everyone. morning, good and Aaron, you, Thank
recap recycling investing a focusing tenants a our began highlights, to portfolio strategy shareholder take strategy, value: XXXX, and some and and in to returning and execution Last in ended to with on the capital, I Before uncertainty reinvigorated firm X we we our create minute into and realize quarterly transition which place. year, get our capital solid with want to shareholders. simple
divesting Chicago. the began On the in by front, we year X of hotels recycling
While view and market capital was pressures, on better Chicago the and and we significant needs on our it redeploy capital long-term recover time decline to XXXX, investments our and return into that cost will continue opportunities. expected the in given future hotels near- XXXX those proceeds the and these growth to to was invested
those of Overall, fortunate Diego Hilton a to and Beach sold real were the the we of just of in XX% the Confidante We nearly San do Bayfront, with Miami and San $XXX million that hotel. acquisition to this this think trade. interest Chicago fantastic XXX% estate ownership was our a giving good The company Beach redeployed and We million acquire capacity sheet Miami $XXX proceeds of Diego. combined balance with
strong resurgence are and benefit Miami a to the starting the the for and performed of we in remains transform us in as second Diego leisure well into Miami Beach a XXXX, hotel corporate demand resort preparing business. sustained to this in in Hilton the from portfolio continues San year. the group standout in-house quarter Andaz
share XXXX, for of implies growth earnings have well-performing consolidated we rate are of to with And our ownership an XX% NOI. The additional cap asset. acquisition hotel XXXX forecasted partner's pleased on X% this
expected gradually business and San market. transient able Regency value as additional investments We Francisco. we and to that in at are identified were our to displacement, to in result positioned renovation is renovate the creation. the also completed existing better In recycling, incurring portfolio and on the addition of active Hyatt all XXXX, without we In returned to now our bathrooms executed of meaningful demand capital and year an several standard guestrooms hotel group
that concept full a completed expanded overall market we increase options, guest Diego, satisfaction dining San Hilton increase operations, the and renovation, an profitability. will At streamline restaurant enhanced including
space All food in continued brand. and We are guestrooms the underway the and beverage be is offerings, to turned the second and repositioning the will D.C. this Westin Renaissance of also are the half complete, completed phase, lobby and of being final meeting the over year.
headwind and renovation earnings expect flagship we to year this Our see is as renovated Westin. from a acceleration we benefit subsiding, later fully
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of returned to discount $XXX shares meaningful we to In of dividend the to million our element strategy is capital The XXXX, shareholders quarterly our at a reinstated NAV. shareholders. our by our return also last and repurchasing
repurchase our of opportunistic, of times. will stock consistent That have demonstrating ability our common provide remain will continue more repurchase to willingness activity common further $XX million appropriate our While a capital. our dividend XXXX, to in at and share repurchased said, stock, return we
operations. to Now quarterly shifting
with results in pleased fourth quarter that performance We Sunstone. productive an exceeded are added year with that and expectations for our our already the to
our strong quarter, from increase $XXX, rates XXXX. comparable During as with portfolio XX% average to last and year compared command a to the of a XX% continued daily rate increase
rates our urban hotels San grew prior saw to compared that as gains see our to in recently biggest across portfolio we expect year-over-year in XXXX. second year. in growth and for hotel quarter portfolio, well-located meaningful the renovated will rate continue While further our led growth XX% we a row, the a the quarter the Francisco contribute to and our
occupancy soon-to-be Washington, portfolio the and underway XX% Comparable includes our Westin the of impact D.C. was renovation currently rebranded at
year earlier, for this growth forward. going noted will of this us layer completed additional later provide be an I and project As will
the RevPAR near portfolio XXXX XX% revenue, our average of country continued QX in came Banquet levels. portfolio AV generated a was revenues from group up occupancy hotels, $XXX $XXX $XXX quarter Non-room during Including fourth X to up total was fourth compared saw rate. our daily in once XX%. sales We which quarter, a in $XXX from wine the again increases of and contribution spend. strong food per banquet a made significant of benefiting and at in XXXX, comparable for beverage room
which pricing been minimum The group encouraging groups with slower levels. beverage many their up XXXX. Francisco, hotels our banquet site hotels, to exceeding QX saw per and Regency strength larger catering has to activity night upselling been recover driven XX% in contribution Hilton XX% than over menu up on San and exceeding group of Bayfront was Hyatt several Diego food San room pre-pandemic thresholds. has contributions by our XXXX, initiatives, of
of a generated revenue of an Including $XXX. $XXX the available the total room approximately portfolio RevPAR spend, per in additional out-of-room quarter our for
total For than in XX $XXX came XXXX. at X% within XXXX with comparable RevPAR portfolio, occupancy the of points lower
For year, for the came the portfolio. total $XXX at RevPAR total full in
million also collected with revenue of proceeds related business interruption we lost During insurance the pandemic. to associated the quarter, $XX
has While policy, amounts limit, we are recovery no $XX guaranteed. under are continuing which additional a to million the pursue additional
the the for continue to reduce ways expense expense On pressures. last side, to increases we years we've and costs in look navigate the seen creative several over
with to have and We our optimize to offerings operators pricing worked menu and costs. food mitigate beverage rising review
areas ranges, able the hover to continues historic drive in to higher hourly certain high help growth annual While of growth costs. managers been offset labor our end at have to efficiencies wage
installation Wailea, the continued use. which XX% the looking savings, utility our quarter phase later that will energy the solar our investments phase generated of to panel see are energy and of this has resort's to recent valuable. costs, first year, solar our total second makes we to much efficiency production elevated forward significant The In fourth more which completing increase nearly
include hotel comparable our pressures, does business not EBITDA of portfolio fourth interruption cost Despite the XX.X% the margin generated proceeds. benefit any from in quarter, which an
in the basis below with same Excluding our which nearly quarter D.C., achieved for points lower under which was renovation, XX%, EBITDA in hotel XXXX, nearly only is XX that of is XXX occupancy. points margin even
to maximizing we As our optimal is bring level. on focus as into EBITDA each to occupancy XXXX, portfolio its aim hotel move we
to segmentation. turning Now
Our same XXX,XXX volume QX X% the segment XXXX. in group of average night in total room in nights roughly with the amounts XX% XX% than of total comprised higher comparable room approximately quarter, represents portfolio quarter demand. the group rates generated and historical group
QX While the typically Comparable trend for nights, and as XXX,XXX at production in for group higher are XXXX trailing QX is and group in the higher more a books which of Corporate future is continue mix, to to Association comprise groups. the relative still total on all these a rates XXXX, positive production periods room segments and comparable in those revenue rates was QX majority and put revenue than QX current XXXX. increase what XX% we X% to
For year, group rate. the but nights, of at a XXXX room at was higher production XX% XX% full
share. Hilton compression largely in groups and Bayfront's nonholiday market QX, in to was production due periods, created which strong drove
into addition a recent desirable California social to ability is space and layer an Our that event feet result opens a our that highly X,XXX provides waterfront of experience. event events direct and indoor/outdoor signature group a up lawn of square more Southern stunning of
Plaza business our capacity. Park modern flexible its in-house food space strategically to the contribution. overflow, XXXX Boston yielding hotel to placed Again, substantial feet late of citywide beverage X,XXX over increase add meeting and square group investment allowed group
drive Boston Regency and Hyatt contractor continue transient at quarter, government corporate transient business, performed and travel of approximately in rates terms in uptick significant the accounts, negotiated of accounts saw New to business At the levels from at see nights levels XXXX increases special pre-pandemic $XXX XX% quarter came XXXX. our or volume government higher technology, the total consulting leading year. corporate In JW for nights in room participation an the Marriott Francisco, we San consulting and XX% also to professional for of with of the XXXX accounted finance than continued in in in Marriott comparable well the Orleans, bookings. defense from full which business accounts to for services same Wharf Long XX% roughly
the into early we transient seeing move are trends we bookings. XXXX, of pleased we by As the are in part
XXXX. the the urban of XXXX. and business saw robust year, this transient from last levels. our we our as government contribution The from higher booking group increased transient more seeing hovering remain end ahead. we the XXXX point weeks, few is events. about mid-teens see X for the XXXX pickup activity been prominent strength contributions A at volumes to velocity has and year months corporate outlook for improvement to the at XXXX XXXX latter what variance the next the far of performance we hotels Based in short-term most part accounts below are corporate to traditional and with so on relative in levels, in bookings we meaningful just surpass transient continue demand encouraged Lead higher in our For
historical booking closer groups was of their have pickup the averages, group seen underscoring the quarter the in in Our quarter higher for trend to we than events.
with portfolio higher lower is first nights XXXX for Pace to offset XXXX down for by room comparable half the X% of only the rates.
our compared first Excluding undergoing positive our pace significant up half flips renovation, volume. to hotels pre-pandemic X% to
of help While some with of do nature shorter-term the as we patterns progresses. additional work the fourth in have still year fill third second to and the quarters the business the half the group booking year, should in
group at to So in in activity strong our the quarter, compared Washington, far, strong and booking calendars and both San D.C. Diego have we hotels Francisco first QX have last and year. seen Boston citywide for San
our We should see these benefit which from to hotels pricing market strength. expect into translate in some compression, markets
and Group the booking time pace same Renaissance first Bayfront Hilton quarter our of XXXX. ahead Orlando our is in for at
generating these X properties trends spend. and quality of are group positive group is Country in Wine assets meaningful high, at group's also the Our the rates extremely with ancillary seeing booking attractive resort
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in significant expect morning, this guidance. material earnings As Absent EBITDA of release growth we the a XXXX. in broader economy, our slowdown year-over-year earnings we part reintroduced
across the corporate short-term patterns, booking of Despite providing the level environment the of Given for additional profitability expenses. will guidance and year are the contribution still believe and assets I meaningful this the be soon the will this This of our XXXX potential will from portfolio, the should near-term reflect specific to underway or provide completion portfolio first Later, equate specifics quarter uncertainty will supplemented certain of the to earnings beyond nuances years. full the the results markets earnings our an various our by of year, nature that our the and in layers important and profitability recovery renovations as not ramping for year Sunstone growth in the additional macro benefit recently are full the we estimates developed growth our disparity outlook. current growth distinction, from and Aaron given is year. multiple coming
Our our in and XXXX benefit XXXX portfolio and shareholders balanced allocation in will approach to capital beyond. our
earnings First, work some customer growth from resort out-of-room ramp, the spend. positioned to base our resorts but well will enable with do, continue Both focus luxury strong should we is that year. the to on profitability. wine better now mix, increasing average daily a country XXXX, them to for rate sizable second these resort balancing are and half this saw meaningful each to of There significant business group drive while each more XXXX see resorts in order softness their group leisure resorts amount benefit in a of
acquisition partner's with strongest XXXX. books Diego continues the XXXX, the one group the in of Bayfront meaningful we in-house San earnings of additional assets of ownership in performing to expect XX% and San our exceeded growth on be Diego Hilton for considerable Second, XXXX XXXX. our
we to our across the portfolio San second will into Westin in XXXX. The will provide hotel ability made displacement to The long-term expect a the of the D.C. be Despite the XXXX growth. of add headwind in XXXX. completed investments our to of transformation at is increasing year, last growth that Francisco during continue the earnings headwinds turning we renovation investment business first year over group the half Third, D.C. accelerate tailwind. Renaissance XXXX, during will into half this our still
XXXX In Long XXXX, Renaissance which construction of investment begin it and XXXX. this will we Marriott complete in the will we multiyear we remain for on layered our experience thoughtful add during that the Beach. is value displacement have our while importantly, the And will We begin Andaz the quarter. the allocation rebranding Miami year, Beach believe second and creation. provide growth more and rebranding Long Last capital the growth will to additional and Beach, to
move the things quarter in up, sum us To as performance confidence XXXX. gives into fourth better-than-expected we
our for growth will continued in Our group-oriented the years travel business properties. resort corporate catch and robust well-located at events assets and coming demand urban see to up demand with the continues already as leisure
quarter year, last in our growth Given a across well for in the remaining Omicron and ongoing are year-over-year opportunities XXXX. see positioned quarters earlier the portfolio growth for headwinds we strong the first of
portfolio and our turn last some long-term give Additionally, actively opportunities Sunstone sales continues to Robert, that allocate growth We additional capital, transactions winning value investing over on with new that, repurchase thoughts capital to it upcoming owners. and proceeds capital to will our a this is shareholders the share formula I'll over our recycling dividends. And believe returning in Robert through to into year to ahead. our provide go investments. and
