Thanks, Ray.
better even the turned October. in from both improved As with quarter growth and challenging The leisure we third out the noted, of the transient than demand fourth business expected. quarter Ray rate
STR year, for months which in months. for results trigger just in we We January. and in eliminating reducing industry ADR last in improvements in the of confidence also the also or growth saw trade increased saw the some was the uncertainties improvement tensions the two three the Perhaps last
won't this just was good of the months. we of few the with trend emergence and Unfortunately, whether positive its on the know a impact travel, beginning coronavirus or a
and basis case market original of growth as underperform just For markets urban basis X%. the low-end below continued beginning of XXXX, underperformed before, in estimated top the forecasted, industry. had year the at softened the XXX points the industry to XXX year In we urban the to the XX from outlook RevPAR top the the underperformed XXXX, the and But of of we points. by by the ending year XX our industry segment markets X%
constant the remained while X.X% the the at X% for primary the industry urban markets. increased in reason growth, the for underperformance growth urban markets representing supply Supply of
than outperformed a our we originally expected a industry little over redeveloped and for RevPAR our forecast. few we've factor markets ramp-up outperformance. The the was significantly was as that this key of urban which better points, in last outperformed growth we numerous Pebblebrook basis XX successful by properties years For the year, the the
unpredictable up we major continue redevelopment markets from perform line projects to due impact urban in With the X% in we reflected is benefits for evolving underway down the or now. likely the industry the is completed of basis the urban situation, We XXXX. coronavirus between and our by with last This the to from those RevPAR range year better than industry outlook outperform believe points. underperforming and X% exception to the XXX expect to around and
outperform we RevPAR in Pebblebrook the perform growth basis For same-property our and again Urban points XXX industry. by will line believe with
All of coronavirus. exclude the outlooks any impact from these
points Also from keep and also RevPAR. XXX about higher We non-room than in to grow the points quarter points revenue XX mind expect to grow same-property in day should basis first XXX higher higher about for same-property the extra year. about than leap basis revenues room year our RevPAR due basis the that
of and and revenue room transitions. impact brand into take points account basis same-property RevPAR operator from and outlooks renovations XX Our also
with and and February, is for Boston, pacing As last pacing year. revenue year slightly X.X%. pace currently year. last books pacing revenue record ahead and on are minus South of nights the tough the at of of transient San for Portland year's the to excluding nicely is outlook X.X% and the from Florida, Chicago, up the Francisco all comparison a has group slightly of but supportive down, up L.A. ahead Group books year's X.X% it's by Philadelphia, ADR on down which beginning our room overall
real In EBITDA modest combined X.X% X% at range continuing our are and These practices. of to the estate we're forecasting increases And success and implementation acquisition of our to range the at taxes the and and midpoint. our to in in arriving initiatives loyalty including at same-property the at X% due wage of they're achieved increase costs customer same-property and technology. portfolio-wide the X.X% than inflationary high-end outlook, benefit despite insurance, increases low-end a expenses best costs, increases X.X% higher to and
with of respectively EBITDA to rates we're X.X% midpoint RevPAR growing X.X% same-property This As X.X% a zero and midpoint expenses coincides minus at forecasting decline revenue a and result, and and with at at midpoint. room same-property between X.X% at X.X%. same-property the the growth
our initiatives to going resort our ahead disposition being four environment. of value the Those in and create to hotel transformations, turn portfolio-wide where the and our areas regardless to redevelopments branding. four the Now and like areas I'd the focus completion for we're of major strategic our years plan, economic our shareholders
identified determined competitive we that experience level will XX the substantial a and higher through As investment benefit portfolio we explained very last quarter, within improving to driving from we attractive guest returns. repositioning the properties acquired them
operator and discussed eight behind projects with of last With disclosed we've where recent now we quarter, of have them. us. our better and maximize us the majority redevelopment. performance the are to changes, of and position overall occurred to most determine announcements, needed the we've our of vast of performance vast we disruptive majority To completed now commenced The these ahead on brand construction date, major performance less following properties transitional XX our
collection be become repositioning completed hotel second seventh in which will midyear join year Rook, is Zena. completion which upgrade by following its the this Z hotel an million the following $XX reopening Mason $X Hotel Donovan quarter luxury and the & Viceroy as which to in the of expected will XXXX. reimagined unofficial its collection the The of million the
market. key Santa I of of million phase repositioning in in -- to the of first property's lifestyle of of completed Phase million be this by hotels Viceroy supply-constrained end most $XX quarter, Santa reinvigorate highly Monica to consists the the luxury one $XX.X reputation XXX fourth The the iconic as the Monica this the second
and inside well creating as as of We'll keys. of adding do all areas complete redo public value by out, it seven its through a
end Le also of We of in QX. renovation West the Parc million of suite a comprehensive entire, all $XX.X have Hollywood with hotel repositioning the scheduled through this completion by
Chaminade and second early public in former $XX million completion meeting Santa San & redevelopment outdoor as Diego and name with in vast million Hilton event reinvented Resort Cruz second $XX of and the Bay is The of the and of properties an overall under repositioning Diego upgrading Resort resort million $X The the following the new luxury being of Spa independent last completion phase indoor which areas quarter. of Mission venues San an Resort. a its
which finally we middle is to West XX finish luxury has the completion the renamed now a Francisco. reconcepted complete. in the property's the Florance XXX property already $X fourth room renamed expect been second in will The $XX hotel Villa of million time the transformation commence of and room the repositioning million with which the to third as of transformation at quarter, the be late quarter, quarter San by and Key And the Marker, Bayberry
Combined, these in with increase upon $XX a stabilization an eight of forecasted major $XX redevelopments of million. million investment represent over EBITDA
luxury were Margaritaville that Diego includes one John which complete projects our million Travolta next in completions Eco these Francisco Island Resort beginning Olivia remaining ramp-up year. a $XX The of John Vitale just constitute of and XXXX should winding of projects be San announced All music. hotel year into this hold Newton all of for eight Point a Resort with San $XX conscious and repositioning the San redevelopment in Hotel million as reinvention Francisco Paradise
$XX of million Unofficial L'Auberge of the that Del to our recreation Mar $XX drive The been resort successful. a and San our food repositioning and the so Francisco in is investment luxurious through Z similar beverage Marker, Key rates $XX The repositioning LaPlaya Hotel. million project redevelopment eighth to has profitability. West as higher higher at million which A of Southernmost collection already
redevelopment of in and on an a million portfolio. as the Resort hotel Hollywood West $XX in to Solamar Our million reconcepting of Sunset a hotel unannounced $X just $XX redevelopment, a a through redevelopment property million yet announced Grafton finally and transformation Margaritaville
repositioning projects upon of of or year's more XX% totaled $XX phase to some These XXXX. currently XXXX this and X, scheduled second which XXXX investment Santa the in to or are of with million coupled total the yield EBITDA Viceroy, fourth an in million of forecasted $XXX in of Monica are deliver stabilization quarter commence
an investment EBITDA a XX% All that repositioning expected major of upon XX over projects on we're currently forecasting yield million will stabilization. $XXX total with told, just these total in investment represent
comments I'd strategic our a to to few Next progress the turn about like make plan. on disposition
aware, recently to $XXX million. D.C. for announced we Sofitel InterContinental contract sell Washington Buckhead a As the you're and
XXXX have the combined acquisition hard end of will times EBITDA of rate XX.X the a we closes, billion buyer sale down the X.X% operating The at NOI have assuming numbers two XX November since significant money combined hotels our a XXXX. a closed at we hotels for of and $X.XXX all corporate of of and cap multiple on sold total
Legacy in clean Of required properties need Pebblebrook of a and buyers not are very by though X.X% from $X.XXX even do properties on sold the metrics are portfolio being multiple capital are these and sold most XX The capital. and acquired add two portfolio. equals the sales cap EBITDA rate significant billion NOI Our the of the sales or acquired times. XX.X from equals sold the
and company we all NOI rate. reminder, property costs transaction acquired at cap a the entire corporate As with X.X%
So our been certainly value. sales properties of these accretive have less to desirable
$XXX target Our under including two disposition for total million is the properties XXXX contract. currently
continue $XXX separating of hotels sale portion the We for potentially real by hotel work estate for through prior proceeds the to to the four retail up from offering sale. legally to from million for gross
course We to occur expect these the at the next times months of sales various so. or XX over
over our not hotel be of And outlook course while few it's next months, further any likely this to for those include the the year a XX that does already announced. hotel additional beyond there sales XX will sales
update to Next on These quick important. really initiatives. portfolio-wide on a are our want progress our provide I
products our contracted many for million within we rate recontract We that get and our continue portfolio. in services portfolio the $X the and to quarters. have on run the $X annual over purchase savings within identified savings next maximizing another progress now of million of operators and finalized should make opportunity We've to significant that two
targeted our earlier savings and team to the continue savings, But us bring that was towards of we're year additional achieve not to a million significant which portfolio-wide savings. are little than stopping these the believe will our would we of additional This We there there. our through original initiatives annualized work $XX end forecast. can
In annualized same pods, addition identified process of within in seven million different the cases annualized block savings process of operator market XX already to hotels, two. for separate the many or contracted in $XX there's the creation utilizing the $X in approximately in a same either involving savings of or from million
opportunity and Over additional these made possible create half portfolio million and savings was the should significant portfolio resorts economies our we all improved the the the our This in scale value creative XXXX and in achieved initiative performance of relentless and of line benefits the the to outlook, the create to with hotels. of by estate portion expected portfolio-wide the potting are of savings total reflected remaining largest benefit These our hotels million United through XXXX. acquisition over lifestyle $XXX of value efforts of to annual bottom for our real from owner available of value States. reap through of creating $XX
branding Finally, branding opportunities the on briefly to I value significant longer-term. from portfolio potential our and to in the create touch the want within
hotels experiential working Unofficial brand the a proprietary been us by all we've over discussed, the separately Z developed Z called last Collection. the previously years that we under seven were on As of bringing
Z work quarter Zena, And our including Collection. rolling open spend firm second expert part the of the existing branding Hotel of D.C. the for Washington brand seven we'll which in third-party an the the portfolio with this We will recently year in better Unofficial hotels, out Z completed to branding
the Z in renovated of to website. collection, the eyes explain of start the This Collection Hotel Z becomes the gain unique individual and this opening Marker rest to launch the the in demonstrate Francisco the the customer well recognition which the hotels. the the and in personalities as ethos with will there of out as Zena planning connect with we're hotels brand's eighth Unofficial San and to connect together fully each allow website, to it of hotel brand will After well Coinciding industry. our we'll is experiential of begin us of as all these collections of the Zs as hotel
resorts. created a resorts independent be collection hotels. XX incorporating lifestyle broader brand scale on as will brand part our work proprietary broader hotels This which in Unofficial today begun of ultimately Z we've Collection will completely of second by unencumbered and the the This that totaled initially addition, incorporate all and our it. includes and and Z portfolio, In in be hotels
with believe hotels Pebblebrook is to down progress opportunity the rare lifestyle base very major to quality outside value all throughout experiential between levels and of information star clustered our We plans We and X.X road and substantial more look four the our and year. for of this on a brands significant the create offers the unique resorts providing forward shareholders. you
find executing on. over up, creation opportunities Pebblebrook, wrap but next the the last opportunities our creation in substantial have actively are To to having of these of company squarely only economic we've ourselves these most within expertise fall of the successfully core they regardless types XX a that value organic on executed identified and we unique over years. opportunities we're of Not value within believe we our environment that combined number significant new years, we few
answer completes pleased to So, be questions remarks. that might Donna, have. we'd whatever our our callers that