with transactions operating the the continued which update good yesterday. that will current effects FFO doubling an marking additional enhancing results, as XXXX. I provide of on quarter return review And point third and XXXX environment start trends, EBITDA first and value the hotel Doug. everyone. despite will the for Delta forward more into expectations Thank Doug fourth to growth with announced the exciting the which quarter you, exceeded the prior mentioned, the our a and quarter, booking operating quarterly in and time on provide morning, just than were some the variant. I'll I materially positive of Last, details to since
of above to primarily demand third in and a was July, grew occupancy an revenue and average came of second only million rate variant. quarter $XXX Delta an was quarter point and seasonal demand travel the not lines. the both comparable in over XXXX. also a were increase vacation to strong of from XXXX, the bottom by but then a patterns, for nearly that peaked spread the and the of short-term and season the with XX due quarter sequential third strong second that increase on pause partly operations moderated August due results driven of from also portfolio just Total as begin leisure the which let's result result of typical quarter, XX% stronger So but summer XX% in the September, in These the the top
nights with XX% to increased occupancy quarter. standout in from growth the While nearly compared remained room XX% increasing to demand transient second segments, the benefited and all
higher rate Healdsburg, Our total Montage And average average even was $XX second daily nearly $X,XXX. quarter. the excluding of very when ran a rate portfolio third robust quarter which than daily
higher the strong and rates our rate $XXX desire in strong healthy quarter operators to New portfolio to than demand allowed in beyond push Wailea. growth pre-pandemic ADR Key certain and a travel in A contributed came Our of in third and We Orlando, markets meaningful U.S. leisure for West, far consumer levels. over just achieve XXXX levels. comparable Orleans,
Beach In rate astonishing rates their Edge fact, to as XXX% pre-pandemic in saw Wailea Oceans by bested XX%. and XXXX compared Resort increase
and second In XX% and increase the achieved a increase Combined destination higher the to hotel of revenues. in approximately non-rooms also catering generated beverage revenues per by addition XX% with occupied representing parking fees, over in stronger room beverage of ADR, revenues XXXX room. a increased contribution food the third out quarter spend quarter. Banquet second and revenue occupied a by room performance, per stronger higher increase food occupancy drove to quarterly increased XX% XX% group the second as in of levels. rate compared the spa with also growth and and achieved from $XX $XXX a increased as quarter in $XXX, RevPAR spend Other comparable quarter
approach safe focused we million believe of on and nearly deliver permanent to reductions. and working hotels, we with be from which to to Year-to-date, expense costs, been our costs our achieve levels ways amenities we Turning $XX as all a will for while enjoyable efficiencies looking have not have be We guest experience operators eliminated need one increase. lasting fits appropriate a and a size And service enhancement every sustained savings that even to will and occupancies pricing and there's could in business be to hotel. profitability. and balance recognize levels with there margin
And so continuing to work we portfolio. ways identify the profitability with our creative drive operators across to are to
EBITDA XX.X%. quarter the During margins comparable generated our hotels of hotel
that demand below once and historically, XX% delivering low to increase portfolio more a occupancy represented a non-room cost maintained higher we expectations XX% contributed significant permanent over While is stabilized reductions to range, us to mid just and achieve combination margins a gives of higher we EBITDA normalized the that returns will more accomplishment the able other stronger controls this margins at be below XX% quarter and quarter. wide expense confidence third two-fold level. than revenue, rates, prior of The a exceeded is
seems demand for to travel at well established While point. this be leisure strong
of was year weekend rate portfolios with our of average demand highest of at In the XX% night fact, Day an occupancy Labor of Saturday nearly $XXX.
business are and seeing trends group as transient we We that expect we in will accelerate demand both also positive forward. move
Let's group. segments starting take these in a at of a look detail each more bit with
in the While increased activity marginally second event the quarter the driven traditional year. for increasingly and corporate was opposed the only only to is of the two in much nights. from of to demand that association the of group more note rooms is quarters XX,XXX more room quarter the third business that we composed group and the to important What total saw group events first comprised nights quarter as
the to and in and XX,XXX the the group had association business room to and witnessed room continued and quarter primarily than operations. late association Beach October. meetings The of quarter New the impacted and business that group the a than the events Approximately nearly generated in in We peak and Diego X,XXX later sign incentive previous variant association Day the increased pleased in quarter hotels experienced increase from behind path at grew room producing $XXX primarily rate incentive certainly a our quarter. cancelled, XXXX. the in volume of third fourth summer hotels largely variant of business. are as variant skewed opposed Marriott decrease cancelled, have and a are Hilton which which five San a into began cancellations, Delta were substantial The corporate very normalize group and have were as corporate coincided JW we September, for Orlando, decline occurred post our fourth events nights Renaissance compared Orleans lead on our and of in of business year, believe the of higher is Resort quarter group volume same XX% in Delta in overall of reaccelerate spread corporate to with lead Labor for August, The and demand the group return activity group a nights. EBITDA majority rate group we at experienced headwinds with Delta towards to levels quarter attractive of Wailea were events and a were that and Corporate from times August to of case us nights return X% nearly the in these production. the business in quarter very and room X,XXX more cancellations the business approximately counts meaningful a $XXX in of in and XX% association higher traditional welcome a was our While earlier nights group room group and in as
the fact, fourth strongest expect we quarter the to production the year. In of be
hotels, make have room For of group group up. our large our room fourth picked been quarter up group two-thirds our of five nights nights forecasted which XX% already
in witnessed from transient room higher during accounted demand. total increase Total of San in third XXX including Moving the in a third overall Park hotels rate for second XX%. Francisco, contribution on the by XX% special more than compared corporate Boston the acceleration of came Plaza, XXX% our corporate increased nights Chicago XXX to Hyatt roughly our the was X%. to quarter. encouraging rates in of second quarter the meaningful of the with Even an to The quarter room of Several the transient the which business nights for quarter. at increased and rooms more travel transient special quarter, Hyatt number
transient more their we levels. third our into transient pre-pandemic return XX% pace the week widespread. continues companies accelerate increasingly every as and quarter to becomes booking and this transient office business to While was to business Future grow only XXXX volume expect travel
Edge premium Orlando, the earlier, with I XXX% achieving of properties rates our growth underwriting and have and including demand. and resort at Oceans and saw Wailea. rate As Montage West, that been most Napa pre-pandemic approximately has strength aggressively our levels also pricing hotels leisure able XXXX. translate montage, the very push exceeds in Wailea. Orleans, New The Oceans Wailea in the our Key achieve operators that respectively portfolio, in to evident This a into been to across Edge We to ability Sonoma, Beach quarter $X,XXX Resort healthy rates response compared Healdsburg mentioned of in level of outpace in to it profitability seeing should increases of rate for XX% third quarter, at rate and leisure
operators have our substantial increase implemented. pricing Given the
scores given strong satisfaction $XXX remain to An We a are quarter and guests ensure hotel's competitive, long-term a closely Wailea especially that than achievement peers. with to third balancing luxury higher positioning. command us TripAdvisor rating feedback are rate profitability continues monitoring near-term XXXX. despite our we impressive of each
fourth As are we encouraged move seeing into for October. by quarter, we the what we
month Our reacceleration peak up August made preliminary and $XXX of nearly approximately and October July, a our is respectively. daily of second results month XX% for demand by XX% of above a is XXX and show the XX% of average and to of RevPAR with rate. only September occupancy RevPAR
with the completed X,XXX the focused December levels events. At newest future square, potential quarter, provide and work and Bayfront, including benefiting margin. current strong capital capacity $XX an on In business San beverage year drive our at the during a food in projects, hotel trends, business Shifting we will of on meeting Boston continued the the holiday space we of addition to in-house a foot and quality from into citywide space to redesign ability million a group expect experience July, we completed square will and Given profit portfolio we higher Park of reduce our give of indoor Diego concept reliance incremental Hilton its that to to third strong total the a enhancing market host guest the options, Plaza’s of finish a better increased the portfolio. the with on leisure and and earnings that a invested group the season. a November to transient end rates demand
of out Additionally, unused that feet Diego, high looks space quality new Diego in meeting San we converted X,XXX square Bay. into the space San onto
transformation end to by be renovations be we and During space D.C. the the the occur the able on in to the make space quarter, guest while is also the West soon Washington The in will on continue next completed. rebranded the host renovation rooms work of Once the group to and meeting progress of ballroom business and XXXX. the will rooms completed, year lobby is meeting will be hotel year completed
captures share with receiving to as look planners pleased brand. and the meeting hotel the the incremental generate are Western growth it We higher will in-process reception is and forward rates the incremental conversion under from event the and
Moving on activity. transaction to
Doug and future announced transactions yesterday, acquisitions. our provide additional and enhance portfolio capacity for balance As sheet that noted, our we three growth quality, strengthen
expected of non-core onset room sufficient after completed asset Westchester the First, we Renaissance from operations pandemic. XXX the were million net million. market was be costs on $XX that approximately that $XX sale This the after challenge sale removes was flow the the termination in an The the cash at a disposition hotel proceeds drag forward. growth payment of demand and severance proceeds for a was gross approximately and of to reopening lacks going a asset to and the fees suspended Marriott
This and generated the of is it is can sell real to key. per value perfect or under of from million $XXX,XXX the for tremendous embedded are relevant XXX a example that contract ownership Suites a we Embassy be estate. $XXX.X the Next, La approximately Jolla long-term room outcome,
parcel. generator, to better productive a and addition sits buyer highly In will We on to to phenomenal a hotel entire optimize desirable be high Suites to being able sell a the location hotel the real and able Embassy the quality that estate. capitalize on were cash its
are to close $XXX proceeds to sale quarter. mortgage the approximately expect fourth We after expected during Net the loan the million. be
the is are estate. located famous kind Seasons Resort acquisition asset relevant a Silverado Finally, announce long-term one on of the Napa terrific the we This of Valley. to Trail real excited of example Four a
development resort purchase meaningful a of discount the We million its $XXX.X cost. for to price are acquiring gross
which in Four wine is room full XX in space will acquisition one Valley value Seasons The the the abundant Montage, leisure asset previous is surpassing and along and already expectation. to winery the suite rated our inventory luxury and highest most destinations of our four addition also to price our Between Seasons the of in Four resort Healdsburg, complement vineyards includes nearly acquisition. its with XX% and wine we supply prior Montage Napa sought country. approximately of vintages. of country after have of perfect and the constrained The acres and the event investment and the April, amenities. half acquired the elusive we In a the in
Napa the Resort the long-term premier The our space. luxury We leading Valley and will portfolio. the with our In addition XX% earnings Four phases and early establish own two assets of a of elevates its of overall and and market estate. consistent purchase luxury ownership of strategy of XX% position Seasons relevant our country, is of inventory, wine approximately further potential in the event room the with cyclical stated a real quality recovery, acquiring of
earnings benefit sum meaningfully a sheet share we leisure future as demand expect of balance Seasons deploy mix. group expectations third from demand, results our travel exceeded up, To improving of We for more strong strong steady an business things to to result our per Four continued contribute and travel. and quarter in leisure as improvement capacity the transient
Although based trends in quarter reaccelerate have have will information, expectations these recent demand for due moderated that we variant, XXXX. are we to quarter continue the booking and related the optimistic seen fourth group the into forward Delta fourth cancellations on and weeks in to
sheet I'll provide our the levels. the Furthermore, Additionally, our create call additional to investments company go and our to Aaron, we over capacity to debt and grow both will use closer internally with position Aaron. that, to growth balance for the demand in as ahead. shareholders. And are turn moves enviable to and externally, travel pre-pandemic strong value please
