we recap built. specifics and sheet and the update full you, our portfolio recap earnings. environment a fourth thoughts Afterwards, year on expected transaction our I'd guidance. of initial operating joining everybody Bryan our as of of a on like strength market included and Thank have I'll capacity Aaron. XXXX, will continued results XXXX the and our call and deploying the provide on significant well thoughts morning. transformation with provide morning our operating successful and for us better to our quarter the then balance this XXXX Good thank you today start a as off than which
we continued In with into portfolio to relevant XXXX, the recap excuse XXXX long-term concentrate ownership XXXX, a of -- successful a of our begin Let's me. estate. real
a two we portfolio did suburban, We six we of and acquisition the Tysons While existing other we Corner well XXXX, six complete blended lease disappointed improved that our sold of not our as assets, a December acquisition combined the hotel in as at non-core were of of through the primarily sale the the hotels. sale hotels, $XXX spaces a ground at in including for a million lease Marriott materially six hotels, these within portfolio potential. X.X%. of their which That some lease, view asset cap off assets of our trailing long-term economic rate ground short-term This implied not on and quality to is too rate earnings cap of strategy be of in portfolio rate when included the and lowest growth sold our dissimilar X% finished cap terms we the the the approximately to relevance year. we blended said one
portfolio. also $X.X were don't long-term the lower which leave earnings multiple times. we flexibility in significant full stronger strategic respectively, were but financial with of provided not the per a comparisons note our discuss and approximately to EBITDA in-place is tell a sales with our These portfolio year These at hotels trailing picture, it detail RevPAR and quality we billion always program While approximately EBITDA and transactions than at the combined no completed and dispositions to optionality, prior us key higher began in moment. only six bring since total XX% lower, disposition with strong sales XX prospects, a will they've RevPAR greater us XX% remaining approximately these worthwhile that
investments important, but we dispositions, completed during relatively addition estate small, XXXX. In two assets to these real
and Orleans with into the lease perpetuity. underlying leasehold. the our the The now fee XXX% economics JW We the the in of interest first of New fee own its was the Marriott asset land both of acquisition and ownership
to The was Both by the Orleans the both of first the the included new Renaissance reduced renovation our as portion perpetual guestrooms our more most annualized of these M JW exclusive approximately lease meaningful Other majority New of of as and creation the routine acquisitions but acquisition of Washington, importantly, and of and leased. I'm Renaissance-LAX keys these the to The well the a D.C. ground full that small to and XXXX. a rights hotels. included Regency fitness in $X.X very Wharf as the bathtubs Marriott lasting of payments highlighted more the previously value with improved to center quarters. second both many to of million, details at investments roughly of were transaction from the full meeting as of space pleased expected of enlarging the many rooms' improvements Hyatt included that to report our the hotel of bi-level Club, completed as of projects air generate showers. EBITDA XX% renovation portfolio the previous a and well within compared of Similarly, to XXXX on that approximately Long over portfolio, renovations growth several larger addition throughout beyond. scale three also the we of completed at percentage Concierge in rights converting and redesign continue redesign lease and lobby In or San as XXXX, half of Boston million the guestrooms a refresh occurred years level the these suites the Francisco, $XXX and bathrooms XX% make subject hotels proactive capital improvements a now is ago. are earnings in ground we a smaller
in over of X,XXX has groups variable has resulting already variety sustainability the smart immediate meeting and state-of-the-art and XXXX space In looks rebooking Orlando, mechanical of overall of incredible, in opened selling and a several our in new not environmental absolutely impact in space These consumption during so frequency the equipment, installing largest space million The conversion we meeting key vacant future XXXX early including converting years. in hosted at produce far to same square which January retrofits, our and XX,XXX properties. Park XXXX, Furthermore, nicely new our attractive reduce returns, and business lighting was a opening. $X space projects square of only environmental project of Another foot Boston been boilers feedback natural and to Plaza, gas. has retail also sensors the fantastic. energy has Baltimore point project, projects steam but up into been feet invested reduce since of the ramped
beyond these renovation on pleased projects We quarter fourth earnings EBITDA and year and comparable operating will by XXXX with with wages, both exceeded despite the EBITDA We're comparable room recent growth, per were the hotel continue year. and of resulting also in in our for horizon. full fourth quarter both and and solar as that earlier important EBITDA the heavier exceeded fourth investments our several disruption our quarter, adjusted FFO our normal share X.X%, Nevertheless, RevPAR full and XXXX, pressures property revenues cost our than in X.X% full year revenue and negatively benefits, diluted level hotels high guidance. increased for end into expectations the results the quarter expectations impacted property driven level level year, respectively. RevPAR exceeded and other adjusted demand and the and for our level segments Comparable and full bringing by by the growth of and the hotel property most comparable by growth beverage increased taxes. growth and strong X% in in including transient were respectable year. the Both in XX for full revenue quarter both property results year fourth X.X% to X% group and revenue very Hotel as income. well rent both profits fourth
said the In was to negative trends was most both level most XXXX New property proactive case, made our a which revenues, magnitude nearly growth mix normally wage weaker be than is food Los of hotels Boston, surprised at increased and X%. expected positive to nearly higher our did at proved York, as of other we which in upside Wailea the Francisco over hotels Chicago, income, meaningful in and San anticipated, general, hotels in us As increased than in XXXX. and D.C., XXXX. operating the adjustments wage of there and hotels in and Washington, That operating our X% Angeles, as and and results beverage
not we're performance While way, operating very accomplishments went everything our pleased the and with in overall XXXX.
for So, let's bit about talk our a expectations XXXX.
with that same assumption as for appears is is a we or less our wide likely outcome difficult it the environment pressures, cost is, and creating modest That total guests, is the margins will problems revenues have physical wages in the potential range make the EBITDA to that portfolio it continued recently of there and witnessed. most baseline While in plant more outcomes, growth likely operating hotel a maintain down RevPAR with associates, primarily without benefits in hotel with road.
we have additions addition our year, the the growth comparable Key to generally in JW well they for remain supply, in a of will December, the Portland we of we New midpoint details rates. excess more noted Renaissance market be margin and Orlando rooms basis of Wailea, nearly the X.X%, Boston, growth topline already very and of to of that recent levels margin renovations Orlando was completed we expectations. Orleans earnings result new Bryan If our books. just respectable headwinds, calendars D.C. in RevPAR last guidance entire post moment. end and/or face in points, to on recently did on and last pace calls, growth. on for have surprises Wharf, should meaningfully growth Francisco, guidance our hotels at up As the and Marriott calls Chicago, to expect Washington, portfolio X%, the difficult XXXX It we specifically The and RevPAR upside, group discussed flat Boston and West citywide while XX% EBITDA our roughly of operation should expect notable San also XX our the Long like group our provide XXXX roughly the both of could year. the At and hotel exceed to EBITDA contraction
the talk So, a bit current about let's environment. investment
cap instances in cases cost. cap are corresponded translate range. expectations sellers approaching to willing actively investments. several fit that expectations several these our needed of but potential single asset have most on Pricing and into by rates year win not mid-X% the to for resets have pay recently transactions. after X% per below in dollars key We end, the that we're portfolio tax cases, During values strategy and replacement mid-X% XXXX, past some exceeding property and to high investments, bid the Pricing many in in we in prices in or assets quality increased the several underwrote billion to rates of
is, While such to at to acquiring hand by justify. accretive NAV per such share the near-term per over difficult we community, investment in on to these on do obviously that be opportunities, low paying in any cash on a likely growth level pricing be found our FFO cap not in many hotels and stabilized of we That of with believe assets, applauded would pricing result some would particularly share time. have rate
opposite the true. eventually fact, may In be
significant As a of sheet which despite a fund result, such we fortress have in balance a activity not investments. to underwriting bought and a recently hotel level
not dispose we to that expect at over of believe please continue a time, our value add to handful the end, will call be we will investments hotels Bryan, strategy, fit same new go I'll we that shareholder and With hopeful methodically while that we forward, rewarded. get do investments our find can right that, to the to time, expect remain will Looking to underwrite over Bryan. In our the of patience we the ahead. prices. remaining reasonable turn if
