The average daily rate at Extended Stay America during the fourth quarter increased 7.8 percent year over year to $57.86,

the company reported Thursday. Fourth-quarter occupancy was 68.8 percent, down from 70.5 percent. Full-year occupancy was 74.3 percent, up only slightly from 74.2 percent, while ADR increased 7 percent to $57.93. Fourth-quarter net income was $28 million, up from a loss of $15.4 million in the fourth quarter of 2013, while full-year net income was 150.6 million, an 82 percent improvement from 2013. To date, the company has completed 335 hotel renovations, 53 percent of its portfolio, and anticipates renovating 75 percent of its portfolio by year-end 2015. CEO Jim Donald said newly renovated properties fueled more than 90 percent of the company’s revenue growth in the fourth quarter.