Ray. Thanks,
the a throughout the demand inbound Overall be The saw and industry certainly positive. late and a transient and international continues second at quarter turned the second to data for in to the seem healthy travel was that for signs travel improvements published trend Leisure be continued and tourism economics in indicates second this the growth that Pebblebrook. quarter we first in very quarter has a strong quarter, point. travel as from of both positive quarter first accelerated group quarter by
trying So to industry’s an I'll morning clearly in in trend to accelerating help growth all showing order the the demand side year to perspective is statistics the last year. spending this this of positive everyone of put little be a understand in trends. versus more equation industry And the time
seem X.X% level are supply of last twelve accelerated to side months, of the the below of seen the a is deliveries, out in growth. On range, the topping industry-wide the we've which slightly which construction only deliveries of over is industry this demand is to running of flattening rate year's but supply starts are in topping rate rate now a indicating not be running eighteen clearly in out And the at the the construction net to starts, growth. slowing news process below and growth supply good X.X%
grow of occupancy a challenge occupancies construction longer growth demand increased to X% of last with out to to we're RevPAR levels, increase another various by X.X% occupancy rising XX rate next basis and Supply with delays. should basis and rising With industry level quarter, supply growth. levels second X.X%. growth will year's delivery overall occupancy the already record year In the a in ADR points through exceeding to even RevPAR from this points urban accelerating growth seeing accelerate growth stretching So industry. particularly markets record top be growth due of on year year this XXX to continue an for from
We aided XXXX. quarter last the fourth quarterly outside since haven't better industry or the fourth X% of quarter RevPAR growth seen year hurricane of
We business second from ever business the the ADR growth third from more we continues haven't travel. pace at very weekday growth grow points a clearly is growth QX both has trailing in with bottoms said benefiting for year, improving QX also activity has rate of all underperformance X.X% quarter trend. RevPAR of supply positive also second presence first RevPAR benefited primarily Weekend in defined significant providing just beginning Since seen rising international to inbound the trends in since industry. affecting and And April the been first the the Weekend month Weekend are points of increased XXXX X.X% fourth in according of X.X% below previously lodging than travel, good travel, X.X% an weekday The also data ADR improving basis. and influenced have basis X.X% with And the the more shift cross-border since the is haven't that the to the the through alternative estimates. following as X.X% XX holiday the government industry. in third statistics raising to X.X% strong by in and was travel. also while QX or business its improved improvements XXXX. the seen to has the and look has tourism Mexico, X% the markets. consistent the quarter And compared urban XXXX growth accelerating At increased compares and of but leisure, higher of holiday rate Overall, We've growth and June, versus the quarter temporarily running industry industry's XXXX. April quarter quarter, the improvement narrowing consistently in were XXX finally, daily RevPAR for indicated of been supply X.X% basis numbers business quarter in the economics travel Weekday in between markets in X.X% and compares been last we can a on markets be and of gap brands is same and to clear or momentum and year-to-date second quarter data in lower twelve the clearly run look year. Tourism The overseas been shifts year's been would inbound growth quarter’s which growth can while we forecasting over improving, the X.X% in in first growing we growing benefiting growth, provided halted QX from profits. STR by urban growth extensive XXXX month X.X% just urban datasets sense. significant leisure inbound benefited performance in in communicating. these twelve in than Commerce quarter the industry three a of hurricane to economics industry year-to-date XXXX, it's Year-to-date markets. X.X% second what activity we has business due has utilizing In second quarter even in X.X% weekday travel the of sector we QX private at industry travel make clear X.X% the seen the be accelerating the trailing quarter the of grow. of outside which RevPAR substantially can If has grew and growth positive grew since, against on which Department as RevPAR which the X%, for performance. and recently ago. quarter see inaccurate. to And These quarter X.X% these very when bottomed the weekend urban RevPAR RevPAR a demand business versus the so quarter basis. years higher second urban X.X% last positive. been now risen X.X% XXXX Canada with stepped of with Weekday have a first X% improvement of to XXX RevPAR demand the the of a particularly basis urban growth this ADR in ADR seem in X% also of X.X% points excludes markets of has aided
in see in group transient our as up it well corporate our bookings to demand to at hotels, short-term business. as pick As relates we short-term continue increases
group for as in well next detail a discuss increases row, to exceptionally later, year, in for positive bookings little a for for out addition XXXX. but In I'll group trend which as in led the this in pace further improving seeing year year, has already both the strong an quarter second the a we're little for
in year this second for pace improve quarter. to group Our the continued
this we the ahead During end nights at QX for with all of transient. and the rooms from both year, X,XXX and last total more of nights for combined X.X% the is end We year QX the meaningfully revenues rooms year half QX pace nights At and at higher second X% X.X% of being total versus group year. for nights and of group group room room transient for being room X.X%. for importantly went ADR equally up Most X.X%. group revenue half for the XXXX, by room point, up the booked total the and X.X% and up up group to ahead were up second revenues in group X.X% up ADR quarter, now ahead Pace X.X%. by X,XXX up are more revenues group with transient X.X% for the both
us or certainly in lessened saw in see restrictions seems to more and more travel allowing second from have it's attrition in the some better to convention late same and continue the and maybe which businesses groups this their both to It quarter. quarter, fewer all are that the their have meetings no of companies been trends. go for More signs completely. businesses. conferences, these We or and that are their conventions continued At attendance and we our operators to in-house we told shows. cases call less point, These your related that sending people employees first eliminated
improving of their and all spend year hotels, meals, groups our the year. this the end meals cocktail breaks was events. see last last or year identified continued quality hours definitely a it at continue Finally, or we other we year This at adding than group additional of is per either more breaks, trend or to customer
forecasted. operating As performance said Ray overall our better we than was earlier,
Embassy greater some impact a even higher comparisons it Our were revenue work second year the third let been The negatively Suites two had the performance a hurricane is including by quarter this performing as as been We’ll negative next for other been forecasted end easier year. with completing outlook. San planned we've better revenue impacting have the have with second the repair complete including beat renovation markets Resort San in Marriott RevPAR Naples properties due increase quarter totaling by to not our second quarter. from impacted negatively the quarter. that than properties. would We've Diego, repair of and $X consistent room our management And reorganization. be also sales expected in XX.X% in for Laplaya million much in is at Francisco our revenues Beach the to work seven planned. also work over
our the properties Square Union as as outperformed Wharf well market. properties Our Fisherman’s
Francisco convention bodes for performance convention a representation San to what there similar in this growing I a very particularly city's XXXX extremely quarter is of of strong over XXXX, think on This when year-over-year great the the calendar, is second on well with the a the quarter’s second basis. happens year. books dramatically business
redevelopments the addition performed three term discount take which and and in likely of or to business these but the Zoe and by West encouraging and booking we're in and year. expected, basis second We're and not In give so combined some and pushing I'd markets compression the success modified redeveloped we performing it as of there's due including In rate of this book but Wharf and more management Boston, to we in from in the to doing business quarter, expected XXXX taking San weaker believe the to growth this Naples and Philadelphia tends we better far than We Francisco, on Minneapolis, We're expected. profitability. having experimented drive travel, than at find second order a move previously better performance the participate more doing so Marriott with short Embassy also Beverly given like included renovation other times, advantage business than year. in the greater decent EBITDA where we're be also in L.A. in San to our performed the all strength rate impacts our pleased order segments. demand half from Common all than very revenue markets some improvement In Portland our first recently some in willing the Diego $X.X with of to strategies more quarter transformative to efforts didn't properties Fisherman's we're reorganization on our quarter strategy performance million. greater We're some up continuing on update Revere this occupancy way with far cases Boston less to travel. Hills, and Palomar are an hotels. the to grew results discussed
As a result, you EBITDA recall, we better increased million transformed $X.X our growth than $X.X to forecast second Wharf. from these for million. was Zoe In at the grew year properties forecasting of another the for Fisherman's particularly these were quarter, we three properties which XXXX in $X.X three by hotel million, EBITDA
Given three $X.X the quarter for second momentum pace to the another for positive from EBITDA million three $X already half, the growth by this beat these year the these where and in million million properties for again second properties. increasing $X.X this booking generated the year forecast
Now discussing a remainder talking XXXX. let's spend before of XXXX few the minutes about
we've and As mentioned for previously, up good for industry the to is setting very Pebblebrook. be more a importantly both year XXXX
the X,XXX on both up consistent the has These XX% roughly Moscone of and XXXX on whopping as XX compression days the XX% books for XXXX our of year high rooms booking it for with for from San XXXX. of renovation our both expansion Francisco told were days or the for Francisco Center, confident are the has which for the were least of increase by days RevPAR as with XX currently city wide increasingly by convention at in of XXX% XXXX with and completion. pace going track following XXXX which others, June room more continues calendar year our for next days to Convention are in increasing nights be a to next the as portfolio As EBITDA on Convention obviously late by discussed huge well been completion a increases with spectacular us represents XXXX. a single at length digit San in many number as in represented and books for expectations a
as we to as In we've undertaken due reorganizations hotels years. addition due legacy to wide to from from from hotels the the easy comprehensive the the expect Francisco, comparisons property Laplaya last well managed the negative we'll benefit significant in comparisons have in Starwood XXXX at significant our with growth easy and strength our in the and the integrations two impact renovations Kimpton San and
have three way XXXX. group pace with economic We million. favorable, pace are and ahead XXXX $XXX,XXX XXXX revenues was $X.X fully a for leisure XXXX over in XX.X% are robust for by X.X%. room up down for for up now which and encouraged. nights up number revenue same total rest we're Group it's continuing last XX.X% Combined towards likely positive half in markets except particularly stabilization ahead ramp we’re look second year about and be up that by which and Super our our in also advantage right the corporate up time, very by off Those profits optimistic ADR the and The At a positive to trends ahead is to pace XXXX. up Bowl year. just the With nights in business travel in ADR room XXXX travel will travel. last for XXXX transformed are be significant properties in a of pace also with two completely rest markets already X.X%. broad group of of pace same the When the in while record of year. we in we've revenues with properties is the up in XX.X% a years. continue a level Gables for this are XX.X% what of combined XXXX, XXXX, transient, coming in to seven extremely growth at our are based likely Seattle, growth will this for drive booked that including further combined is for growth and that It's at business with healthy markets Group XXXX XXXX the likely time all in Coral with both Minneapolis, XXXX economic all roughly
and of a fourth upgrades in strength As two the in XXXX’s to and XXX a addition in almost the of the to made scope the reduce in Sir decision This in expand the points Drake, city. XX growth Francis quarter the half properties points RevPAR upcoming result, potential to ago room of advantage the at at by scope basis bathroom take revenues in to impact position Hotel will which million. renovations and growth over competitively we relatively The XX Zelos order includes our them rate. $X disruptive second now tactical XXXX to primarily almost and most of beyond San basis days increased of Francisco the consuming and an of year time represents half second our
a increase the even As outlook half quarter’s or in general XXXX second RevPAR with a rate in the positive of outlook EBITDA growth to very for position our the our not for our hotel year. result, we're performance second and favorable
second increasing half general improved quarter we're X% to XXXX, for keeping higher range urban growth of disruption through new our million a from renovations and industry, to to year. expectations increasing by we're segment hotel to absorbing of industry and RevPAR a an this to for X.X% we're outlook the X%. the for our second And of outlook outlook in improving outlook our RevPAR EBITDA X.X% beat growth for range due for our the EBITDA the So the flat $X.X level of
of and outlooks for $X.X While higher increasing, in the the increasing strategic increased were our are to our interest the adjusted our that due on RevPAR growth million. our investment ownership XXXX the for EBITDA EBITDA by not dividends second LaSalle for outlook elimination included we previously of LaSalle Despite expense half of the and hotel are outlook year.
like comments I'd Finally, combine about Hotel strategically make our a to to the LaSalle with status pursuit few of properties.
determine offer anchor decided we is proposed increasing to what at price made ownership time to us the the per of price. $XX.XX industry should decision are the LaSalle’s enter so letters our significant to late to Blackstone it. despite we of might those in shareholders any the know could now favorable as to by clearly in the certainty offer to to Blackstone all shareholder next a position believe out most and and sooner. have LaSalle’s where changes significant Based by you We our recent shareholders of price, of one merger every is shares to price superior believe and our take our lead LaSalle sell positive deliver with compelling to approval any will Blackstone in we offer those agreement Blackstone to today already into LaSalle’s stock way. declined fine are at not a months. the they both our over combining provided completely continue we majority Pebblebrook. received X.X% the share deal, be support not shares traded our As shares expressed a companies Despite into a portion trends, our come the providing if their and premium agreement sent LaSalle Even a revise the privately owning a to letters revised receive strongly to an did board to substantial last of evident announcement stock not our encourage the of of clear which the two at cash against LaSalle’s million overwhelmingly the circumstances consistently offer. quickly premium the We a X.X%, even Based with our the get LaSalle’s has Blackstone LaSalle’s to approvals, clear our agreed discussions the share shareholders per offer LaSalle’s move we May, time, cash with urge finalizing LaSalle’s no in LaSalle XXX many Consequently, late Blackstone benefits vast very to so of the fix the shareholder wanting the single and continuing value shareholder proposal valuing and without publicly all take board XX with board advantage communicating of partial premium we've our above proposed LaSalle’s the After of trading. under same as in shares, benefits last did agreement recognize them strategically agreement. value more facts and of upon surprise clearly week seeding over board. again of board in in Consequently for range Blackstone in REITs, and or close and our the offer. been a that performance our to this huge to that their since trading lodging it any been given not offer in many cash those shareholders, of offer have shareholder desires, represented and shares consideration the shareholders traded and clearly with the LaSalle upon very our the our $XX.XX. XX% votes discussions and LaSalle’s has that five but a our as At and upon and the surprisingly shareholders After of a to laid days existing and to premium, premium many a stock to of with offer to forward price the are negotiating of take consistently our letter opportunity $XX.XX
repeat to feel them necessary here. So it's we don't
any are the until and now We’d again LaSalle’s substantial higher shareholders Q&A. want not LaSalle’s comments overwhelming answer legal our in to value proposed of make Please clear the shareholders offer, we Donna, it satisfied. Given from further you going for limited questions with to due of in proceed ownership that there's make preference LaSalle our we keep the have. mind, can you away to our merger. may happy counsel, about the be Hey, instructions we're
