Thanks, Ray.
third demand and shift As both continued than we rate more The leisure particularly from given holidays the in was October. September and press were the business disappointing, growth second from was release, slow expected quarter benefits challenging our noted transient, modestly into in of expected. to the the that quarter Jewish
more slowdown business travel, has XX-month have X.X% along due a which the continuing the of with pressured year Slowing so to war or uncertainty to ADR and trailing This X.X% ago and evidenced of economic world year ago has demand impact year the decelerated into also growth hotel from from slowed has where X% business an most XX-month a range slightly X% in also group last demand to growth, the confidence, the growth in rate industry X.X% to spending. cautiousness our and quarter. trailing X.X% a by recently. is X.X% to investments businesses This to on trade weaker translating to and in X.X% across in which events around geopolitical had clearly is growth
forecast are upon out our trends and forecast, business to has in so booked or short-term it this the quickly even because direction of trends. cancel. changing When Since primarily much can our becomes larger shrink further of industry booked in group like business consistency based either are business business harder
quickly. Forecast variances can change
to While is, increases markets any spend growth the average per in corporate we’ve underperform policies cancellations increase has the seen the have customer news in The Urban we RevPAR while and moderating, demand changes related any attrition, good also Top or group year continued not has about been heard haven't healthy trends this been shown softening. and year, industry. And all travel. industry to XX have
citizens U.S. due to international travel up Inbound negative is has the abroad growth travel year, supply this relatively international We travelling Urban not of industry and the weak, XX shifts in been in this and markets. negative outbound rate in meaning believe a higher top is primarily significantly. travel and if
Some to desirable U.S. make U.S. of dollar is and some difficult likely to due to due is it the the rhetoric much come that strong this in or to policies more
challenging also operator we markets as competitors, five outperformed but For our a point the Top markets. performed XX Pebblebrook and Urban of the outperformed expected. we as and our Urban markets quarter, underperformed year-to-date from sets competitive in we’ve quarter, in gaining outperformed markets the on by XX-basis of transitions XX more in line hotel impact convention calendars our a third properties, industry. we outperformed our We’ve our RevPAR reported in markets Top and share. basis, and terms third with the in the the We’ve we In number at due local of to star,
And of ago in since favorable as number very doesn't be the have softened. convention the calendars has RevPAR to took good year in off quarter third it quarter, to as a Hurricane a XX demand our and Ray good about which beginning The points look performance been up pickup our XX us days as fourth quarter. the of stated basis growth earlier, as shaping for did due Dorian trends markets
Nevertheless, favorable. to heading our continues extremely pace the be into quarter
is end X.X%, ADR even Specifically, with total over same by X.X%. X%, ADR Group of with fourth up year the total ahead and ahead roommates Group up are revenues by stronger as up XX.X%. rooms ahead Group by for of September, and Group last QX quarter revenues X.X% time the X.X%, pace for the
trends. fourth down It’s quarter the we we a to you we’ve expect So, can for experiencing been for been pickup QX and the The quarter, based relates pace can strong the challenge further current see is pretty year-over-year on in pickup. still basis, that in on quarter.
the a property and As our quarter RevPAR for softening. result, we’ve same fourth to forecast lowered anticipate further EBITDA
three into I’d Pebblebrook this economic Now, environment. continue pivot going to like let’s topics. shareholders, down of the for regardless how to create is discussion to break to value our
First, the repositioning’s and redevelopment opportunities throughout the portfolio.
plan. our update on wide our third, with initiatives. an And strategic Second, disposition progress portfolio
a a the of of the the the opportunity by years LaSalle, and room higher but room to and pursue we also areas at by the the number increase to done in repositioning acquired there not as drive was of acquisition the food to significant real utilizing revenues, portfolio estate creatively we higher believe drive Pebblebrook. to only significant decision as While of made redeveloping value creatively non-room and nine just such rental, more last we’ve beverages revenues properties over
After experience, to guest a spending for the the and benefit wide portfolio property very we there now, competitive that the we substantial evaluating a anticipated. attractive that conclusion opportunities to opportunities each can improve them originally an will than returns. drive level, come that investments Today, overall believe properties the what reposition higher almost, are are plan from hotel, XX creating there within year we’ve and and more comprehensive portfolio
While redevelopment very creation maximize position process. a go, more we operator place brand have this now numerous we good start are properties upon made to to we few performance we've to changes and in feel a value and like to
year, we’ve been managers project redevelopments opportunities. and these designers, with our Over the excited about we’re and planning operators, architects, extremely past feverishly the
about broad disclosed the Today, provided investment you give in drive some to the we’ve announced program, release, and to returns like a yesterday's expect including the and of details I’d we parameters them. what timing of earnings following the few in this become details second and it’s a the re-concepting. Z completing Hotel, as Hotel on will next in quarter the hotel of year reopening $XX Donovan seventh Collection projects. Zena after Unofficial eight million The which repositioning we the
$X is expected upgrade, be Mason join an & Viceroy million Rook, the which urban following will to which by mid-year Luxury completed collection, XXXX.
of market. lifestyle million this of The to luxury Santa hotels phase supply of Viceroy constrained reinvigorate in the the consisting iconic repositioning of reputation Monica as Monica one first the most properties $XX highly Santa
Santa West repositioning comprehensive $XX the hotel. and Hollywood indoor upgrading all-suite Le of in this Chaminade The areas in following completion & renovation the event Cruz Parc million Resort and meeting venues. million a $XX.X vast entire outdoor The properties public through repositioning of and of of of Spa a
Hilton improvements space. meeting The completed guestrooms San second the which of phase the the the of on a hotel's the just public $XX redevelopment Diego property’s million of resort, upgrade million of areas of to $XX.X includes and top
of $XX the Completion Paradise by year-end flagging of and West, not Resort redevelopment second of next XX-room next this San Island these or no two year completed targeted the expected redevelopment with $X mid-year Margaritaville the until will projects million half with million than year by either Marker and reflagging the Point of year. early next year commence be late year. Key repositioning the finally the All to but of Diego for next commence Resort later late and as a
approvals of half sometime of next Point Paradise public after These Paradise Key redevelopments and starting are already with $XXX of the XX% West or the about in capital and ordinary eight representing and capital with year. property's Marker, million investment life. course exceptions maintenance underway, capital The ROI regular the Point Marker of estimated two second XX% approximately this the related representing in renovations an total the
following completion. We’re four three typically generate that repositioning upon a between stabilization, years on XX% to forecasting years return this on we get will which and average investment capital
XXXX by XXXX we work the to XXXX investments addition majority one the or of project In an the repositioning additional summer winter and end in to the these year of with commencing last occurring and early seven anticipate XXXX. eight projects, next over the projects in of
total of investment to return which generate total equal these creation $XXX that the forecasting a making to told, of projected an projects a repositioning the underwrite projects, two-thirds value approximately All changes brand currently stabilization. in will major increase will ROI amount investment on million. roughly EBITDA upon as XX projects discussed, operator we’re of or we With represent some involve process. to part previously of represent there us As XX%
RevPAR projects of advantage many drive of to expansion repositioning’s, opportunities revenues the development addition taking properties to improving room increase a generate real of of major higher their estate an these beverage and to average as opportunity the result In food at rates experiential the or to drive creatively of new through venues. include upgrading these in and
Donovan we're For example, Zena, as dramatically and part floor. of to improving ground the conversion the the rooftop
On the experience game very the estate and by rooftop, the of the to we’re downtown we’re and rooftop combination venue room, space. venue. additional adding rooftop and event DC creating adding in rooftop desirable taking one ground hotels advantage a pool a real of few floor on addition in lobby the upgrading restaurant, bar, And with
increasing Monica, food the adding as to the experience. indoor restaurant outdoor into opening the Viceroy Viceroy, to around substantially and and lounge, at At pool improving bar highly cafe. outdoors unique it a and venue year Mason desirable outdoor attractive, with a converting existing the space At bar space venue a more we’re bar we're bar, meeting and to a converting venue, space, Rook, conversion of Santa adding amount venue the lobby making outdoor much up & part event the of adding and a
dramatically meeting numerous we're second and At venue major wedding rooms space event underutilized improving bar a venues, substantially for meeting and outdoor through projects, increasing ballroom including the enhancing to Resort, to an improving the create Chaminade outdoor and attractive increasing combining and and the and and expanding property, seating.
that acres, real the adventure active from minutes ZiP the facilities, and on throwing now and Mountains master resort is the indoor as views as amenities on a we’re aerial underutilized of in involves lines planning phase Pacific well the forest spectacular additional portion of and such axe is truly just XX significant and Ocean. second which park venues property, as project adding Our Silicon outdoor and XXX event estate Valley. Cruz This have incredible and wedding, meeting, Santa properties the experiential
as glamping as we and and substantial property. multiple conversion and unique event add to facilities. outdoor Paradise the Point adding the as a venues expect with Margaritaville indoor bar, to properties throughout acres, of restaurant, and on also music an desirable the meeting, We’re on along property’s working Resort expanded other additional XX Island highly tree well houses, and venues part wedding,
projects and allow are business a very portfolio creating These these to key flexible estate but approach significantly EBITDA, real a will to strength result that of each revenues unencumbered LaSalle experiences will property a as of and examples drive non-room only Not us group higher both of make and of better our unique brand utilizing customers. leisure acquisition. unique just they the few and value ADRs, we business, transient own are creating and attractive much to more part the
of We exciting the properties. hotel and opportunities providing creatively the the with arrest look announcing quarters these of to very financially projects forward additional to and these reposition details redevelop attractive the and in coming you
times XX hotels and progress to comments the like transact will cap acquired a few we X.X% XX.X from over this rate our Including EBITDA proceeds at combined a just $X.X which I'd multiple the we sold strategic have of NOI money Next, for have a a make XXXX portfolio quarter, Topaz, operating and gross assuming combined disposition contract, about plan. numbers. a hard on of for billion of the
capital. need most capital also of Our significant sold though the in properties required don't add even numbers
rate, X.X% paid with entire than Recall properties cap company NOI of certainly to value our and we these at costs been higher we for so sales to the due that less them. transaction all desirable a corporate prices have sales accretive acquired property
disposition Topaz assuming XXXX million $XXX of $XXX has will target have achieved sales. been total for million that Our transacts
parking What we our through separating entertainment, sold represents to several includes intend this the least be at condominiumization of that the that and Topaz producing real million reach The hotel year income hotel from last sell year. to real pieces $XXX estate target this to one separating in sales of hotels remains the case, the retail, the restaurant estate. and we’re
year but they'll taken time extended close be will looking $XXX to we contract next million these currently next course it’s believe transactions to complete separations, sell the this by with over longer the expect We’ll be the the of that also closing under we year, likely of properties of these end an year. do it's additional million to to year. no $XXX legal Due
market to proceeds All they only of assuming preferred target, time. calling either should the of provide all repurchasing taken shares, together corporate further additional our these or happen our debt at upon conditions leverage sales us but for stock, not reduction, get depending
provide our we want progress a on Q&A. before to on update Finally, move I portfolio-wide to quick initiatives our
finalized opportunity that savings million services maximizing make continue re-contracted re-contract estimated portfolio. of lead in run quarter from many portfolio million identified now and a identified, purchase the with time to to million products the next should $X we We’ve the have another $X but to that savings $X annual or and rate We another us on within get finalization. progress of longer so. our and We’ve within
by of good that the not and be additional the And annualized and reminder, million closing year. next identified $XX this of of opportunity achieved transaction. potential as corporate continue year's a to the savings savings acquisition last pace of a on believe annualized represents part an was targeted the end underwritten million We’re successfully following $XX as will of
ourselves expertise we regardless years, company having fall believe record a within we've creation next we that number we opportunities. value wrap that of over our organic, substantial of up, demonstrated of value types executing on core combined find new within and the success our track few have significant environment they economic a opportunities creation in long To of these the identified
that, just to NATs. So, Q&A. team be Washington, may in before with NAT, the our may to we reach questions have, like – let's one so out here you you happy that answer the we’d favorite proceed operator, And do and now go
