Good afternoon. My name is Heidy, and I will be your conference operator today. At this time, I would like to welcome everyone to the Chesapeake Lodging Earnings conference call. [Operator Instructions]. Thank you.
It is now my pleasure to turn the call over to Mr. Douglas Vicari. You may begin your conference.
Okay. Thank you, Heidi. Good afternoon and welcome to our fourth quarter 2016 earnings call. This is Doug Vicari, Executive Vice President and CFO of Chesapeake. Also on the call this afternoon are Jim Francis, our President and CEO; and Graham Wootten, our Chief Accounting Officer. As is our custom, I'll begin with a brief overview of our quarter, including a review of our consolidated results, our summary hotel operating performance, our financial position, and our 2017 outlook. After I conclude my commentary, Jim will provide greater detail on the performance of our hotel portfolio.
He will also provide some general thoughts on macro industry trends and more specifics regarding our outlook for our hotel portfolio for 2017. As a reminder, any statement we make this afternoon about future results and performance or plans and objectives are forward-looking. Actual results may vary as a result of factors, risks, and uncertainties over which we have no control. And with that housekeeping behind us, let me begin with a brief review of our highlights and consolidated performance for the quarter. So, for the fourth quarter, we reported total revenue of $145.1 million and net income available to common shareholders of $9.7 million or $0.16 per diluted share.
Our adjusted corporate EBITDA was $39 million and our adjusted funds from operations was $28.4 million or $0.48 per diluted share. On a full-year basis, we reported total revenue of $619.7 million and net income available to common shareholders of $67 million or $1.13 per diluted share. Our adjusted corporate EBITDA was $184.5 for the year and our adjusted funds from operations were $140.4 million or $2.39 per diluted share. Let me briefly review some of our key hotel operating statistics. So, for the quarter, our portfolio of 22 hotels produced a RevPAR of $174.56. That represents a decrease of 0.6% versus the prior year. Our occupancy for the period was 79.8%.
That increased by 80 basis points while our average daily rate was $218.68 that was a decline of 1.7% versus the prior year. These topline trends resulted in adjusted hotel EBITDA of $44.1 million and our adjusted hotel EBITDA margin was 30.4%, which is a 230-basis point decrease from the prior year. For the full year, our 22 hotels produced a RevPAR of $190.12. That represents an increase of 2.3% versus the prior year. Our occupancy for the year ended at 83.9%. That was an increase of 260 basis points, while our average daily rate ended the year at $226.68.
That was a decline of 0.9%. These topline trends resulted in adjusted hotel EBITDA of $203.7 million and our adjusted hotel EBITDA margin was 32.9% and that's a 20-basis point increase
Executive Vice President & Chief Financial Officer
President & Chief Executive Officer
We are pleased that you like our content! Sign Up now to access premium content for free, a very limited time offer.
Welcome! Create your account
You are successfully registered!
An activation link has been sent to your mail. Please activate and login.