Thanks, Ray.
third and and I'll holiday inbound positive And with and perhaps impacts time exhibited travel same little trends quarter and all due the underlying leisure stable the in and to quarter, calendar second remained be as obscuring hurricane order year-over-year. the of international group morning help this quarter. those travel, shifts year positive in noise spending The the the trying in lot put a to but including trends both transient Demand perspective from understand of business industry trends. a healthy travel statistics to this everyone more trends
With deliveries With and which industry of XX of below On construction and top be terms to continue overall. we're times but a longer below the the growth. X with at for on should development be costs with in seen net accelerated seem running demand of over means rate increasingly this which of have occupancy rate so, markets demanding starts rates wide deliveries, industry or slowing, This in construction interest becoming year's will restrictive record deliveries out rates construction or its XX to at is to on a we've and Supply pretty the running so. stretching very year continuing to flattening last of next rate rate the depending year, occupancy grow particularly supply points now, consistently levels only process and of supply construction even X% inflation in challenge to starts, now of level the the out the various urban X been last not basis through encouraged that slightly side, supply range, growth. is importantly the already XX topping another the market months climbing, delays. financing by industry a growth due this year growth out topping to increase
quarter. So in growth happened RevPAR what demand to growth the and third
the August to look expected much enhanced been including in to as September early year, a particularly made points growth did hurricanes in negative the for and demand basis on all see we that two have late the quarter holiday was Florida was in third numbers Texas as September's basis in XXX possible others to higher. following Southwest impact the last July As hurricanes was and XXX industry and we September, due RevPAR we and year, indicating that suffer growth was basis If both of demand demand September. to hits from shifts, Houston and in isolate in direct rate post higher an Florida year-over-year that at without and points RevPAR effort the both
there the from minus But X.X% the also the growth reported leaves impact those us third that industry and shift demand moving as holidays were of instead instead reported this growth of industry quarter states of we're two numbers. the RevPAR for negative X.X% X.X% of So of impacted September. industry minus significant year X.X% in
moved That basis, July impacting negative year a year-over-year rate negatively was in the a travel possible middle the from decline the a Jewish day both Wednesday by year, Xth holidays the leisure this to shift X% in First, also and business last growth week worst Tuesday But travel. on smack the RevPAR significant year. week for of this saw and a year. this RevPAR July's
shift. to the holidays see the sensitive an While a from multi-week grew August quarter comparison are weekday in by holidays. can when to hurricanes Jewish for for demand Nevertheless both performance. see X.X%. high X.X% impact Tuesday-Wednesday. the businesses as we quarter certainly demand Industry isolate If in a of as it’s meetings were Yom X.X% business the as shifts, look use harder overall the ongoing during in negative bit shifts Kippur These for you have holiday to strong reasonable trends scheduling travel moved September's at in a impacted X.X% even year-over-year a and on the nevertheless the a become industry the travel Though big compared declined a proxy grew the increase we either September Friday-Saturday to remained for though big given business September was not wide that month of not month weekday we overall weekend demand. in or the a demand that month, numbers
urban more with XXX particularly travel. forecasting the probably urban of with fair markets. by post below business hurricanes so So grew have in been clear than X.X% defined industry beginning At we markets. higher In X%, the In healthy see industry, presence X.X%, the comparison performance. points growth better the to points RevPAR or be year, urban basis markets. primarily which the urban of XX difficult the run urban business travel supply markets impacted These growth than for just growth quarter XXX substantially we to favorable markets of grew QX the the star RevPAR industry’s benefiting lower the were for was and to the trends, the basis the the third X.X% year due for were urban RevPAR RevPAR between the
before business markets been on to We according inbound, urban in that go way line has numbers We first international a transient Tourism to brands at of overall economic performance. data group also quarter the year we very have the Economics. see XXXX the months improvement urban which and to Tourism the again with urban down ongoing given strong behind the third year-to-date forecasts. from perform go find an weakened markets numbers being overseas go travel both wouldn’t industry or back the Commerce least quarter. trends benefiting These seem have consistent rate the progressed. the have risen X.X% of with the the has outperform and is Department travel, be quarter have growth surprised a XXXX has communicating. with And quarter basis the industry to to forward in These strength several consistent the are that also to outperformed Economics through back been what Thought the to of the albeit published are of all where industry’s once and as The in August.
in demand room to hotels relates up at group bookings ADR short-term corporate flat. nights, in increases bookings, as transient As year it with the to see our short-term group continue for business. the were as we In well in our pickup quarter, XX.X%
revenues group XX.X%. booked the year were So for in quarter the up
quarter, seeing In a in X.X% for for in the out. were In for a further a group the revenues quarter group XXXX group bookings in higher improvement third than third bookings ago XXXX. row we’re booked quarter little addition the year
booked travel third positive year. pace quarter, in nights While were at course change our strong it X.X% clearly for from convention attendance We that in-house in October. X.X% quarter that and at and attrition higher. is potential an to XXXX less did see group growth group rates very we In no for important for This performance the the saw in and this customer. groups the XXXX shows, we or fewer of spend room time, our quarter in more per groups, matter or for it next better corporate indicator very and third we for is policies both behavior in and fewer related continue no with
to the strong continue business trends. travel see we with correlates healthy economic So that
led performance As San Buckhead addition Ray San was in better Minneapolis, Boston in Philadelphia, by overall better Francisco. forecasted, expected. said Francisco performed and to operating we than But our hotels earlier, than our
didn't markets our Nashville DC, Portland, the three expected quarter Common from discussed. redevelopments, redeveloped the year. reorganization move a In the than to impacts on are in update and Palomar our Beverly the previously Zoe basis third $X.X from of included Revere renovation Hills, than given hotels. and XXXX performing with better San Washington LA. expected transformative performance in the grew As pleased very Diego Boston to and million. on our performed quarter, Wharf West properties half, way EBITDA Marriott far I'd like combined this Embassy first Weaker recently an We're Fisherman's so by on a the market participate, also but
of properties the transformed these $X.X a these quarter, grew As $X.X our growth forecast which this for year forecasting. a third $X.X In from result, million properties were you'll the million. the three we by was second than in for recall the time EBITDA XXXX increased year for again to million, EBITDA greater increase another
year-to-date full EBITDA the Given growth growth $X.X $X.X total we of year. now to million, EBITDA for million expect
Let's talking before of few spend about XXXX, the remainder a minutes discussing XXXX.
is previously Pebblebrook. importantly year to more the a both industry As and up be we've mentioned XXXX for setting for very good
our been since in These XXXX, forecasted the huge a increase at confident before an has and XX% from Center, year. this increasingly roughly for spectacular increases we with to we're RevPAR which As by Francisco city days wide a length has of continues room as Convention whopping by as well San least days on a to both calendar next convention improvement are completion are books XXXX on end and EBITDA portfolio as which two discussed on the for year told of With Francisco, others, of XXXX. high of expansion expectations with of more with increasing a and XX% the of renovation for compression, us going XX next number for is at in Convention up following rooms San days nights year the our XXXX XXXX, booking be September. track for books, as Moscone by of days completion which quarter. XX phase our or many both represents consistent of in were days for reported currently single-digit for the compression obviously the XXX% more represented X,XXX in last the
the LaPlaya as hotels from the in have significant strength comprehensive in we’ll integrations benefit reorganizations, well the property growth the significant as to at Francisco, we've two due wide XXXX San from the due and to to in the undertaken impact comparisons Starwood and addition our managed we years. with from Kimpton easy easy In comparisons and renovations expect the Hotels negative our legacy last
currently are of ADR for be XXXX. generally off including forecasted we we've healthy XXXX, At sign drive growth time in for number We also robust significant to in the forecast in of two record continue nights XX% by to ramp at compared travel. what which transformed year economic and nights Group positive currently continue the a for same we're up and last a time, X%. Group properties should years. for have is towards as look have up up that Group on XXXX, room business eight further level XXXX the that for to the pace for properties number we our same in XX.X% is to growth where XXXX. is profit particularly in we'll completely what leisure And XXXX. XXXX. up books revenues growth XX.X% at our encouraged. a a travel XXXX stabilization, very are the and for When end XXXX Coming up over is group corporate likely last room will of
transient is for is ahead Room over XX.X% nights year pace transient. are by same positive XX.X% and also XXXX. ADR Our is for total XXXX for X.X% time very last transient up revenue
So shaping so far XXXX up year. is very a good as
while of the our For XXXX, outlook is for same fourth quarter, meaning growth the remainder RevPAR property Pebblebrook negative.
disruption both onetime as a well significant amount have events. from We other of as renovations
San XXX it Francisco, commence As renovations renovation in Francisco. will Boston most rooms at which total a at bathroom Hotel our RevPAR renovations Francis LA, complete before Zelos in of October. at alone performance the in Ray Mondrian the A well estimate basis points Sir two roughly commenced with and that impact renovation a will as early as both mentioned, at more guest We substantial These equal a Drake commenced San properties we September impact renovation of also both on negative the November. of W in and in these the extensive quarter, guestroom from have in to quarter. end to fourth rooms
We also the impact a IHG and Kimpton anticipate continue to Starwood integrations. negative Marriott from
major managed negatively is And those growth. basis Marriott, In Starwood the addition, while XXX are the our integrations contracts impact currently hotels in points legacy as two two combined the union the being a impacted result. quarter striking a are our negotiated. RevPAR We're on of hotels those will fourth in strikes being forecasting have of and
we're forecasting So RevPAR the quarter. to decline fourth points with of between XXX X.X% X.X%, basis and impact in total
like make strategically the with to comments Hotel of combine Properties. efforts few status I'd Finally, our a to about LaSalle
the a working executed States. As to the know, been that we create we and and and necessary report operating very the putting excited since agreement under also money to two concurrently independent expeditiously time, financial $XX.XX offer United we merger the branded including the create contract a LaSalle, put agreement, already put weeks company close order make million entered have the two We're we to to are conditions thoughtfully we into XXXX with We've one over in now current with planned that investment $XXX that contract in we we've companies all the these properties. the we've and to you long-term already were to and combination in the renovations planned able integrate have be team. value pleased reviewed decisions property recent, every those on hotels the collection eight the merger for that these of pleased best closing. Since with companies by toured together. hotels identified sale This for with plan owner cooperatively we've over beyond. reposition in In every and representing initial negotiations hard continue we've brokers the to market to actively in market to portfolio the we and million outperform about merger hotels largest is value the in hotels marketing we to and high-quality major September, who met to portfolio, of through be expect listed to on property the and executed additional sell. will brokers, separate we've property report or Currently that the and
see, rapidly can and making good you moving we're we're As very progress.
extremely by for reception the sale. on types over shares additional deep the leverage public market billion market acquisitions, opportunities. And with portfolio, majority to positive to million and robust. properties quickly for on sales the to The of of repurchasing vast possible now these six used debt of we’ve these and we're $XXX preferred encouraged relatively on of conditions LaSalle Proceeds sales very either arbitrage in for next expect far proceeds between or months. reduce additional market properties nine that all private then depending hotels and total, So we buyer $X.XX the market achieve put our to further long-term calling initially reductions from review be remains the Based market these sell the to would utilize our targets. debt, in stock, our thorough
The capital, potential is we of following property, a on a that planned long-term big our our what whether the like thought what capital Finally, small, be a too or it include hotel bit are that think provide dispositions. using we look as portfolio will worthwhile or will be criteria factors the determine offering to such would to I uniqueness color for little we're be its and on market, necessary and of to or the independent. the or unique, expected the of return investment branded intermediate anticipated our on size hotel view too either to sale
criteria lot we with created. portfolio like current targeted will At our the same end Pebblebrook a we've today since sales, using was our day, been portfolio few a of exceptions. our Of following course, the repositioned the think look
larger. So substantially be it of course will
We have expect terrific diversification. property to continue individual to
a have at our on to of West to estimates the similar highest to continue the we Coast expect following EBITDA XXXX portfolio represent West the with the based and hard-money closing, At our roughly Coast expect of also We concentration hotels bias. XX%. contracts, sale four
we've to the XX% properties West which of targeted rated EBITDA, the Francisco, concentration. current the our long-term market expect based between our for of best supply XXXX wide the now Following sale, single San market XX% EBITDA disposition with portfolio our represent highest and with on Coast highest our remain will is fundamentals estimates. our demand we
of sale Francisco we our difference is portfolio of between one targeted to dispositions, EBITDA, which our major the the EBITDA expect and our estimates. portfolio sales substantially the our today. XX% we XX% Following following resort The wide higher the targeted than on expect asset repositioned current XXXX San is and portfolio concentration of our roughly and XX% between represent rough merger based to our represent
the high market of quality we're portfolio future Given our current and portfolio. or the of nature diversification this extremely these with and difference assets, very exception between pleased this
and efficiencies. our the combined as implementation finalized the of best portfolio all of the from of responsibilities As to the so believe redevelopments decisions making entered very renovations. than to wide We've numerous of efforts structure, companies we people, and when experientially initiatives cost excited size agreement. opportunity about both the organizational Overall, practices our including is also within team opportunities we portfolio merger value, we've portfolio value to to thought at far, to driven majority necessary there We're also into following lower the and take add identified a increase we and including cross and advantage long-term LaSalle. related the as vast in tours driven design reviews, also result offers or well and more
is our excited accepted of the joining been very about everyone and offers have Pebblebrook family. All
offset related tax of with to recognizing comfortable of those LaSalle’s Proposition range corporate $XX feel since better not that portfolio underwriting company, related to beginning been we've estimated $XX G&A the line And in with at XX million than continue million some the year. is will $XX increases utilizing least to annual and also of of finally property combined importantly, an We if performing the the million XXXX for synergies of savings. the
any so that now Donna, overall, good. far so questions to Operator, may you be So you happy We’d have. answer proceed. might
