is you, everyone. start with expectations related booking our operating to Thank sell believe short in forward variant, also with pause of XXXX on exceed I Omicron the continued which current fourth in a subsiding. headwinds, will morning, to we renewed review quarter. and Doug. quarter ended through update And provide point term growth environment despite the which good pandemic book an revise our the results, post trends, to a now that our which managed even I'll our due some recovery,
begin with results. quarter our let's fourth So
by encouraged impact assets, October properties and of cancellations to were performance driven more and leisure-oriented very November. challenged Delta the properties acutely able that our take resort center advantage our in group non-resort were we of the our While the more to pivot of centric demand, and felt fourth quarter, were city in
Although pre-pandemic and tailwind become these them are encouraged we we And below operating weighed rebound. this corporate are our a recent as and travel year we fourth remain on in overall hotels into trends expect results, levels, urban well moving to quarter by weeks. seeing group the events
the headwinds quarterly Beach same bested related as leisure XX%. of XX% And the in our of fourth very the was the million, the onset driven since fourth nearly we quarter demand XXX on the above also represents basis prior comparable the highest at Total to occupancy which resort saw the quarter quarter $XXX impressive early We fourth rate $XXX by X.X% Resort posted will its portfolio revenue XX.X%, increase The the fourth pandemic higher than feat quarter fourth point shortly. provide XXXX. growth comparable from was an generated just ADR Oceans Wailea cancellations. quarter despite from rate The a properties. of XXXX quarter compared a quarter have of of and quarter booking portfolio Edge was strong XXXX a pre-pandemic in more XX% Delta quarter fourth quarter seasonality. prior XXXX in increase from given and quarter the we details revenue the by
a result two quarter these As best profitability generated properties this on impressive fourth their rate record. performance, of
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of Four Four our In comparable month and to as of believe RevPAR the disciplined revenue, to Seasons to going the Montage addition portfolio, $X,XXX, ramp are Resort onset our our impressive recently been of we as and outsized and Napa the rate We nearly hotel average to nicely which Healdsburg demand this continue Valley operators’ group of Across third speaks once of Napa our desirability Seasons getting great since business XX% make quarter significant to growth the events an to pleased portfolio, positions well XXXX. our from and in more the the and ability pricing approach saw again growth acquired daily to the a generated in up capture this come. increased which hotels sequential pandemic reception. forward, quality with and first have months in remain contribution ownership, two our their beverage new In meaningful property. food
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beverage quarter, quarter. quarterly from contributed quarter or total in While of approximately to revenue in fourth the third third a to achieved comparable similar RevPAR TRevPAR the growth increase X.X% comparable a the food in the was $XXX, and that of that RevPAR
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levels We which to hotels, have $XX report nearly are we believe increase. pleased business savings occupancies that our we lasting and million that eliminated sustained of as from even costs be can be will annual
have been immune from labor successful operators our operating pressures While impacting been in certain we have expenses, have our cost been that not industry. reducing
wage data precise of rates would composition over the staffing annual two hotel in XXXX, challenging, average increased to hourly in from changes approximately comparisons that XXXX our suggest years While have X%. rate makes last
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a operators deliver this pleased the occupancy wide portfolio fourth this range. of XX% the in to mid-XX% very historically profitability quarter, we're in we level we have maintained with While range -- remains below our again the with ability
seasonally to couple Excluding a better confidence million, exceeded in the exceed delta quarter quarter only the to below levels. margins cost our incremental the cost to have a higher headwinds peak stringent pressures quarter with spend, accomplishment we expectations more hotels, being similar Regency, to Washington Renaissance, are that room out in of Francisco demand XXX Delta be returns and ongoing is been prior related and the seeing from the the of two notable time combination revised XXXX. DC we cancellations. same hotel increased variant despite most EBITDA us margin and would able controls manage which $XX Hyatt and will impacted quarter, the operating basis of a lower of San the contributed early-November occupancy, we the environment normalized as This fourth of prior gives October comparable saw and fourth rates, XX.X%, along points and that The of was
continue in portion is while segments, larger normally all up widespread. future the We segmentation, saw our transient demand some a encouraging roommates quarter to more the Now of than case. to which overall becoming suggests shifting volume from is make signs
a and Our from average of This comparable total volume in at rate demand. our group higher. quarter comprised the nights total increase an XXX,XXX nights room represents QX segment portfolio the X.X% that in group group generated XX% roughly nearly XX% room was
business onset the since lingered the estimate that early the with number to in the November. was as is of the largest cancellations the group of group of the a and in lower from October rooms result group delayed these million project which travel this we of a occurred quarter. $XX that actualized cancellations quarterly by variant simply together million variant EBITDA We Delta While resulted impacted pandemic, of it $XX have negatively into resumption
For levels the greater contribute events and our group pleased in take them spend, hotels, at place we did to rates. catering that of higher were room banquet addition to see
its Wailea quarter it fourth Looking on in at has Beach Front, strength since of Hilton quarter future quarterly production Bay had the Boston fourth saw the the and production periods, for forward, group We highest record. Resort and all group was XXXX. production group Park during current best Plaza, been
activity. While on activity on had variant, group year a a the which in fourth late meaningful minimal the fourth Omicron Delta only variant effect quarter, the group in the impact quarter had emerged
the XXXX. cancellations XX% first for our books room and prior experienced also and canceled, we early cancellations quarter some total, However, the quarter room led approximately were that for rate In a higher. in events what variant XXXX. primarily XX% slated with occur in and at first February. in have nights a group it sequentially has generally which occurred is to to more increase impact December nights comparable These an group Delta a nearly is average the January, milder January of XXX,XXX XX% with these still in Even than from quarter, on than cancellations, we
are the that are of case in Omicron rapid the weeks, we'll in short we see variant, we impact and the and decline in group beyond lifting acceleration restrictions, additional recent counts Given optimistic term of moving the activity.
roughly distribution, further into accounted look will much component our where demand fact, as group pre-pandemic we total compose a room events business. third In group nights, that closely our we a of meaningful anticipate more more and our XXXX, total overall for will resemble our that segmentation of
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at remains continued the from increased demand. hotels number We levels, we quarterly travel continue at our nearly expect business to by to accelerate overall special quarter meaningful from channel volume this the third Francisco, growth in be corporate the overall transient to growth, New XX% of XX% the increasing encouraged Boston Despite contribution pre-pandemic special rooms corporate demand in our The of into XXXX. San only Orleans. and and with
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with pleased breaking could these profits record seeing we and at these already We assets the hotels are XXXX in very in coming two additional that year. what we currently believe for are see two
in contribution Montage strong Seasons wine resorts, of an performance we Four We Valley been ahead. rate our country two in $X,XXX well look the more first of recent also very our sustaining These acquisitions and achieving to of $X,XXX in ownership. received. the year average to month at the average rate forward Napa rate an Healdsburg saw have quarter two their with most And meaningful operating the results
and the We expect that impacts the Omicron early part of this year will the from months. be challenged variant lingering demand seasonally by to shift the lowest the
and the at year Our XXXX. preliminary respectively. time step lower in of is index November is pace had just and XXXX term of of generated XX 'XX, relative the of December came XX% of index to $XX a levels months been January in the actual, results which comparable short RevPAR back pacing for as in XX the and under from we January of final our last where pause are the same XXXX than performance recovery the we in reflective
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Our sharply strength transient weeks the levels. activity, shown approaching significant has booking December January pre-pandemic and in most in which positive recent declined is in
today, increase XXXX above and suggests corporate of Based to a range to increasing addition, to room we ahead we index relative coming on as hotel books a the to In to widespread the the that XX%. gains on demand in in is office be of March to of calendars more our citywide will These group the better be travel mid-XX% occupancy nights for in amount second on already and returned quarter. employees over then recovery the index path expect an February levels. comparable foundation already year. primarily what see and Starting be we a XX% RevPAR portfolio stronger could the pricing driven, XXXX as all
daily XXXX urban year-over-year $XX hotels. million invested hotels than we portfolio’s in single be the with digits portfolio capital our expect projects, group average We growth our rate in in to into percent Shifting and XXXX. growing more will for our leisure
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the condition, for While focus the earnings potential of great hotels expect value a a into our future on the remains projects invest to between $XXX exciting $XXX we XXXX in with and number and have portfolio million million and portfolio. enhancing of planned
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$XX the incremental to to to return on above in investment. standard result of our expect mid-teens million We a the cyclical Western a spend renovation will convert low
activity. Moving to our transactions
our enhanced which future represents earnings. by for In Sunstone meaningful $XXX rate noted and and portfolio that our has Doug few XX.X last of in we leasehold rate completed strategy drive no is The a have growth. sale the EBITDA, times XXXX better multiple have all yesterday, inability Magnificent hotel the announced months, million nearly was Hyatt $XX.X of in cap Centric an sold on for position and This million X.X% which transactions, a quality growth. earlier, supply and Mile. Chicago located a longer been of hotel a interest excess we was consistent As hampered with market to a
be for teams outsized allocation. a moving ways for travel our by portfolio, across we meet sum looking and we variant recent period we group capacity a recovery accretively we as and impacts that a a optimistic from headed are what year our To Omicron earnings the calendar strong believe additional books, the significant into support suggest move worst sustained are we data fundamentals. deploy rooms expect that we better on are XXXX, citywide together. that will into are in industry that demand Benefiting The able for are oriented beyond to year, catch we things group and travel to meaningful to growth up have and our business of And growth as we'll capital increasingly the events are the as would and with urban demand encouraged assets We robust properties. of pent up, up capital. our at actively we this resort see corporate will began leisure already
shareholders. to in With ahead. go please balance that, and turn to for value strong Sunstone our the Additionally, enviable is the sheet debt position Aaron, I'll over Aaron. to our it and use company capacity grow create
