Xenia Hotels & Resorts Inc ( (XHR) ) has released its Q3 earnings. Here is a breakdown of the information Xenia Hotels & Resorts Inc presented to its investors.
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Xenia Hotels & Resorts, Inc. is a self-advised and self-administered real estate investment trust (REIT) that specializes in the ownership and operation of luxury and upper upscale hotels and resorts across the United States. The company collaborates with renowned hospitality brands such as Marriott, Hyatt, and Hilton to manage its properties, which are strategically situated in major lodging markets and leisure destinations.
In its third quarter report for 2024, Xenia Hotels & Resorts announced a net loss attributable to common stockholders of $7.1 million, or $0.07 per share. The company’s Adjusted EBITDAre for the quarter was $44.3 million, marking a 4.4% decrease from the same period in 2023. Notably, the company’s RevPAR (Revenue Per Available Room) saw a slight increase of 1.5%, while the occupancy rate improved by 320 basis points to 67.0%.
Key highlights from the report include a decrease in same-property ADR (Average Daily Rate) by 3.3% and a decline in Same-Property Hotel EBITDA by 6.3%. The company sold the Lorien Hotel & Spa for $30 million and continued its capital market activities by repurchasing shares worth approximately $1.9 million. The significant renovation efforts at the Grand Hyatt Scottsdale Resort were also completed, which are expected to enhance its market position.
Looking ahead, Xenia’s management remains optimistic about the company’s growth potential in 2025 and beyond, despite some short-term challenges such as renovation impacts and adverse weather conditions. The company expects its recently revamped Grand Hyatt Scottsdale Resort to be a key driver of future earnings growth, backed by improved competitive positioning and strong group revenue performance at various properties. This outlook reflects the company’s strategic focus on enhancing its portfolio and capitalizing on favorable market dynamics in the hospitality sector.
