Before we begin, I'd like to introduce our new Vice President of Investor Relations, Gee Lingberg, who is here with us today on the call. Gee has been with Host for 18 years, most recently in our Treasury Group.
This morning, Ed Walter, our President and Chief Executive Officer, will provide a brief overview of our fourth quarter results, and then we'll describe the current operating environment, as well as the company's outlook for 2012. Larry Harvey, our Chief Financial Officer, will then provide greater detail on our fourth quarter results, including regional and market performance. Following their remarks, we will be available to respond to your questions.
And now, here's Ed.
Larry K. HarveyThank you, Ed. Let me start by giving you some detail on our comparable hotel RevPAR results. Our top-performing market for the quarter was Hawaii, with a RevPAR increase of 23.6%. Occupancy improved more than 11 percentage points, driven by strong group and transient demand, which lead to a 5% increase in rate. Results for the quarter benefited from the renovations of the hotels in the fourth quarter of 2010.Food and beverage revenues for our Hawaiian hotels increased more than 18% and, as a general trend, we saw stronger F&B revenue growth throughout our portfolio. Hawaii also had an outstanding year with a RevPAR increase of 16%, the second best market in our portfolio. We expect Hawaii to be one of our top-performing markets in 2012, due to strong group demand, which should allow us to drive pricing.As expected, our Miami and Fort Lauderdale hotels had another great quarter, with RevPAR up 16.3%. Occupancy improved 8 percentage points as group demand was very strong and ADR increased nearly 4%. The renovation of the Miami Biscayne Bay Marriott in the fourth quarter of 2010 contributed to the RevPAR growth. For the year, our Miami and Fort Lauderdale hotels had RevPAR growth of 9.7%, and we expect them to have a good year due to growth in ADR in 2012.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV