STOCK TITAN

Xenia Hotels & Resorts (NYSE: XHR) swings to Q2 loss but lifts 2026 guidance

(High)
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Xenia Hotels & Resorts reported Q2 2026 net loss attributable to common stockholders of $19.3 million, or $(0.21) per diluted share, versus $55.2 million, or $0.56, a year earlier, mainly reflecting a $38.8 million impairment on Kimpton RiverPlace Hotel and the absence of a prior-year gain on sale. Despite this, operations improved: Adjusted EBITDAre was $78.1 million (down 1.8%), Adjusted FFO per diluted share rose 7.0% to $0.61, and Same-Property RevPAR increased 5.6% to $206.54 on flat 72.3% occupancy and 5.7% ADR growth; Same-Property Hotel EBITDA margin was 28.7%, down 65 basis points.

For the first half of 2026, net income attributable to common stockholders was $0.4 million, down from $70.7 million, while Adjusted EBITDAre grew 4.6% to $159.5 million and Adjusted FFO per diluted share rose 14.8% to $1.24. Same-Property RevPAR increased 6.5% and Hotel EBITDA margin expanded 100 basis points to 29.2%. As of June 30, total debt was about $1.4 billion at a 5.49% weighted-average rate, with $612 million of liquidity. Subsequent to quarter end, the company sold the 85-room Kimpton RiverPlace Hotel for $11 million. Reflecting stronger trends, Xenia raised its full-year 2026 guidance, with Adjusted EBITDAre now forecast at $267–$279 million and Adjusted FFO per share at $1.96–$2.08, and expects Same-Property RevPAR to rise 4.75%–6.25% versus 2025.

Positive

  • Raised 2026 Adjusted EBITDAre guidance midpoint by $7 million, to $273 million, alongside higher Same-Property RevPAR expectations of 4.75%–6.25% versus 2025.
  • Adjusted FFO per diluted share rose 14.8% year-to-date to $1.24, with Same-Property Hotel EBITDA up 9.0% and Hotel EBITDA margin expanding by 100 basis points to 29.2%.

Negative

  • Q2 2026 swung to a $19.3 million net loss from $55.2 million net income a year earlier, driven largely by a $38.8 million impairment on Kimpton RiverPlace Hotel.

Filing Explained

No shares were issued or repurchased during the quarter; ATM and repurchase authorizations remain unused capacity.

The July 30 Form 8-K furnishes Xenia’s quarterly results and states that no common shares were issued through its ATM program and no shares were repurchased during the quarter; therefore, no new-share dilution or repurchase-related share reduction is disclosed for this period.

An ATM program permits gradual sales of new shares into the market. Xenia reports $200 million of remaining ATM availability and $97.5 million of remaining share-repurchase authorization; these are capacities, not transactions or proceeds.

The company also reports paying down $5.2 million on the Andaz Napa mortgage in June, while the filing separately reports repayment of the $52 million Grand Bohemian Hotel Orlando mortgage in February.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Q2 2026 net loss attributable to common stockholders $19.3 million Compared with $55.2 million net income in Q2 2025
Q2 2026 Adjusted EBITDAre $78.1 million Decreased 1.8% versus the second quarter of 2025
Q2 2026 Adjusted FFO per diluted share $0.61 Increased 7.0% from $0.57 in the second quarter of 2025
Same-Property RevPAR Q2 2026 $206.54 Up 5.6% compared to the second quarter of 2025
Total debt outstanding as of June 30, 2026 $1.4 billion Weighted-average interest rate of 5.49%
Total liquidity as of June 30, 2026 $612 million Includes $112 million of cash and full revolving credit facility availability
Kimpton RiverPlace Hotel sale price $11 million 85-room Portland hotel sold post-quarter at a 2.0% capitalization rate
2026 Adjusted EBITDAre guidance range $267–$279 million Midpoint raised by $7 million versus prior full-year 2026 guidance
Adjusted EBITDAre financial
"Adjusted EBITDAre: $78.1 million, decreased 1.8% compared to the second quarter of 2025"
Adjusted EBITDA is a measure of a company's earnings that shows its profitability by focusing on core operations, excluding certain expenses or income that are unusual or not part of normal business activities. It provides investors with a clearer picture of how well the company is performing day-to-day, much like evaluating a restaurant's regular sales without counting special event or one-time expenses. This helps investors compare companies more fairly and assess their ongoing financial health.
Adjusted FFO financial
"Adjusted FFO per Diluted Share: $1.24, increased 14.8% compared to the same period in 2025"
Adjusted funds from operations (FFO) is a measure of how much cash a real estate investment generates from its regular business activities, excluding certain adjustments like accounting items or non-recurring expenses. It provides a clearer picture of the company's ongoing financial health, helping investors understand its true cash-generating ability. Think of it as measuring how much money a store makes from sales, after removing one-time costs or gains, to see its steady income flow.
RevPAR financial
"Same-Property RevPAR: $206.54, increased 5.6% compared to the second quarter of 2025"
RevPAR, or revenue per available room, is a measure used in the hotel industry to show how much money a hotel earns from each of its rooms over a certain period. It helps investors understand how well a hotel is performing financially, similar to how a store's sales per square foot reveal its profitability. Higher RevPAR indicates better use of resources and stronger financial health.
Total RevPAR financial
"Same-Property Total RevPAR: $368.14, increased 5.2% compared to the same period in 2025"
Total revenue per available room (total revpar) measures how much money a hotel earns from all its rooms during a specific period, considering both occupied and vacant rooms. It helps investors understand the overall revenue generated by a hotel's entire inventory, similar to how a store's total sales reflect its overall performance. This metric is important because it shows the hotel's ability to maximize income from its available space, regardless of how many rooms are booked.
capitalization rate financial
"represented a 19.4x multiple and a 2.0% capitalization rate on Hotel EBITDA"
The capitalization rate is a percentage that helps investors estimate how much money a property or investment might generate relative to its value. It’s similar to a return rate, showing how quickly an investment could pay for itself over time. This rate helps compare different investments and assess their potential profitability.
impairment charge financial
"the Company recorded a non-cash impairment charge of $38.8 million related to this property"
An impairment charge is an accounting write-down taken when a company determines an asset—like a building, patent, or investment—is worth less than its recorded value, similar to lowering the price tag on a used car when damage reduces its resale value. It matters to investors because it reduces reported profits and the company’s asset base, can signal business challenges or one-time losses, and may affect future earnings, creditworthiness, and valuation.
Q2 2026 net income (loss) attributable to common stockholders $(19.3) million -135.1% versus Q2 2025
Six months 2026 net income attributable to common stockholders $0.4 million -99.4% versus first half 2025
Q2 2026 Adjusted EBITDAre $78.1 million -1.8% versus Q2 2025
Six months 2026 Adjusted EBITDAre $159.5 million +4.6% versus first half 2025
Six months 2026 Adjusted FFO per diluted share $1.24 +14.8% versus first half 2025
Q2 2026 Same-Property RevPAR $206.54 +5.6% versus Q2 2025
Guidance

For full-year 2026, the company forecasts net income (loss) between $(6) million and $6 million, Adjusted EBITDAre of $267–$279 million, Adjusted FFO of $187–$199 million, Adjusted FFO per diluted share of $1.96–$2.08, and Same-Property RevPAR growth of 4.75%–6.25% versus 2025.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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FAQ

What were Xenia Hotels & Resorts (XHR) key Q2 2026 earnings results?

Xenia Hotels & Resorts reported a Q2 2026 net loss of $19.3 million, or $(0.21) per diluted share. Adjusted EBITDAre was $78.1 million, while Adjusted FFO per diluted share increased to $0.61. Same-Property RevPAR rose 5.6% to $206.54.

How did Xenia Hotels & Resorts (XHR) perform year-to-date 2026?

For the first half of 2026, Xenia generated net income of $0.4 million, down from $70.7 million a year earlier. Adjusted EBITDAre grew 4.6% to $159.5 million, and Adjusted FFO per diluted share rose 14.8% to $1.24. Same-Property RevPAR increased 6.5%.

What 2026 guidance did Xenia Hotels & Resorts (XHR) provide?

Xenia guided to 2026 net income between $(6) million and $6 million, Adjusted EBITDAre of $267–$279 million, and Adjusted FFO of $187–$199 million. Adjusted FFO per diluted share is projected at $1.96–$2.08, with Same-Property RevPAR up 4.75%–6.25%.

What transactions did Xenia Hotels & Resorts (XHR) disclose for Kimpton RiverPlace Hotel?

Xenia sold the 85-room Kimpton RiverPlace Hotel in Portland for $11 million, reflecting a 19.4x EBITDA multiple and 2.0% capitalization rate on trailing twelve-month results. In Q2, it also recorded a $38.8 million non-cash impairment charge related to this property.

What is Xenia Hotels & Resorts’ (XHR) liquidity and debt position as of June 30, 2026?

As of June 30, 2026, Xenia had approximately $1.4 billion of debt with a 5.49% weighted-average interest rate, $112 million of cash, and full revolver availability, totaling $612 million of liquidity. It also held $84 million of restricted cash and escrows.

What dividend did Xenia Hotels & Resorts (XHR) declare for Q2 2026?

For the second quarter of 2026, Xenia declared a dividend of $0.14 per share for stockholders of record on June 30, 2026. This cash dividend reflects the company’s regular distribution policy as a lodging-focused REIT.

How are Xenia Hotels & Resorts (XHR) hotels performing operationally in 2026?

In Q2 2026, Same-Property occupancy was 72.3%, flat year over year, while ADR increased 5.7% to $285.71. Same-Property RevPAR rose 5.6%, and Same-Property Hotel EBITDA reached $84.9 million, up 1.0%, with a 28.7% Hotel EBITDA margin.
0001616000false00016160002026-07-302026-07-30

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549
 
FORM 8-K
 
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
Date of Report (Date of earliest event reported): July 30, 2026

Xenia Hotels & Resorts, Inc.
(Exact Name of Registrant as Specified in its Charter)
Maryland001-3659420-0141677
(State or Other Jurisdiction of Incorporation)(Commission File Number)(IRS Employer Identification No.)
 
200 S. Orange Avenue, Suite 2700
Orlando, Florida 32801

(Address of Principal Executive Offices)

(407) 246-8100
(Registrant’s Telephone Number, Including Area Code)
 
N/A
(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) 
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) 
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common StockXHRNew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.






Item       2.02.    Results of Operations and Financial Condition.

On July 30, 2026, Xenia Hotels & Resorts, Inc. (the “Company”) issued a press release announcing its results for the quarter and six months ended June 30, 2026. The full text of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

The information furnished under Item 2.02 and Exhibit 99.1 in this Form 8-K shall not be deemed "filed" for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section and shall not be deemed incorporated by reference in any filing made by the Company under the Securities Act or the Exchange Act, except as set forth by specific reference in such filing.

Item    9.01.    Financial Statements and Exhibits.
(d)    Exhibits.
Exhibit No.Description
99.1
Press Release of Xenia Hotels & Resorts, Inc., dated as of July 30, 2026 (furnished pursuant to Item 2.02)
104Cover Page Interactive Data File (embedded within the Inline XBRL document)


SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
Xenia Hotels & Resorts, Inc.
Date: July 30, 2026By:/s/ Atish Shah
Name:Atish Shah
Title:Executive Vice President and Chief Financial Officer



xhrpressreleaseheadera05a.jpgDate: July 30, 2026
XENIA HOTELS & RESORTS REPORTS SECOND QUARTER 2026 RESULTS
Orlando, FL – July 30, 2026 – Xenia Hotels & Resorts, Inc. (NYSE: XHR) (“Xenia” or the “Company”) today announced results for the quarter ended June 30, 2026.
Second Quarter 2026 Highlights
Net Loss: Net loss attributable to common stockholders was $19.3 million, compared to net income attributable to common stockholders of $55.2 million in the second quarter of 2025
Net Loss per Diluted Share: Net loss attributable to common stockholders per diluted share was $0.21, a $0.77 decrease compared to net income attributable to common stockholders per diluted share of $0.56 in the second quarter of 2025
Adjusted EBITDAre: $78.1 million, decreased 1.8% compared to the second quarter of 2025
Adjusted FFO per Diluted Share: $0.61, increased 7.0% compared to the second quarter of 2025
Same-Property Occupancy: 72.3%, flat compared to the second quarter of 2025
Same-Property ADR: $285.71, increased 5.7% compared to the second quarter of 2025
Same-Property RevPAR: $206.54, increased 5.6% compared to the second quarter of 2025
Same-Property Total RevPAR: $366.17, increased 3.3% compared to the second quarter of 2025
Same-Property Hotel EBITDA: $84.9 million, increased 1.0% compared to the second quarter of 2025
Same-Property Hotel EBITDA Margin: 28.7%, decreased 65 basis points compared to the second quarter of 2025
Dividends: Declared a second quarter dividend of $0.14 per share for stockholders of record on June 30, 2026

Year-to-Date 2026 Highlights
Net Income: Net income attributable to common stockholders was $0.4 million, compared to net income attributable to common stockholders of $70.7 million for the same period in 2025
Net Income per Diluted Share: Net income attributable to common stockholders per diluted share was $0.00, a $0.71 decrease compared to net income attributable to common stockholders per diluted share of $0.71 for the same period in 2025
Adjusted EBITDAre: $159.5 million, increased 4.6% compared to the same period in 2025
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Adjusted FFO per Diluted Share: $1.24, increased 14.8% compared to the same period in 2025
Same-Property Occupancy: 71.8%, increased 80 basis points compared to the same period in 2025

Same-Property ADR: $287.14, increased 5.2% compared to the same period in 2025

Same-Property RevPAR: $206.24, increased 6.5% compared to the same period in 2025
Same-Property Total RevPAR: $368.14, increased 5.2% compared to the same period in 2025
Same-Property Hotel EBITDA: $172.7 million, increased 9.0% compared to the same period in 2025
Same-Property Hotel EBITDA Margin: 29.2%, increased 100 basis points compared to the same period in 2025
Financing Activity: In February, the Company paid off the $52 million mortgage loan secured by Grand Bohemian Hotel Orlando, Autograph Collection.

"Despite challenging comparisons to the second quarter of 2025, our portfolio delivered another quarter of solid performance which came in ahead of our expectations, with ADR growth driving increases in Same-Property RevPAR and Adjusted FFO per share of 5.6% and 7.0%, respectively." said Marcel Verbaas, Chairman and Chief Executive Officer of Xenia. "The quarter benefitted from encouraging trends across a large and diverse cross-section of our markets which speaks to the quality and diversification of our portfolio. At Grand Hyatt Scottsdale Resort, we continue to track favorably towards stabilization, with this year shaping up to be the strongest group demand year in the resort's history and bookings for future periods continuing to support our expectation for additional growth in the years ahead. The deliberate choices we have made over the years in curating a portfolio of high-quality hotels and resorts, through selective dispositions in addition to acquisitions and targeted value-increasing capital projects, such as the transformational renovation and upbranding of Grand Hyatt Scottsdale, are expected to benefit us as lodging fundamentals continue to improve."
"Our strong balance sheet gives us the flexibility to be active on the transaction front as opportunities arise," continued Mr. Verbaas. "Additionally, we continue to believe our high-quality and well-located portfolio is well-positioned to capitalize on solid ongoing demand for luxury and upper upscale travel. Based on favorable current market conditions, our outperformance in the first half of the year and robust group rooms revenue pace for the second half of the year, we have increased the midpoint of our full year 2026 Adjusted EBITDAre guidance by $7 million compared to the guidance we provided after our first quarter results. The second half of the year is already off to a great start, as we estimate that Same-Property RevPAR for July will increase by approximately 10% compared to July 2025, fueled by substantial RevPAR growth from both the transient and group segments."








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Operating Results
The Company’s results include the following:
Three Months Ended June 30,
20262025Change
($ amounts in thousands, except hotel statistics and per share amounts)
Net income (loss) attributable to common stockholders$(19,338)$55,157 (135.1)%
Net income (loss) attributable to common stockholders per diluted share $(0.21)$0.56 (137.5)%
Same-Property Number of Hotels(1)
30 30 — 
Same-Property Number of Rooms(1)
8,868 8,868 — 
Same-Property Occupancy(1)
72.3 %72.3 % bps
Same-Property Average Daily Rate(1)
$285.71 $270.42 5.7 %
Same-Property RevPAR(1)
$206.54 $195.51 5.6 %
Same-Property Total RevPAR(1)(2)
$366.17 $354.50 3.3 %
Same-Property Hotel EBITDA(1)(3)
$84,869 $84,027 1.0 %
Same-Property Hotel EBITDA Margin(1)(3)
28.7 %29.4 %(65) bps
Total Portfolio Number of Hotels(4)
30 30 — 
Total Portfolio Number of Rooms(4)
8,868 8,868 — 
Total Portfolio RevPAR(5)
$206.54 $192.51 7.3 %
Total Portfolio Total RevPAR(2)(5)
$366.17 $349.28 4.8 %
Adjusted EBITDAre(3)
$78,089 $79,543 (1.8)%
Adjusted FFO(3)
$57,692 $57,406 0.5 %
Adjusted FFO per diluted share(3)
$0.61 $0.57 7.0 %
1."Same-Property” includes all hotels owned as of June 30, 2026 and also includes renovation disruption for multiple capital projects during the periods presented.
2.Total Revenues per available room for the period presented.
3.EBITDA, EBITDAre, Adjusted EBITDAre, FFO, Adjusted FFO, and Same-Property Hotel EBITDA and Hotel EBITDA Margin are non-GAAP financial measures. See definitions and tables later in this press release for how we define these non-GAAP financial measures and for reconciliations from net income to Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA"), EBITDA for Real Estate ("EBITDAre"), Adjusted EBITDAre, Funds From Operations ("FFO"), Adjusted FFO, Same-Property Hotel EBITDA and Hotel EBITDA Margin.
4.As of end of periods presented.
5.Results of all hotels as owned during the periods presented, including the results of hotels sold or acquired for the actual period of ownership by the Company.
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Six Months Ended June 30,
20262025Change
($ amounts in thousands, except hotel statistics and per share amounts)
Net income attributable to common stockholders$433 $70,742 (99.4)%
Net income attributable to common stockholders per diluted share$— $0.71 (100.0)%
Same-Property Number of Hotels(1)
30 30 — 
Same-Property Number of Rooms(1)
8,868 8,868 — 
Same-Property Occupancy(1)
71.8 %71.0 %80  bps
Same-Property Average Daily Rate(1)
$287.14 $272.88 5.2 %
Same-Property RevPAR(1)
$206.24 $193.66 6.5 %
Same-Property Total RevPAR(1)(2)
$368.14 $349.85 5.2 %
Same-Property Hotel EBITDA(1)(3)
$172,680 $158,477 9.0 %
Same-Property Hotel EBITDA Margin(1)(3)
29.2 %28.2 %100  bps
Total Portfolio Number of Hotels(4)
30 30 — 
Total Portfolio Number of Rooms(4)
8,868 8,868 — 
Total Portfolio RevPAR(5)
$206.24 $190.59 8.2 %
Total Portfolio Total RevPAR(2)(5)
$368.14 $345.13 6.7 %
Adjusted EBITDAre(3)
$159,470 $152,485 4.6 %
Adjusted FFO(3)
$118,246 $109,466 8.0 %
Adjusted FFO per diluted share(3)
$1.24 $1.08 14.8 %
1."Same-Property” includes all hotels owned as of June 30, 2026 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.

Liquidity and Balance Sheet
As of June 30, 2026, the Company had total outstanding debt of approximately $1.4 billion with a weighted-average interest rate of 5.49%. The Company had approximately $112 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 $612 million as of June 30, 2026. In addition, the Company held approximately $84 million of restricted cash and escrows at the end of the second quarter.
In June, the Company paid down by $5.2 million the mortgage loan collateralized by Andaz Napa.
Capital Markets
The Company did not repurchase any shares of its common stock during the quarter and currently has $97.5 million in capacity remaining under its repurchase authorization. The Company did not issue any shares of its common stock
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through its At-The-Market ("ATM") program in the quarter and had $200 million of remaining availability as of June 30, 2026.
Transactions
Subsequent to quarter end, the Company sold the 85-room Kimpton RiverPlace Hotel in Portland, Oregon, for $11 million, or approximately $129,400 per key. The sale price represented a 19.4x multiple and a 2.0% capitalization rate on Hotel EBITDA and Net Operating Income for the trailing twelve months ended June 30, 2026, respectively. These transaction price metrics are exclusive of significant near-term capital expenditures that would have been required. 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. In the second quarter, the Company recorded a non-cash impairment charge of $38.8 million related to this property.
Capital Expenditures
During the three and six months ended June 30, 2026, the Company invested $15.4 million and $30.6 million in portfolio improvements, respectively.
During the second quarter, the Company:
Finalized planning at Royal Palms Resort & Spa for the renovation of guest rooms and corridors in the 68-room Monte Vista Building and a renovation of T. Cook's Restaurant which will take place during the third quarter

Performed or continued planning mechanical system upgrades at eight hotels and minor guest room upgrades at three hotels which are expected to be completed in 2026

Additionally, the Company made substantial progress preparing for two significant renovations that include:

Andaz Napa – The first of two phases of a comprehensive renovation of guest rooms and corridors that is on-track to begin in the fourth quarter

The Ritz-Carlton, Denver – Renovation of guest rooms, corridors and meeting space that is on-track to begin in the fourth quarter
Current Full Year 2026 Outlook and Guidance
The Company has updated its full year 2026 outlook. The range below reflects the Company's limited visibility in forecasting due to continued 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 RevPAR and Same-Property Total RevPAR change shown below includes all hotels owned as of July 30, 2026.
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Current Full Year 2026 GuidancePrior Full Year
2026 Guidance
Change at Midpoint
Low EndHigh EndLow EndHigh End
($ in millions, except stats and per share data)
Net Income (loss)$(6)$6$24$40$(32)
Same-Property RevPAR Change (vs. 2025)1
4.75%6.25%2.75%5.25%1.50%
Same-Property Total RevPAR Change (vs. 2025)1
5.00%6.50%3.75%6.25%0.75%
Adjusted EBITDAre$267$279$258$274$7
Adjusted FFO$187$199$178$194$7
Adjusted FFO per diluted share$1.96$2.08$1.86$2.02$0.08
Capital Expenditures$70$80$70$80$—
1.Prior guidance based upon Same-Property (30 Hotel) portfolio, including Kimpton RiverPlace Hotel.

Current full year 2026 guidance is inclusive of the following assumptions:
Disruption due to renovations is expected to negatively impact Adjusted EBITDAre and Adjusted FFO by approximately $1 million - no change from prior guidance

General and administrative expense of approximately $25 million, excluding non-cash share-based compensation - no change from prior guidance
Interest expense of approximately $78 million, excluding non-cash loan related costs - no change from prior guidance
Income tax expense of approximately $2 million - no change from prior guidance

95.7 million weighted-average diluted shares - no change from prior guidance

Second Quarter 2026 Earnings Call
The Company will conduct its quarterly conference call on Thursday, July 30, 2026 at 1:00 PM Eastern Time. To participate in the conference call, please dial (833) 461-5787, meeting ID 885 513 944. 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 29 hotels and resorts comprising 8,783 rooms across 14 states. Xenia’s hotels are in the luxury and upper upscale segments, and are operated and/or licensed by industry leaders including Marriott, Hyatt, Kimpton, Fairmont, Loews, Hilton, and Davidson. 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,
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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 2026 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, changes in consumer sentiment towards travel to the United States, 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) the Company's ability to successfully negotiate amendments and covenant waivers with its unsecured and secured lenders; (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 decreases in 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) tariffs/trade dispute disruptions in supply chains resulting in increased costs, delays or inability to procure required products; and (xxiv) 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
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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 "Company 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.
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Xenia Hotels & Resorts, Inc.
Condensed Consolidated Balance Sheets
As of June 30, 2026 and December 31, 2025
($ amounts in thousands, except per share data)
June 30, 2026December 31, 2025
Assets:(Unaudited)(Audited)
Investment properties:
Land$454,327 $472,648 
Buildings and other improvements3,105,328 3,128,322 
Total$3,559,655 $3,600,970 
Less: accumulated depreciation(1,144,476)(1,098,972)
Net investment properties$2,415,179 $2,501,998 
Cash and cash equivalents112,357 140,427 
Restricted cash and escrows83,734 82,682 
Accounts and rents receivable, net of allowance for doubtful accounts36,527 26,937 
Goodwill4,850 4,850 
Deferred tax assets, net5,387 5,544 
Other assets49,961 46,237 
Assets held for sale10,702 — 
Total assets $2,718,697 $2,808,675 
Liabilities:
Debt, net of loan premiums, discounts and unamortized deferred financing costs$1,359,120 $1,422,881 
Finance lease liabilities7,601 7,606 
Accounts payable and accrued expenses94,336 93,541 
Distributions payable13,664 13,538 
Other liabilities78,132 87,572 
Liabilities associated with assets held for sale1,365 — 
Total liabilities $1,554,218 $1,625,138 
Commitments and Contingencies
Stockholders' equity:
Common stock, $0.01 par value, 500,000,000 shares authorized, 92,245,835 and 92,153,929 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively
$923 $922 
Additional paid in capital1,804,817 1,803,644 
Accumulated other comprehensive income118 86 
Accumulated distributions in excess of net earnings(695,983)(670,434)
Total Company stockholders' equity$1,109,875 $1,134,218 
Non-controlling interests54,604 49,319 
Total equity$1,164,479 $1,183,537 
Total liabilities and equity$2,718,697 $2,808,675 

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Xenia Hotels & Resorts, Inc.
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)
For the Three and Six Months Ended June 30, 2026 and 2025
(Unaudited)
($ amounts in thousands, except per share data)
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Revenues:
Rooms revenues$166,672 $158,497 $331,031 $318,363 
Food and beverage revenues102,447 102,186 207,451 206,885 
Other revenues26,373 26,896 52,418 51,258 
Total revenues $295,492 $287,579 $590,900 $576,506 
Expenses:
Rooms expenses40,584 39,156 79,940 78,478 
Food and beverage expenses67,528 65,626 133,865 132,153 
Other direct expenses7,464 7,338 14,686 14,059 
Other indirect expenses72,031 68,674 142,586 139,687 
Management and franchise fees10,641 10,156 22,737 22,120 
Total hotel operating expenses$198,248 $190,950 $393,814 $386,497 
Depreciation and amortization31,809 32,631 63,691 65,823 
Real estate taxes, personal property taxes and insurance12,656 11,928 24,902 25,657 
Ground lease expense494 527 874 1,358 
General and administrative expenses11,199 10,822 20,310 19,733 
Other operating expenses2,291 224 6,404 1,077 
Impairment and other losses38,764 279 39,251 279 
Total expenses$295,461 $247,361 $549,246 $500,424 
Operating income$31 $40,218 $41,654 $76,082 
Gain on sale of investment properties— 39,953 — 39,953 
Other income848 1,695 2,370 4,259 
Interest expense(20,532)(21,926)(41,411)(42,977)
Loss on extinguishment of debt(14)— (35)— 
Net income (loss) before income taxes$(19,667)$59,940 $2,578 $77,317 
Income tax expense(1,062)(1,379)(2,094)(2,249)
Net income (loss)$(20,729)$58,561 $484 $75,068 
Net (income) loss attributable to non-controlling interests1,391 (3,404)(51)(4,326)
Net income (loss) attributable to common stockholders$(19,338)$55,157 $433 $70,742 
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Xenia Hotels & Resorts, Inc.
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) - Continued
For the Three and Six Months Ended June 30, 2026 and 2025
(Unaudited)
($ amounts in thousands, except per share data)
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Basic and diluted income (loss) per share:
Net income (loss) per share available to common stockholders - basic and diluted$(0.21)$0.56 $— $0.71 
Weighted-average number of common shares (basic)92,245,835 97,690,231 92,215,706 99,171,413 
Weighted-average number of common shares (diluted)92,245,835 98,082,028 92,747,895 99,592,741 
Comprehensive income (loss):
Net income (loss)$(20,729)$58,561 $484 $75,068 
Other comprehensive income (loss):
Unrealized gain (loss) on interest rate derivative instruments20 (14)141 (238)
Reclassification adjustment for amounts recognized in net income (loss) (interest expense)(48)(153)(106)(438)
$(20,757)$58,394 $519 $74,392 
Comprehensive (income) loss attributable to non-controlling interests1,393 (3,395)(54)(4,301)
Comprehensive income (loss) attributable to the Company$(19,364)$54,999 $465 $70,091 
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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.

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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 sale 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 sale 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.
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Xenia Hotels & Resorts, Inc.
Reconciliation of Net Income (Loss) to EBITDA, EBITDAre, Adjusted EBITDAre and Same-Property Hotel EBITDA
For the Three Months Ended June 30, 2026 and 2025
(Unaudited)
($ amounts in thousands)
Three Months Ended June 30,
20262025
Net income (loss)$(20,729)$58,561 
Adjustments:
Interest expense20,532 21,926 
Income tax expense1,062 1,379 
Depreciation and amortization31,809 32,631 
EBITDA$32,674 $114,497 
Impairment of investment properties(1)
38,764 279 
Gain on sale of investment properties— (39,953)
EBITDAre$71,438 $74,823 
Reconciliation to Adjusted EBITDAre
Depreciation and amortization related to corporate assets$(79)$(44)
Loss on extinguishment of debt14 — 
Amortization of share-based compensation expense4,766 4,579 
Non-cash ground rent and straight-line rent expense17 
Other non-recurring expenses(2)
1,933 183 
Adjusted EBITDAre attributable to common stock and unit holders$78,089 $79,543 
Corporate-level costs and expenses6,904 5,416 
Pro forma hotel adjustments, net(3)
(124)(932)
Same-Property Hotel EBITDA attributable to common stock and unit holders(4)
$84,869 $84,027 
1.In June, upon meeting held for sale criteria, we recorded an impairment loss of approximately $38.8 million as the carrying value for Kimpton RiverPlace Hotel exceeded the fair value net of selling costs.
2.Includes adjustments for costs associated with an operator transition at four hotels, pre-opening expenses, repair and clean up costs related to property damage and other non-recurring items.
3.Includes adjustments for revenues and expenses from hotels that were acquired or sold during the periods presented.
4.See the reconciliation of Total Revenues and Total Hotel Operating Expenses on a consolidated GAAP basis to Total Same-Property Revenues and Total Same-Property Hotel Operating Expenses and the calculation of Same-Property Hotel EBITDA and Hotel EBITDA Margin for the three months ended June 30, 2026 and 2025 on page 20.
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Xenia Hotels & Resorts, Inc.
Reconciliation of Net Income to EBITDA, EBITDAre, Adjusted EBITDAre and Same-Property Hotel EBITDA
For the Six Months Ended June 30, 2026 and 2025
(Unaudited)
($ amounts in thousands)
Six Months Ended June 30,
20262025
Net income$484 $75,068 
Adjustments:
Interest expense41,411 42,977 
Income tax expense2,094 2,249 
Depreciation and amortization63,691 65,823 
EBITDA$107,680 $186,117 
Impairment of investment properties(1)
38,764 279 
Gain on sale of investment properties— (39,953)
EBITDAre$146,444 $146,443 
Reconciliation to Adjusted EBITDAre
Depreciation and amortization related to corporate assets$(160)$(127)
Gain on insurance recoveries(2)
— (548)
Loss on extinguishment of debt35 — 
Amortization of share-based compensation expense7,566 7,205 
Non-cash ground rent and straight-line rent expense60 (11)
Other non-recurring expenses(3)
5,525 (477)
Adjusted EBITDAre attributable to common stock and unit holders$159,470 $152,485 
Corporate-level costs and expenses13,361 11,747 
Pro forma hotel level adjustments, net(4)
(151)(5,755)
Same-Property Hotel EBITDA attributable to common stock and unit holders(5)
$172,680 $158,477 
1.In June, upon meeting held for sale criteria, we recorded an impairment loss of approximately $38.8 million as the carrying value for Kimpton RiverPlace Hotel exceeded the fair value net of selling costs.
2.During the six months ended June 30, 2025, the Company recorded $0.5 million of insurance proceeds in excess of recognized losses related to casualty loss at one property. This amount is included in other income on the condensed consolidated statements of operations and comprehensive income for the period then ended.
3.Includes adjustments for costs associated with an operator transition at four hotels, pre-opening expenses, repair and clean up costs related to property damage and other non-recurring items.
4.Includes adjustments for revenues and expenses from hotels that were acquired or sold during the periods presented.
5.See the reconciliation of Total Revenues and Total Hotel Operating Expenses on a consolidated GAAP basis to Total Same-Property Revenues and Total Same-Property Hotel Operating Expenses and the calculation of Same-Property Hotel EBITDA and Hotel EBITDA Margin for the six months ended June 30, 2026 and 2025 on page 20.
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Xenia Hotels & Resorts, Inc.
Reconciliation of Net Income (Loss) to FFO and Adjusted FFO
For the Three Months Ended June 30, 2026 and 2025
(Unaudited)
($ amounts in thousands)
Three Months Ended June 30,
20262025
Net income (loss)$(20,729)$58,561 
Adjustments:
Depreciation and amortization related to investment properties31,730 32,587 
Impairment of investment properties(1)
38,764 279 
Gain on sale of investment properties— (39,953)
FFO attributable to common stock and unit holders$49,765 $51,474 
Reconciliation to Adjusted FFO
Loss on extinguishment of debt14 — 
Loan related costs, net of adjustment related to non-controlling interests(2)
1,197 1,168 
Amortization of share-based compensation expense4,766 4,579 
Non-cash ground rent and straight-line rent expense17 
Other non-recurring expenses(3)
1,933 183 
Adjusted FFO attributable to common stock and unit holders$57,692 $57,406 
Weighted-average shares outstanding - Diluted(4)
95,231 100,088 
Adjusted FFO per diluted share$0.61 $0.57 
1.In June, upon meeting held for sale criteria, we recorded an impairment loss of approximately $38.8 million as the carrying value for Kimpton RiverPlace Hotel exceeded the fair value net of selling costs.
2.Loan related costs include amortization of debt premiums, discounts and deferred loan origination costs.
3.Includes adjustments for costs associated with an operator transition at four hotels, pre-opening expenses, repair and clean up costs related to property damage and other non-recurring items.
4.Diluted weighted-average number of shares of common stock outstanding plus the weighted-average vested Operating Partnership Units for the respective periods presented in thousands.
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Xenia Hotels & Resorts, Inc.
Reconciliation of Net Income to FFO and Adjusted FFO
For the Six Months Ended June 30, 2026 and 2025
(Unaudited)
($ amounts in thousands)
Six Months Ended June 30,
20262025
Net income$484 $75,068 
Adjustments:
Depreciation and amortization related to investment properties63,531 65,696 
Impairment of investment properties(1)
38,764 279 
Gain on sale of investment properties— (39,953)
FFO attributable to common stock and unit holders$102,779 $101,090 
Reconciliation to Adjusted FFO
Gain on insurance recoveries(2)
— (548)
Loss on extinguishment of debt35 — 
Loan related costs, net of adjustment related to non-controlling interests(3)
2,281 2,207 
Amortization of share-based compensation expense7,566 7,205 
Non-cash ground rent and straight-line rent expense60 (11)
Other non-recurring expenses(4)
5,525 (477)
Adjusted FFO attributable to common stock and unit holders$118,246 $109,466 
Weighted-average shares outstanding - Diluted(5)
95,648 101,539 
Adjusted FFO per diluted share$1.24 $1.08 
1.In June, upon meeting held for sale criteria, we recorded an impairment loss of approximately $38.8 million as the carrying value for Kimpton RiverPlace Hotel exceeded the fair value net of selling costs.
2.During the six months ended June 30, 2025, the Company recorded $0.5 million of insurance proceeds in excess of recognized losses related to casualty loss at one property. This amount is included in other income on the condensed consolidated statements of operations and comprehensive income for the period then ended.
3.Loan related costs include amortization of debt premiums, discounts and deferred loan origination costs.
4.Includes adjustments for costs associated with an operator transition at four hotels, pre-opening expenses, repair and clean up costs related to property damage and other non-recurring items.
5.Diluted weighted-average number of shares of common stock outstanding plus the weighted-average vested Operating Partnership Units for the respective periods presented in thousands.
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Xenia Hotels & Resorts, Inc.
Reconciliation of Net Income to Adjusted EBITDAre
for Current Full Year 2026 Guidance
($ amounts in millions)
Guidance Midpoint
Full Year
Net income$ 
Adjustments:
Interest expense83 
Income tax expense
Depreciation and amortization131 
EBITDA $216 
Impairment of investment property(1)
39 
EBITDA and EBITDAre$255 
Amortization of share-based compensation expense13 
Other(2)
Adjusted EBITDAre$273 

Reconciliation of Net Income to Adjusted FFO
for Current Full Year 2026 Guidance
($ amounts in millions, except per share data)
Guidance Midpoint
Full Year
Net income
$ 
Adjustments:
Depreciation and amortization related to investment properties
131 
Impairment of investment property(1)
39 
FFO
$170 
Amortization of share-based compensation expense
13 
Other(3)
10 
Adjusted FFO
$193 
1.In June, upon meeting held for sale criteria, we recorded an impairment loss of approximately $38.8 million as the carrying value for Kimpton RiverPlace Hotel exceeded the fair value net of selling costs.
2.Includes below market ground rent, preopening expenses and other non-recurring expenses.
3.Includes below market ground rent, loan cost amortization, preopening expenses and other non-recurring expenses.

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Xenia Hotels & Resorts, Inc.
Debt Summary as of June 30, 2026
(Unaudited)
($ amounts in thousands)
Rate Type
Rate(1)
Maturity Date

Outstanding as of June 30, 2026
Mortgage Loans
Marriott San Francisco Airport WaterfrontFixed4.63 %May 2027$102,572 
Andaz Napa
    Fixed(2)

5.72 %January 202842,000 
Total Mortgage Loans4.95 %
(3)
$144,572 
Corporate Credit Facilities
Corporate Credit Facility Term Loan
Variable(4)
5.29 %November 2028$225,000 
Corporate Credit Facility Term Loan
Variable(4)
5.29 %November 2028100,000 
Revolving Credit Facility
Variable(5)
5.29 %November 2028— 
Total Corporate Credit Facilities$325,000 
2029 Senior Notes $500M
Fixed4.88 %June 2029500,000 
2030 Senior Notes $400MFixed6.63 %May 2030400,000 
Loan premiums, discounts and unamortized deferred financing costs, net(6)
(10,452)
Total Debt, net of loan premiums, discounts and unamortized deferred financing costs
5.49 %
(3)
$1,359,120 
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 $500 million. The spread to SOFR may vary, as it is determined by the Company's leverage ratio.
6.Includes loan premiums, discounts and deferred financing costs, net of accumulated amortization.
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Xenia Hotels & Resorts, Inc.
Same-Property(1) Hotel EBITDA and Hotel EBITDA Margin
For the Three and Six Months Ended June 30, 2026 and 2025
($ amounts in thousands)
Three Months Ended June 30,Six Months Ended June 30,
20262025Change20262025Change
Same-Property Occupancy(1)
72.3 %72.3 % bps71.8 %71.0 %80  bps
Same-Property Average Daily Rate(1)
$285.71 $270.42 5.7%$287.14 $272.88 5.2%
Same-Property RevPAR(1)
$206.54 $195.51 5.6%$206.24 $193.66 6.5%
Same-Property Total RevPAR(1)(2)
$366.17 $354.50 3.3%$368.14 $349.85 5.2%
Same-Property Revenues(1):
Rooms revenues$166,672 $157,771 5.6%$331,031 $310,830 6.5%
Food and beverage revenues102,447 101,476 1.0%207,451 200,342 3.5%
Other revenues26,373 26,834 (1.7)%52,418 50,344 4.1%
Total Same-Property revenues$295,492 $286,081 3.3%$590,900 $561,516 5.2%
Same-Property Expenses(1):
Rooms expenses$40,584 $39,064 3.9%$79,940 $76,617 4.3%
Food and beverage expenses67,528 65,354 3.3%133,865 129,279 3.5%
Other direct expenses7,464 7,337 1.7%14,686 14,059 4.5%
Other indirect expenses71,292 67,820 5.1%141,287 135,149 4.5%
Management and franchise fees10,641 10,049 5.9%22,737 21,649 5.0%
Real estate taxes, personal property taxes and insurance12,656 11,898 6.4%24,902 24,910 —%
Ground lease expense458 532 (13.9)%803 1,376 (41.6)%
Total Same-Property hotel operating expenses$210,623 $202,054 4.2%$418,220 $403,039 3.8%
Same-Property Hotel EBITDA(1)
$84,869 $84,027 1.0% $172,680 $158,477 9.0%
Same-Property Hotel EBITDA Margin(1)
28.7 %29.4 %(65) bps29.2 %28.2 %100  bps
1.“Same-Property” includes all properties owned as of June 30, 2026 and includes renovation disruption for multiple capital projects during the periods presented. The table below 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, 2026 and 2025.
2.Total Revenues per available room for the period presented.
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Total Revenues - GAAP$295,492 $287,579 $590,900 $576,506 
Pro forma hotel level adjustments(a)
— (1,498)— (14,990)
Total Same-Property Revenues$295,492 $286,081 $590,900 $561,516 
Total Hotel Operating Expenses - GAAP$198,248 $190,950 $393,814 $386,497 
Real estate taxes, personal property taxes and insurance12,656 11,928 24,902 25,657 
Ground lease expense, net(b)
458 532 803 1,376 
Other income(27)(4)(30)(12)
Corporate-level costs and expenses(712)(603)(1,269)(1,062)
Pro forma hotel level adjustments, net(a)
— (749)— (9,417)
Total Same-Property Hotel Operating Expenses$210,623 $202,054 $418,220 $403,039 
a.Includes adjustments for revenues and expenses from hotels that were acquired or sold during the periods presented.
b.Excludes non-cash ground rent expense.
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Xenia Hotels & Resorts, Inc.
Same-Property(1) Historical Operating Data
($ amounts in thousands, except ADR and RevPAR)

2026First QuarterSecond QuarterThird QuarterFourth QuarterFull Year
Occupancy71.4 %72.3 %
ADR$288.62 $285.71 
RevPAR$205.93 $206.54 
Total RevPAR(2)
$370.13 $366.17 
Hotel Revenues$295,408 $295,492 
Hotel EBITDA$87,811 $84,869 
Hotel EBITDA Margin29.7 %28.7 %

2025First QuarterSecond QuarterThird QuarterFourth QuarterFull Year
Occupancy69.6 %72.3 %66.3 %66.1 %68.6 %
ADR$275.47 $270.42 $248.09 $266.88 $265.38 
RevPAR$191.80 $195.51 $164.50 $176.45 $181.97 
Total RevPAR(2)
$345.15 $354.50 $289.76 $325.52 $328.57 
Hotel Revenues$275,435 $286,081 $236,405 $265,577 $1,063,498 
Hotel EBITDA$74,450 $84,027 $46,956 $68,849 $274,282 
Hotel EBITDA Margin27.0 %29.4 %19.9 %25.9 %25.8 %

1."Same-Property” includes all hotels owned as of June 30, 2026 and also includes disruption from multiple capital projects during the periods presented.
2.Total Revenues per available room for the period presented.
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Xenia Hotels & Resorts, Inc.
Current Same-Property(1) Historical Operating Data
(Excludes Kimpton RiverPlace Hotel)
($ amounts in thousands, except ADR and RevPAR)

2026First QuarterSecond QuarterThird QuarterFourth QuarterFull Year
Occupancy71.5 %72.3 %
ADR$289.10 $286.13 
RevPAR$206.84 $206.76 
Total RevPAR(2)
$371.77 $366.70 
Hotel Revenues$293,873 $293,087 
Hotel EBITDA$88,105 $84,577 
Hotel EBITDA Margin30.0 %28.9 %

2025First QuarterSecond QuarterThird QuarterFourth QuarterFull Year
Occupancy69.8 %72.2 %66.2 %66.1 %68.5 %
ADR$276.10 $271.07 $248.13 $267.24 $265.82 
RevPAR$192.61 $195.78 $164.15 $176.68 $182.21 
Total RevPAR(2)
$346.44 $354.91 $289.11 $325.94 $328.93 
Hotel Revenues$273,817 $283,661 $233,610 $263,371 $1,054,459 
Hotel EBITDA$74,773 $83,896 $46,509 $68,726 $273,904 
Hotel EBITDA Margin27.3 %29.6 %19.9 %26.1 %26.0 %

1."Current Same-Property” includes all hotels owned as of July 30, 2026 and also includes disruption from multiple capital projects during the periods presented.
2.Total Revenues per available room for the period presented.
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Xenia Hotels & Resorts, Inc.
Same-Property(1) Portfolio Data by Market, Ranked by Hotel EBITDA
Market(2)
% of 2025 Hotel EBITDA(3)
Number of Hotels
Number of Rooms (4)
Orlando, FL17%21,027
Houston, TX14%31,223
Phoenix, AZ11%2615
San Diego, CA8%2486
Atlanta, GA8%2649
Nashville, TN5%1346
San Francisco/San Mateo, CA5%1688
Florida Keys, FL4%1120
Dallas, TX4%1416
San Jose/Santa Cruz, CA3%1505
Portland, OR3%2685
Washington, DC - VA3%1365
Savannah, GA3%2226
California Wine Country, CA2%1141
Denver, CO2%1205
California Central Coast, CA2%197
Birmingham, AL1%199
Pittsburgh, PA1%1185
Salt Lake City/Ogden, UT1%1225
Philadelphia, PA1%1230
New Orleans, LA1%1285
Charleston, SC1%150
Same-Property Portfolio(1)
100%308,868
1."Same-Property” includes all hotels owned as of June 30, 2026 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, 2026.
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Xenia Hotels & Resorts, Inc.
Current Same-Property(1) Portfolio Data by Market, Ranked by Hotel EBITDA
(Excludes Kimpton RiverPlace Hotel)
Market(2)
% of 2025 Hotel EBITDA(3)
Number of Hotels
Number of Rooms (4)
Orlando, FL17%21,027
Houston, TX14%31,223
Phoenix, AZ11%2615
San Diego, CA8%2486
Atlanta, GA8%2649
Nashville, TN5%1346
San Francisco/San Mateo, CA5%1688
Florida Keys, FL4%1120
Dallas, TX4%1416
San Jose/Santa Cruz, CA3%1505
Portland, OR3%1600
Washington, DC - VA3%1365
Savannah, GA3%2226
California Wine Country, CA2%1141
Denver, CO2%1205
California Central Coast, CA2%197
Birmingham, AL1%199
Pittsburgh, PA1%1185
Salt Lake City/Ogden, UT1%1225
Philadelphia, PA1%1230
New Orleans, LA1%1285
Charleston, SC1%150
Current Same-Property Portfolio(1)
100%298,783
1."Current Same-Property” includes all hotels owned as of July 30, 2026 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 July 30, 2026.
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Xenia Hotels & Resorts, Inc.
Same-Property(1) Portfolio Data by Market
For the Three Months Ended June 30, 2026 and 2025
Three Months EndedThree Months Ended
June 30, 2026June 30, 2025% Change
Market(2)
OccupancyADRRevPAR
Total RevPAR(3)
OccupancyADRRevPAR
Total RevPAR(3)
RevPAR
Total RevPAR(3)
Orlando, FL83.0 %$235.07 $195.19 $411.22 82.8 %$226.44 $187.44 $415.01 4.1 %(0.9)%
Houston, TX65.4 %242.16 158.36 281.83 64.9 %231.64 150.36 266.03 5.3 %5.9 %
Phoenix, AZ67.6 %361.37 244.12 582.30 62.3 %347.46 216.57 506.29 12.7 %15.0 %
San Diego, CA72.3 %380.11 274.77 700.60 68.9 %367.01 253.01 706.79 8.6 %(0.9)%
Atlanta, GA73.3 %261.45 191.64 319.84 72.1 %251.89 181.58 302.89 5.5 %5.6 %
Nashville, TN72.9 %388.82 283.49 523.67 75.8 %367.81 278.84 513.18 1.7 %2.0 %
San Francisco/San Mateo, CA83.0 %222.21 184.48 275.68 81.8 %219.10 179.25 250.62 2.9 %10.0 %
Florida Keys, FL86.3 %524.98 452.87 639.96 87.2 %502.62 438.23 632.59 3.3 %1.2 %
Dallas, TX59.9 %243.43 145.82 199.80 66.0 %216.08 142.57 201.86 2.3 %(1.0)%
San Jose/Santa Cruz, CA60.0 %283.50 170.23 262.38 63.4 %241.69 153.28 247.05 11.1 %6.2 %
Portland, OR59.7 %194.20 115.91 184.27 66.8 %186.15 124.33 211.64 (6.8)%(12.9)%
Washington, DC - VA75.7 %332.45 251.73 362.02 72.6 %320.02 232.21 361.53 8.4 %0.1 %
Savannah, GA90.8 %257.49 233.89 347.04 89.6 %254.10 227.65 349.34 2.7 %(0.7)%
California Wine Country, CA77.0 %442.39 340.50 436.29 77.9 %442.62 344.83 446.47 (1.3)%(2.3)%
Denver, CO76.8 %390.54 299.83 541.45 73.8 %379.19 279.82 502.16 7.2 %7.8 %
California Central Coast, CA80.0 %509.49 407.56 590.65 80.7 %476.31 384.52 592.80 6.0 %(0.4)%
Birmingham, AL85.4 %375.78 320.97 521.73 79.6 %359.26 286.08 487.26 12.2 %7.1 %
Pittsburgh, PA79.2 %356.47 282.36 441.99 80.9 %325.82 263.70 400.14 7.1 %10.5 %
Salt Lake City/Ogden, UT75.8 %225.59 171.11 226.73 71.3 %212.12 151.33 209.89 13.1 %8.0 %
Philadelphia, PA84.4 %271.94 229.51 309.23 81.1 %232.05 188.08 270.32 22.0 %14.4 %
New Orleans, LA56.6 %210.73 119.36 184.18 60.7 %201.36 122.22 208.18 (2.3)%(11.5)%
Charleston, SC89.8 %466.05 418.52 721.24 87.8 %463.82 407.24 716.51 2.8 %0.7 %
Same-Property(1) Portfolio
72.3 %$285.71 $206.54 $366.17 72.3 %$270.42 $195.51 $354.50 5.6 %3.3 %
Current Same-Property(4) Portfolio
72.3 %$286.13 $206.76 $366.70 72.2 %$271.07 $195.78 $354.91 5.6 %3.3 %
1."Same-Property” includes all hotels owned as of June 30, 2026 and also includes renovation disruption for multiple capital projects during the periods presented.
2.As defined by STR, Inc.
3.Total Revenues per available room for the period presented.
4."Current Same-Property” includes all hotels owned as of July 30, 2026 and also includes renovation disruption for multiple capital projects during the period presented.



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Xenia Hotels & Resorts, Inc.
Same-Property(1) Portfolio Data by Market
For the Six Months Ended June 30, 2026 and 2025
Six Months EndedSix Months Ended
June 30, 2026June 30, 2025% Change
Market(2)
OccupancyADRRevPAR
Total RevPAR(3)
OccupancyADRRevPAR
Total RevPAR(3)
RevPAR
Total RevPAR(3)
Orlando, FL84.9 %$255.83 $217.25 $461.35 84.0 %$245.45 $206.29 $452.55 5.3 %1.9 %
Houston, TX68.9 %240.06 165.48 294.18 67.3 %231.37 155.78 272.18 6.2 %8.1 %
Phoenix, AZ75.1 %420.30 315.77 681.50 60.9 %412.63 251.28 547.35 25.7 %24.5 %
San Diego, CA67.4 %370.54 249.68 642.29 65.4 %359.15 234.80 643.28 6.3 %(0.2)%
Atlanta, GA71.7 %258.92 185.70 323.91 72.5 %252.60 183.01 315.74 1.5 %2.6 %
Nashville, TN66.9 %360.68 241.37 435.52 71.3 %345.89 246.68 451.88 (2.2)%(3.6)%
San Francisco/San Mateo, CA80.7 %231.95 187.15 272.17 80.6 %221.75 178.64 254.42 4.8 %7.0 %
Florida Keys, FL89.6 %609.47 546.22 736.16 89.7 %583.23 523.13 704.81 4.4 %4.4 %
Dallas, TX60.0 %240.71 144.51 210.92 64.2 %229.31 147.31 212.69 (1.9)%(0.8)%
San Jose/Santa Cruz, CA59.6 %299.75 178.62 267.21 63.3 %249.98 158.20 246.34 12.9 %8.5 %
Portland, OR59.8 %188.65 112.79 184.28 64.1 %177.00 113.46 185.91 (0.6)%(0.9)%
Washington, DC - VA71.0 %308.03 218.76 326.71 69.1 %314.50 217.16 334.73 0.7 %(2.4)%
Savannah, GA87.0 %248.45 216.12 322.69 81.4 %251.73 205.02 316.10 5.4 %2.1 %
California Wine Country, CA72.0 %372.80 268.35 352.17 69.7 %382.87 266.77 355.98 0.6 %(1.1)%
Denver, CO72.0 %370.15 266.45 501.18 70.2 %357.15 250.79 476.64 6.2 %5.1 %
California Central Coast, CA79.0 %460.66 363.84 533.27 76.5 %438.24 335.18 512.56 8.6 %4.0 %
Birmingham, AL82.5 %368.80 304.17 505.97 78.4 %343.51 269.18 453.74 13.0 %11.5 %
Pittsburgh, PA68.8 %308.68 212.52 357.58 72.0 %282.17 203.18 342.22 4.6 %4.5 %
Salt Lake City/Ogden, UT75.5 %225.82 170.44 238.04 70.3 %202.50 142.45 206.44 19.6 %15.3 %
Philadelphia, PA76.2 %236.70 180.25 249.50 75.2 %203.65 153.13 225.42 17.7 %10.7 %
New Orleans, LA58.5 %227.13 132.85 205.60 60.8 %235.72 143.37 225.31 (7.3)%(8.7)%
Charleston, SC85.1 %432.88 368.26 645.53 84.0 %432.98 363.80 651.91 1.2 %(1.0)%
Same-Property(1) Portfolio
71.8 %$287.14 $206.24 $368.14 71.0 %$272.88 $193.66 $349.85 6.5 %5.2 %
Current Same-Property(4) Portfolio
71.9 %$287.60 $206.80 $369.22 71.0 %$273.53 $194.20 $350.70 6.5 %5.3 %
1."Same-Property” includes all hotels owned as of June 30, 2026 and also includes renovation disruption for multiple capital projects during the periods presented.
2.As defined by STR, Inc.
3.Total Revenues per available room for the period presented.
4."Current Same-Property” includes all hotels owned as of July 30, 2026 and also includes renovation disruption for multiple capital projects during the period presented.
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Filing Exhibits & Attachments

4 documents