We generated $21.4 million of adjusted funds from operations, which was the first quarter since the pandemic that we produced a positive FFO and represents considerable progress from Q2 when we had negative FFO of $15.6 million in Q1 with negative $55.7 million.
Same-property hotel EBITDA rose by 136% to $66.6 million from Q2's $28.3 million.
Same-property room revenues rose a substantial 51% from the second quarter and same-property ADR rose 10% from Q2, and for the first time exceeded the comparable quarter in 2019, in this case, by 3.8%.
Same-property total revenues also rose an impressive 47.2% from the second quarter with healthy food and beverage and other ancillary spend growing faster than occupancy.
The third quarter started strong to RevPAR improved to down just 31% compared with July 2019, clearly better than June's minus 51.6% comparison to 2019.
As a result of the seasonal slowdown in leisure travel and business demand that did not pick up the slack, same-property RevPAR weakened compared to 2019 for August, which was down 39.4% and also then September, which is also down 43.4%.
We're now forecasting RevPAR to be down between 37% and 38% to October 2019, and October occupancy for our portfolio should hit or come very close to the occupancy level achieved in July.
For the fourth quarter, we expect same-property RevPAR and total revenue to be down between 38% and 42% compared with the comparable period in 2019.
Same property revenues of $239.2 million were off 36.3% versus the same period in 2019.
This is a significant improvement from the second quarter when same-property revenues were down 57.8% versus 2019 and continue the progress from the first quarter, which was 74.7% below Q1 2019.
For our original eight resorts and Jaco Island Club Resort for August and September revenues exceeded Q3 '19 by 9.8%, driven by a whopping 57.1% ADR premium to Q3 2019, which was more than offset occupancy that was down just 22.5%.
At our urban hotels, same-property revenues were off 50.1% to Q3 2019, driven by same property revenue declines of 50.4%.
This illustrates convincing improvement at our urban hotels in the quarter compared with the second quarter when same-property revenues were down 68.6% from Q2 2019 and same-property RevPAR was down 69.7%.
ADR at our urban hotels also improved quarter-to-quarter from last quarter's minus 26.1% compared to Q3 '19, down just 10.8% in the third quarter of 2019.
Drawing down further on our hotel operating results, our same-property resorts generated $34.6 million of EBITDA, up 45.4% versus 2019.
Our hotel EBITDA margins were 41.5% compared with 31.4% in Q3 '19, over 1,000 basis points better.
While some of this is a result of some continuing unfilled position, much of it is due to the significant benefit of a 57.1% or $156 rate premium in ADR to 2019 as well as higher prices for non-room revenues and our new operating models at all of our properties, including our resorts.
Our urban hotels generated $29.9 million of EBITDA in Q3, down 7.2% versus Q3 '19.
This is substantially better in Q2 when our same-property EBITDA was just $2.7 million.
Same-property hotel expenses were down in Q3 by 29.5%, representing 81% of the 36% rate of total same-property revenue declines.
Excluding fixed costs, hotel expenses were down by 32.7% or 90% of the rate of decline in same-property revenues.
At the corporate level, after corporate G&A, we generated $55.3 million of adjusted EBITDA in the third quarter.
This is a significant increase from the $17.1 million of adjusted EBITDA in Q2 and a negative $25 million of adjusted EBITDA for Q1.
Earlier this week, we completed a $15 million comprehensive guestroom renovation of our Southernmost Beach Resort in Key West.
And we continue to make progress with our $25 million transformation of Hotel Vitality to One hotel in San Francisco.
For all of 2021, we anticipate investing -- reinvesting a total of $80 million to $90 million in the portfolio, which is in line with our prior annual estimate.
On September 9, we sold Ville Floor in San Francisco Union Square for $87.5 million.
Since Q1 2020, we have sold seven assets generating $664 million of proceeds.
On September 23, we completed the acquisition of the 369 room Margaritaville Beach Resort for $270 million.
And just last week, we purchased the 19-room Avalon,and the 12 room Gardens in Key West for a combined $20 million.
As a result, we anticipate generating an 8% to 12% cash and cash return on this investment after a 4% capital reserve on a forward 12-month basis.
As a reminder, year-to-date, we have acquired two resorts as well as two Bed & Breakfast guest houses for a combined $384 million of proceeds.
Turning to our balance sheet and liquidity, we have approximately $807 million of liquidity after completing our recent property transactions including roughly $163 million of cash on hand and $644 million available on our unsecured credit facility.
We also currently have approximately $210 million of reinvestment proceeds available under our current bank arrangements.
So I thought I'd focus on what we're currently seeing in our business, how we think the rest of this year is likely to play out, our current expectations for 2022, will delve a little deeper into the performance of some of our existing properties and markets as well as discuss the capital reallocation decisions we've made in the last 18 months.
And about 1/3 of the premium is due to the transformational redevelopment projects we undertook in the last few years at our resorts, where we substantially repositioned them higher in quality, and as a result, higher ADRs are being achieved, generating attractive returns on our redevelopment investments.
In the third quarter, we estimate we gained over $50 alone just an ADR share versus the competitive market properties with that number accelerating substantially from the second quarter.
In the third quarter, our resorts achieved 9.8% higher total revenues in Q3 '19, even without that group.
Room revenues were up 21.9%, and EBITDA was higher by 45.4% or $10.8 million.
This rate -- with rate up so substantially 57.1% and occupancy down by 22.5%, EBITDA margin at 41.5% for our original eight resorts and Jekyll Island Club Resort, which was included in August and September.
This is an increase of 1,018 basis points from Q3 '19.
EBITDA per key for our resorts for the third quarter alone grew to $17,000.
On a run rate basis, including Jekyll and Margaritaville Hollywood Beach Resort for the entire quarter, same-property EBITDA for the 10 resorts of $40.5 million was $13.9 million higher than Q3 2019.
For all of 2021, we're now forecasting our eight original resorts to achieve $2.5 million more EBITDA than they earned in 2019 despite being $8 million lower in the first quarter of this year.
Including Jekyll Island and Margaritaville Hollywood, which are both now forecasted to end 2021 above 2019 levels, we're forecasting our run rate resort EBITDA to be $6 million to $7 million higher than 2019 at $115 million to $116 million in total or roughly $46,700 per key.
And that's despite the 10 resort portfolio being $10.8 million lower in Q1 versus 2019.
So that compares to $86.7 million in 2019 for the original eight resorts.
Both Jekyll and Margaritaville are also running well above our initial underwriting when we price those properties for purchase with Jekyll ahead by over $2 million and Margaritaville ahead by over $5 million.
At these forecasts, Jekyll would be a 7.4% cap rate on 2021 NOI and Margaritaville would be a 6.25% cap rate on 2021 NOI.
In the second quarter this year, group room nights achieved amounted to just 13% of comparable 2019 levels in our portfolio.
But that improved substantially to 34% in the third quarter.
And based on business on the books and current cancellation and attrition trends, we expect it to exceed 40% in the fourth quarter.
In the first quarter of 2022, group room nights on the books are currently at 62% of Q1 '19 rooms on the books at the same time in 2018 and ADRs currently ahead by 14%.
For the year, group revenue pace on the books for 2022 is at 69% of the same time in 2018 for 2019 with ADR ahead by 6%.
In Q3, Jekyll Island grew RevPAR by 35% over Q3 2019 with ADR increasing by 23% or $58.
At Margaritaville, RevPAR climbed 47% in Q3 versus 2019 with ADR increasing a robust 60% or $136.
Margaritaville's EBITDA in Q3 increased 131% over Q3 '19, up from $2.1 million to $4.8 million, with EBITDA margin up 1,300 basis points.
Jekyll Island's third quarter EBITDA was up 125% over Q3 '19 or $2.5 million versus $1.1 million with EBITDA margin also up 1,300 basis points.
With the third quarter sale of Villa Florence in San Francisco, since the pandemic began, we've sold two older properties in San Francisco and one in New York City, along with some rooftop antennas and the historic Union Station Nashville for a total of $333 million.
And we've acquired two resorts in the Southeast and two small B&Bs in Key West for a total of $384 million.
We believe that our current net asset value is in the range of $30 per share at the low end to $35 per share at the high end and $32.50 at the midpoint, and we're happy to discuss this in more detail in the Q&A or in separate conversations over the next few weeks.
These increases have ranged from 5% at the low end to as high as 25% at the high end and 15% is about average throughout the portfolio.
This pricing flexibility and customer acceptance should allow us to continue to be able to grow our pre-pandemic margins by 100 to 200 basis points based upon the restructured operating models developed during the pandemic, which utilize more cross-training, more efficient labor scheduling tools and more technology, among many efforts to continue our never-ending effort to increase productivity and become a more efficient and profitable business.
In addition, curator has now completed over 60 preferred vendor arrangements with a preferred group of individual product and service providers in our industry.
And we expect this number of arrangements to increase over 80 before the end of the year with further opportunities for savings as a result.
Taken together, this means we don't expect rate discounting in 2022.

Summary:
For the fourth quarter, we expect same-property RevPAR and total revenue to be down between 38% and 42% compared with the comparable period in 2019.
Taken together, this means we don't expect rate discounting in 2022.