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Xenia Hotels & Resorts Reports Second Quarter 2025 Results

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Xenia Hotels & Resorts (NYSE: XHR) reported strong Q2 2025 financial results, with net income of $55.2 million ($0.56 per share), up 259.6% year-over-year. The company achieved significant improvements in key metrics, including a 16.3% increase in Adjusted EBITDAre to $79.5 million and a 9.6% rise in Adjusted FFO per share to $0.57.

Same-Property RevPAR grew 4.0% to $195.51, driven by increased occupancy (72.3%) and ADR ($270.42). The company completed strategic initiatives including the sale of Fairmont Dallas for $111.0 million and repurchased nearly 3 million shares for $35.7 million. Based on strong Q2 performance, Xenia raised its full-year 2025 guidance for Adjusted EBITDAre to $249-$263 million and Adjusted FFO per share to $1.66-$1.80.

Xenia Hotels & Resorts (NYSE: XHR) ha riportato solidi risultati finanziari nel secondo trimestre 2025, con un utile netto di 55,2 milioni di dollari (0,56 dollari per azione), in aumento del 259,6% rispetto all'anno precedente. L'azienda ha registrato miglioramenti significativi nei principali indicatori, tra cui un aumento del 16,3% dell'EBITDA rettificato a 79,5 milioni di dollari e una crescita del 9,6% dell'FFO rettificato per azione, pari a 0,57 dollari.

Il RevPAR delle proprietà comparabili è cresciuto del 4,0%, raggiungendo 195,51 dollari, grazie a un aumento dell'occupazione (72,3%) e della tariffa media giornaliera (ADR) a 270,42 dollari. L'azienda ha portato a termine iniziative strategiche, tra cui la vendita del Fairmont Dallas per 111,0 milioni di dollari e il riacquisto di quasi 3 milioni di azioni per 35,7 milioni di dollari. Sulla base delle forti performance del secondo trimestre, Xenia ha rivisto al rialzo le previsioni per l'intero anno 2025, stimando un EBITDA rettificato tra 249 e 263 milioni di dollari e un FFO rettificato per azione tra 1,66 e 1,80 dollari.

Xenia Hotels & Resorts (NYSE: XHR) reportó sólidos resultados financieros en el segundo trimestre de 2025, con un ingreso neto de 55,2 millones de dólares (0,56 dólares por acción), un aumento del 259,6% interanual. La compañía logró mejoras significativas en métricas clave, incluyendo un aumento del 16,3% en el EBITDA ajustado a 79,5 millones de dólares y un incremento del 9,6% en el FFO ajustado por acción, alcanzando 0,57 dólares.

El RevPAR de propiedades comparables creció un 4,0% hasta 195,51 dólares, impulsado por un aumento en la ocupación (72,3%) y la tarifa diaria promedio (ADR) de 270,42 dólares. La compañía completó iniciativas estratégicas como la venta del Fairmont Dallas por 111,0 millones de dólares y la recompra de casi 3 millones de acciones por 35,7 millones de dólares. Basándose en el sólido desempeño del segundo trimestre, Xenia elevó su guía para todo el año 2025, estimando un EBITDA ajustado entre 249 y 263 millones de dólares y un FFO ajustado por acción entre 1,66 y 1,80 dólares.

Xenia Hotels & Resorts (NYSE: XHR)는 2025년 2분기 강력한 재무 실적을 보고했으며, 순이익 5,520만 달러(주당 0.56달러)로 전년 대비 259.6% 증가했습니다. 회사는 주요 지표에서 큰 개선을 이루었으며, 조정 EBITDAre는 7,950만 달러로 16.3% 증가했고, 조정 FFO 주당 수익도 0.57달러로 9.6% 상승했습니다.

동일 자산 RevPAR은 4.0% 증가한 195.51달러를 기록했으며, 이는 점유율(72.3%)과 ADR(평균 일일 요금, 270.42달러)의 상승에 힘입은 결과입니다. 회사는 전략적 이니셔티브로 페어몬트 달라스 매각을 1억 1,100만 달러에 완료하고, 약 300만 주를 3,570만 달러에 재매입했습니다. 2분기 강력한 실적을 바탕으로 Xenia는 2025년 연간 조정 EBITDAre를 2억 4,900만~2억 6,300만 달러, 조정 FFO 주당 수익을 1.66~1.80달러로 상향 조정했습니다.

Xenia Hotels & Resorts (NYSE : XHR) a annoncé de solides résultats financiers pour le deuxième trimestre 2025, avec un résultat net de 55,2 millions de dollars (0,56 dollar par action), en hausse de 259,6 % par rapport à l'année précédente. La société a enregistré des améliorations significatives dans les indicateurs clés, notamment une augmentation de 16,3 % de l'EBITDA ajusté à 79,5 millions de dollars et une hausse de 9,6 % du FFO ajusté par action à 0,57 dollar.

Le RevPAR des propriétés comparables a progressé de 4,0 % pour atteindre 195,51 dollars, porté par une augmentation du taux d’occupation (72,3 %) et du tarif moyen journalier (ADR) à 270,42 dollars. La société a mené à bien des initiatives stratégiques, notamment la vente du Fairmont Dallas pour 111,0 millions de dollars et le rachat de près de 3 millions d’actions pour 35,7 millions de dollars. Fort de cette performance solide au deuxième trimestre, Xenia a relevé ses prévisions pour l’ensemble de l’année 2025, avec un EBITDA ajusté attendu entre 249 et 263 millions de dollars et un FFO ajusté par action compris entre 1,66 et 1,80 dollar.

Xenia Hotels & Resorts (NYSE: XHR) meldete starke Finanzergebnisse für das zweite Quartal 2025 mit einem Nettoeinkommen von 55,2 Millionen US-Dollar (0,56 US-Dollar pro Aktie), was einem Anstieg von 259,6 % im Jahresvergleich entspricht. Das Unternehmen erzielte deutliche Verbesserungen bei wichtigen Kennzahlen, darunter ein 16,3%iger Anstieg des bereinigten EBITDAre auf 79,5 Millionen US-Dollar sowie ein 9,6%iger Anstieg des bereinigten FFO pro Aktie auf 0,57 US-Dollar.

Der RevPAR für vergleichbare Immobilien stieg um 4,0 % auf 195,51 US-Dollar, angetrieben durch eine höhere Auslastung (72,3 %) und einen höheren durchschnittlichen Tagespreis (ADR) von 270,42 US-Dollar. Das Unternehmen schloss strategische Initiativen ab, darunter den Verkauf des Fairmont Dallas für 111,0 Millionen US-Dollar und den Rückkauf von fast 3 Millionen Aktien für 35,7 Millionen US-Dollar. Aufgrund der starken Ergebnisse im zweiten Quartal hob Xenia seine Prognose für das Gesamtjahr 2025 an und erwartet ein bereinigtes EBITDAre von 249 bis 263 Millionen US-Dollar sowie ein bereinigtes FFO pro Aktie zwischen 1,66 und 1,80 US-Dollar.

Positive
  • Net income increased 259.6% year-over-year to $55.2 million
  • Same-Property Hotel EBITDA grew 22.2% to $84.0 million
  • Hotel EBITDA margin improved by 269 basis points to 29.4%
  • Successfully sold Fairmont Dallas for $111.0 million
  • Strong group business driving substantial food and beverage revenue increases
  • Total liquidity of approximately $673 million as of June 30, 2025
Negative
  • Corporate transient demand showing slow recovery
  • Leisure demand normalizing, indicating potential slowdown
  • High weighted-average interest rate of 5.67% on outstanding debt of $1.4 billion

Insights

Xenia delivered strong Q2 results with RevPAR +4%, EBITDA +16.3%, and substantial margin improvement, while recycling capital effectively through asset sales and share repurchases.

Xenia's Q2 results significantly exceeded expectations, with Same-Property RevPAR growth of 4.0% driving Adjusted EBITDAre of $79.5 million (up 16.3% year-over-year) and Adjusted FFO per share of $0.57 (up 9.6%). The standout performer was the recently renovated Grand Hyatt Scottsdale Resort, which drove much of the portfolio's revenue growth.

The company's operational excellence is particularly evident in its Same-Property Hotel EBITDA margin of 29.4%, representing a substantial 269 basis point improvement. This margin expansion resulted from two key factors: an 11% increase in Total RevPAR (which includes high-margin food and beverage revenue) and effective cost controls across the portfolio.

On the capital allocation front, Xenia continues to execute strategically. The $111 million sale of Fairmont Dallas ($203,670 per key) at an 8.6x EBITDA multiple was advantageous, especially considering the property faced roughly $80 million in near-term capital expenditure requirements. This transaction exemplifies management's disciplined approach to portfolio refinement.

Simultaneously, the company deployed $35.7 million to repurchase 2.9 million shares at an average price of $12.10 in Q2 alone, bringing year-to-date buybacks to 5.7 million shares for $71.5 million. With $173 million in cash and full availability on its credit line, Xenia maintains strong liquidity of approximately $673 million.

Management's guidance revision reflects confidence in continued performance, raising full-year Adjusted EBITDAre to $249-263 million and Adjusted FFO per share to $1.66-1.80. The outlook suggests particular strength in group bookings for Q4, while noting corporate transient demand continues its gradual recovery and leisure demand normalizes to historical patterns.

ORLANDO, Fla., Aug. 1, 2025 /PRNewswire/ -- Xenia Hotels & Resorts, Inc. (NYSE: XHR) ("Xenia" or the "Company") today announced results for the quarter ended June 30, 2025.

Second Quarter 2025 Highlights

  • Net Income: Net income attributable to common stockholders was $55.2 million, or $0.56 per share
  • Adjusted EBITDAre: $79.5 million, increased 16.3% compared to the second quarter of 2024
  • Adjusted FFO per Diluted Share: $0.57, increased 9.6% compared to the second quarter of 2024
  • Same-Property Occupancy: 72.3%, increased 140 basis points compared to the second quarter of 2024
  • Same-Property ADR: $270.42, increased 2.0% compared to the second quarter of 2024
  • Same-Property RevPAR: $195.51, increased 4.0% compared to the second quarter of 2024
  • Same-Property Hotel EBITDA: $84.0 million, increased 22.2% compared to the second quarter of 2024
  • Same-Property Hotel EBITDA Margin: 29.4%, increased 269 basis points compared to the second quarter of 2024
  • Transaction Activity: In April, the Company sold the 545-room Fairmont Dallas for $111.0 million, or approximately $203,670 per key.
  • Dividends: The Company declared its second quarter dividend of $0.14 per share for stockholders of record on June 30, 2025.
  • Capital Markets Activities: The Company repurchased a total of 2,948,912 shares of common stock at a weighted-average price of $12.10 per share for a total consideration of approximately $35.7 million.

Year-to-Date 2025 Highlights

  • Net Income: Net income attributable to common stockholders was $70.7 million, or $0.71 per share
  • Adjusted EBITDAre: $152.5 million, increased 14.1% compared to the same period in 2024
  • Adjusted FFO per Diluted Share: $1.08, increased 13.7% compared to the same period in 2024
  • Same-Property Occupancy: 71.0%, increased 180 basis points compared to the same period in 2024
  • Same-Property ADR: $272.88, increased 2.7% compared to the same period in 2024
  • Same-Property RevPAR: $193.66, increased 5.4% compared to the same period in 2024
  • Same-Property Hotel EBITDA: $158.5 million, increased 16.6% compared to the same period in 2024
  • Same-Property Hotel EBITDA Margin: 28.2%, increased 157 basis points compared to the same period in 2024
  • Capital Markets Activity: In the first half of the year, the Company repurchased a total of 5,682,061 shares of common stock at a weighted-average price of $12.58 per share for a total consideration of approximately $71.5 million.

"Our second quarter results surpassed our expectations, as both revenues and Hotel EBITDA increased significantly compared to the same period last year," said Marcel Verbaas, Chair and Chief Executive Officer of Xenia. "Early performance at the recently renovated and upbranded Grand Hyatt Scottsdale Resort continues to be encouraging and was the main driver of our 4% Same-Property RevPAR increase for the quarter. Additionally, strong group business demand drove substantial food and beverage revenue increases throughout the portfolio, including at Grand Hyatt Scottsdale Resort, resulting in an 11% increase in Same-Property Total RevPAR compared to the second quarter of last year. The majority of our second-quarter outperformance was the result of outsized gains in highly-profitable catering revenues that substantially exceeded our expectations at a number of our group-oriented hotels which, when coupled with lower-than-expected expense growth across our portfolio, fueled solid operating margins and Hotel EBITDA growth."

"Looking ahead, the second half of the year is shaping up consistent with our prior expectations," continued Mr. Verbaas. "Group business continues to be a bright spot and is expected to be particularly strong in the fourth quarter. Meanwhile, corporate transient demand is continuing to recover slowly while leisure demand continues to normalize. Given these trends, we have increased our full-year guidance for Adjusted EBITDAre and Adjusted FFO to reflect our outperformance in the second quarter and an unchanged outlook for the second half of the year. We continue to be optimistic regarding the future growth prospects for our high-quality portfolio and our ability to drive shareholder value through superior capital allocation decisions, including the successful disposition of Fairmont Dallas and the repurchase of almost 3 million shares of our common stock in the second quarter at an attractive valuation."

Operating Results

The Company's results include the following:


Three Months Ended June 30,




2025


2024


Change


($ amounts in thousands, except hotel statistics and per share amounts)

Net income attributable to common stockholders

$               55,157


$               15,338


259.6 %

Net income per share available to common stockholders - basic and diluted

$                   0.56


$                   0.15


273.3 %







Same-Property Number of Hotels(1)

30


30


—

Same-Property Number of Rooms(1)(6)

8,868


8,863


5

Same-Property Occupancy(1)

72.3 %


70.9 %


                   140  bps

Same-Property Average Daily Rate(1)

$               270.42


$               265.16


2.0 %

Same-Property RevPAR(1)

$               195.51


$               187.95


4.0 %

Same-Property Total RevPAR(1)(2)

$               354.50


$               319.44


11.0 %

Same-Property Hotel EBITDA(1)(3)

$               84,027


$               68,747


22.2 %

Same-Property Hotel EBITDA Margin(1)(3)

29.4 %


26.7 %


                   269  bps







Total Portfolio Number of Hotels(4)

30


32


(2)

Total Portfolio Number of Rooms(4)(6)

8,868


9,515


(647)

Total Portfolio RevPAR(5)

$               192.51


$               185.69


3.7 %







Adjusted EBITDAre(3)

$               79,543


$               68,417


16.3 %

Adjusted FFO(3)

$               57,406


$               53,700


6.9 %

Adjusted FFO per diluted share(3)

$                   0.57


$                   0.52


9.6 %



1.

"Same-Property" includes all hotels owned as of June 30, 2025 and also includes renovation disruption for multiple capital projects during the periods presented.



2.

Total Revenues per available room for the period presented.



3.

EBITDA, EBITDAre, Adjusted EBITDAre, FFO, Adjusted FFO, and Same-Property Hotel EBITDA and Hotel EBITDA Margin are non-GAAP financial measures. See definitions and tables later in this press release for how we define these non-GAAP financial measures and for reconciliations from net income to Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA"), EBITDA for Real Estate ("EBITDAre"), Adjusted EBITDAre, Funds From Operations ("FFO"), Adjusted FFO, Same-Property Hotel EBITDA and Hotel EBITDA Margin.



4.

As of end of periods presented.



5.

Results of all hotels as owned during the periods presented, including the results of hotels sold or acquired for the actual period of ownership by the Company.



6.

Five rooms were added to inventory at Grand Hyatt Scottsdale Resort in the first quarter 2025.

 


Six Months Ended June 30,



2025


2024


Change


($ amounts in thousands, except hotel statistics and per share amounts)

Net income attributable to common stockholders

$               70,742


$               23,872


196.3 %

Net income per share available to common stockholders - basic and diluted

$                    0.71


$                    0.23


208.7 %







Same-Property Number of Hotels(1)

30


30


—

Same-Property Number of Rooms(1)(6)

8,868


8,863


5

Same-Property Occupancy(1)

71.0 %


69.2 %


                   180  bps

Same-Property Average Daily Rate(1)

$               272.88


$               265.64


2.7 %

Same-Property RevPAR(1)

$               193.66


$               183.82


5.4 %

Same-Property Total RevPAR(1)(2)

$               349.85


$               316.07


10.7 %

Same-Property Hotel EBITDA(1)(3)

$             158,477


$             135,874


16.6 %

Same-Property Hotel EBITDA Margin(1)(3)

28.2 %


26.7 %


                   157  bps







Total Portfolio Number of Hotels(4)

30


32


(2)

Total Portfolio Number of Rooms(4)(6)

8,868


9,515


(647)

Total Portfolio RevPAR(5)

$               190.59


$               181.28


5.1 %







Adjusted EBITDAre(3)

$             152,485


$             133,668


14.1 %

Adjusted FFO(3)

$             109,466


$               99,198


10.4 %

Adjusted FFO per diluted share(3)

$                    1.08


$                    0.95


13.7 %



1.

"Same-Property" includes all hotels owned as of June 30, 2025 and also includes renovation disruption for multiple capital projects during the periods presented.



2.

Total Revenues per available room for the period presented.



3.

EBITDA, EBITDAre, Adjusted EBITDAre, FFO, Adjusted FFO, and Same-Property Hotel EBITDA and Hotel EBITDA Margin are non-GAAP financial measures. See definitions and tables later in this press release for how we define these non-GAAP financial measures and for reconciliations from net income to Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA"), EBITDA for Real Estate ("EBITDAre"), Adjusted EBITDAre, Funds From Operations ("FFO"), Adjusted FFO, Same-Property Hotel EBITDA and Hotel EBITDA Margin.



4.

As of end of periods presented.



5.

Results of all hotels as owned during the periods presented, including the results of hotels sold or acquired for the actual period of ownership by the Company.



6.

Five rooms were added to inventory at Grand Hyatt Scottsdale Resort in the first quarter 2025.

Liquidity and Balance Sheet

As of June 30, 2025, the Company had total outstanding debt of approximately $1.4 billion with a weighted-average interest rate of 5.67%. The Company had approximately $173 million of cash and cash equivalents, including hotel working capital, and full availability on its revolving line of credit, resulting in total liquidity of approximately $673 million as of June 30, 2025. In addition, the Company held approximately $78 million of restricted cash and escrows at the end of the second quarter.

Capital Markets

In the quarter, the Company repurchased 2,948,912 shares of common stock at a weighted-average price of $12.10 per share for a total consideration of approximately $35.7 million. Year-to-date, the Company repurchased 5,682,061 shares of common stock at a weighted-average price of $12.58 per share for a total consideration of approximately $71.5 million. The Company currently has $146.4 million in capacity remaining under its repurchase authorization inclusive of the additional $100 million authorized by the Company's Board of Directors in the second quarter 2025. The Company did not issue any shares of its common stock through its At-The-Market ("ATM") program in the quarter and had $200 million of remaining availability as of  June 30, 2025.

Transactions

As previously disclosed, in April the Company sold the 545-room Fairmont Dallas for $111.0 million, or approximately $203,670 per key. The sale price represented a 8.6x multiple and a 10.0% capitalization rate on the property's Hotel EBITDA and Net Operating Income for the twelve months ended February 28, 2025, respectively. These transaction price metrics are exclusive of an estimated $80 million of near-term capital expenditures. Net proceeds from the sale will be utilized for general corporate purposes, which may include debt repayments, potential acquisitions consistent with the Company's strategy, and/or share repurchases under the Company's existing authorization.

Capital Expenditures

During the three and six months ended June 30, 2025, the Company invested $18.5 million and $50.8 million in portfolio improvements, respectively. These amounts are inclusive of capital expenditures related to the substantial completion of the transformative renovation of Grand Hyatt Scottsdale Resort.

The Company made significant progress in the second quarter on select upgrades to guest rooms at a number of properties including Renaissance Atlanta Waverly Hotel & Convention Center, Marriott San Francisco Airport Waterfront, Hyatt Centric Key West Resort & Spa, Hyatt Regency Santa Clara, Grand Bohemian Hotel Mountain Brook, Grand Bohemian Hotel Charleston and Kimpton RiverPlace Hotel. This work will continue throughout the year and is being done based on hotel seasonality and is expected to result in minimal disruption. Work is expected to commence in the fourth quarter on a limited room renovation at Fairmont Pittsburgh and a renovation of the M Club at Marriott Dallas Downtown.

At Grand Hyatt Scottsdale Resort, the Company began work on improvements to the building façade and parking lot in the second quarter with completion expected in the third quarter. Additionally, the Company continues to perform significant infrastructure upgrades at ten hotels this year, including façade waterproofing, chiller replacements, elevator and escalator modernization projects and fire alarm system upgrades.

Current Full Year 2025 Outlook and Guidance

The Company has updated its full year 2025 outlook. The range below reflects the Company's limited visibility in forecasting due to macroeconomic uncertainty and is based on the current economic environment and does not take into account any unanticipated impacts to the business or operations. Furthermore, this guidance assumes no additional acquisitions, dispositions, equity issuances, or share and/or senior note repurchases. The Same-Property (30 Hotel) RevPAR change shown includes all hotels owned as of August 1, 2025.


Current Full Year 2025
Guidance


Variance to Prior
Guidance


Low End

High End


Low End

High End


($ in millions, except stats and per share data)

Net Income

$58

$72


$15

$3

Same-Property (30 Hotel) RevPAR Change (vs. 2024)

3.50 %

5.50 %


1.00 %

(1.00) %

Adjusted EBITDAre

$249

$263


$14

$2

Adjusted FFO

$166

$180


$14

$2

Adjusted FFO per Diluted Share

$1.66

$1.80


$0.16

$0.05

Capital Expenditures

$75

$85


$—

$—

Current full year 2025 guidance is inclusive of the following assumptions:

  • Capital expenditures are expected to have minimal disruption to revenues. Final capital expenditures related to the transformative renovation of Grand Hyatt Scottsdale Resort are included in guidance.
  • General and administrative expense of approximately $24 million, excluding non-cash share-based compensation - an increase of $1 million from prior guidance
  • Interest expense of approximately $81 million, excluding non-cash loan related costs - no change from prior guidance
  • Income tax expense of approximately $2 million - no change from prior guidance
  • 99.9 million weighted-average diluted shares/units - a decrease of 1.7 million shares/units from prior guidance

Second Quarter 2025 Earnings Call

The Company will conduct its quarterly conference call on Friday, August 1, 2025 at 10:00 AM Eastern Time. To participate in the conference call, please dial (833) 470-1428, access code 728188. Additionally, a live webcast of the conference call will be available through the Company's website, www.xeniareit.com. A replay of the conference call will be archived and available online through the Investor Relations section of the Company's website for 90 days.

About Xenia Hotels & Resorts, Inc.

Xenia Hotels & Resorts, Inc. is a self-advised and self-administered REIT that invests in uniquely positioned luxury and upper upscale hotels and resorts with a focus on the top 25 lodging markets as well as key leisure destinations in the United States. The Company owns 30 hotels and resorts comprising 8,868 rooms across 14 states. Xenia's hotels are in the luxury and upper upscale segments, and are operated and/or licensed by industry leaders such as Marriott, Hyatt, Kimpton, Fairmont, Loews, Hilton, and The Kessler Collection. For more information on Xenia's business, refer to the Company website at www.xeniareit.com.

This press release, together with other statements and information publicly disseminated by the Company, contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with these safe harbor provisions. Forward-looking statements are not historical facts but are based on certain assumptions of management and describe the Company's future plans, strategies and expectations. Forward-looking statements are generally identifiable by use of words such as "may," "could," "expect," "intend," "plan," "seek," "anticipate," "believe," "estimate," "guidance," "predict," "potential," "continue," "likely," "will," "would," "illustrative," references to "outlook" and "guidance" and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Forward-looking statements in this press release include, among others, statements about our strategies or plans, our performance relative to the industry and/or peers, or other future events, the outlook related to macroeconomic factors, our beliefs or expectations relating to our future performance including our 2025 outlook and guidance, results of operations and financial conditions and the timing of renovations and capital expenditures projects and the potential impact on the same due to the imposition of reciprocal and retaliatory tariffs. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by us and our management, are inherently uncertain. As a result, our actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements, which are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond the Company's control and which could materially affect actual results, performances or achievements. Factors that may cause actual results to differ materially from current expectations include, but are not limited to, (i) general economic uncertainty and a contraction in the U.S. or global economy or low levels of economic growth; (ii) macroeconomic and other factors beyond our control that can adversely affect and reduce demand for hotel rooms, food and beverage services, and/or meeting facilities, such as wars, global conflicts and geopolitical unrest, changes in trade policy, other political conditions or uncertainty, actual or threatened terrorist or cyber-attacks, mass casualty events, government shutdowns and closures, travel-related health concerns, global outbreaks of pandemics (such as the COVID-19 pandemic) or contagious diseases, or fear of such outbreaks, weather and climate-related events, such as hurricanes, tornadoes, floods, wildfires, and droughts, and natural or man-made disasters; (iii) inflation and inflationary pressures which increases labor costs and other costs of providing services to guests and complying with hotel brand standards, as well as costs related to construction and other capital expenditures including increased costs due to the imposition of tariffs on imported goods, property and other taxes, and insurance costs which could result in reduced operating profit margins; (iv) bank failures and concerns over a  potential domestic and/or global recession; (v) the Company's dependence on third-party managers of its hotels, including its inability to directly implement strategic operational business decisions; (vi) risks associated with the hotel industry, including competition, increases in wages and benefits, energy costs and other operating costs, cyber incidents, information technology failures, downturns in general and local economic conditions, prolonged periods of civil unrest in our markets, and disruption caused by cancellation of or delays in the completion of anticipated demand generators; (vii) the availability and terms of financing and capital and the general volatility of securities markets; (viii) risks associated with the real estate industry, including environmental contamination and costs of complying with the Americans with Disabilities Act and similar laws; (ix) interest rate changes; (x) ability to successfully negotiate amendments and covenant waivers with its unsecured and secured indebtedness; (xi) the Company's ability to comply with covenants, restrictions, and limitations in any existing or revised loan agreements with our unsecured and secured lenders; (xii) the possible failure of the Company to qualify as a REIT and the risk of changes in laws affecting REITs; (xiii) the possibility of uninsured or underinsured losses, including those relating to natural disasters, terrorism, government shutdowns and closures, civil unrest, or cyber incidents; (xiv) risks associated with redevelopment and repositioning projects, including disruption, delays and cost overruns; (xv) levels of spending in business and leisure segments as well as consumer confidence; (xvi) declines in occupancy and average daily rate; (xvii) the seasonal and cyclical nature of the real estate and hospitality businesses; (xviii) changes in distribution arrangements, such as through online travel intermediaries; (xix) relationships with labor unions and changes in labor laws, including increases to minimum wages and/or work rule requirements; (xx) the impact of changes in the tax code and uncertainty as to how some of those changes may be applied; (xxi) monthly cash expenditures and the uncertainty around predictions; (xxii) labor shortages; (xxiii) disruptions in supply chains resulting in delays or inability to procure required products; and (xiv) the risk factors discussed in the Company's Annual Report on Form 10-K, as updated in its Quarterly Reports. Accordingly, there is no assurance that the Company's expectations will be realized. We caution you not to place undue reliance on any forward-looking statements, which are made only as of the date of this press release. We do not undertake or assume any obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable law. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.

For further information about the Company's business and financial results, please refer to the "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Risk Factors" sections of the Company's SEC filings, including, but not limited to, its Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, copies of which may be obtained at the Investor Relations section of the Company's website at www.xeniareit.com.

All information in this press release is as of the date of its release. The Company undertakes no duty to update the statements in this press release to conform the statements to actual results or changes in the Company's expectations.

Availability of Information on Xenia's Website

Investors and others should note that Xenia routinely announces material information to investors and the marketplace using U.S. Securities and Exchange Commission (SEC) filings, press releases, public conference calls, webcasts, and the Investor Relations section of Xenia's website. While not all the information that the Company posts to the Xenia website is of a material nature, some information could be deemed to be material. Accordingly, the Company encourages investors, the media, and others interested in Xenia to review the information that it shares at the Investor Relations link located on www.xeniareit.com. Users may automatically receive email alerts and other information about the Company when enrolling an email address by visiting "Investor Email Alerts" in the "Corporate Overview" section of Xenia's Investor Relations website at www.xeniareit.com. 

Contact:

Atish Shah, Executive Vice President and Chief Financial Officer, Xenia Hotels & Resorts, (407) 246-8100

For additional information or to receive press releases via email, please visit our website at www.xeniareit.com.

Xenia Hotels & Resorts, Inc.
Condensed Consolidated Balance Sheets
As of June 30, 2025 and December 31, 2024
($ amounts in thousands, except per share data)



June 30, 2025


December 31, 2024

Assets:

(Unaudited)



Investment properties:




Land

$                      472,648


$                    455,907

Buildings and other improvements

3,140,539


3,188,885

Total

$                   3,613,187


$                 3,644,792

Less: accumulated depreciation

(1,088,910)


(1,053,971)

Net investment properties

$                   2,524,277


$                 2,590,821

Cash and cash equivalents

172,609


78,201

Restricted cash and escrows

78,384


65,381

Accounts and rents receivable, net of allowance for doubtful accounts

35,592


25,758

Intangible assets, net of accumulated amortization

4,853


4,856

Deferred tax assets

5,171


5,345

Other assets

54,201


61,254

Total assets

$                   2,875,087


$                 2,831,616

Liabilities:




Debt, net of loan premiums, discounts and unamortized deferred financing costs

$                   1,423,681


$                 1,334,703

Accounts payable and accrued expenses

96,683


102,896

Distributions payable

13,994


12,566

Other liabilities

78,780


101,118

Total liabilities

$                   1,613,138


$                 1,551,283

Commitments and Contingencies




Stockholders' equity:




Common stock, $0.01 par value, 500,000,000 shares authorized, 95,780,393 and 101,310,135 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively

$                              958


$                        1,013

Additional paid in capital

1,851,433


1,921,006

Accumulated other comprehensive income

274


925

Accumulated distributions in excess of net earnings

(636,480)


(679,841)

Total Company stockholders' equity

$                   1,216,185


$                 1,243,103

Non-controlling interests

45,764


37,230

Total equity

$                   1,261,949


$                 1,280,333

Total liabilities and equity

$                   2,875,087


$                 2,831,616

 

Xenia Hotels & Resorts, Inc.
Condensed Consolidated Statements of Operations and Comprehensive Income
For the Three and Six Months Ended June 30, 2025 and 2024
(Unaudited) 
($ amounts in thousands, except per share data)



Three Months Ended June 30,


Six Months Ended June 30,


2025


2024


2025


2024

Revenues:








Rooms revenues

$               158,497


$            160,786


$             318,363


$        313,910

Food and beverage revenues

102,186


89,080


206,885


181,853

Other revenues

26,896


23,038


51,258


44,629

Total revenues

$               287,579


$            272,904


$             576,506


$        540,392

Expenses:








Rooms expenses

39,156


39,028


78,478


77,221

Food and beverage expenses

65,626


60,634


132,153


121,114

Other direct expenses

7,338


6,757


14,059


12,844

Other indirect expenses

68,674


69,749


139,687


137,382

Management and franchise fees

10,156


9,651


22,120


20,284

Total hotel operating expenses

$               190,950


$            185,819


$             386,497


$        368,845

Depreciation and amortization

32,631


31,823


65,823


63,787

Real estate taxes, personal property taxes and insurance

11,928


13,340


25,657


26,833

Ground lease expense

527


837


1,358


1,623

General and administrative expenses

10,822


10,341


19,733


20,599

Gain on business interruption insurance

—


—


—


(745)

Other operating expenses

224


377


1,077


1,207

Impairment and other losses

279


100


279


350

Total expenses

$               247,361


$            242,637


$             500,424


$        482,499

Operating income

$                 40,218


$              30,267


$               76,082


$          57,893

Gain on sale of investment properties

39,953


—


39,953


—

Other income

1,695


1,945


4,259


4,372

Interest expense

(21,926)


(20,245)


(42,977)


(40,603)

Net income before income taxes

$                 59,940


$              11,967


$               77,317


$          21,662

Income tax (expense) benefit

(1,379)


4,146


(2,249)


3,418

Net income

$                 58,561


$              16,113


$               75,068


$          25,080

Net income attributable to non-controlling interests

(3,404)


(775)


(4,326)


(1,208)

Net income attributable to common stockholders

$                 55,157


$              15,338


$               70,742


$          23,872

 

Xenia Hotels & Resorts, Inc.
Condensed Consolidated Statements of Operations and Comprehensive Income - Continued 
For the Three and Six Months Ended June 30, 2025 and 2024
(Unaudited)
($ amounts in thousands, except per share data)



Three Months Ended June 30,


Six Months Ended June 30,


2025


2024


2025


2024

Basic and diluted income per share:






Net income per share available to common stockholders - basic and diluted

$               0.56


$               0.15


$               0.71


$               0.23

Weighted-average number of common shares (basic)

97,690,231


101,963,677


99,171,413


101,961,559

Weighted-average number of common shares (diluted)

98,082,028


102,348,982


99,592,741


102,357,116









Comprehensive income:








Net income

$           58,561


$           16,113


$           75,068


$           25,080

Other comprehensive income:








Unrealized gain (loss) on interest rate derivative instruments

(14)


694


(238)


2,953

Reclassification adjustment for amounts recognized in net income (interest expense)

(153)


(1,128)


(438)


(2,260)


$           58,394


$           15,679


$           74,392


$           25,773

Comprehensive income attributable to non-controlling interests

(3,395)


(754)


(4,301)


(1,272)

Comprehensive income attributable to the Company

$           54,999


$           14,925


$           70,091


$           24,501

Non-GAAP Financial Measures

The Company considers the following non-GAAP financial measures to be useful to investors as key supplemental measures of its operating performance: EBITDA, EBITDAre, Adjusted EBITDAre, Same-Property Hotel EBITDA, Same-Property Hotel EBITDA Margin, FFO, Adjusted FFO, and Adjusted FFO per diluted share. These non-GAAP financial measures should be considered along with, but not as alternatives to, net income or loss, operating profit, cash from operations, or any other operating performance measure as prescribed per GAAP.

EBITDA, EBITDAre and Adjusted EBITDAre

EBITDA is a commonly used measure of performance in many industries and is defined as net income or loss (calculated in accordance with GAAP) excluding interest expense, provision for income taxes (including income taxes applicable to sale of assets) and depreciation and amortization. The Company considers EBITDA useful to investors in evaluating and facilitating comparisons of its operating performance between periods and between REITs by removing the impact of its capital structure (primarily interest expense) and asset base (primarily depreciation and amortization) from its operating results, even though EBITDA does not represent an amount that accrues directly to common stockholders. In addition, EBITDA is used as one measure in determining the value of hotel acquisitions and dispositions and, along with FFO and Adjusted FFO, is used by management in the annual budget process for compensation programs.

The Company calculates EBITDAre in accordance with standards established by the National Association of Real Estate Investment Trusts ("Nareit"). Nareit defines EBITDAre as EBITDA plus or minus losses and gains on the disposition of depreciated property, including gains or losses on change of control, plus impairments of depreciated property and of investments in unconsolidated affiliates caused by a decrease in the value of depreciated property in the affiliate, and adjustments to reflect the entity's share of EBITDAre of unconsolidated affiliates.

The Company further adjusts EBITDAre to exclude the impact of non-controlling interests in consolidated entities other than its Operating Partnership Units because its Operating Partnership Units may be redeemed for common stock. The Company also adjusts EBITDAre for certain additional items such as depreciation and amortization related to corporate assets, terminated transaction and pre-opening expenses, amortization of share-based compensation, non-cash ground rent and straight-line rent expense, the cumulative effect of changes in accounting principles, and other costs it believes do not represent recurring operations and are not indicative of the performance of its underlying hotel property entities. The Company believes it is meaningful for investors to understand Adjusted EBITDAre attributable to all common stock and unit holders. The Company believes Adjusted EBITDAre attributable to common stock and unit holders provides investors with another useful financial measure in evaluating and facilitating comparison of operating performance between periods and between REITs that report similar measures.

Same-Property Hotel EBITDA and Same-Property Hotel EBITDA Margin

Same-Property hotel data includes the actual operating results for all hotels owned as of the end of the reporting period. The Company then adjusts the Same-Property hotel data for comparability purposes by including pre-acquisition operating results of asset(s) acquired during the period, which provides investors a basis for understanding the acquisition(s) historical operating trends and seasonality. The pre-acquisition operating results for the comparable period are obtained from the seller and/or manager of the hotel(s) during the acquisition due diligence process and have not been audited or reviewed by our independent auditors. The Company further adjusts the Same-Property hotel data to remove dispositions during the respective reporting periods, and, in certain cases, hotels that are not fully open due to significant renovation, re-positioning, or disruption or whose room counts have materially changed during either the current or prior year as these historical operating results are not indicative of or expected to be comparable to the operating performance of the hotel portfolio on a prospective basis.

Same-Property Hotel EBITDA represents net income or loss excluding: (1) interest expense, (2) income taxes, (3) depreciation and amortization, (4) corporate-level costs and expenses, (5) terminated transaction and pre-opening expenses, and (6) certain state and local excise taxes resulting from ownership structure. The Company believes that Same-Property Hotel EBITDA provides investors a useful financial measure to evaluate hotel operating performance excluding the impact of capital structure (primarily interest expense), asset base (primarily depreciation and amortization), income taxes, and corporate-level expenses (corporate expenses and terminated transaction costs). The Company believes property-level results provide investors with supplemental information on the ongoing operational performance of its hotels and the effectiveness of third-party management companies that operate our business on a property-level basis. Same-Property Hotel EBITDA Margin is calculated by dividing Same-Property Hotel EBITDA by Same-Property Total Revenues.

As a result of these adjustments the Same-Property hotel data presented does not represent the Company's total revenues, expenses, operating profit or net income and should not be used to evaluate performance as a whole. Management compensates for these limitations by separately considering the impact of these excluded items to the extent they are material to operating decisions or assessments of operating performance. Our consolidated statements of operations and comprehensive income include such amounts, all of which should be considered by investors when evaluating our performance.

We include Same-Property hotel data as supplemental information for investors. Management believes that providing Same-Property hotel data is useful to investors because it represents comparable operations for our portfolio as it exists at the end of the respective reporting periods presented, which allows investors and management to evaluate the period-to-period performance of our hotels and facilitates comparisons with other hotel REITs and hotel owners. In particular, these measures assist management and investors in distinguishing whether increases or decreases in revenues and/or expenses are due to growth or decline of operations at Same-Property hotels or from other factors, such as the effect of acquisitions or dispositions.

FFO and Adjusted FFO

The Company calculates FFO in accordance with standards established by Nareit, as amended in the 2018 Restatement White Paper, which defines FFO as net income or loss (calculated in accordance with GAAP), excluding real estate-related depreciation, amortization and impairments, gains or losses from sales of real estate, the cumulative effect of changes in accounting principles, similar adjustments for unconsolidated partnerships and consolidated variable interest entities, and items classified by GAAP as extraordinary. Historical cost accounting for real estate assets implicitly assumes that the value of real estate assets diminishes predictably over time. Since real estate values instead have historically risen or fallen with market conditions, most industry investors consider presentations of operating results for real estate companies that use historical cost accounting to be insufficient by themselves. The Company believes that the presentation of FFO provides useful supplemental information to investors regarding operating performance by excluding the effect of real estate depreciation and amortization, gains or losses from sales for real estate, impairments of real estate assets, extraordinary items and the portion of these items related to unconsolidated entities, all of which are based on historical cost accounting and which may be of lesser significance in evaluating current performance. The Company believes that the presentation of FFO can facilitate comparisons of operating performance between periods and between REITs, even though FFO does not represent an amount that accrues directly to common stockholders. The calculation of FFO may not be comparable to measures calculated by other companies who do not use the Nareit definition of FFO or do not calculate FFO per diluted share in accordance with Nareit guidance. Additionally, FFO may not be helpful when comparing Xenia to non-REITs. The Company presents FFO attributable to common stock and unit holders, which includes its Operating Partnership Units because its Operating Partnership Units may be redeemed for common stock. The Company believes it is meaningful for investors to understand FFO attributable to common stock and unit holders.

The Company further adjusts FFO for certain additional items that are not in Nareit's definition of FFO such as terminated transaction and pre-opening expenses, amortization of debt origination costs and share-based compensation, non-cash ground rent and straight-line rent expense, and other items we believe do not represent recurring operations. The Company believes that Adjusted FFO provides investors with useful supplemental information that may facilitate comparisons of ongoing operating performance between periods and between REITs that make similar adjustments to FFO and is beneficial to investors' complete understanding of our operating performance.

Adjusted FFO per diluted share

The diluted weighted-average common share count used for the calculation of Adjusted FFO per diluted share differs from diluted weighted-average common share count used to derive net income or loss per share available to common stockholders. The Company calculates Adjusted FFO per diluted share by dividing the Adjusted FFO by the diluted weighted-average number of shares of common stock outstanding plus the weighted-average vested Operating Partnership Units. Any anti-dilutive securities are excluded from the diluted earnings per share calculation.

Xenia Hotels & Resorts, Inc.
Reconciliation of Net Income to EBITDA, EBITDAre, Adjusted EBITDAre and Same-Property Hotel EBITDA
For the Three Months Ended June 30, 2025 and 2024
(Unaudited)
($ amounts in thousands)



Three Months Ended June 30,


2025


2024

Net income

$                     58,561


$                 16,113

Adjustments:




Interest expense

21,926


20,245

Income tax expense (benefit)

1,379


(4,146)

Depreciation and amortization

32,631


31,823

EBITDA

$                   114,497


$                 64,035

Impairment of investment properties

279


—

Gain on sale of investment properties

(39,953)


—

EBITDAre

$                     74,823


$                 64,035





Reconciliation to Adjusted EBITDAre




Depreciation and amortization related to corporate assets

$                           (44)


$                       (83)

Gain on insurance recoveries(1)

—


(437)

Amortization of share-based compensation expense

4,579


4,675

Non-cash ground rent and straight-line rent expense

2


(129)

Other non-recurring expenses(2)

183


356

Adjusted EBITDAre attributable to common stock and unit holders

$                     79,543


$                 68,417

Corporate-level costs and expenses

5,416


5,284

Pro forma hotel adjustments, net(3)

(932)


(4,954)

Same-Property Hotel EBITDA attributable to common stock and unit holders(4)

$                     84,027


$                 68,747



1.

During the three months ended June 30, 2024, the Company recorded $0.4 million of insurance proceeds in excess of recognized losses related to casualty losses at certain properties. These amounts are included in other income on the condensed consolidated statements of operations and comprehensive income for the period then ended.



2.

During the three months ended June 30, 2024, the Company recognized $0.3 million of pre-opening expenses and recognized $0.1 million of repair and clean up costs related to damage sustained at one property.



3.

Includes adjustments for revenues and expenses from hotels that were acquired or sold during the periods presented.



4.

See the reconciliation of Total Revenues and Total Hotel Operating Expenses on a consolidated GAAP basis to Total Same-Property Revenues and Total Same-Property Hotel Operating Expenses and the calculation of Same-Property Hotel EBITDA and Hotel EBITDA Margin for the three months ended June 30, 2025 and 2024 on page 20.

 

Xenia Hotels & Resorts, Inc.
Reconciliation of Net Income to EBITDA, EBITDAre, Adjusted EBITDAre and Same-Property Hotel EBITDA
For the Six Months Ended June 30, 2025 and 2024
(Unaudited)
($ amounts in thousands)



Six Months Ended June 30,


2025


2024

Net income

$                75,068


$                25,080

Adjustments:




Interest expense

42,977


40,603

Income tax expense (benefit)

2,249


(3,418)

Depreciation and amortization

65,823


63,787

EBITDA

$              186,117


$              126,052

Impairment of investment properties

279


—

Gain on sale of investment properties

(39,953)


—

EBITDAre

$              146,443


$              126,052





Reconciliation to Adjusted EBITDAre




Depreciation and amortization related to corporate assets

$                   (127)


$                   (163)

Gain on insurance recoveries(1)

(548)


(1,447)

Amortization of share-based compensation expense

7,205


8,572

Non-cash ground rent and straight-line rent expense

(11)


(267)

Other non-recurring expenses(2)

(477)


921

Adjusted EBITDAre attributable to common stock and unit holders

$              152,485


$              133,668

Corporate-level costs and expenses

11,747


11,777

Pro forma hotel level adjustments, net(3)

(5,755)


(9,571)

Same-Property Hotel EBITDA attributable to common stock and unit holders(4)

$              158,477


$              135,874



1.

During the six months ended June 30, 2025, the Company recorded $0.5 million of insurance proceeds in excess of recognized losses related to casualty losses at one property. During the six months ended June 30, 2024, the Company recorded $1.4 million of insurance proceeds in excess of recognized losses related to casualty losses at certain properties. These amounts are included in other income on the condensed consolidated statements of operations and comprehensive income for the periods then ended.



2.

During the six months ended June 30, 2025, the Company purchased the land associated with a ground lease resulting in the recognition of a $1.1 million net gain related to the write off of the associated right-of-use asset and lease liability and recognized $0.5 million of pre-opening expenses. During the six months ended June 30, 2024, the Company recognized $0.6 million of pre-opening expenses and recognized $0.3 million of repair and clean up costs related to damage sustained at one property.



3.

Includes adjustments for revenues and expenses from hotels that were acquired or sold during the periods presented.



4.

See the reconciliation of Total Revenues and Total Hotel Operating Expenses on a consolidated GAAP basis to Total Same-Property Revenues and Total Same-Property Hotel Operating Expenses and the calculation of Same-Property Hotel EBITDA and Hotel EBITDA Margin for the six months ended  June 30, 2025 and 2024 on page 20.

 

Xenia Hotels & Resorts, Inc.
Reconciliation of Net Income to FFO and Adjusted FFO
For the Three Months Ended June 30, 2025 and 2024
(Unaudited)
($ amounts in thousands)



Three Months Ended June 30,


2025


2024

Net income

$              58,561


$                   16,113

Adjustments:




Depreciation and amortization related to investment properties

32,587


31,740

Impairment of investment properties

279


—

Gain on sale of investment properties

(39,953)


—

FFO attributable to common stock and unit holders

$              51,474


$                   47,853





Reconciliation to Adjusted FFO




Gain on insurance recoveries(1)

—


(437)

Loan related costs, net of adjustment related to non-controlling interests(2)

1,168


1,382

Amortization of share-based compensation expense

4,579


4,675

Non-cash ground rent and straight-line rent expense

2


(129)

Other non-recurring expenses(3)

183


356

Adjusted FFO attributable to common stock and unit holders

$              57,406


$                   53,700

Weighted-average shares outstanding - Diluted(4)

100,088


104,062

Adjusted FFO per diluted share

$                  0.57


$                        0.52



1.

During the three months ended June 30, 2024, the Company recorded $0.4 million of insurance proceeds in excess of recognized losses related to casualty losses at certain properties. These amounts are included in other income on the condensed consolidated statements of operations and comprehensive income for the period then ended.



2.

Loan related costs include amortization of debt premiums, discounts and deferred loan origination costs.



3.

During the three months ended June 30, 2024, the Company recognized $0.3 million of pre-opening expenses and recognized $0.1 million of repair and clean up costs related to damage sustained at one property.



4.

Diluted weighted-average number of shares of common stock outstanding plus the weighted-average vested Operating Partnership Units for the respective periods presented in thousands.

 

Xenia Hotels & Resorts, Inc.
Reconciliation of Net Income to FFO and Adjusted FFO
For the Six Months Ended June 30, 2025 and 2024
(Unaudited)
($ amounts in thousands)



Six Months Ended June 30,


2025


2024

Net income

$                75,068


$                25,080

Adjustments:




Depreciation and amortization related to investment properties

65,696


63,624

Impairment of investment properties

279


—

Gain on sale of investment properties

(39,953)


—

FFO attributable to common stock and unit holders

$              101,090


$                88,704





Reconciliation to Adjusted FFO




Gain on insurance recoveries(1)

(548)


(1,447)

Loan related costs, net of adjustment related to non-controlling interests(2)

2,207


2,715

Amortization of share-based compensation expense

7,205


8,572

Non-cash ground rent and straight-line rent expense

(11)


(267)

Other non-recurring expenses(3)

(477)


921

Adjusted FFO attributable to common stock and unit holders

$              109,466


$                99,198

Weighted-average shares outstanding - Diluted(4)

101,539


104,034

Adjusted FFO per diluted share

$                     1.08


$                     0.95



1.

During the six months ended June 30, 2025, the Company recorded $0.5 million of insurance proceeds in excess of recognized losses related to casualty losses at one property. During the six months ended June 30, 2024, the Company recorded $1.4 million of insurance proceeds in excess of recognized losses related to casualty losses at certain properties. These amounts are included in other income on the condensed consolidated statements of operations and comprehensive income for the periods then ended.



2.

Loan related costs include amortization of debt premiums, discounts and deferred loan origination costs.



3.

During the six months ended June 30, 2025, the Company purchased the land associated with a ground lease resulting in the recognition of a $1.1 million net gain related to the write off of the associated right-of-use asset and lease liability and recognized $0.5 million of pre-opening expenses. During the six months ended June 30, 2024, the Company recognized $0.6 million of pre-opening expenses and recognized $0.3 million of repair and clean up costs related to damage sustained at one property.



4.

Diluted weighted-average number of shares of common stock outstanding plus the weighted-average vested Operating Partnership Units for the respective periods presented in thousands.

 

Xenia Hotels & Resorts, Inc.
Reconciliation of Net Income to Adjusted EBITDAre 
for Current Full Year 2025 Guidance
($ amounts in millions)



Guidance
Midpoint


Full Year

Net income

$                65

Adjustments:


Interest expense(1)

86

Income tax expense

2

Depreciation and amortization

131

EBITDA

$             284

Gain on sale of investment property

(40)

EBITDAre

$             244

Amortization of share-based compensation expense

14

Other(2)

(2)

Adjusted EBITDAre

$             256


Reconciliation of Net Income to Adjusted FFO
for Current Full Year 2025 Guidance
($ amounts in millions)



Guidance
Midpoint


Full Year

Net income

$                65

Adjustments:


Depreciation and amortization related to investment properties

131

Gain on sale of investment property

(40)

FFO

$             156

Amortization of share-based compensation expense

14

Other(1)(2)

3

Adjusted FFO

$             173



1.

Includes non-cash loan amortization costs.

2.

Includes below market ground rent and net gain on write-off of lease liability and right-of-use asset.

 

Xenia Hotels & Resorts, Inc.
Debt Summary as of June 30, 2025
(Unaudited)
($ amounts in thousands)










Rate Type


Rate(1)


Maturity Date


Outstanding as
of June 30, 2025

Mortgage Loans








Grand Bohemian Hotel Orlando, Autograph Collection

Fixed


4.53 %


March 2026


$                 52,677

Marriott San Francisco Airport Waterfront

Fixed


4.63 %


May 2027


104,865

Andaz Napa

    Fixed(2)


5.72 %


January 2028


54,582

Total Mortgage Loans



4.88 %

(3)



$               212,124

Corporate Credit Facilities








Corporate Credit Facility Term Loan

Variable(4)


6.23 %


November 2028


$               225,000

Corporate Credit Facility Term Loan

Variable(4)


6.23 %


November 2028


100,000

Revolving Credit Facility

Variable(5)


6.23 %


November 2028


—

Total Corporate Credit Facilities







$               325,000

2029 Senior Notes $500M

Fixed


4.88 %


June 2029


500,000

2030 Senior Notes $400M

Fixed


6.63 %


May 2030


400,000

Loan premiums, discounts and unamortized deferred financing costs, net(6)







(13,443)

Total Debt, net of loan premiums, discounts and unamortized deferred financing costs



5.67 %

(3)



$            1,423,681



1.

Represents annual interest rates.



2.

A variable interest loan for which SOFR has been fixed through January 1, 2027, after which the rate reverts to variable.



3.

Weighted-average interest rate.



4.

A variable interest loan for which the credit spread may vary, as it is determined by the Company's leverage ratio.



5.

The Revolving Credit Facility has a total capacity of $500 million. The spread to SOFR may vary, as it is determined by the Company's leverage ratio.



6.

Includes loan premiums, discounts and deferred financing costs, net of accumulated amortization.

 

Xenia Hotels & Resorts, Inc.
Same-Property(1) Hotel EBITDA and Hotel EBITDA Margin 
For the Three and Six Months Ended June 30, 2025 and 2024 
($ amounts in thousands)




Three Months Ended June 30,


Six Months Ended June 30,



2025


2024


Change


2025


2024


Change

Same-Property Occupancy(1)


72.3 %


70.9 %


    140   bps


71.0 %


69.2 %


    180   bps

Same-Property Average Daily Rate(1)


$       270.42


$       265.16


2.0 %


$       272.88


$       265.64


2.7 %

Same-Property RevPAR(1)


$       195.51


$       187.95


4.0 %


$       193.66


$       183.82


5.4 %

Same-Property Revenues(1):













Rooms revenues


$    157,771


$    151,585


4.1 %


$    310,830


$    296,501


4.8 %

Food and beverage revenues


101,476


83,957


20.9 %


200,342


170,450


17.5 %

Other revenues


26,834


22,100


21.4 %


50,344


42,872


17.4 %

Total Same-Property revenues


$    286,081


$    257,642


11.0 %


$    561,516


$    509,823


10.1 %

Same-Property Expenses(1):













Rooms expenses


$       39,064


$       36,635


6.6 %


$       76,617


$       72,490


5.7 %

Food and beverage expenses


65,354


57,906


12.9 %


129,279


115,356


12.1 %

Other direct expenses


7,337


6,566


11.7 %


14,059


12,435


13.1 %

Other indirect expenses


67,820


64,889


4.5 %


135,149


127,702


5.8 %

Management and franchise fees


10,049


9,235


8.8 %


21,649


19,456


11.3 %

Real estate taxes, personal property taxes and insurance


11,898


12,814


(7.1) %


24,910


25,606


(2.7) %

Ground lease expense


532


850


(37.4) %


1,376


1,649


(16.6) %

Gain on business interruption insurance


—


—


— %


—


(745)


(100.0) %

Total Same-Property hotel operating expenses


$    202,054


$    188,895


7.0 %


$    403,039


$    373,949


7.8 %

Same-Property Hotel EBITDA(1)


$       84,027


$       68,747


22.2 %


$    158,477


$    135,874


16.6 %

Same-Property Hotel EBITDA Margin(1)


29.4 %


26.7 %


    269   bps


28.2 %


26.7 %


    157   bps



1.

"Same-Property" includes all properties owned as of June 30, 2025 and includes renovation disruption for multiple capital projects during the periods presented. The following is a reconciliation of Total Revenues and Total Hotel Operating Expenses consolidated on a GAAP basis to Total Same-Property Revenues and Total Same-Property Hotel Operating Expenses for the three and six months ended June 30, 2025 and 2024.

 



Three Months Ended June 30,


Six Months Ended June 30,



2025


2024


2025


2024

Total Revenues - GAAP


$                      287,579


$                      272,904


$                      576,506


$                      540,392

Pro forma hotel level adjustments(a)


(1,498)


(15,262)


(14,990)


(30,569)

Total Same-Property Revenues


$                      286,081


$                      257,642


$                      561,516


$                      509,823










Total Hotel Operating Expenses - GAAP


$                      190,950


$                      185,819


$                      386,497


$                      368,845

Real estate taxes, personal property taxes and insurance


11,928


13,340


25,657


26,833

Ground lease expense, net(b)


532


850


1,376


1,649

Other income


(4)


(361)


(12)


(686)

Gain on business interruption insurance


—


—


—


(745)

Corporate-level costs and expenses


(603)


(453)


(1,062)


(965)

Pro forma hotel level adjustments, net(a)


(749)


(10,300)


(9,417)


(20,982)

Total Same-Property Hotel Operating Expenses


$                      202,054


$                      188,895


$                      403,039


$                      373,949



a.   

   Includes adjustments for revenues and expenses from hotels that were acquired or sold during the periods presented.

b.   

   Excludes non-cash ground rent expense.

 

Xenia Hotels & Resorts, Inc.
Same-Property(1) Historical Operating Data
($ amounts in thousands, except ADR and RevPAR)












2025


First
Quarter


Second
Quarter


Third
Quarter


Fourth
Quarter


Full Year

Occupancy


69.6 %


72.3 %







ADR


$       275.47


$          270.42







RevPAR


$       191.80


$          195.51


















Hotel Revenues


$     275,435


$       286,081







Hotel EBITDA


$       74,450


$          84,027







Hotel EBITDA Margin


27.0 %


29.4 %


















2024


First
Quarter


Second
Quarter


Third
Quarter


Fourth
Quarter


Full Year

Occupancy


67.5 %


70.9 %


67.3 %


64.8 %


67.6 %

ADR


$       266.14


$          265.16


$          244.24


$          260.43


$          259.03

RevPAR


$       179.70


$          187.95


$          164.44


$          168.81


$          175.18












Hotel Revenues


$     252,181


$       257,642


$       227,812


$       248,855


$       986,490

Hotel EBITDA


$       67,127


$          68,747


$          46,617


$          59,197


$       241,688

Hotel EBITDA Margin


26.6 %


26.7 %


20.5 %


23.8 %


24.5 %



1.

"Same-Property" includes all hotels owned as of June 30, 2025 and also includes disruption from multiple capital projects during the periods presented.

 

Xenia Hotels & Resorts, Inc.
Same-Property(1) Portfolio Data by Market, Ranked by Hotel EBITDA


Market(2)


% of 2024
Hotel EBITDA(3)


Number of
Hotels


Number of
Rooms (4)(5)

Houston, TX


17 %


3


1,223

Orlando, FL


17 %


2


1,027

San Diego, CA


8 %


2


486

Atlanta, GA


8 %


2


649

Nashville, TN


6 %


1


346

San Francisco/San Mateo, CA


5 %


1


688

Florida Keys, FL


5 %


1


120

Dallas, TX


4 %


1


416

Portland, OR


4 %


2


685

Washington, DC-MD-VA


3 %


1


365

San Jose/Santa Cruz, CA


3 %


1


505

Phoenix, AZ


3 %


2


615

Savannah, GA


2 %


2


226

California Wine Country, CA


2 %


1


141

California Central Coast, CA


2 %


1


97

Pittsburgh, PA


2 %


1


185

Birmingham, AL


2 %


1


99

Denver, CO


2 %


1


205

Salt Lake City/Ogden, UT


2 %


1


225

Philadelphia, PA


1 %


1


230

Louisiana South, LA


1 %


1


285

Charleston, SC


1 %


1


50

Same-Property Portfolio(1)


100 %


30


8,868



1.

"Same-Property" includes all hotels owned as of June 30, 2025 and also includes renovation disruption for multiple capital projects during the period presented.



2.

As defined by STR, Inc.



3.

Hotel EBITDA, Same-Property Hotel EBITDA, and Hotel EBITDA Margin are non-GAAP financial measures. See definitions earlier in this press release for how we define these non-GAAP financial measures.



4.

As of June 30, 2025.



5.

Five rooms were added to inventory at Grand Hyatt Scottsdale Resort in the first quarter 2025.

 

Xenia Hotels & Resorts, Inc.
Same-Property(1) Portfolio Data by Market
For the Three Months Ended June 30, 2025 and 2024








Three Months Ended


Three Months Ended




June 30, 2025


June 30, 2024


% Change

Market(2)

Occupancy

ADR

RevPAR


Occupancy

ADR

RevPAR


RevPAR

Houston, TX

64.9 %

$    231.64

$    150.36


69.3 %

$    227.68

$    157.89


(4.8) %

Orlando, FL

82.8 %

226.44

187.44


79.1 %

222.22

175.88


6.6 %

San Diego, CA

68.9 %

367.01

253.01


69.1 %

347.00

239.66


5.6 %

Atlanta, GA

72.1 %

251.89

181.58


74.9 %

242.35

181.52


— %

Nashville, TN

75.8 %

367.81

278.84


73.0 %

401.42

293.03


(4.8) %

San Francisco/San Mateo, CA

81.8 %

219.10

179.25


79.3 %

209.95

166.42


7.7 %

Florida Keys, FL

87.2 %

502.62

438.23


80.1 %

531.09

425.45


3.0 %

Dallas, TX

66.0 %

216.08

142.57


80.3 %

203.52

163.34


(12.7) %

Portland, OR

66.8 %

186.15

124.33


69.6 %

205.20

142.88


(13.0) %

Washington, DC-MD-VA

72.6 %

320.02

232.21


74.7 %

305.99

228.68


1.5 %

San Jose/Santa Cruz, CA

63.4 %

241.69

153.28


57.9 %

245.53

142.16


7.8 %

Phoenix, AZ

62.3 %

347.46

216.57


36.8 %

352.20

129.76


66.9 %

Savannah, GA

89.6 %

254.10

227.65


85.6 %

274.63

235.17


(3.2) %

California Wine Country, CA

77.9 %

442.62

344.83


76.9 %

434.39

333.95


3.3 %

California Central Coast, CA

80.7 %

476.31

384.52


77.3 %

452.18

349.47


10.0 %

Pittsburgh, PA

80.9 %

325.82

263.70


75.4 %

274.31

206.81


27.5 %

Birmingham, AL

79.6 %

359.26

286.08


81.0 %

363.55

294.34


(2.8) %

Denver, CO

73.8 %

379.19

279.82


73.1 %

387.05

283.08


(1.2) %

Salt Lake City/Ogden, UT

71.3 %

212.12

151.33


76.2 %

204.34

155.71


(2.8) %

Philadelphia, PA

81.1 %

232.05

188.08


75.7 %

242.06

183.21


2.7 %

Louisiana South, LA

60.7 %

201.36

122.22


59.0 %

199.71

117.79


3.8 %

Charleston, SC

87.8 %

463.82

407.24


89.1 %

455.20

405.58


0.4 %

Same-Property(1) Portfolio

72.3 %

$   270.42

$   195.51


70.9 %

$   265.16

$   187.95


4.0 %



1.

"Same-Property" includes all hotels owned as of June 30, 2025 and also includes renovation disruption for multiple capital projects during the periods presented.



2.

As defined by STR, Inc.

 

Xenia Hotels & Resorts, Inc.
Same-Property(1) Portfolio Data by Market
For the Six Months Ended June 30, 2025 and 2024








Six Months Ended


Six Months Ended




June 30, 2025


June 30, 2024


% Change

Market(2)

Occupancy

ADR

RevPAR


Occupancy

ADR

RevPAR


RevPAR

Houston, TX

67.3 %

$    231.37

$    155.78


69.1 %

$    233.44

$    161.33


(3.4) %

Orlando, FL

84.0 %

245.45

206.29


82.0 %

246.28

201.92


2.2 %

San Diego, CA

65.4 %

359.15

234.80


64.7 %

340.80

220.62


6.4 %

Atlanta, GA

72.5 %

252.60

183.01


69.9 %

241.58

168.85


8.4 %

Nashville, TN

71.3 %

345.89

246.68


65.0 %

369.58

240.41


2.6 %

San Francisco/San Mateo, CA

80.6 %

221.75

178.64


78.3 %

212.32

166.22


7.5 %

Florida Keys, FL

89.7 %

583.23

523.13


86.0 %

600.85

516.59


1.3 %

Dallas, TX

64.2 %

229.31

147.31


77.3 %

202.53

156.63


(6.0) %

Portland, OR

64.1 %

177.00

113.46


67.5 %

195.27

131.87


(14.0) %

Washington, DC-MD-VA

69.1 %

314.50

217.16


68.5 %

287.32

196.70


10.4 %

San Jose/Santa Cruz, CA

63.3 %

249.98

158.20


59.4 %

250.01

148.49


6.5 %

Phoenix, AZ

60.9 %

412.63

251.28


41.9 %

410.63

172.17


45.9 %

Savannah, GA

81.4 %

251.73

205.02


83.1 %

263.85

219.26


(6.5) %

California Wine Country, CA

69.7 %

382.87

266.77


70.1 %

372.45

261.03


2.2 %

California Central Coast, CA

76.5 %

438.24

335.18


68.7 %

426.94

293.18


14.3 %

Pittsburgh, PA

72.0 %

282.17

203.18


66.1 %

255.67

169.10


20.2 %

Birmingham, AL

78.4 %

343.51

269.18


75.5 %

356.39

269.08


— %

Denver, CO

70.2 %

357.15

250.79


66.3 %

355.93

236.03


6.3 %

Salt Lake City/Ogden, UT

70.3 %

202.50

142.45


71.5 %

202.84

145.06


(1.8) %

Philadelphia, PA

75.2 %

203.65

153.13


68.5 %

208.39

142.83


7.2 %

Louisiana South, LA

60.8 %

235.72

143.37


60.9 %

211.19

128.72


11.4 %

Charleston, SC

84.0 %

432.98

363.80


84.8 %

415.37

352.43


3.2 %

Same-Property(1) Portfolio

71.0 %

$   272.88

$   193.66


69.2 %

$   265.64

$   183.82


5.4 %



1.

"Same-Property" includes all hotels owned as of June 30, 2025 and also includes renovation disruption for multiple capital projects during the periods presented.



2.

As defined by STR, Inc.

 

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Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/xenia-hotels--resorts-reports-second-quarter-2025-results-302519235.html

SOURCE Xenia Hotels & Resorts, Inc.

FAQ

What were Xenia Hotels & Resorts (XHR) key financial results for Q2 2025?

XHR reported net income of $55.2 million ($0.56 per share), Adjusted EBITDAre of $79.5 million (up 16.3%), and Adjusted FFO per share of $0.57 (up 9.6%) in Q2 2025.

How much did Xenia Hotels & Resorts sell Fairmont Dallas for in Q2 2025?

XHR sold the 545-room Fairmont Dallas for $111.0 million ($203,670 per key) in April 2025, representing an 8.6x multiple on Hotel EBITDA.

What is XHR's revised guidance for full-year 2025?

Xenia raised guidance with Adjusted EBITDAre of $249-$263 million and Adjusted FFO per share of $1.66-$1.80, with Same-Property RevPAR growth projected at 3.50-5.50%.

How many shares did XHR repurchase in Q2 2025?

The company repurchased 2,948,912 shares at $12.10 per share for total consideration of approximately $35.7 million in Q2 2025.

What was XHR's Same-Property RevPAR performance in Q2 2025?

Same-Property RevPAR increased 4.0% to $195.51, driven by occupancy of 72.3% (up 140 basis points) and ADR of $270.42 (up 2.0%).
Stock XHR logo
Xenia Hotels & Resorts Inc

NYSE:XHR

XHR Rankings

#3213 Ranked by Market Cap
#745 Ranked by Dividends

XHR Latest News

Jun 13, 2025
Xenia Hotels & Resorts Announces Timing of Second Quarter 2025 Earnings Release and Conference Call
May 14, 2025
Xenia Hotels & Resorts Declares Dividend for Second Quarter 2025 and Announces Board Approval for a $100 Million Increase in Share Repurchase Program
May 2, 2025
Xenia Hotels & Resorts Reports First Quarter 2025 Results
Apr 11, 2025
Xenia Hotels & Resorts Completes Sale of Fairmont Dallas
Mar 21, 2025
Xenia Hotels & Resorts Announces Timing of First Quarter 2025 Earnings Release and Conference Call

XHR Latest SEC Filings

Aug 1, 2025
[10-Q] Xenia Hotels & Resorts, Inc. Quarterly Earnings Report
Aug 1, 2025
[8-K] Xenia Hotels & Resorts, Inc. Reports Material Event

XHR Stock Data

1.25B
97.68M
0.97%
96.71%
2.92%
REIT - Hotel & Motel
Hotels & Motels
Link
United States
ORLANDO

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