Our adjusted FFO per diluted share was $0.34 in the second quarter, an increase of nearly 10%. On a year-to-date basis, comparable hotel RevPAR increased 6.1%, driven by a 3.3% increase in average rate and a 1.9 percentage-point improvement in occupancy. Total year-to-date comparable revenue growth of 6%, combined with an adjusted operating profit margin setting increased 110 basis points, resulted in year-to-date adjusted EBITDA of $523 million. This represented an increase of more than 14% over the prior year and generated adjusted FFO per diluted share of $0.49.Overall, we are extremely pleased with our operating results and the progress we are seeing in lodging fundamentals. The key driver of our second quarter results was the strong increase in demand in our group business, especially in the higher-priced segments. The favorable trends that we noted in group demand since Q4 of 2011 continued to accelerate in the second quarter as our overall group occupancy increased more than 5%. The demand improvement was evident in all of our group segments led by a more than 9% increase in our higher-rated association business and a 5.5% increase in our Corporate business.
Host Hotels & Resorts Management Discusses Q2 2012 Results - Earnings Call Transcript
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