for this and and morning, you associates The impacting daily managing impact teams and today. challenges you I I thank that of doing continues opportunity joining sincerely COVID-XX the thank the us well, Good hotels. would our management to pandemic hope healthy staying are day-to-day to our lives. each take like life. at to
possible and these their times during without dedication, outperformance would unwavering unprecedented strength, be not Our hospitality.
across The throughout for history shareholders value third-party in the our time. been and groups guests to we Apple and Hospitality. groundwork adjusted work also performance lenders and our long-term with the the exceptional have during continue collaboration industry. management for have recovery. effectively an they've the have We This to is new I especially during care unlike challenging our thank team our to seen work long laid environment want environment ongoing representatives, and preserving anything at the operating our with serve communication lodging and maximizing brand teams
ability decades, two investor strategy transactions compelling returns level asset-level producing have volatility refined a and we while through past economic the Over in and hotel mergers hundreds and sales, multiple unique corporate developed its throughout and mitigate cycles. of investment risk to
cash than indicated calls, expectation created it's travel. strategy portfolio. REIT significant we and greater we cycles, from in With operating asset-level more and flow. challenges experienced our we would highlighted among has our operating lodging were prior generate environment we publicly a current meaningfully specific lower recovery many among On leverage, diversified peers operations, be our first our the first underlying positive more the of merits traded benefit prior than and diversification the of that market rooms-focused in less While – to impacted peers efficient to
operate occupancy our low us to open of and sheet, late protecting equity to keep of pursue preserve hotels ability leverage early to and enabled levels our efficiently the in in and Our balance cycle value us at the stages maintaining uniquely a our recovery. our low positioning opportunities discipline
rooms-focused Our potential the rely hotels not and on group large appeal business group proven broadest of do with have customers.
all for cycles. XX% top Average model, with at phases month quarter for hotel April, quarter. to hotels key Our worked managerial revenue strong the And increasing to the our FFO occupancy current occupancy we management to internal Since quarter. million have upscale areas and the over positive performance second reached service points our the October. combined $XX of positive we of improved brands pleased the and hotels, are to with portfolio select able retain approximately sequentially closely for association our in month have approximately of of for strong occupancy EBITDA approximately from third historically of the our those identify million of XX% of economic by value keeping $X staff opportunity open, the led level proposition XX RevPAR with September were report during modified with and approximately sales By resources and the to percentage environment.
operating our anticipate levels. Hotel by the not demand metrics predict in and the yet market, has XX% and third in demand improved been from do of will down RevPAR varies performance we variety With trends, at our available targeted pre-pandemic certainty growth we to XX% market second hotels by generators. in in of to the cannot demand quarter. driven occupancy, while current growing a significant quarter return wide strategically have changes occupancy down course We with our when in year-over-year
uncertainties of Given the in provide the the yet for to COVID-XX company. depth duration position outlook related and we not operational an the are pandemic, ongoing to a
and exceptional our cleanliness, fewer flex increased a fact willingness employees enabled been in practices Hilton, staff and has has public utilize roles to effort demand. to ownership strong of our Hyatt highly the full We our have for the an there market is been through scale best to given our have flexibility maximize meaningfully on especially at manage. hotels outlets share In hotel within focus new The based to Marriott, The on on take beneficial management our of to collaborative to where profitability. efficiencies their with property environment over service in service that to our less the sanitize, we XX teams. level hotels we than management compared hotels, hotels with platform cross relationships have to experience and optimize and hotel benchmark been multiple more industry space ability time, years active participants and cycles that and have developed teams select
convenient been options our food scale to able have guests. to continuing back We while offerings beverage for meaningfully and provide
While we the allowed the significant with to flexibility us continue performance. modify enabling us have and potential in improve operating discuss brands to operating long-term and future they help market hotels, maximize amenities to to interim, margins level by services our models at occupancy
trends investment Historically, hotels consumers work XX over focused to will and goal about on that the offerings their competitive we the markets. return new on dual remain enhancing we months, rethinking next brands remain several of demand relevant by As ensuring XX our with standard with has our with lagged and within months. supply the the
and have hotels. trend XXXX, some supply not our for bodes continue across first we we allow Getting that disruption supply. beginning trend and to have that construction see over starts portfolios, hotel XXX new headwinds While our in markets, seen several in should we without decline next well expect the in yet new our incremental rebuild a years, occupancy XXX are sector acquired will hotels hospitality a assembled sold with to time new and from eight meaningful
and a also both XX completed We as scaled closing portfolio and have year, done individual transactions, have single hundreds of buyer property seller. over in deals,
of a and for In ensure into to our relatively profitability a October, be dual-branded in while all Place in transaction to Tempe, number these Wisconsin, using XXXX. of industry the Madison, a over total anticipate volume anticipate million. of a for will we continuing that and active meaningful Charlotte, Instruction our as the XXXX increased While we a disciplined August, $XX conditions we XXXX assuming gross House we investors. contributor elevated approach which and XXXX for the track are Homewood price years, met. sales for of on Hyatt extensive experience course, contract development our Carolina, Hyatt returns deal purchase in Inn over Garden each sellers enhance million in contracted sale portfolio be drive approximately of into has to participants, In acquiring future of hotel early to Arizona, price intend XXXX, both for anticipate We by on we in assets the buyers XXXX to come remains in closed levels for transactions been which in in past and several project, million. and Suites the approximately for with $XX and and closing to will low remaining our entered $XX of market North we contracted We operations in transaction years. Hilton that XXX-room an our our overall hotels Hilton
expect to $XX,XXX mid-Xs We cost represents or which met, are closing PIP mid-Xs If excluding upon reserve and per contract within a The rate during completion are call, all a pleased X% next after terminated XXXX Suites the Memphis, recognize on contract, a FF&E the numbers the be conditions of sale. with the our necessary for key. during renovation the terms the cap completed discussed we of costs of quarter. assuming gain Homewood we months five to sale buyer which to their our the a and last potential in
and liquidity, this Although not hotels a buyers in create and number are need an to active property our portfolio. incremental are real equity to of sell with potential our local we for exploring of discussions mix direct include immediate uses in groups, a have additional operators do hotels we owner buyers investors alternative private for estate small brokered who relationships. both properties These and
potential ensures part their to reinvestment, which our attractive maintains their market long-term and because in of buyers competitiveness. regular are hotels Our relevance
invested years, our the $X.X over billion portfolio. have existing in we Over
result these market portfolio strong guest a benefited share. and on-site and the As management from investments teams, outperformed our our of of satisfaction consistently measures on quality of has
projects anticipated capital, non-essential million. $XX temporary for improvement and renovation With in postponed an spend we've the preserve reducing the all capital approximately year, XXXX by of effort our brand easing to requirements
approximately capital expenditures, nine COVID-XX. million spending of XX hotels of XX, an XXXX, during capital the in September to We onset the months expenditures prior $X year. million at starting renovations this in we During ended additional invested completing $XX the remainder anticipate
highlighted to to manage the flexibility exceptionally strength current well-maintained young underlying well of the capital with has liquidity. And current fortunate are and entered to we incredibly positioned. are downturn us portfolio, strategy. economy necessary resiliency our have a the portfolio preserve and allows relatively challenging We near-term as our the This which environment expenditures recovers,
for as financial our outperform and on third-party in results geographic to It's will uncertain our investors balance our hotels, ability strong with diversification, and with management, am Our relationship security performance upscale, pleasure our ability environment exceptional Apple my during periods our market. weather detail rooms-focused to economic across our and in our who prosperity. experienced turn at brands, additional produce with strong over us our I data-driven broad managers, to now confident team travel the approach affiliation call strong returns Liz to improves. our asset of provide to and our the sheet times, the provide current
