Xenia Hotels & Resorts Inc Stock Price, News & Analysis

Xenia Hotels & Resorts (NYSE: XHR) reported its Q3 2020 results, revealing that 36 of 37 hotels were operational, with a liquidity of approximately $600 million. Despite a net loss of $52.3 million ($0.46 per share) for the quarter, the company's adjusted EBITDAre was $(21.1) million. Significant hotel sales included Residence Inn Boston Cambridge for $107.5 million and Marriott Napa Valley for $100.1 million. Financial covenants were relaxed until Q1 2023, and the company has no debt maturities until 2023, positioning it for gradual recovery amidst ongoing COVID-19 challenges.

Xenia Hotels & Resorts, Inc. (NYSE: XHR) announced the pricing of $200 million in 6.375% senior secured notes due in 2025, up from a previously announced $150 million. The offering is set to close on October 20, 2020, with proceeds intended to fully repay two term loans maturing in 2022. The notes will carry a fixed annual interest rate of 6.375% and will be guaranteed by the company and its subsidiaries. The notes are considered 'additional notes' under an existing indenture from August 18, 2020. This press release does not constitute an offer to sell or solicitation to buy the notes.

Xenia Hotels & Resorts, Inc. (NYSE: XHR) has announced a proposed offering of $150 million in 6.375% senior secured notes due in 2025. The offering aims to repay existing borrowings and support general corporate purposes. The notes will be secured obligations of XHR LP and guaranteed by the company and its subsidiaries. This new issuance follows a previous offering of $300 million in senior secured notes made in August 2020. The notes will only be offered to qualified institutional buyers and not registered under the Securities Act.

Xenia Hotels & Resorts announced on October 14, 2020, amendments to its corporate credit facilities, increasing the revolving credit facility to $523 million until February 2022 and extending the testing waiver for financial covenants through the end of 2021. Currently, 37 of Xenia's 38 properties are operational, with varying occupancy and revenue per available room (RevPAR) figures for Q3. The company is also exploring the timing for reopening the Hyatt Regency Portland. Key metrics include a Q3 average occupancy of 28.5% and RevPAR of $48.41.

Xenia Hotels & Resorts has successfully sold the 221-room Residence Inn in Boston Cambridge for $107.5 million, translating to approximately $486,500 per room. The sale reflects an 11.6x multiple and a 7.8% capitalization rate on 2019 hotel EBITDA and net operating income. The transaction yielded $46.0 million in net proceeds after costs, which will be used for repaying credit facility borrowings. Xenia aims to enhance balance sheet flexibility amid challenging market conditions. Additionally, the company expects the sale of Marriott Napa Valley Hotel & Spa to finalize by the end of October.

Xenia Hotels & Resorts, Inc. (NYSE: XHR) will release its third-quarter 2020 financial results on October 30, 2020, before the market opens. A conference call is scheduled for 1:00 PM ET that same day, where management will discuss the results. Investors can participate by dialing (855) 656-0921 and accessing the live webcast via the company's website. The company operates 39 hotels with a focus on luxury and upper-upscale segments, primarily in top U.S. lodging markets.

Xenia Hotels & Resorts, Inc. (NYSE: XHR) has updated its credit facilities and hotel operations as of August 27, 2020. The company amended its corporate credit agreements following a $300 million senior secured notes offering. Key amendments allow for hotel acquisitions via equity. As of the latest update, 35 of 39 hotels are operational, with expected reopening dates for two more hotels in September. Xenia plans to sell the Marriott Napa Valley Hotel & Spa for $100 million, while reporting average occupancy of 30% and average daily rates of $170 in August.

Xenia Hotels & Resorts, Inc. (NYSE: XHR) announced the pricing of its offering of $300 million in 6.375% senior secured notes due 2025. The offering is set to close on August 18, 2020. The notes will pay interest semi-annually and are guaranteed by the company and certain subsidiaries. The proceeds will be used to repay borrowings and for general corporate purposes. The notes will not be registered under the Securities Act and will only be sold to qualified institutional buyers.

Xenia Hotels & Resorts, Inc. (NYSE: XHR) announced its intention to offer $300 million in senior secured notes due 2025 through its operating partnership, XHR LP. These notes will be secured obligations guaranteed by the company and some subsidiaries. The proceeds will primarily be used to repay borrowings under existing credit facilities and for general corporate purposes. The offering will comply with specific regulations and is targeted at qualified institutional buyers. Xenia operates 39 hotels in the U.S., focusing on luxury and upper upscale segments.