XXXX. are and growth I'll quarter review morning, of for some first Doug, point everyone. current good then the that of continued start seeing trends we the you, a on Thank remainder with and operations commentary quick provide to
off Despite of the the portfolio start quarter, exceeded and expectations. half Confidante and early to Finally, our pending The results of luxury back accelerated to meaningfully to variant, February, contributed initial lifestyle in Miami January Beach, Omicron to its highlight resort. Andas demand acquisition the our getting Miami due will and of that impacts the in lingering across a slow a our premier transformation the I Beach,
and properties resort in by to seeing of the sustained our our resurgence we price more group-oriented demand are are from continue at encouraged a and more and insensitivity, January high and leisure. hotels hotel event XX% urban in benefit we corporate demand as degree from While rebounding. travel as from March, widespread is only diversified Portfolio away occupancy grew nearly to increased XX%
or On remained the side, have levels our disciplined our the majority strong approach maintained in management hotels in operators rates their pricing quarter. first have revenue and of the with XXXX at above
to achieved XXXX. quarterly Our at our ever West. these and daily driven Wailea rate hotels, the a highest resorts as increase of quarter first average comparable ADR This achieved part meaningful a in portfolio for $XXX, X.X% Key growth is in by compared
XX% bright Non-room of running hotels acquired is in the combined We they particularly from it sequential $X,XXX quarters a first the and a rate initial significant average to Napa April. third These $XXX again into generated generate are growth daily generated significant once market. Seasons continued recently Country in of impressive ADR spot the of and seasonally and up revenue, a positioned fourth this the ahead revenue the quarter with move is growth two of for EBITDA XX of to portfolio Four beverage quarter. average $XXX XXXX. Our season at during which high their food second our saw $X,XXX, quarter and at occupancy. as are results be increased rate hotel nearly a In our XX% made in assets quarter demand total impressive lowest RevPAR considering of ADR Wine first a which and first quarter underwriting
due per the prior levels contribution group from a and was room hotels. quarter spend first sales AV QX basis quarter pandemic. driver activity occupied was Banquet above primary and While in was to our higher $XXX out-of-room spend group at outlet our protein banquet the the per the increased the XXXX, room on to a was in of achieved
additional these or an TRevPAR $XX increases a approximately generated Including destination per most in of rolled the now our meaningful total revenue total our room have quarter RevPAR $XXX. saw of facility the and of to as also been spend, for out available We revenue programs portfolio hotels. out-of-room in
Turning to costs.
While permanent immune operators annual cost $XX been operating industry. $XX expenses from our not including the pressures our we been reduction successful million of that cost labor reducing million savings, have in impacting in certain the been have to have
changes challenging, in have suggest an at composition rate approximately our over data made last staffing of to precise increased rates the hotel from two average would years wage comparisons XXXX that While XXXX hourly annual X%.
in moderate optimal satisfaction service range there ahead, to Looking rates X% the is in that delivery, somewhat the in recognize we profitability. need pricing and and be anticipate should wage X%. with and growth to We of associate a will guest balance XXXX hotel
drive to practices with possible. and work benchmark best efficiencies operators where to continuing are we So our
additional and looking can are waste for we through also cost We where reduce areas energy reduction. efficiency
Resort our first of $XXX,XXX in utility costs. and of installation, The provided phase roughly the XX% Wailea since at is place hotel's in Beach it saved the monthly electricity has solar and over farm has
are Despite hotels other projects like these some the of quarter. only our but EBITDA our cost initiatives We pressures, also sustainability for are generated the XX% as a environment hotel comparable evaluating are margin not they for good returns. good during
margins this pleased with first are low to of the in low this pressures While normalized is gives environment accomplishment exceed ability the our a able XX% more we This we prior confidence very profitability seeing peak with the maintained have be historically range a returns we as level deliver and that and at operators the again us quarter, are to occupancy to we the portfolio-wide will notable operating range. cost levels. remains in XX% manage shy
shifting segmentation. Now to
of rates from roughly and XX% XXX,XXX comparable was XX% quarter group the increase in Our for the quarter with current our total night room average total nights room QX and prior a group the same were quarter consistent with group XXXX Group XXX,XXX and segment the XXXX. volume first a X% generated portfolio comprised all periods in future room higher was demand. This in nights that production. represents than quarter production
and impact Omicron roughly In than total the saw transient of our accounted pre-pandemic lingering The quarter of comparable that in the quarter lead becomes as levels the terms remaining of variant the office increasingly same and came business, companies to of acceleration XX% at for widespread. was and in the XXXX XXXX. higher in which in transient the nights corporate $XXX rate February we we in recent are room to seeing the special lower more of to quarter, XX% but travel business quarters of return positive into should that led January levels demand signs
and I RevPAR pre-pandemic encouraged leisure March, our meaningfully earlier strength demand very rate for saw are than and rates Properties of As we April, average again we mentioned in continues robust higher in tremendous on XXXX. about to accelerated both demand outlook which with into more Resort the the Based levels. Oceanfront be at strength
to equates $XXX, X% an portfolio When occupancy comparable month Our we increased rate and $XXX Country preliminary $XXX. the of two April recent at of the XXXX. in RevPAR RevPAR where start meaningfully results the are to ADR of acquisitions, $XXX down average total nearly Wine and This were year. respectively. at XX% of for just results from add reflect a our we from improved the These portfolio
during corporate continued summer citywide sustained and year of increasing spring will as return We group the calendars growth expect support that demand functions healthy the amounts seasons business of leisure progresses. strong vacation and travel, the
higher in are an approximately are This trends our this levels most overall a only is volume XX% imply April group for in were Francisco, Orlando, corporate the room Park pre-pandemic in that lead corporate advance. that for XX% in XXXX. same At XX% the short-term a bookings There that time for of San demand just XXXX. activity. would for XXXX of group Boston three through few group weeks second is -- higher our to weeks the night corporate and large booking year this, levels XXXX. saw the we time challenged training booking fourth one quarter rate recent from hosted a is event event pace average room than has pre-pandemic indicative of last In pent-up back markets the X% at Our booking period pacing week down only XXX revenue the events at And we year was we increased quarter as seeing nights booked Plaza, in and are which of clear out. than been in
patterns levels. nearing pre-pandemic booking are transient are forward and portfolio's improving Our
hotels. today, hotels daily in seeing of each Based XXXX our year-over-year levels portfolios XX% strength compared at uniform will that be for could year comparable not digits for percent sharply all second could only are group the for across and leisure quarter the as average to our XXXX. on recovery XX% starting down We we comparable urban be the portfolio with growth markets, in of we what While the mid see trends be single rate expect high we positive the and with growing levels demand anticipate the occupancy the of hotels. that the than will balance more rebound to to
average to challenged We hotels Moving transaction of lower active quarter quite these $XXX with in gross of our of activity. for market We were growth $XX a million. redeployed the proceeds the sale million combined three first in a meaningful into share, an shares times proceeds repurchase of discount our and XX.X forma of to the own per our NAV implied pro at price at accretive XXXX multiple of estimates $XX.XX on EBITDA. an publish
in release you the the In of off-market transaction. remaining in we saw our purchase addition, Beach proceeds Miami into The recycled an yesterday, Confidante as
significant We record are and renovations creating excited of in-house value-add our successful upon opportunity, draws track through proven expertise this and repositionings. value about which
fee-simple, on are purchase our X.X per the sits As of we $XXX,XXX million real under acquire estate oceanfront to noted contract for well-located, a $XXX price which or key. release room XXX acres of in resort,
across an lifestyle portfolio resort the completion expect approximately to key the encouraged the the The million will The repositioning, move works we in outsized profile where begin past is well a operation, investment utilize premier similar XXXX a our as and point oceanfront Post into of the our reached success valuations and in all-in we to get displacement sum will April. To renovation enhance are quarter occur in long-term and of contributing is complete in XXXX, have portfolio XXXX. seeing the reposition will and well as continued are at to quarter and to basis by assets also balance capacity growth in work have generate while luxury to closes hotel of to our up, the in and expected prudently across Andaz expect under sheet Andaz total remainder offset Andaz. yield for significant any Miami then in a things Beach. year per month. the the own remain We in with we trends know are beachfront of we the March luxury first believe of renovation earnings expect repositioning. brand of inflection to and composition key our $XXX,XXX million. X% recent on we a we The X% will playbook with unforeseen to approximately resort Hyatt's deal that as work we it hotel half second our fourth completed renovation to when upon great excess a starting starting growth renovated XXXX our $XX the eager more of to the We had Beach the invest is barring of our any additional bring circumstances. and a this currently Miami we will $X growth when better in per phases a expected in very debut portfolio this attractive full addition business in fully we next market This completion the hotel hotel resort balance our the team of
growth the trajectory about excited are portfolio's forward. We going
business and demand that to in growth will for at up properties. robust outsized group-oriented expect see travel the resort well-located coming as with pent-up our the begins our already leisure We events quarters catch and urban corporate assets demand
to our sheet Additionally, the Aaron in go continue turn strong value I'll our Sunstone to to enviable debt ahead. shareholders. use grow With it and please is over capacity Aaron. to the create position that, balance for company to and
