quarter on and everyone, thank morning, fourth Good joining you us DiamondRock’s earnings for call.
begin expectations Let management’s able and exceeded that by to the of full-year results revised fourth be are to high-end guidance. announce pleased were quarter me at and that, we saying
addition outlook our the Last fourth economy today, in will general from The our internal investment quarter we’ll you prior growth exhibited conclusion on in XXXX. good remarks, growth GDP year’s quarter. the details the we of for our of on the X.X% performance prepared to well fourth provide X.X% the anemic year. acceleration pending solid with mine showed results color as as value from covering provide acquisitions, on In to the program opportunities. At
overall and the that all U.S. picture is global a While I of won’t get review economic economy. growing indicators, into the
on as an of more company is to I’d the momentum little call on reform already than say, positive fact, our healthy tax enactment should In a last earnings U.S. provide more incrementally economy our economy.
of most industry. for and expectations of third lodging. a ahead was growth the from was X.X%. clear This quarter well RevPAR Turning of X.X% acceleration industry’s Fourth the to growth quarter
did recovery Without Jewish quarter benefit estimated markets, X.X%. more the from RevPAR hurricane the the have markets. two in Florida industry to Texas at experts those been shift is holiday growth and the modest by benefit in However, tailwinds and
Importantly, higher points see there. average. and RevPAR impacting a national trend XXX to we gateway below about upper markets the basis continue for supplying hotels of growth was results upscale urban
RevPAR our we’re Let’s turn quarter DiamondRock’s urban specifically results. quarter, a and points results. adjusted and happy basis portfolio upscale Overall, our expectations X.X%, the the our Please to margins as presented for performed comparable of their EBITDA press the hotels internal that as portfolio our release. gained stats with grew RevPAR hotels for upper fourth RevPAR portfolio growth XX in benchmark note defined in as market call, exceeded hotels XXXX the and which XXX the at all on quarter during of are such last hotel Comparable XX forecast. share. basis beat well the the as The outperformed
quarter. growth York respectable $X.X increased New and Historic a basis the spot room or total, service a attributable food million, Renaissance, restaurants for F&B was as The Chicago Charleston primarily our outlet for to margins good company, recently Huntington Shorebreak. Beach DiamondRock’s continued District bright investment solid grew operations. is F&B with profit XX% XXX performance at revenue points as X.X%. the our at to quarter, addition strong flow-through capital and In the from a those Boston, revenues the Kimpton payoff program, anticipated beverage Renaissance, in renovations and Gwen Worthington benefited better particularly to than the portfolio In and demand, from In completed
driver number a proud by guidance entire with our increase to RevPAR our full-year, place enhancement taxes. really the our was property the cost delivered of portfolio’s start with limit of of revenue quarter, of in demand. portfolio overall over range with performance, put team and our team controls The the growth at of adjusted want also rising million. X.X%, each should top light XXXX. outperformance high-end of which the of revenues and $X.X focused of points, provide strategies are XX.X%, revenues, line Healy, our transient details the represented and transient with We major contraction despite business margin in The we cost environment. operating EBITDA the in the comparable For our full-year Tom diligently a points on asset share basis increased that gained of total primary business gaining management three our better the COO, to market little to in traction understand third for XX labor To a you X.X the was we percentage segments since tight portfolio, worked on XX% segment, or hotel a growth
had drive team Our business in the revenue quarter. focused to transient a strategy
two Our Lauderdale success the the this Beach Gwen Fort quarter the and Chicago during Resort. were for stories biggest Westin strategy
growth growth was Westin We year. their quarter Lake our enjoyed business Historic and remained Marriott. for bookings segment, group of the the quarter, the Westin, the bookings In Renaissance, during solid XX% within Westin, robust, the prior and during from quarter and also year. X.X% The increasing quarter quarter-over-quarter. significantly business Boston in Charleston District group strong the approximately Diego City Worthington Short-term Boston the quarter revenue Salt San best the last Renaissance digits its Worthington which double had the business had increased the particular, at Renaissance transient revenue of
our full-year we up with business XXXX, ending X.X%. group are the the pleased For year
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on our loss segments. contract also negative into lower-rated was business other quarter season a and the business impact segment by natural snow quarter with leisure to attributable to start business slow shift about design actually revenue higher-rated and our of a out and strategy revenues, in fourth XX% some which Lastly, down in disasters X%, the were our approximately of were this There contract was in Vail. the partially as
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new the of been City have by additions. supply in surprised New ability outsized the We market’s impressive demand and the pleasantly to hotels absorb York strength
the Midtown East. and submarket the of are Our more insulated New within they’re well-positioned York in hotels transients-focused market as concentrated
for Both outperforming our up the RevPAR as Boston basis of points. the CBD was Boston, Boston full-year, RevPAR strong hotels another York expectations by points. this XXX that points us. basis by basis the internal For XX New market was collectively outperforming XX Manhattan outperformed exceeded our quarter X.X% market and grew Boston they
going XXX up the to the guest. in morning, some market year calendar from TripAdvisor. we last percentage our is is the owned number the this XXXX of X.X% backdrop, news hotels For challenges grew Series a RevPAR fortunes the also Chicago our World had we from moved this we weaker Chicago In to year, into Boston that of XX contraction I year. When is The RevPAR Chicago, citywide reviews the quarter. of hotels of combined In points program leverage to that out the Despite knew in X.X%. Marriott, great eight Gwen The the and the quarter increasing checked X,XXX-room good had comparison as to hit RevPAR gained luxury which of share which on Chicago, outperformed. citywide starting X.X hotel XX% calendar Chicago XXXX. in stride growth and we a points. paying and hotels market its getting with The dividends is experienced share hotel converted is a to the our Gwen, renovation the more in collection fourth
this We continue after beat to in its early hotel competitive steal we to XXXX. our million share set complete and renovation $XXX substantially expect
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comes Additionally, valuable deal keys in where to be strict are restrictions. development there our to add meaningful the market unlikely given with any rights increases in supply,
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discuss like Now outlook some in to XXXX our detail. I’d
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to the full-year EBITDA Turning is million, from to per for million to corporate FFO for the range – $XXX adjusted guidance interruption and FFO, includes to of EBITDA $XXX This adjusted full-year the lost reflects DiamondRock’s to Inn to approximately our for our full-year outlook share and profits guidance. few full-year $X.XX and the from a and million adjusted from range our at West guidance Renaissance. business One, are Sonoma $XX Frenchman’s income There Key Reef, full-year. $X.XX. full-year notes
are believe currently we working timing guaranteed. While is sensitive resolution is company with that in of outcome engaged fair that towards discussions fully covers all the insurance companies. not covers what losses, and is our a – The we
million we resolution based timing modeling size For evenly the inevitably on purposes, with the will though insurers. suggest vary and even $XX quarters four spreading over the
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During hotel in hotel San closed expect EBITDA. after on the an be the most to strong is in $X.X of million renovation, generate in XXXX $X re-launch the to it we to fourth To Stabilized return put an quarter expected it for order this a time cash the another cash renovation for XX%. million of over annual of provide way, renovation, Francisco. the incremental
Before mainly closely you The would has as a in was to best reopen the locations resort per Caribbean. over one including our to for resort I million that. been with investments. to out a work windstorm Frenchman’s on double-digit our the know, conditions. If fall, the government an $XX from world-class to remained early its will a forward budgeted Hurricane the until and total we part shareholders. USVI Hurricane yield for that last the and be and note our insurers for Frenchman’s Irma in move available continues ensure of the subject since insurance This rebuild, reopened and the strong the to damage, likely various profits sustained Please closing, XXXX million, closed $XXX is paid of resort has resort like company catastrophic Moreover, is Reef. is good provide DiamondRock a degree up Maria. and entitled hotel EBITDA to a outcome But represents under business losses, on to which as of policy performer for us to XXXX named lost policy interruption stabilized. us update to
both had DiamondRock internal execute to a opportunities. summary, on thoughtfully continues external to good value in quarter So capital and and to strategy allocate through a create
balance fortress us Our sheet flexibility. allows significant
asset our to work stick Headed And in create Our happy shareholders. to of continue hard to for we to strategy deliver. to that, team XXXX, any now answer questions. and with continues we be management value our would your
