You've seen the numbers, essentially 100% of our theaters were closed for the first two months of the quarter and the 80% that we reopened for the final month of the quarter, we're only operating with a limited number of new films.
We incurred approximately $1.6 million of additional property closure and subsequent reopening expenses with the majority of the expenses in our Theater division.
We also incurred an impairment charge of nearly $800,000 this quarter related to several theater properties and an impairment charge of another $800,000 related to an investment in hotel joint venture.
Our effective income tax rate was 26.9% during the third quarter and 37.3% for the first three quarters of the year.
As we discussed last quarter, our year-to-date fiscal 2020 income tax benefit was favorably impacted by an adjustment of approximately $17.4 million resulting from several accounting method changes and the March 27, 2020 signing of the CARES Act.
One of the provisions of the CARES Act specifically designed to help otherwise healthy tax paying companies like us that were significantly impacted by the COVDI-19 pandemic, allows our 2019 and 2020 taxable losses to be carried back to prior fiscal years, during which our federal income tax rate was 35% compared to the current statutory federal income tax rate of 21%.
Excluding this favorable adjustment to income tax benefit, our effective income tax rate for the first three quarters of fiscal 2020 was 24.5%.
We anticipate that our effective income tax rate for the remaining quarter fiscal 2020 may be in the 28%, 29% range due to an expected taxable loss during fiscal 2020 that will continue to allow us to carry back a portion of the loss for years that had a 35% federal income tax rate.
Shifting gears away from the earnings statement just for a moment, our total cash capital expenditures during the first three quarters of fiscal 2020 totaled approximately $19 million compared to approximately $80 million last year, which included the cash component of the Movie Tavern acquisition.
We only spent about $2.8 million during the third quarter.
Now our overall attendance was down over 95% compared to the prior year third quarter because we were closed for two of the three months, attendance at comparable theaters, same theaters opened and same weeks opened, was down approximately 85%.
Our average admission price at our comparable theaters during the weeks we were opened increased 0.6% during the third quarter and 2% for the first three quarters of fiscal 2020 compared to the prior year period.
Our average admission price was unfavorably impacted by the fact that we continue to charge only $5 for older library film product and we only apply our regular pricing to new films.
We are very pleased to report an increase in our average concession and food and beverage revenues per person at our comparable theaters of 28% for the third quarter, and 7.2% for the first three quarters of fiscal 2020.
Shifting to our Hotels & Resorts division, our total revenue per available room or RevPAR for our seven comparable owned hotels for the third quarter and first three quarters decreased 58.2% during the third quarter and 44.3% during the first three quarters of fiscal 2020 compared to the last year's same periods.
Now according the data received from Smith Travel Research and compiled by us in order to compare our fiscal quarter results, comparable upper upscale hotels throughout the United States experienced a decrease in RevPar of 67.1% during our fiscal 2020 third quarter and were down 59.7% year-to-date.
Meanwhile, competitive hotels in our collective markets experienced a decrease in RevPar of 71.4% and 68%, respectively, during our third quarter and first three quarters.
Breaking out the numbers for all seven of our open hotels more specifically, our fiscal 2020 third quarter overall RevPAR decreased was due to an overall occupancy rate decrease of 46.4 percentage points, and a 5.3% decrease in our average daily rate or ADR. Year-to-date, our fiscal 2020 first three quarters overall RevPAR increase -- or decrease was due to an overall occupancy rate decrease of 28.6% -- 28.6 percentage points and a 10.2% decrease in our ADR. Our third quarter occupancy rate for our seven comparable hotels for the weeks that they were opened was 36.6%.
Our debt-to-capitalization ratio at the end of 2019 was a very modest 26%.
Even after reporting the two worst quarters we've ever experienced in our 85-year history, our net debt-to-capitalization ratio at the end of the third quarter was still a very low 35%.
Of course, we also own the underlying real estate for seven of our company-owned hotels in the majority of our theaters, representing over 60% of our screens and even larger percentage of our revenues and cash flow, thereby reducing our monthly fixed lease payments.
We also shared with you last quarter that we filed our income tax refunds of $37.4 million in early August, with the primary benefit derived from the accounting method changes, I referenced earlier.
I'm pleased to tell you that we've received approximately $31 million of those refunds in October after the end of the third quarter, with an additional $6 million expected soon.
We also expect to apply a significant portion of our anticipated tax loss to be incurred in fiscal 2020 to prior year income, which may also result in a refund that we expect may approximate $21 million in fiscal 2021, when our fiscal 2020 tax return is filed, with possible tax loss carry-forwards that may be used in future years as well.
You'll also note that we begun reporting assets held for sale on our balance sheet, primarily -- related primarily to the book value of surplus real estate that we believe will monetized during the next 12 months now.
Now we actually have significantly more real estate that we have the potential to monetize in the next 12 months to 18 months.
As you know, on April 29, 2020 we amended our existing credit agreement and issued a new $90.8 million, 364-day senior term loan A to further support our already strong balance sheet.
On September 22, we extended the maturity date of the term loan to September in 2021 amended our debt covenants and issued $100.05 million in convertible senior notes.
We used a portion of the proceeds from this issuance to purchase capped call transactions that effectively increase the conversion rate of the convertible senior notes from 22.5% to 100%, significantly reducing potential dilution related to the convertibles.
Thus, after deducting cost of the debt issuance, we added an additional $78.6 million in liquidity to our balance sheet.
As a result, as of September 24, 2020, we had cash and revolving credit availability of over $218 million and that's not counting the $31 million of income tax refunds received in October.
Our adjusted EBITDA during the second quarter when we were essentially completely closed was a negative $30 million and our adjusted EBITDA during the third quarter was a negative $26 million.
Even when you add interest expense to that number, with a combined nearly $250 million in cash and revolving credit availability when you add in the October income tax refunds received, plus future income tax refunds remaining in 2020 and future potential income tax refunds in 2021, you can see why we indicate that we believe the additional financing positions us to continue to sustain our operations throughout fiscal 2021, even if our properties continue to generate significantly reduced revenues or have to reclose for a period due to the effects of the COVID-19 pandemic.
As Doug shared earlier, we entered this crisis from a position of strength with a debt to capitalization ratio of 26%.
As an example, high yield debt, another long-term option many borrowers, including some of our peers have availed themselves of typically requires a minimum sizing $300 million range.
But purchasing the cap call in conjunction with our issuance, we were able to effectively increase the strike price of the convertible from 22.5% of our closing stock price to 100% of our closing stock price, significantly reducing any dilution concerns that would typically arise from a convertible issuance.
Our capped call transactions effectively increased the strike price of the convertible notes to $17.98 -- $18 almost which significantly reduces the potential dilution arising from these notes.
For example, at a $20 future stock price dilution is estimated to be only approximately 3% and a $25 future price dilution claims to a very modest 8.2% level.
And overall, 37% occupancy rate is nothing to get too excited about compared to what we are used to during our third quarter.
The expansion is currently expected to be completed in late 23 -- 2023 or early 2024.
Forecasting what future RevPAR growth or decline will be during the next 18 months to 24 months is very difficult at this time.
After past shocks to the system, such as 9/11 and the 2008 financial crisis, hotel demand took longer to recover than other components of the economy.
To get 96% of a group of people to agree on anything is virtually impossible these days.
As a result, we made the difficult decision to reclose 17 theaters in early October and reduced our operating hours and operating days at our remaining open theaters.
We've since reopened three theaters in Nebraska as well meaning that as I speak to you today, 59 theaters opened representing approximately 66% of our circuit.
And in fact, when we pulled our guests, our loyalty club 60% of them said the reason they weren't coming because there was, there were no movies to see.
It did $44 million in its first weekend that compared to give you an idea of the relative performance to Frozen 2, which did $30 million.
In other words, our math has improved and we have 66% of our theaters opened today because we think it is better to be open, better for the customer sake, better for the associates sake and better for the overall business sake.

Summary:
As a result, we made the difficult decision to reclose 17 theaters in early October and reduced our operating hours and operating days at our remaining open theaters.