With me on the call today is Ed Walter, our President and Chief Executive Officer; Larry Harvey, our Chief Financial Officer; and Gee Lingberg, our Vice President of Investor Relations.
This morning, Ed Walter will provide a brief overview of our second quarter results and then we'll describe the current operating environment as well as the company's outlook for the remainder of 2012. Larry Harvey will then provide greater detail on our second quarter results, including regional and market performance. Following their remarks, we will be available to respond to your questions. And now, here is Ed.
W. Edward Walter
Thanks, Greg, and good morning, everyone. Well, we are pleased to report another solid quarter of operating results, which were driven by substantial improvements in group demand and average rate growth. Strong F&B and other revenue growth, combined with improved flow-through, led to earnings results that exceeded consensus estimates. In addition, we just completed the acquisition of a great hotel and have taken advantage of our largely unsecured asset base to arrange a very attractively priced term loan, which Larry will talk about during his commentary.First, let's review our results for the quarter. Our comparable hotel RevPAR for the second quarter increased 6.1%, driven by an improvement in our average rate of 3.7%, combined with an occupancy increase of 1.7 percentage points. Our comparable average rate was $195 and our average occupancy was 77.6%, which exceeded our portfolio's prior peak occupancy in the second quarter of 2007, the first time we have seen this happen since the start of the 2008 downturn. For the calendar quarter, our RevPAR growth was 6.8%. Comparable hotel food and beverage revenue growth of 5.7% was driven by a strong banquet and AV revenue and contributed to overall comparable revenue growth of 5.8% for the quarter. The increase in profitable banquet activity contributed to 120 basis-point improvement in our comparable hotel adjusted operating profit margins for the quarter, resulting in adjusted EBITDA of $348 million, an 11% increase over prior year.