morning, everyone. good and Aaron, you, Thank
ranges. end was We the operating high priorities and exceeded achieved profitability expectations, the of that continued our are quarter strategic above pleased our our on to with performance in that deliver we first results guidance as including
nearly prior XX occupancy Our average rates portfolio the and daily from performed year X%. well with points grew up
What of seeing meaningful for growth is are of impact we variant by While is that move April, saw to point towards and comparable March and January from and events. into the transient growth which particularly Omicron February, what business continues to in and away growth we cleaner periods. we diversify composed also into is pleased continues easier comps demand are more occupancy year-over-year travel made in even sustained as demand group encouraging leisure just the
highest higher-rated Hilton amounts space years and fact, Diego group the the top in Bayfront of Orlando group demonstrating for set that tghree and of San our were both large hotels revenue ago. all-time several the hotels Renaissance profit quarter occupancy demand were transient demand replace to strength of Renaissance In larger with Orlando, business. two The convention we discounted an the added monthly events and in record of meeting additional success corporate the able March,
basis, total highest comparable continue achieved. of ADR to is command a in a increase with the increase over from the XX% has first strong XXXX first hotels on last Our ADR quarter year portfolio quarter, an and rates $XXX the portfolio X% which ever
XXX%. all together Long Orleans, points as growth XX San of with growth RevPAR the Boston Beach, in XX% convention nearly led to and continued again, urban with grew impressive Francisco, San up rates biggest prior growth, year-over-year occupancy Diego, wasn’t Francisco double-digit the see New to to nearly But the and the and year. and Hyatt hotels once portfolio as compared of XX% Regency San the limited Our The to gains. in Wailea an led quarter rate quarter gains rates drove
RevPAR quarter XX% range. our over quarter end which The led from of the rates of up comparable up properties in the a resort resorts, combined is quarter, nearly And performance impressive XX% for guidance growth prior in of first combination first in which the high was portfolio XXXX. of to XXXX, the result given rate X% growth are the year. and a first rate of Our occupancy the an generated total solid record $XXX,
XXXX strong Non-room group per comparable QX, XX% of benefiting room, XX% additional approximately the revenue revenue from $XXX of spend was quarter, the to XXXX came continued in basis. year. total available up during in up activity. $XXX, room increases in for sales Banquet and RevPAR from first in to Including group of portfolio our $XXX an quarter XX% per a generated the an out-of-room increase last on
the expense On and to costs over expense pressures. increases several the continue ways seen last years to side, reduce for we in navigate look we’ve the
historical seen able efficiencies of higher hourly drive and to offset some around moderation While to costs. high continues wage have to recent the have help labor growth hover in ranges, been end we areas certain
of total the improved for prior with comparable given working group review a beverage which the the margins an offerings total first XX.X% XXX which and than beverage for QX, food events. rising portfolio cost to margins higher costs. were our of volume year, higher from basis basis and of to mitigate XX our beverage and a and XXXX, last optimize portfolio margin is than higher increased portfolio generated menu the points operators also substantially in and result the direct quarter points Food year. of mix pricing is pressures, EBITDA Despite banquet Food
XXXX, DC, under Excluding points of the is even occupancy. with renovation, in which which comparable XX.X%, portfolio consistent with same our nearly the was quarter lower nearly is EBITDA hotel margin in X
aim to as optimal its occupancy move we to on we to XXXX, each our maximizing into hotel continues focus be portfolio bring level. further EBITDA As
Now turning segmentation. to
total all in quarter room higher represents to comprised rates, group Our XXXX. in we portfolio nearly room total XXX,XXX revenue pre-pandemic generated the was in what revenue to QX QX same relative approximately leading last higher, more and X% books higher for X% at a amounts than XXXX of production of future and was over group with nights, current increase demand. XXX,XXX on XX% roughly to Group X% of production periods put the the volume rates the room than segment year. and night XX% quarter, in X% in comparable total average room approximately leading that group nights a group XX% QX
saw of of which quarter, XX% the same roughly levels the in the business, $XXX terms total for XXXX. or In than in nights higher rate room quarter transient we XX% comparable in at came pre-pandemic of accounted
we group to move XXXX. are with where grow Based where the the we is travel, XXXX, of portfolio. we driven group are pickup across than opportunity Pace the events. into encouraged closer the by have higher averages, higher underscoring trend groups historical for nights volumes running occupancy seeing the increases this business believe room are remainder XX% Group have on average We the particularly a increasing, balance volumes trends that is and year than we portfolio in in rates. looking strong. we our our further our far have still remain of business XXXX, demand. but remainder both for what leisure, production most As and their of pleased well-positioned seen we year, year transient healthy are into bookings, so of outlook seen transient we about by Lead is and for the with the
majority come market, meaningful on for at is XX% Group seasonal will rates some rest demand for and pace resorts the the which relative of ancillary high-quality year the Wine to X up of the the very spend. events, attractive our Country Based year the quarter, new will Hudson and with Despite the Montage second generate us is views, outdoor hampered resorts a patterns EBITDA last it vineyard from of not enlarging bar pristine our poolside that destination their Healdsburg, rainfall lobby stop quarters. and and the year restaurant. did results creating with and third full expanding at in first mountain indoor the Springs, in composed
last expect Westin year during that to today, has the half fourth resorts team a see hotel we on driving the renovation, on lead DC quarter. which from growth of be profitability. of displacement in the and a the of we The the they Based second to the as final second stages will business what downtown, continue completed two these EBITDA which during group meaningfully contribution of The has to D.C. increase the done season. year. half transformation solid books from Renaissance re-branded XXXX fantastic for its the is should base managing and meaningful will The for job XXXX, the hotel
over In progress the start also of making our a now, represents we returning the completed we since a the at $XX to strategic of XXXX of total an Since priority recycling earnings. investments and portfolio million are the have further yield combined that third estimates of our year, on which shareholders. we approximately year we attractive repurchases, start brings our of to capital to our million per consensus NAV addition and share to $XXX completed the on capital share made compelling last price into discount
and addressed the a if in our choose. Diego San preferred the balance $XXX existing further the XX% in of interest the additional position. sheet split refinancing Bayfront XXXX of extended loan Both term our rate fixed Additionally, mortgage in rate maturity of Last, debt advantage year of by our we $XXX and secured we at bolster took million line by Hilton volatility only strengthen new liquidity bringing an transactions total. quarter, debt with can already we healthy for that nearly be market to our X-year back million swap some
in things the as sum further XXXX. into gives we us move better-than-expected performance first up, To quarter confidence
Our allow XXXX layers XXXX multiple balanced from years. of approach will growth coming allocation benefit in to Sunstone to capital and in
when capital challenging, recycling to sales priorities. transaction significant strategic we our a and our long-term to remains dividends. through capacity the investment opportunities deploy provide new share we this allocate proceeds on execute We opportunities owners. returning arise, growth to to believe into and that investing in and continue is capital, repurchase We our value winning will And formula seek will shareholders while portfolio, actively to our retained environment
on that, it give additional in-process with to Robert upcoming some thoughts I investments. to over capital will and And turn our
