During the year, we sold two hotels, the Renaissance Baltimore and the Renaissance LAX for combined gross proceeds of nearly $172 million.
These two transactions bring the number of hotels sold in the past three years to a total of nine hotels for gross proceeds of approximately $575 million.
We did not have to sell this hotel, nor did we need the incremental liquidity, and because of this, we were able to hold the line and extract premium pricing equating to a 6.8% cap rate on 2019 actual earnings.
It is worthwhile to note that the combined 2019 RevPAR and EBITDA per key of these three hotels, in aggregate, was approximately 19% lower and 54% lower respectively than the remainder of our portfolio.
During the year, we invested $51 million into our hotel portfolio, with the largest project being the complete repositioning renovation of the Bidwell Portland, which turned out just beautifully.
At our Renaissance Orlando, we completed the first phase of a refresh of the hotel large atrium lobby, including replacing nearly 50,000 square feet of flooring, which would have otherwise resulted in millions of dollars of displacement.
At our Wailea Beach Resort, we added 32 beautiful lanai decks, which has significantly increased the appeal and the revenue potential of these oceanfront rooms.
Also in Wailea, we remain on track to complete our solar project in this quarter, which will eliminate approximately 650,000 kilowatts annually of energy, and reduce not only our carbon footprint, but also our energy bill by roughly $160,000 per year.
And finally at our DC Renaissance, we have completed the refresh of our product to share and the meeting space escalator modernization, both of which have result -- would have resulted in meaningful group displacement during normal operating times.
Of our 17 hotels, 15 were in operation at the end of the year, which represents 92% of our rooms in the portfolio, and nearly 98% of our comparable 2019 hotel EBITDA.
For the full year, comparable portfolio revenues were $233 million, and RevPAR was just over $46, which represent declines of 76% and 77% respectively, compared to 2019.
To put this into perspective, roughly 75% of our comparable revenues in the year were generated in the first quarter prior to the pandemic.
Full year comparable property-level EBITDA was a loss of $64 million, which represents a decline of 120% relative to 2019, despite a previously thought unattainable 56% decline in same-store operating expenses.
Comparable portfolio revenues were $32 million and RevPAR was $25.36, which represents a decline of 86% and 87% respectively, compared to the fourth quarter of last year.
Nevertheless, our portfolio RevPAR of just over $25 increased from the nearly $18 witnessed in the third quarter and the $3 in the second quarter, as we opened up additional hotels, and as occupancy at several hotels increased, particularly our higher-rated properties.
Our Oceans Edge Resort in Key West ran at 53% occupancy in the fourth quarter, and a slightly higher rate than the fourth quarter of 2019 driven completely by transient leisure business.
Over the New Year's holiday, Oceans Edge ran nearly 90% occupancy, with an average rate that was competitive that of the prior year.
As expected, demand in Wailea has been building slowly with occupancy levels in the range of 19% to 23% per month.
Our November ADR at the property was 13% higher than the previous year, and our ADR from Christmas to New Year was over $725.
Group business increased sequentially in the fourth quarter compared to the third quarter from 21,000 room nights to 32,000 room nights or about 24% of the total room nights achieved in the quarter.
During the fourth quarter, property-level expenses declined by 70%, which includes the benefits -- benefit of approximately $8.7 million of operational level credits and adjustments, including several real estate tax adjustments and employee tax credits.
Despite such a material decline in cost, the challenging demand environment resulted in property-level adjusted EBITDA loss of $18 million in the fourth quarter.
Now, a loss of $18 million is nothing to get excited about, but it does show continued improvement from the third quarter, which had a loss of $32 million for the comparable portfolio.
Looking at the second quarter, our group cancellations have increased over the last 90 days, but at a much slower pace than what we saw in recent quarters.
In January, our portfolio group lead volume was up 130% over December, and the total number of leads reached a level not seen since last March.
From a production standpoint, Hilton San Diego Bayfront had its highest January group production in the last six years, with over 17,000 room nights booked, and Boston Park Plaza booked several large pieces of business for the third and fourth quarter.
Since the beginning of the fourth quarter, we booked 140,000 new group room nights for all future months, excluding the rebooking of previously cancelled groups.
In addition to new bookings, to date we have rebooked 266,000 group rooms -- group room nights that previously cancelled or approximately 25% of all cancelled group room nights since the start of the pandemic.
We would expect that number of rebook rooms to increase as another 3% of cancelled rooms are at various stages of reworking their contracts, and an incremental 24% of cancelled room nights have expressed an interest in rebooking and are working with our sales team to potentially secure new dates.
Taken together, the new group -- groups booked, since the beginning of the fourth quarter and all rebook groups, and those in the contracting process, represent approximately $100 million of group room revenue, and approximately $125 million of total group revenue.
While our 2021 group room night pace is down materially compared to pre-pandemic levels, we currently have approximately 290,000 group rooms on the books for 2021, representing $62 million of group room revenue, a significant increase from the depressed 2020 levels.
For the second half of the year Wailea has 13% more transient rooms on the books, compared to the same time in 2019, and the outlook has been improving weekly.
At that time, we established that we would incur property-level cash losses of approximately $10 million to $13 million a month, and with -- and when combined with our corporate expenses, debt service and preferred dividends represented a total monthly cash burn of $16 million to $20 million before capex and extraordinary items.
Our actual cash, or excuse me, our actual hotel-level cash burn for the fourth quarter was approximately $9 million per month.
And when combined with our corporate cash requirements, equated to a monthly burn rate of $16 million on average, which was at the low end of our estimated range.
We currently expect that our first quarter monthly corporate cash burn rate before capital investment will range from approximately $14 million to $17 million per month or 14% decline from the previously provided range.
We ended the year with $368 million of unrestricted cash, and full availability on our $500 million credit facility.
Repayment of the DC loan eliminates roughly $10 million of annual debt service, and will leave us with only three mortgages.
From a capital perspective, we plan to invest approximately $70 million to $80 million into our portfolio in 2021.
As part of the conversion, nearly all areas of the hotel will be reinvented, including a full renovation of all 807 guest rooms and bathrooms, conversion of a majority of bathtubs to showers, the addition of nine new keys, upgrading the fitness center, the redesign of all public spaces, meeting areas and food and beverage outlets, as well as enhancements to the exterior facade.
We anticipate that the total investment for the conversion to be approximately $70 million, with nearly $30 million of that spend occurring in the current year.
This investment is roughly $30 million over the cost of a cyclical renovation, but one that we believe will generate a low- to mid-teens return on incremental investment given the increased rate potential.
Similar to our successful Avenue 34 meeting space, we anticipate this will also be highly sought after for social catering events, and will provide additional breakout space to attract large groups.
As of the end of the quarter, we had approximately $416 million of total cash and cash equivalents, including $48 million of restricted cash, and then undrawn $500 million revolving credit facility.
During the quarter, we utilized proceeds from the sale of the Renaissance LAX, along with cash on hand, to repay the $108 million mortgage secured by the Renaissance Washington DC.
The repayment of this loan removes our highest cost piece of secured debt, eliminates nearly $10 million of debt service per year, and leaves us with only three secured mortgages remaining in the portfolio.
Working with our operators, we have reduced operating expenses by approximately 60% to 70% since the start of the pandemic.
Our current projected cash burn rate is now $14 million to $17 million per month before capital expenditures, which has reduced from our previous range of $16 million to $20 million per month, and down from the actual fourth quarter burn of approximately $16 million.
Fourth quarter adjusted EBITDA was a loss of $19 million, and fourth quarter adjusted FFO per diluted share was a loss of $0.16.
While we were anticipating the fourth quarter results, which showed sequential improvement, the actual results also benefited from approximately $8.7 million of operational level credits and adjustments, some of which may not repeat in the first quarter of 2021.
As we've noted, we expect our near-term monthly corporate cash burn to be between $14 million and $17 million before capex.

Summary:
And finally at our DC Renaissance, we have completed the refresh of our product to share and the meeting space escalator modernization, both of which have result -- would have resulted in meaningful group displacement during normal operating times.
Comparable portfolio revenues were $32 million and RevPAR was $25.36, which represents a decline of 86% and 87% respectively, compared to the fourth quarter of last year.
From a capital perspective, we plan to invest approximately $70 million to $80 million into our portfolio in 2021.