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What were the key takeaways from Xenia Hotels's earnings call?

- **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

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

XHR

XHR fundamentals

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