for laying quarter then call our discuss Good welcome our and delivered of with We the Braemar our Resorts, platform. the we results the we're quarter Trust. our results groundwork pleased giving detail of performance more on Q&A. in morning. quarterly in our open it provide update begin And will up to other Ashford an & Jeremy Afterward, our a an and and well update recently or announced Hotels provide the discuss I fourth on ERFP funding well XXXX. by our the then we'll as investments, financial will with an continued and efforts. investor for outreach are I'll with return then as and strategic initiatives enhanced as to year Deric strong with as ERFP update review will provide financial program our results will fourth full regarding brief success overview
increased XX%, to $X adjusted share to XX% quarter, grew $X.XX. million adjusted by EBITDA XX% the per income For revenues net and grew
were Our year revenue and of with results respectively. XXXX EBITDA equally and impressive full XXX% adjusted XX% growth
Ashford is pleased our are platform of demonstrate these strategy. benefits growth Inc a and very we the that results
Let enhanced now return program. our turn to funding me
We a ERFP on at produce to about strong in funding ERFP designed growth year. way. our Braemar investments our it Trust, at are Ashford, very strong excited this from with in announced hotel with does returns new $XX agreement Braemar a and is Similar was agreement of that this simple million January commitment to Ashford. fee
in IRRs fees has five Braemar yields plus to it Ashford return that and into customarily lead has returns and of incremental plus capital assets. XX% hotel of That effectively put year-one can order come Ashoford. reduction its equity receives to to year XX% Ashford to investments. equity paid to and fees attractive levered These of cash-on-cash Braemar, provides Braemar amount lower Braemar incremental from truly the in in the improved equity
Ashoford is estimated investment and potentially ERFP between net accretion $XX each income million $X.XX. also per share to from incremental $X.XX adjusted
sizable with Ashford program as ability in million structure from at be the both acquisitions, each the to sizing we the of underwrite XX help to terms, Braemar well two and the is the materially and as investors year Capital a price Looking capital of believe for for both predictability million $XXX upon sized Inc. be will mutual now platforms. one the we program of agreement. upsized $XX to program to the term provides acquisition ERFP a can commitment This grow to should renewals, XX% impact hotel based of for ERFP equal year help companies. of
for with at We funding purchase for And furniture, similar return connection part Braemar our the to equipment by use announcement, with to on In room by Ashford fixture we up money hotels. and to be were to Braemar. XXX form Ritz-Carlton opportunity of the of our acquisition for recent funding Braemar Lake its excited acquisitions program million funding utilize $XXX enhanced program, will available the Tahoe. the the expect takes ERFP previous key
Santa we that Today, acquisitions, also We of disclosed to Santa Trust Manhattan Trust. $XXX Midtown the million Fe, York, of La utilization a with trust make $XX Posada of Hilton original with with commitment. the including progress funds Valley. Hilton most million continued These recently, New on have Old XX% place Scotts Town, The to ERFP Suites, in Alexandria Embassy Cruz and ERFP acquisitions bring approximately
ERFP an involved. bullish It's future forward, Moving is the Ashford, that for companies we returns is and well predictable we as and the believe Trust strong are of benefits and these programs positive innovative believe there can about all Braemar. prospects repeatable. Bottom sizable line for are drive structure we to as
built others to company to platforms the the competitive we from highly our and distinguished the both our it consider combined advise. We grow has management like our and most around us main leverage We and one acting industry, stable of in our the aligned in we our Our strategy is effective of believe of industry. expertise ability advantages. management have team one teams shareholders
and XXX platforms with and of billion which Ashford XXXX. hotels of together traded XX, REIT December as Trust currently assets two XX,XXX Braemar, advises rooms approximately publicly approximately $X.X own
multiple with fee believe margins. diversified Ashford is We attractive be a high model a scalable growth fee-based generators. to it of business with platform
as previous a base at at of place REITs or stable at cash maintained the fee. it level advisory took flow base has XX% the base agreements least of Additionally, very with year's
shareholder peers, returns. teams incentivizes are focus outperformance company growth. price Currently, areas its fee total at management by And fee on return is incentive to on have their platforms. place our fee is maximizing structure three base the We REIT performance, our Ashford driven focused shareholder the create primary a that advisory of in base versus value share and our
platforms. grew First, like existing our we would to REIT accretively
And like on additional add businesses Lismore industry, third, our growth asset to OpenKey, investment we the Project platforms. Capital RED & Hospitality advisory Wellness, business initiatives, to Pure would Management, working platforms accelerate can related such to service intimate as their expertise, dramatically. opportunities or relationships we Premier to Second, in our J&S, and buy, hospitality with diligently our we invest are and Leisure. connections and Thanks leveraging our through management
Jeremy excited all few on more some We be about continue will these of that to provide I investments detail in And minutes. just mentioned. investments these
about prospects for strategic prospects the platforms. investments, excited our advisory very are are optimistic and our for we we the ahead, Looking advised about two
our to by Additionally, platforms, adding as for see great investment investing and businesses. incubating other and additional opportunity we as platform deliver superior to well grow hospitality this shareholders returns related
Now, Investor turning Relations initiatives. our to
our increase investor our base. and goals main of to broaden is One
And conferences two of this plan with provide a targeting in wide the sell-side will mid-cap annual result and The our attended is meetings. XXX,XXX shares number one IPI we a strategy public to well X,XXX initiative further and in breadth we to gave dedicated And as conferences in conference. in to XXXX meetings funds attend and over we greater significant Investor XXXX. shares. effective attended we New And industry exposure potential these a including held York. total opportunity Ashford story was It that of coming of and believe range In and our Day to to well Southwest retail Ashford industry quarter, the a small on As opportunity Ideas And investors tell ways flow. We the depth from family we story in of conferences, investor and approximately investors. believe broaden conferences very number equity investors, to typical by shareholders our months, held dialogue headway was some analysts, of XXXX, share over focused meaningful our offices existing shareholders. made Ashford as traded during and with provide investor we October, the base the to us markets the potential and increasing the in than in number holders.
X.X remarkable While in million, over times. approximately that X number XXXX, was of a increase
dollar of call it which of shares, our stock, traded of of approximately common brought flow in increased Deric. X.X public I'll investor $XX underwritten In worth and $XXX XXX,XXX times turn the new of large groups. With shares increase. institutional approximately terms over In million traded a to fall XX% while by over Ashford offering an XXXX several that, XXXX, the million in XXXX, completed volume, we
