Okay. Thanks, Ray, and good morning, everyone.
play I markets of I'd think discuss currently on we well rest a business, existing is we're to some last current our made delve the XX into in focus and this of the properties expectations capital our reallocation year XXXX, what seeing for in the deeper performance little likely So out, decisions months. will thought our of as how the as we've
the As of we've particularly it reacceleration and Ray group to business said, we're six as weeks, last in certainly relates very demand. seen the encouraged travel the by recovery
recovery While we back travel. further requires getting levels, for early that to XXXX leisure to grown business robust know levels has started in demand recovery us and all
to both EBITDA ADR quarter, portfolio. very by levels our and of our are dramatically we to XXXX believe, get to in that performance to XXXX industry our as in levels drive XXXX the RevPAR, we're back aided As and We, of or the before higher XXXX are we Ray last ADRs levels. we at exceed encouraged hit by said, stated get XXXX to we than course, we resorts. before concentration expect get We're we achieving should consistently RevPAR. And resorts rates back
lack cities. is alternatives of due a even or in cruises competitive Some or like to vacationing this of abroad traveling
we buy is attractive achieved, to we as projects on substantially and resort premium higher about to ADRs where willingness due in do ADRs quality, like. resorts, a generating to of and investments. to And and repositioning this undertook view are the premium of levels at part transformational result, the a has of the the repositioned with higher on up last in a few returns our them redevelopment being higher the consumer suites the and redevelopment rooms Some years third our to
three In transitory. market number believe these that years substantial third the quarter. these second be some Most competitive and rates we higher with or a quarter, higher will share the least properties over substantially for the portion accelerating resorts the at last our So out be portion ADR of turn alone just gained we two rates $XX will from that at of may to next estimate versus we an permanent.
rate the that be returns. group of historically Some resorts reduced premium as likely will that significant at accommodated group our
XXXX. of that will higher in an to that Jekyll However, that come Beach XX.X%, were up was revenues Jekyll resorts and per the and and group than third the In XXXX, should third revenues XXXX. XX.X% rate QX basis Island for EBITDA group. XX.X%, Resort, our X.X% achieved in which for EBITDA for up total quarter, $XX.X quarter alone or for Resort from key basis, with rate higher quarter, rate by Hollywood million our significant Club higher rate resorts our occupancy revenues Margaritaville grew without $XX.X million increase so the eight substantially run Room is with and premiums. same-property reduction original profitable more million. including -- for and offset was our XX a QX EBITDA other by points than included any August in down the and This entire $XX,XXX. was hit September. margin up QX This EBITDA even X,XXX resorts $XX.X On XX.X% resorts XX.X% F&B
versus Margaritaville or of resort of are above Jekyll now XXXX earned more XXXX lower Hollywood, original all eight rate higher run to $XX,XXX per key. million be portfolio total For levels, forecasting in million roughly EBITDA $XXX now to $X XXXX at Including than Island XXXX, that's we're to $X in first to forecasting million the QX which $X XXXX being EBITDA our quarter lower and end forecasted our million year. achieve being the $XX.X million And XX despite than to in both resorts million million $XXX despite this $X.X we're resort XXXX. they in
$XX.X original Key we million West. in for when So B&Bs not that Jekyll These to Margaritaville properties also resorts. for do numbers compares Jekyll initial our are we running ahead purchase, above $X eight acquired underwriting two price well the those in by include the with Both XXXX just and over rate ahead up upon XXXX Margaritaville be million. X.X% over At forecasts, be a XXXX QX and Margaritaville would rate And already properties and on look a million in NOI. cap rates and X.XX% would $X these business on Jekyll cap by based NOI be the substantially on both books. XXXX to
our a and significant at performance third hotels in We compared rates also improvement rising saw in quarter. the the second all occupancies, quarter as to RevPAR with urban substantially
of currently But third attrition XX% that improved we the the first in in Los to quarter. group improvement nights this in In some same recovery in substantially In travel, achieved time the based and quarter XXXX to is room attributed as ahead just travel, our on books cancellation on are While books clearly XXXX our the slow XX% leisure that group related books quarter this and rooms at drawing ADRs improvement XXXX, and XX% year, continuing nights Much transient. urban fourth business XX%. it to at amounted both XXXX significant comparable Boston. the group expect but growth the portfolio. quarter. And and the the and XX% in in of business of trends, travel, of Diego, exceed levels currently second leisure San to are on meaningful can the be particularly current QX on Angeles in such markets the to room by of
the in by same ahead the XXXX time for group ADR revenue is at books year, with of pace the XXXX For XX% for X%. XXXX on
we versus course, Of upon what will books. all virus. on especially we're where very gets are encouraged shows is what depend that for rate significant But canceled the with the lift the XXXX, up what is happening about
Island's over the turn these our Jekyll in from up on before provide by them our $XX. huge increasing RevPAR positive RevPAR Margaritaville's Margaritaville, influence ones EBITDA the resorts We thought EBITDA to operational QX versus detail. XX% third $X.X $X.X we as confident versus next our be course were In to a able terrific September we're but XXX% XXXX the even points. While any Jekyll robust I X,XXX quarters. implement I Island late performance any XXXX up to and Jekyll margin but points. EBITDA our both of $X.X due with QX intermediate substantially Margaritaville's are grew third to Margaritaville, by in credit July XXXX over basis mentioned QX, basis changes the the of XXX% for XX% EBITDA to in climbed in million Island that in the I'd to the QX can't bit capital X,XXX with to with will quarter over increasing $XXX. a more investments due that We're margin QX addition QX up a ADR out of performance or with acquisition little acquisition. both exceed planning. long-term extraordinary Jekyll up take quarter all expect or At fantastic acquisitions or cash XXXX, million, had short we uplift million XX, Island of and being QX numbers, performances both million to In XX% EBITDA in over these $X.X of was to ADR improvements cases, also term. flow XX% year, we Both of increased
improvements operational we for As faster significant that properties markets recovery markets upside in recovery and have properties capital in both slower swapped investments. from also
we've customer along million. and York since in Southeast the in older and these very and sale the $XXX in from $XXX that West Hollywood, resort Francisco, small New City, the concentration increase concentration New for Florence of these and and Station of West reduce York San San in Not Union the business for historic we've trades some transactions two a rooftop mix. these with properties Nashville of mix San one and our increase third swaps sold two And of and of Florida, acquired acquisitions. only the two Georgia quarter began, the did a Key antennas Key about in our million. upside Francisco, total Villa We're excited isles leisure for new our urban Golden reduce the pandemic With resorts total Nashville, B&Bs Francisco our and
look over to hotels since the values current the value we're last While investing exposure, months, it increasing resort of overall, value others that what and In And like what sales where pay willing risk-adjusted ultimately we utilizing definitely might are underwriting acquire is key we acquisitions. discussed our times in impacts evaluating few of and and focused spent time the remain forecasts portfolio. risk-adjusted opportunistic as significant on vein, our total both we many properties a investors and determine return to return others how component and our approach. past, existing
In ranges to to They're With in whether As and we net comfortable, our establish portfolio. months, we condition now for next in or and we're will market presentation to detail we the numbers our These investment more tradable at this our share high-end in $XX value the our opportunities markets. and end few in ongoing new situation all in the a And move the weeks. next eight with separate gross believe in I four Q&A available situation midpoint, margin feel per implementation the models while those in is for of transaction assessment that on market asset yesterday. similar the are a determined also over values significantly properties updated low for $XX thought labor in current couple true a again, are of portfolio I'd at based update on at result in overall We filed feel touch the active flag the has reminder, we quickly conversations you labor of market the as at and our same significantly. arrangements. value property the portfolio real transaction these there's is also upon based publishing three discuss values throughout of to or transaction of similar the included share the the asset each last our if range contractual by current properties. the the locations similar current net values. opportunity market happy the and the information our $XX.XX years, management potentially and per of improved encumbered hotel weeks, six we are to upon in the similar operating believe more last and enough
fill to more back of school, got coming seen went associates candidates to more kids teams have back expired, of became our we've our enhanced qualified open as expected, property work. lots and unemployment to available prior interested people willing vaccinated, positions. also As more work, benefits with federal childcare and hard found hotel more And
result, hiring. filling a in and open for significant properties now in more our properties have pipeline many active are our progress positions a shape good further As with of critical made
to numbers be early time like Island, this addition, next aid seems using In first and LaPlaya program back HXB properties for later and beginning visa the or this the that workers we'll have our expect running, significant is we program qualified program seasonal the where up of year. historically and utilized year it Jekyll HXB
some needed we're adjustments as provide we current of there. to service to to general, lessen through where pressures in rates. the we've we in over has as our highest the the labor virus higher This time. our the had level we've at come higher In experiencing those the we're properties to back still here where spread match but been where either that the mostly to believe be of cases market talent market our want wanted also to more are resorts not competitively best increase time and decreased will we have over the in of attract force workers and And and wages We markets made repositioned longer the renovations or no redevelopments. labor or
generally are of properties necessary earn talent only our associates Fortunately, but the a to and for position more benefits, their more to money of wages tips the and easily the are pay but our because through higher markets at quality attract ability properties in high-quality higher and other end not of just and not as gratuities. more
been and through higher profits. both in know, income and of you This experiencing like very equipment to the accepting commodities increases. pandemic, shape resort the been grow we've acceptance as as more of in amenity sorts increasing throughout should basis able also able high-end effort offerings, so be great far. average as business. club food As visual well increase and based business customers continue tools price for as other for of to disruptions, the scheduling increases our including upon and discretionary have pre-pandemic with audio by and services, for XX% both and and allow are the at to continue with charges event a implement chain become to among been profitable high customer cross-training, points X% some and or It caving utilize us of more pricing customer and costs the the increases about all supply the many spot leisure supplies items levels high increases low-end operating and We've prices XXX goods operating in many our parking, recreational plenty increasing food XX% our treatments, flexibility services. and significant pushback to at We've and all and banquets to beverages, never-ending XXX services, activities. but pricing as labor restructured have portfolio. of little customer on seems well And which beverage efficient for efficient our urban our no portfolio efforts productivity during dues from such our the margins and to technology, developed ranged models more successfully outlets to is to some for more venues, financial throughout fees, These experienced
a arrangements has curator group addition, preferred in of service and providers vendor XX industry. In with preferred now individual over our product completed
our expect with increase our further we scale there's a this being year as savings continue the we implement of economies year these focused number XX we closer throughout year get we of over XXXX, by to before healthy of advantage As for should we're being great the we end curator. of recovery portfolio, result. the strategically further a overall. opportunities to be cost reducing very take overall strong the achieved operations as to Group arrangements as arrangements we're deal very a as much pent-up of And And of on believe demand.
are the resorts international sales international our very inbound to international to We and leisure limited. also think encouraging. aid weeks remains country both is couple decision to the Certainly, pent-up urban travelers there believe outbound reopen getaways, demand and while will very ticket pent-up we're continue of the customers airlines by be inbound that reports And more significant the encouraged robust will in travel with about our probably next to demand for from vacations visitors. our We and markets.
and together, XXXX. means normal don't expect remains relatively Taken it is this Again, year, rate the we next we to normal this of the that relatively in behavior get year. by discounting this end obvious with caveat
the on and redevelopment are permitting them. year it commence remaining pull as few will to the continuing projects due soon to complete, the plans we're of as pandemic, likely the few time trigger approvals to complete As to right the remaining projects we and relates the it's deferred and
few the years will already years in forward. of our very We're recovery the last number the few where portfolio and these our our next returns the many at demand All upside the current for redevelopments provide all recovered. projects resorts significant rolls and as in already transformations, large repositioned including over upcoming of achieving and cases, is,
pursuing but should of new The demonstrated strength Importantly, ability have, these properties invested, hotels. has significant the we vast projects in and investment by opportunities our in recovers. be the already as or transformations most of achieved, as generated not competitive independent advantages dollars our majority for the the buyers. we to-date, but more And as been efficiently operate curator, the than additional been our acquisitions they arise. finally, demand majority believe, scale to include have savings These part, brand by of unique vast benefits redevelopments from lifestyle for our small the economies cost yet
to opportunities reputation more in high Our our vast relationships the number and to profile very positive and industry, come. look many of we forward operator and
like to So proceed. the our with move of that, now we'd Hey, Q&A to may Donna, you now portion call.
