our thank and and earnings, XXXX, which We'll review for of and operating results Thank including quarter portfolio. full-year in Good morning the the call benefited with you, Aaron. continued everybody joining today. successful today's us you begin a better-than-expected investments fourth from
the our our capital fortress an XXXX provide our specifics thoughts XXXX update environment to provide review allocation. sheet initial I'll Next, will approach the of and guidance. balance discuss Bryan operating and on Afterwards, our on
portfolio we within of see last begin from long-term the few to Let's continued years. our last the the investments a year. In benefits recap XXXX, made over with
increases and stabilization. have these we of resulted San few the Francisco meaningful investments, in gains the Plaza Park general Hyatt reached including properties yet, believe renovation in these that RevPAR and over Boston index last profitability of Some years,
which expect the hotel we from investments gains Orlando, to including from a as However, from to at groups, last new from the the keys multi-year Renaissance renovations up, Hilton San benefit the and larger the Hyatt continues from and index other RevPAR Wailea, XX continued benefit completed earlier continue higher ballroom is from the to San in at late year ramp at added in rooms Francisco Bayfront attracting Diego the year. quality these the
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trash such more recycled these to to more materials our reduce focus as ways incorporate important items increasingly renovations. reclaimed and single investments renewable as of on ESG use containers, bags make usage and plastic continue will we use our and to We energy, into straws
sales remaining than $XX the portfolio into concentrate X.X% Courtyard forecasted addition as LAX which our real basis on the our NOI, XXXX price on is portfolio our In guidance. XXXX price interest points year cap to initiatives long-term capital roughly cap XXX by rate last investments, and disposed we ongoing equates calculated the full recent lower the recycle share continue The and million. estimated rate we leasehold to year, estate. to Late for capital relevant an our of to our implied in
is, respectively ground was subject picture, XXXX a that a in the share for at per further Real case lease hotels than to implied our the lease one one by our our the to That reduces the price, remainder approximately don't consolidates portfolio XX% the well always of into of and ground This lowest we full and quality XX% EBITDA current portfolio. worthwhile Estate that hotel's our exposure, Long-Term lower while key and tell RevPAR comparisons valuation. RevPAR Relevant it's and note lower sale excess sold was
our With of remaining one to ago. with in the we pleased amongst Additionally, to the rates very several ground approximately reducing lowest hotels XX% reduced hotel portfolio, one the over from our XX% EBITDA leased [ph] are only actual total of in years our to of or down air assets success sale the hotel last our REITs. leasehold lease ground exposure subject three levels
a full Fourth comparable basis revenue a growth about RevPAR and talk portfolio operating results. challenging bit year X.X% Now, exceeded RevPAR high-end X.X% portfolio and high-end increased comparable fourth quarter and points total revenues X.X% XX in year results operating let's increased prior -- bringing or that to up and year. guidance over full are quarter the respectively. our our total Despite pleased were we the the little backdrop, came recent our for
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end grew the room guidance. roughly revenue quarter room flat. year group growth our expectations while of to Overall, X% transient and revenue fourth approximately our full exceeded was our contributed a revenue at XXXX, high During RevPAR
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expectations La from the renovation was weakness City RevPAR in saw we York disruption Bayfront market Jolla, Hilton at in areas a addition, Francisco these growth Offsetting year, market the and hadn't we the Baltimore general were very DC, Diego and solid New of still place Renaissance beginning that XXXX. while strength the San of early In growth better-than-expected and short, in Washington, market fell year. lofty posted the the the at work and in the Chicago, processed in Portland San city
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and despite impacted a higher basis X.X% labor and increase program wage decline hourly a quarter still cost fourth our productivity also improved, revenues. margins we from comparable in were by X.X% loyalty a in reduction to negatively in quarter, expense EBITDA profitability and in point XXX fourth portfolio property increase comparable While portfolio contributed rates, insurance the in X.X% constrained a
Now, our XXXX. turn attention for outlook let's to our
levels operating for San XXXX. XXXX assumption Francisco total demand be including to in markets strong comparisons RevPAR in hotel tepid RevPAR in limited but experience baseline growth. our anticipate challenging standards, the is of environment be similar majority solid growth performance to witnessed XXXX, expected that that XXXX. will Our its have is this revenue We year-over-year to will of year historical the expected by given is in that the and
persist New markets citywide in we Boston, DC. Washington healthy including and expect York the of In with That strong West, headwinds to anticipate and calendars, another those deals we addition, said, as Chicago, year Key in elevated supply. with new in market growth
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Finally, we as one XXXX expect again be once hotel the share Beach and Resort Wailea gain performers strongest our to of expectations. in to further surpass continues our
a hotel roughly remain make line property While costs. Collectively, we RevPAR primarily see up operating of of pressures total expected flat, and our benefits, to in elevated to items half these three wages level insurance. taxes cost continuation and over is just expect growth
in resolved ground rent scheduled may related we Hilton the are engaging Square be at a Additionally, later Times year. not that to the dispute increase the until
and receive a will we During this period, appeal refund, will and appeal. expense record with if are our dispute higher successful we the rent
capital years. XXXX a work renovation work in to limited prior should -- the From in is and renovation fairly disruption our less perspective, compared result
rooms, nine year of The is public exceptionally bathrooms, better the and is market. and outlets. the hotel renovation in of to complete repositioning position full beverage meeting guest to addition Portland well. all new and Marriott is this hotels of then project currently lifestyle spaces, primary the the redesign and areas XXX underway many the the intended Our rooms which of all with guest Portland, renovation work The the going the of food independent includes compete
displacement total project. in $X We half million of to first revenue the this connection expect in incur with XXXX of
for As level group already we we which the XX% we've of crossover X% the several move year pace on current and portfolio up XXXX, years. is into had in last is books, the the highest our have that over Groups
year and DC, the San to to takes the group Diego already and in consideration and attributed for identified related attrition $X Washington Our first guidance revenue full cancellations Coronavirus. roughly loss quarter San million into Francisco,
is fees additional We revenue the $X this loss impact million expected be so to transient some of expect bookings, to mentioned. net through than cancellation and less mitigate
XXXX which growth impact to from portfolio. accurately negative and for or on not and Simply, impact our RevPAR outlook is materially growth, mean our what for can margins our any too additional a our earnings our expectations include XXXX. travel note could it hotels if for to Coronavirus to and were the profitability assess business, impact guidance early global our impact it important However, have earnings do economic and on that the
So, let's investment current bit environment. talk a the about
pricing As Estate. on the Real on continue Long-Term we struggle we've prior to expectations discussed with Relevant calls, current
of cap we an XXXX, dollars compete billion we assets prices the several but end, cases, for of after the X% mid-X%s to these into many for pay needed translated resets were in investments, expectations underwrote and range. in quality rates remain elevated cases, to the actively We've to rates Pricing strategy fit and During in below not cap our mid-X% portfolio tax willing high transactions. and several single on acquisition. most potential assets that been property in
recent valuation, our company hopeful Looking hotels new term. that forward, prices. underwrite we of range the dispose use investments liquidity means find believe expect continue and will short to strategy remaining the opportunities we our be Considering likely of of implied shareholder of resulting size expect price that to the not our the the repurchase shares, right remain best even continue At reasonable will value will we in the the time. the at our that stock own if we our the to excess shrinking that add fit over time, and do to to same to
our this authorization of to reason, had for repurchase million $XX million of we new purchased program million. size a of $XXX Just we the from increased which share $XXX
said opportunistically occur to be is we before, share and dependent. be As rather our not will activity programmatic, likely repurchase price
please turn over Bryan, will Bryan. call the I that, go to With ahead.
