Comparable hotel Total RevPAR was $367.54 for the second quarter and $366.74 year-to-date, representing an increase of 3.8% and 16.9%, respectively, compared to the same periods in 2022.
RevPAR Exceeds 2019 for Third Consecutive Quarter; Full Year Performance Finishes at High End of Q3 Guidance
All Owned Hotel Total RevPAR was $306.11 and All Owned Hotel RevPAR was $192.06 in the third quarter, a 3.8% and 1.4% increase, respectively, over third quarter of 2019. Average room rates were 15.8% above third quarter 2019, driven by continued strong leisure demand, while also benefiting from growth in urban markets, driven by increased group and business travel.
Announces Doubling of Quarterly Dividend to $0.06 Per Share
Comparable RevPAR on a constant dollar basis improved 3.8% for the quarter, driven by rate growth of 4.8%, partially offset by a decrease in occupancy of 0.7 percentage points.
The improvement in the Company's comparable hotel revenues were offset by the greater level of dispositions than acquisitions, leading to a slight decrease in total revenues for the quarter. The effect of these transactions reduced total revenues, on a net basis, by $35 million for the quarter and $87 million year-to-date.