increased strength you strong to in thank demand us off and a travel. Good XXXX with for today. joining business morning continued is leisure start and
strong. later business the year, potential we the this the While in remain fundamentals at of mindful for macroeconomic time, of headwinds our are
occupancies Improvements our majority in remains business across muted have news the supply markets. of mid-week in recent and lifted weeks travel
to X% quarter XXXX XXXX compared RevPAR compared comparable improved hotel's XX% XXXX. and by to First
X% more occupancy comparable increased X% Comparable over just X% over and and up hotel's by ADR down was XXXX XXXX to than XX% hotel's and XXXX. XXXX over
improvement we hotel First strong XX% hotel's achieved and quarter adjusted the controls, comparable for of X% and a despite hotel's rate margin XX% over Through effective wage inflation EBITDA $XXX improvement pressures. EBITDA growth cost quarter and a comparable million, over hotel adjusted XXXX a was XXXX.
We with controls, diversification to as our have without scale service, effectively leveraging cleanliness, always and been satisfaction. or as guest prudent cost cost overall and sacrificing operate efficiently possible
few and Our F&B, with an investment with Hotels, model and in a key Select operating incredibly spaces, strategy element Service efficient on our provides limited of focus essential manage, a departments efficient to energy consumption, services public ownership low us amenities.
among pandemic Our re-staff restored of XX% pre-pandemic. our lower hotels relative we standards, period to generally for brand and to increasing to have to markets. services stabilized the X% from the rapidly working and to were demand were in meet first FTEs modified our early average guest in same portfolio amenities most recover With disruption to
other on operational incremental continue efficiencies, pressures inflationary pressure items and to put higher expense on margins. Despite line wages,
protect profitability on ways largely and look the to While our we be to grow our margins will to ability in drive dependent grow to hotels, incremental ability for rate. will future continue at our
training continue labor environment. work hotels challenging culture, today's We and foster our that with in to to our associates focus engagement, at companies skilled work environments associate to on retain and management develop
in we to premiums, will Strategic in the particular market which product maintain continued hotels investments of of to support property and rate service and on us share terms through key to believe levels long-term both be quality our our our growth in necessary profitability. teams position
lower offset to improved recruiting on-site labor, reliance in should partial productivity, wages. as realize through managers hotels As our at training, and act efficiencies which on turnover a our expect reduce less invest costs, and we to contract higher
underwrite and for look acquisitions. We continue potential to
or first during Courtyard XXX-room Circle per contract by $XX entered we Cleveland Marriott, a million quarter, the University $XXX,XXX And of for newly purchase the a renovated approximately for into key. the
guest hotel is complete The the its of rooms located interior public and on opened social and recently District, district Cleveland. East a Cleveland's side in premier It the spaces. medical in April XXXX underwent of heart a renovation University of Circle and of educational
demographic As and we from of have shifts. in prior intentionally will calls, macroeconomic sought that on be that have and acquisitions indicated beneficiaries benefit demand been markets business mix have leisure of we a and
criteria. The growth. a business-friendly, wide of offers is well generators, with is for living, of Cleveland positioned this market fits a It and well favorable variety within future cost demand
to continues anticipate market we progresses. year transaction will the increase quiet, relatively volume deal but be Overall, as the
Our while further team grow cost portfolio, trajectories markets explore to continue existing acquisitions and to actively that increasing and opportunities attractive our structures. growth enhance, will exposure strong our refine,
on X% onset over basis trailing XX-month total of the upside invested remaining ramp our CapEx the after have we XX improve. as pandemic, to a Since through million quarter, $XXX in with return hotels. assets the markets approximately these of hotels investment a On produced continue meaningful unlevered and first
history acquisitions advantage years strategic as market opportunities and optimally to we positioned conditions become activity than are ample to favorable. take of transaction liquidity, more more With XX scale our
incremental opportunities, As repurchase of we shares. underwrite mindful of shareholder are our value potential through acquisitions ability also our drive we to the
first to during a aggregate an at $XX.XX weighted approximately million. a the price purchase $X.X shares with have quarter, share program repurchased price that Rule repurchase XXX,XXX intended for is purchase supply of XXbX-X we dollars average share of per and We
our have $XXX million repurchase remaining program. under We approximately share
of to projects XX to capital During we also we planned during renovations million a million million at The XXXX. comprehensive and at expenditures hotels. our approximately XX include the quarter in of $XX $XX total spending capital anticipate $XX
our experience over most XX-year billion operations of renovation and in to invested timing hospitality maximum minimal have disruption over spent. the history and to and property We improvements for capital $X scope effective have our determining significant investments impact in ensure and in dollar
be long-term for an portfolio our to XXXX spend meaningful between a our returns over to and with total shareholder X% X% we differentiator is historical which Consistent revenues, CapEx and average appropriate anticipate time. contributing of investment, believe we
over contributors us attractively Low years and the have to have to in leverage appropriate the and outperformance returns. at allocate structured been positioned efficiently our shareholder points cycle maximize capital to key
liquidity opportunistic significant thoughtful staggered to maturities, be drive both incremental debt value to and provide flexibility conservative position, our with secured exposure and us Our for shareholders.
As supply we the near-term our of fundamentals months the with our favorable stronger remain and year, enter demand seasonally continued in business limited improvement growth. of
with us comparable benefit of in up five-mile a under our continued meaningfully for increases new flat from to any solid the last construction to not Nearly the do within ability ADR year April supply half topline X%. have demand. Preliminary occupancy and numbers are with radius, providing hotels
In rebound there recent lows have from of shown were markets, many our in slow improvement months. to pandemic
has activity produce to greater to margins Our profitability positioned combined us drive better over time. acquisitions and dispositions portfolio and
continue uncertainty, While of that over will we recent are are current elevated to mindful trends macroeconomic we position to of optimistic months. results drive levels headlines strong us and pointing coming the
investment Consistent us execution against cycles. strategy proven economic succeed has through enabled to our
of broadly demand markets portfolio high diversified select is to of service wide suburban, generators. developing Our across hotels end a variety home that urban, are and
some value leading hotels in Our with industry the a industry proposition management consumer best strong appeal. companies franchised brands, provide of managed by the broad and with are
strategy, sheet a portfolio with low our and portfolio tremendous leverage corporate experience. flexibility, strength consistent team reinvestment financial and with a a balance is the of management Underlying and
majority with the leading meaningfully growth. stabilized from than quickly more uniquely we positioned of margins, industry incremental our benefit are recovered peers topline operations and to Having
positioned We confident to and are outperform are environment. well any macroeconomic shareholder to maximize we continue value in
years take to like with over the member, acumen tremendous Liz, turn call the to experience, corporate leadership would of and Marriott, I to insight financial this forward With with I industry company's our advancing XX Carolyn and governance Board and newest Handlon. leadership. hotel further look experience we Before to welcome oversight her opportunity and brings Carolyn
sheet, now I will call the details operations, the additional on for to and performance quarter. Liz over during balance financial turn our