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- **Q3 Performance**: Flat RevPAR (+3.7% total RevPAR) driven by non-rooms growth, with Scottsdale leading at +270% RevPAR.
- **2026 Outlook**: Group pace up mid-teens, Scottsdale EBITDA ramping to $30M/year, W. Nashville F&B to add $3-5M EBITDA.
- **Financial Strength**: 5x leverage, $688M liquidity, 12.6% YTD EBITDA growth. Dividend payout ~50% of FAD.
- **Key Drivers**: Group demand (35% of mix), Scottsdale renovation, and F&B repositioning at W. Nashville.

**【CEO Opening Remarks】**
- Q3 2025 revenue met expectations despite a challenging leisure demand environment, with adjusted EBITDAre of $42.2 million and adjusted FFO per share of $0.23.
- Same-property RevPAR was flat year-over-year, driven by a 1.6% ADR increase offsetting a 100bps occupancy decline. Excluding Houston, RevPAR grew 2.9% due to strong performance at Grand Hyatt Scottsdale (up 270% in RevPAR).
- Total RevPAR increased 3.7% due to non-rooms revenue growth, particularly banquet and catering.
- 2026 group pace is up 12% for November-December, with 50% of group rooms revenue booked.

**【COO Operating Update】**
- Top-performing hotels: Grand Hyatt Scottsdale (+270%), Andaz Savannah (+15.3%), Waldorf Atlanta (+14%). Houston hotels lagged due to tough 2024 comparisons from Hurricane Beryl.
- Q3 RevPAR growth: July (-1.7%), August (-1.5%), September (+3.2%). Business transient demand improved in September, up 5.8% in October.
- Hotel EBITDA of $47 million (+0.7%) vs. 2024, with margin down 60bps. Year-to-date EBITDA up 12.6%.
- W. Nashville F&B relaunch with Jose Andres Group expected to add $3-5 million EBITDA upon stabilization, targeting $20+ million annual EBITDA.

**【CFO Financial Review】**
- Balance sheet: $1.4 billion debt (5x leverage), $188 million cash, $688 million liquidity. 2025 guidance: RevPAR +4% (midpoint), EBITDAre $254 million, FFO $1.72/share.
- 2026 outlook: Group pace up mid-teens, Scottsdale EBITDA ramping to $30 million/year. Full year RevPAR growth expected to outpace 2025.
- Share buybacks: $83.8 million YTD, 6.6% of shares repurchased. Dividend payout ratio ~50% of FAD, targeting 60-70% long-term.

**【Q&A Highlights】**
- **Government Shutdown Impact**: Minimal to date, with limited cancellations. Houston market improving in October.
- **2026 Group Demand**: Pace up mid-teens overall, strongest in Northern CA (Super Bowl), Houston, Orlando. F&B revenue growth expected to continue.
- **Leisure Demand**: Normalization ongoing, with stabilization in key markets. Business transient demand improving steadily.
- **W. Nashville F&B**: Expected to drive incremental EBITDA within 2 years, with full stabilization by 2026.


Xenia Hotels & Resorts, Inc. (XHR) Q3 2025 Earnings Call Transcript

- **Revenue Growth**: 4% same-property RevPAR increase driven by 140 bps occupancy rise and 2% ADR growth. Group room revenues +15.6% YoY.
- **Profitability**: Hotel EBITDA margin expanded 269 bps to 22.2% YoY. Adjusted EBITDAre guidance raised to $256M midpoint.
- **Strategic Moves**: Sold Fairmont Dallas for $111M (11.3% IRR). Reduced CapEx to $75-85M, prioritizing strategic upgrades.
- **Group Strength**: 2026 group pace +mid-teens Scottsdale, +low-teens ex-Scottsdale. Catering revenue record highs in Q2.
- **Leverage & Buybacks**: 5.0x leverage, $71.5M shares repurchased YTD. Industry supply growth expected to drop to 0.1% by 2028.

**【CEO Summary Section】**
- Q2 2025 revenue and hotel EBITDA significantly outperformed expectations, driven by a 4% same-property RevPAR increase (140 bps occupancy growth, 2% ADR rise) and strong group business. Grand Hyatt Scottsdale contributed 150% RevPAR growth post-renovation.
- Adjusted EBITDAre of $79.5M (+$8M midpoint guidance increase) and FFO per share of $0.57 (+9.6% YoY). Hotel EBITDA margin expanded 269 bps to 22.2% YoY.
- Sold Fairmont Dallas for $111M, generating 11.3% IRR over 14-year hold period, reallocating capital to higher-return projects.

**【COO Operating Results】**
- Top performers: Grand Hyatt Scottsdale (+150%), Fairmont Pittsburgh (+30%), Kimpton Santa Barbara (+10%). Group room revenues +15.6% YoY, food & beverage +20% due to high-quality corporate events.
- Midweek RevPAR growth (+4.6% Tue/Wed) offset weekend declines (-leisure demand). Corporate transient recovery slow, but group demand robust (+16% H2 pace ex-Scottsdale).
- Capital expenditures reduced to $75-85M vs. $100M initial plan, focusing on strategic upgrades with minimal disruption.

**【CFO Financial Commentary】**
- Net income $55.2M, adjusted EBITDAre $79.5M, FFO per share $0.57. Full year EBITDAre guidance raised to $256M midpoint (+$8M).
- Balance sheet: $1.4B debt (75% fixed-rate), 5.0x leverage (5.2x pro forma Fairmont sale). $173M cash, $673M liquidity.
- Share buybacks: $71.5M year-to-date ($12.58 avg price), $146M remaining under $200M authorization. Dividend $0.14Q2 (4.5% yield).
- 2026 group pace: +mid-teens Scottsdale, +low-teens ex-Scottsdale. Industry supply growth expected to drop to 0.1% by 2028.

**【Q&A Highlights】**
- **Buybacks**: Active tool for value creation, with $71.5M spent YTD at attractive prices. Leverage mindful of capital allocation.
- **Group Demand**: 2026 pace +40% definite, Scottsdale +mid-teens. Northern California hotels seeing corporate recovery but wage pressures.
- **Scottsdale Performance**: Tracking to low-20s EBITDA guidance, group market share improving post-renovation.
- **Leisure Demand**: July RevPAR slightly negative vs. 2024 (excluding Houston, +3%). August/September bookings improving industry-wide.


Xenia Hotels & Resorts, Inc. (XHR) Q2 2025 Earnings Call Transcript

- **Q1 2025 Strong Results**: 6.3% RevPAR growth, $15.6M net income, and 16% FFO per share increase.
- **Grand Hyatt Scottsdale Success**: 60% RevPAR growth; group bookings exceed 2019 levels.
- **Strategic Transactions**: $25M land purchase avoids $M+ rent escalations; $111M Fairmont Dallas sale yields 11.3% IRR.
- **CapEx Reduction**: $25M YoY cut to $75-85M; deferring high-risk projects amid macro uncertainty.
- **Group Growth**: 22% pace increase for 2025; 30% for H2; Scottsdale group revenue up 15% YoY.

**【CEO Summary Section】**
- Q1 2025 net income: $15.6 million; adjusted EBITDAre: $72.9 million (+12% YoY); adjusted FFO per share: $0.51 (+16% YoY).
- Same-property RevPAR: $188.73 (+6.3% YoY), driven by 180bps occupancy growth and 3.6% ADR increase.
- Grand Hyatt Scottsdale RevPAR up 60% YoY; 1/3 of portfolio assets achieved double-digit RevPAR growth.
- Acquired fee simple interest in Hyatt Regency Santa Clara land for $25M, avoiding ground rent escalations.
- Sold Fairmont Dallas for $111M, avoiding $80M renovation and EBITDA disruption.
- Reduced 2025 CapEx guidance to $75-85M (-$25M YoY), deferring projects amid macroeconomic uncertainty.

**【COO Operating & Capital Expenditure】**
- 31-hotel portfolio EBITDA: $79.3M (+10.5% YoY); margin +42bps to 42.4%.
- Food & beverage revenue +13.4%; F&B profit margin +145bps; AMG & sales expenses +7%.
- Q1 CapEx: $32.4M (Grand Hyatt Scottsdale renovation completion).
- Deferred guestroom renovations at Andaz Napa and Ritz-Carlton Denver; reevaluating 2025 projects due to tariffs.

**【CFO Financial Commentary】**
- Balance sheet: $715M liquidity; 5.4x net debt/EBITDA (target 3.0-4.0x).
- Repurchased 2.7% of shares ($36M) at $13.09; increased dividend 17% to $0.14/quarter.
- Full-year RevPAR guidance: 4.5% growth (midpoint), with 3% from Scottsdale and 1.5% from rest of portfolio.
- Adjusted EBITDAre guidance reduced by $6M YoY due to macro risks; FFO per share: $1.62 (+1%).

**【Q&A Key Takeaways】**
- Group bookings: 22% pace increase for balance of 2025; 30% for H2; no cancellations noted.
- Leisure demand mixed: Scottsdale transient softer, others like Aviara and Santa Barbara strong.
- Tariffs impact project ROI; 2026 renovations likely if macro stabilizes.
- International exposure minimal; Phoenix/Orlando leisure softness limited to specific assets.
- 2026 group pace building; Scottsdale group production up 15% YoY vs 2019.

Xenia Hotels & Resorts (XHR)-2 May 25-2025 Q1 Earnings call transcript

- **Scottsdale Transformation**: 2025 EBITDA target $20-30M, with 2026+ stabilization above 2019 levels
- **Revenue Growth Drivers**: 5% RevPAR (midpoint), 17% group booking pace, Q1 2025 RevPAR +7.3%
- **Financial Strength**: $650M liquidity, 75% fixed debt, 5.4x net debt/EBITDA
- **Shareholder Returns**: 2024 buybacks ($118M remaining), 4%+ dividend yield
- **Risks**: Leisure demand normalization, wage inflation (+4% per occupied room)

**【CEO Marcel Verbaas Opening Remarks】**
- **Q4 2024 Performance**: 
  - Adjusted EBITDAre: $59.2M (5.1% RevPAR growth)
  - Q4 FFO per share: $0.39 (vs. guidance midpoint)
  - Full year RevPAR growth: 1.6% (3.4% ex-Scottsdale)
- **Grand Hyatt Scottsdale Renovation**: 
  - $150M project completed in Q4 2024
  - New 12,000 sq.ft. ballroom added
  - 2025 EBITDA target: $20-30M (vs. $23M in 2019)
- **2025 Outlook**: 
  - RevPAR growth: 3.5%-6.5% (midpoint 5%)
  - Group room revenue pace: +17% (12% ex-Scottsdale)
  - Business transient demand recovery evident in Q1 2025

**【COO Barry Bloom Operational Details】**
- **Q4 2024 Key Metrics**: 
  - RevPAR: $165.92 (5.1% growth)
  - EBITDA: $62.9M (-0.6% YoY)
  - Top performers: Orlando (+43%), Salt Lake City (+25.4%), Santa Barbara (+21.2%)
- **Cost Management**: 
  - A&D expenses: +5.9% YoY
  - Repairs & maintenance: +8.5% YoY
  - Wage growth offset by productivity gains
- **2025 Capital Plan**: 
  - $140M+ in renovations (minimal guest disruption)
  - Key projects: Andaz Napa rooms, Ritz-Carlton Denver upgrades

**【CFO Atish Shah Financial Update】**
- **Balance Sheet Strength**: 
  - Liquidity: $650M (incl. $500M undrawn revolver)
  - Debt mix: 75% fixed-rate
  - Net debt/EBITDA: 5.4x (declining with Scottsdale recovery)
- **Return of Capital**: 
  - 2024 share buybacks: 1.1M shares ($14 avg price)
  - Q1 2025 dividend: $0.14 (4%+ yield)
- **2025 Financial Guidance**: 
  - EBITDAre: $254M (+7% YoY)
  - FFO per share: $1.64 (+3.5% YoY)
  - Interest expense: +$4M YoY
  - Tax expense: +$7M YoY

**【Q&A Highlights】**
1. **RevPAR Guide Breakdown**: 
   - 50% from Scottsdale recovery
   - 30% from group demand
   - 20% from business transient
2. **Scottsdale EBITDA Path**: 
   - 2025: $20-30M
   - 2026: Stabilize above 2019 levels
3. **West Coast Recovery**: 
   - San Francisco tech demand rebounding
   - Santa Barbara/Napa leisure normalization
4. **Acquisition Pipeline**: 
   - Modest improvement in deal flow
   - Focus on high ROI renovations first


Xenia Hotels & Resorts (XHR)-25 Feb 25-2024 Q4 Earnings call transcript

Xenia Hotels & Resorts (XHR)-7 Nov 24-2024 Q3 Earnings call transcript

Xenia Hotels & Resorts (XHR)-2 Aug 24-2024 Q2 Earnings call transcript

Xenia Hotels & Resorts (XHR)-3 May 24-2024 Q1 Earnings call transcript

Xenia Hotels & Resorts (XHR)-27 Feb 24-2023 Q4 Earnings call transcript

Xenia Hotels & Resorts (XHR)-2 Aug 23-2023 Q2 Earnings call transcript

Xenia Hotels & Resorts (XHR)-2 Mar 23-2022 Q4 Earnings call transcript

Xenia Hotels & Resorts (XHR)-6 Nov 22-2022 Q3 Earnings call transcript

Xenia Hotels & Resorts (XHR)-5 Aug 22-2022 Q2 Earnings call transcript

Xenia Hotels & Resorts (XHR)-3 May 22-2022 Q1 Earnings call transcript

Xenia Hotels & Resorts (XHR)-1 Mar 22-2021 Q4 Earnings call transcript

Xenia Hotels & Resorts (XHR)-2 Nov 21-2021 Q3 Earnings call transcript

Xenia Hotels & Resorts (XHR)-3 Aug 21-2021 Q2 Earnings call transcript

Xenia Hotels & Resorts (XHR)-9 May 21-2021 Q1 Earnings call transcript

Xenia Hotels & Resorts (XHR)-2 Mar 21-2020 Q4 Earnings call transcript

Xenia Hotels & Resorts (XHR)-30 Oct 20-2020 Q3 Earnings call transcript

Xenia Hotels & Resorts (XHR)-2 Aug 20-2020 Q2 Earnings call transcript

Xenia Hotels & Resorts (XHR)-11 May 20-2020 Q1 Earnings call transcript

Xenia Hotels & Resorts (XHR)-25 Feb 20-2019 Q4 Earnings call transcript

Xenia Hotels & Resorts (XHR)-3 Nov 19-2019 Q3 Earnings call transcript

Xenia Hotels & Resorts (XHR)-3 Aug 19-2019 Q2 Earnings call transcript

Xenia Hotels & Resorts (XHR)-5 May 19-2019 Q1 Earnings call transcript

Xenia Hotels & Resorts (XHR)-26 Feb 19-2018 Q4 Earnings call transcript

Xenia Hotels & Resorts (XHR)-5 Nov 18-2018 Q3 Earnings call transcript

Xenia Hotels & Resorts (XHR)-5 Aug 18-2018 Q2 Earnings call transcript

Xenia Hotels & Resorts (XHR)-6 May 18-2018 Q1 Earnings call transcript

Xenia Hotels & Resorts (XHR)-27 Feb 18-2017 Q4 Earnings call transcript

Xenia Hotels & Resorts (XHR)-7 Nov 17-2017 Q3 Earnings call transcript

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