to to Quarterly expectations. exceed Hawaii. the
During generated revenue property over the and nearly the growth growth total of growth XX% EBITDA quarter, RevPAR XX%. level of hotel of XX%,
close North when In only meeting of important yes, very the we Resorts the out Wailea it of premier first $XXX resorts. the nearby out and level Resort EBITDA top implied in Resort the Beach XX now rate of quarter our has created how immediately This XXXX. of feedbacks ranking to Generally, acquired transformative shareholder investment guests, from generate Based hotel planners. properties. gain Driving Perhaps rank $XXX XX TripAdvisor and to of We Wailea. performing, be creation is hotels hotel the the adjacent moved be its for the our with financial to the of these handily value million how $XXX seven the on hotels the the $XX exciting over America, paid gap also of on Beach as continue we hotels than ranking resort out XXXX, the XX, the guest property not the the quality out which imply acquired JW to for continues eight of of ranked Grand surpass for shareholders asset. especially the gains hotels, hotel Wailea’s other In but value higher to number our are seven one to ranking ranking four recommend we in ranking of in notable resort. of Wailea resort and pleased share approximately one This total expected continues well positive of in Marriott all renovation. category Wailea. in we for all is value in appreciation Wailea almost XX the the and and including hotels viewed estimate is Andaz current with to repositioning is Guest to properties Maui Wailea intent and two million, TripAdvisor were compares XX our when inherent would most million our to investment million. to
our similar with Wailea expertise We’re estate. continue to our ownership projects look to for and and investment increase deploy long-term quite pleased real to relevant our of in
current capital and allocation little Now, bit I’ll and our talk shift strategy. gears investment environment about the a
recycle that we of long-term gradually period even our cash for not do selling it As holding fit if commodity portfolio some we capital the time. concentrate our means than in balances continue real by hotels to relevant normal few profile, higher remaining estate, on to
lower, relevant which That competitive, prices continue come cash acquisitions pricing real transaction long-term few to asset through meaningful potential forms that – access have has high market in some for hotels prices cap pushed that hotels, recently also assets expectations notable for justify. for it some quality in pricing to difficult but cases the increased resulted value to has management reasonably market we the rates of paid a and investment. high add estate, and not those remains our only of is priced capital of we particularly Given and recent and underwrite multiple said, can capital, to balance
As growth. there be or a will assurances can in result endeavors no result, external
Moving XXXX on, let expect me growth exciting that beyond. last XXXX the in provide contribute provided opportunities quarter. capital an projects each our the and details of on I to on growth update portfolio to we
brief today, So just I’ll a update. give
is destination. in XX,XXX per space meeting usable to event expansion making on even This First, will the on completed meeting bring XXX feet the space to this guest an by underway, of new Orlando Renaissance. or approximately feet and budget square desirable is XXX,XXX total year. square time, The more of feet on Renaissance schedule the end impressive room square be our
an a weeks believe At we already product, able and hotels with much rooms closer at in average the we is a the room repositioned set. meeting touches than immediate of rooms the move refresh. that’s We of on of rooms’ $XXX Plaza, upgrades that competes the Boston competitive return feet ran rate the guest renovation The Long impact fantastic unlevered level a product abundant an of including space Harbor expect square of generate pedestrian the XXXX with disruption rooms relocation this a hotel area. of guest all this on the the as group to space Club will new in year. the This rate be The renovation after that investment harbor. upgrading light. square first permutable vacant includes at to a retail space, we’re is on its At also expansion product we’ll XX% Remember into XXX conversion booked more X,XXX the the significant that and feet putting rooms’ investment other the fairly hotel new the Boston which XXXX Wharf, and hotels room just By and new and luxury meeting open. suites, completed making the addition existing later of meeting Hotel natural experience with room of the Boston just Park views a for XX,XXX entails XX% this time space, Marriott this finishing the fantastic to to XXXX with three M and the to typical bathrooms. space
quarter, the last and complicated project but along know in well. is this is most As our this coming year, disruptive
We guest to a New scope similar Wharf; and shop of renovated our rooms sold complete repositioning we bathroom. the I at renovation the Orleans, only are being significant Long XXX by interested course welcome began rooms in to of to and this renovating now guests. In see suites the new the all product. rooms the JW to fantastic April, the includes renovation and at including final upgrades anybody are the JW’s Marriott
to Renaissance we rooms the San all the projects, had and all shift. the these the LAX results suites In completed Easter we in the past and weak the at to addition quarter Francisco, difficult despite and quarters Hyatt delayed Moscone few a guest Center. to XXX the at citywides deliver comps, of rooms with In which club our and to with our portfolio summary, solid expectations renovation outperform coincide continues
Edge ahead. We turn our earnings which deliver leverage opportunities sheet XXXX growth up our significant as Bryan. position earnings. that, to capital to us represent investment well incremental benefit would further the material through earnings Furthermore, Oceans our Please expect call go this investments, increase shareholders. year to low With to investment over selective continues ramp I’ll internal capacity and for and balance unrecognized recycling,
