Hello, and welcome to the annual meeting of stockholders of Host Hotels & Resorts. Please note that today's meeting is being recorded. Stockholders who have registered for today's meeting may submit a question or comment at any time by clicking on the message icon. Please note that your registered name will be announced with your question. Out of consideration for others, please limit yourself to one question or comment. Guests are in listen-only mode and will not be able to submit questions. It is now my pleasure to turn today's meeting over to Richard Marriott, Chairman of the Board of Host Hotels & Resorts. Mr. Marriott, the floor is yours.
Good morning, everyone. Welcome to the 2024 Annual Meeting of Stockholders. I'm Dick Marriott, and I will be presiding over this meeting. We're hosting today's meeting through a virtual online platform. The annual meeting of Host Hotels & Resorts is hereby called to order. We will begin the meeting by reviewing the meeting proposals to be voted on. We will then move to the business update from our President and CEO, Jim Risoleo, followed by a question-and-answer period. Our General Counsel and Corporate Secretary, Julie Aslaksen, who is also participating in today's meeting, has reported to me that the notice of the annual meeting was first mailed on April 5, 2024, to our stockholders of record as of March 18, 2024. Julie will confirm when the polls have closed, report on the preliminary voting results, and adjourn the meeting.
Computershare, our Inspector of Elections, has reported that a majority of the shares are present at the meeting, either in person or by proxy. Accordingly, a quorum is present, and we may transact the business before us. I'd like to remind everyone that some of the remarks made today are considered to be forward-looking statements under federal securities law. As described in our filings with the SEC, these statements are subject to numerous risks and uncertainties, which could cause future results to differ from those expressed. We will also discuss non-GAAP financial information, such as adjusted EBITDA, which we believe is useful to investors. You can find a description of this information, including reconciliations to GAAP financial measures, in our latest earnings press release, which has been posted on our website. We have four proposals to present to you this morning.
All proposals were outlined and discussed in the proxy statement. The polls are now open for each matter to be voted upon. Proposal one is the election of the nine director nominees named in the proxy statement. Proposal two is to ratify the recommendation by the Audit Committee to appoint KPMG LLP as independent auditors for the company for 2024. KPMG is represented here today by Tom Gerth and Pramit Patel. Proposal three is an advisory vote on executive compensation. Proposal four is a vote to approve the company's 2024 Comprehensive Stock and Cash Incentive Plan. Your board recommends a vote for each of the proposals. If you previously voted by proxy, you do not need to vote today unless you wish to change your vote.
If you have not voted your shares and you are a stockholder who is registered for this meeting, you may vote online now. I would like to now turn the floor over to Jim Risoleo, our President and CEO, to provide a business update.
Thank you, Dick. Welcome to the Host Hotels & Resorts annual meeting. I'd like to thank everyone for joining us today and for your continued support of Host. On the cover, you will see a photo of the Ritz-Carlton Naples. We completed a transformational renovation of the hotel, combining the existing resort with the addition of a new 74-key tower. As part of the renovation, we expanded the guest room bathrooms, elevated the design and functionality of the rooms, and combined standard guest rooms to create suites. We also enhanced the arrival experience with a reimagined lobby and lobby bar. The Vanderbilt Tower increased the suite count and added new pools, a poolside F&B outlet with a bar, and an expanded club lounge. In addition to the renovation and expansion, our reconstruction efforts following Hurricane Ian allowed us to opportunistically enhance the resiliency of the property.
We are proud of the well-deserved attention The Ritz-Carlton, Naples is receiving, including regaining the coveted AAA Five Diamond designation, and we look forward to seeing the results it delivers in the years to come. Moving to the next slide. Today, I will give a brief overview of Host and highlight some of our 2023 accomplishments, including our strong operational improvements, our successful capital allocation execution, and our fortress balance sheet. I will then discuss our three strategic objectives, total stockholder returns, and corporate responsibility initiatives before wrapping up with the Host investment thesis. Next slide, please. Starting with a brief overview of the company, Host Hotels & Resorts owns the largest portfolio of luxury and upper upscale hotels in the public markets. We have a geographically diverse portfolio of iconic and irreplaceable assets located in prime locations and markets,...
and a strong analytics platform to support our capital allocation strategy. As of May, our portfolio comprises 79 hotels, totaling 42,700 rooms. In addition, we are the only investment-grade lodging REIT and the only lodging REIT in the S&P 500. Next slide, please. Over the course of 2023, we delivered strong operational improvements, driven by increases in both occupancy and room rates. We continued to successfully allocate capital through reinvestment in our portfolio, share repurchases, and dividend increases. In addition, we completed significant multiyear initiatives driven by our three key strategic objectives, maintained a strong investment-grade balance sheet, and returned capital to our stockholders. Highlighting a few stats here. First, we delivered comparable Hotel RevPAR, which stands for Revenue Per Available Room, of 8.1% over 2022.
This increase was largely driven by growth in urban markets, which offset moderating rates at our resorts. In addition to our operational improvements, we continue to successfully allocate capital through reinvestment in our portfolio. In 2023, we invested nearly $650 million in capital expenditures. We ended the year with $2.9 billion of total available liquidity and returned $700 million of value to our stockholders in the form of dividends and share repurchases. Next slide, please. As part of our successful capital allocation efforts, we announced the Hyatt Transformational Capital Program, a comprehensive renovation program at six of our Hyatt properties that will target returns through enhanced owners' priority and market share gains.
The properties include the Grand Hyatt Atlanta, the Grand Hyatt Washington, D.C., the Grand Hyatt San Diego, the Hyatt Regency Austin, the Hyatt Regency Capitol Hill, and the Hyatt Regency Reston. Our total investment is expected to be approximately $550 million-$600 million, which equates to $125 million-$200 million over the 3-4 years. We believe these reinvestments will position our portfolio to outperform in the future. Next slide, please. Turning to our portfolio performance. At the start of the year, revenue surpassed pre-pandemic levels overall. As expected, top-line growth started normalizing over the course of the year, following easy comparisons in the first quarter of 2023.
Strong operating improvements were primarily driven by improvements in both occupancy and rate at our urban hotels, which helped offset moderating leisure rates at our resorts during the year. Next slide, please. In addition to delivering significant operational improvements, we completed significant multiyear initiatives driven by our 3 strategic objectives, which were initially established in 2021. Our objectives include redefining the hotel operating model with our operators, gaining market share at hotels through comprehensive renovations, and strategically allocating capital to development ROI projects. As part of our strategic objectives, we completed the multiyear Marriott Transformational Capital Program, which included 16 assets, as well as 8 additional comprehensive renovations and 4 development projects. The Ritz-Carlton, Naples, which I just discussed, is a great example of both a comprehensive renovation and a development project.
We believe executing on these objectives and continuing to realize the benefits will allow us to achieve EBITDA growth for years to come. Next slide, please. Our efforts over the past few years allowed us to outperform on a total stockholder returns basis over multiple time frames. As a reminder, over the course of 2023, equity markets faced a number of headwinds, fueled by continued geopolitical instability, federal funds policy decisions, and lingering fears of a recession. For the full year 2023, our total return was 28%. Host Hotels & Resorts finished second among 7 full-service lodging REITs and fourth among all lodging REITs, outperforming 10 other lodging REITs. We have also outperformed since the pre-pandemic market peak, ranking first on a total return basis compared to other full-service lodging REITs, as well as on 3-, 5-, 7-, and 10-year time frames.
Next slide, please. We continue to be recognized as a global leader in corporate responsibility in 2024. While we work toward achieving our 2025 environmental and social targets, we introduced our 2050 vision of going beyond net zero to become a net positive company, which is further detailed in our corporate responsibility report. In addition, we were named to the Dow Jones Sustainability World Index, which recognizes global sustainability leaders across all industries for the 5th consecutive year, and we were included in the Dow Jones Sustainability North America Index for the 7th consecutive year. We were once again included among the world's most sustainable companies in S&P Global Sustainability Yearbook, and named one of America's most responsible companies by Newsweek. Next slide, please.
As a reminder, our corporate responsibility program is focused on responsible investment across three main themes: environmental stewardship, social responsibility, and governance. This slide provides some additional detail around our corporate responsibility efforts. Our $2.5 billion sustainability-linked credit facility refinancing in early 2023 added specific sustainability targets to increase the number of hotels with green building certification and renewable energy usage. We now have a total of 17 LEED certified properties, including four LEED Gold hotels, plus our corporate headquarters, and 19 LEED projects in the pipeline across 18 properties. 98% of our employees have been trained in unconscious bias and other diversity topics, and we were the first lodging REIT to sign on to the American Hotel & Lodging Association's Five Star Promise as an owner to advance safety, nondiscrimination, and human rights within the hospitality industry.
All of our efforts on the corporate responsibility front are overseen by the board's Nominating, Governance, and Corporate Responsibility Committee, which also continues to provide valuable insights to bolster our program. Next slide, please. To wrap up, we are extremely proud of the results we achieved in 2023. We believe our disciplined capital allocation efforts over the past few years, combined with a solid expected growth profile of our portfolio, our diversification across geographic markets and business mix, our fortress balance sheet, and our size, scale, and reputation, leave us very well positioned to continue our strong performance in 2024. Thank you for your continued support of Host. That concludes our annual meeting presentation.
Thank you, Jim. We will now move to questions and the closing of the polls. It appears that we do not have any submitted questions, so we will end the question-and-answer period, and the polls are now closed. I have the preliminary results of the votes on the proposals contained in the proxy statement. I am pleased to report that all directors were elected, and the proposals on KPMG's appointments, executive compensation, and the company's 2024 comprehensive stock and cash incentive plans are all approved. Final voting results will be filed with the SEC on a Form 8-K and will be available on our website. Thank you for participating in our annual meeting today.
This concludes the meeting. You may now disconnect.