Of our 19 hotels, six were in operations for all of the third quarter, including Oceans Edge, which opened in early June and Chicago Embassy Suites that opened July 1st.
This leaves us today with 16 of our 19 hotels in operation, which comprised 88% of our rooms in our portfolio and generated nearly 96% of our 2019 hotel EBITDA.
In the quarter, comparable portfolio revenues were $24 million and RevPAR was $17.58 which represents a decline of 91% and 92% respectively, compared to the third quarter of last year.
For the 12 hotels that were open at least some portion of the third quarter, RevPAR declined by a marginally better 86% and witnessed sequential monthly RevPAR improvement, as the quarter progressed.
Similarly, the six hotels that were open for the entirety of the third quarter, RevPAR declined by a marginally better 80%, and also witnessed sequential monthly RevPAR improvement, as the quarter progressed.
And finally, the four hotels that maintained operations throughout the year, witnessed an 81% decline in the third quarter, which equated to a RevPAR of $36, and a marked improvement from the $14 RevPAR witnessed in the second quarter.
Despite an impressive two-thirds reduction in our property level expenses, the combination of only $24 million of comparable hotel revenue and approximately $62 million of total property level adjusted operating expenses, resulted in property level adjusted EBITDA loss of $37 million.
But marks an improvement to the $42 million property level adjusted EBITDA loss witnessed in the second quarter, excluding the losses associated with the recently sold Renaissance Baltimore.
From July through October, we booked 106,000 new group rooms for all future months.
In addition to new bookings, we have rebooked 197,000 group room nights that previously canceled or 23% of all cancelled group room nights since the start of the pandemic.
Furthermore, an additional 56,000 group room nights that had been canceled have expressed their intent to rebook and are at various stages of reworking their group contract, which would increase our rebook percentage to 30% of total cancelled group room nights, should they be converted.
Taken together, the recently booked groups and all definite and tentative rebook groups represent approximately $90 million to $95 million of group room revenue and roughly $130 million of total group revenue.
For 2021, while our group room night pace is down compared to pre-COVID levels, we currently have approximately 488,000 group rooms on the books, representing $120 million of group room revenue.
These groups equate to approximately 13% of our 2021 occupancy on the books, which is below our three-year average of approximately 20% at this time of the year, yet represents a significant increase from the 2020 actualized levels.
In August, year-over-year net transient reservation declined by roughly 90%.
Then in September and October, net transient weekly reservations were down roughly 75% and nearly 67% respectively, demonstrating sequential monthly growth.
Three months ago, we estimated that we would incur property-level cash losses of approximately $12 million to $15 million a month and when combined with our corporate expenses, debt service and preferred dividends represented a total monthly cash burn of $19 million to $23 million before capex and extraordinary items.
I'm happy to report that as a result of more hotels resuming operation, the continued rightsizing of the operating model and strong expense reports, our estimate of future cash burn has been reduced by approximately $3 million a month, resulting in total monthly corporate cash burn rate before capital investment of approximately $16 million to $20 million a month or 14% decline from the previous range.
We ended the quarter with $504 million of total cash and cash equivalents and full availability on our $500 million credit facility.
As you're likely to remember, we postponed approximately $35 million of capital projects this year, leaving approximately $40 million of our 2020 initial budgeted renovations.
At the same time, taking a long-term view of our business, we accelerated $6 million to $8 million of very disruptive projects that were on hold, waiting a quiet time to be completed.
Of the roughly $50 million of capital projects we expect to complete this year, we invested approximately $11 million into our portfolio in the third quarter and $44 million year-to-date.
This leaves roughly $6 million of capital projects to completed in this final fourth quarter.
At our Wailea Beach Resort, we've added 32 beautiful lanai decks which significantly increased the appeal of these ocean front rooms.
Also, in Wailea, we are on-track to complete -- in the first quarter of 2021 -- a solar project, which will eliminate approximately 650,000 kilowatt hours annually and reduce not only our carbon footprint, but also our energy build by roughly $160,000 per year.
16 of our 19 hotels are operating, the hotels that remain open or have resumed operations have witnessed encouraging occupancy trends and are reducing our overall losses in cash burn.
As of the end of the quarter, we had approximately $504 million of total cash and cash equivalents, including $42 million of restricted cash and an undrawn $500 million revolving credit facility.
During the quarter, we repaid $35 million of outstanding senior notes at par with a portion of the proceeds from the sale of the Baltimore Renaissance.
Working with our operators, we have reduced operating expenses by approximately 60% to 70% since the start of the pandemic.
Based on our current projected cash burn rate of $16 million to $20 million per month before capital expenditures, which was reduced from our previous range of $19 million to $23 million per month, with an actual third quarter burn of approximately $19 million, we estimate that we have approximately two years of liquidity based on existing cash.
Again, that is more than 24 months of liquidity before we would need to take on additional leverage from proceeds from our line or other capital sources, including asset sales, which could extend that liquidity for several more years if needed.
Third quarter adjusted EBITDA was a loss of $36 million, and third quarter adjusted FFO per diluted share was a loss of $0.26.

Summary:
Third quarter adjusted EBITDA was a loss of $36 million, and third quarter adjusted FFO per diluted share was a loss of $0.26.