Xenia Hotels reports Q2 adjusted FFO 52c, consensus 49c

Reports Q2 revenue $272.9M, consensus $275.66M. “Our portfolio produced meaningful RevPAR growth in the second quarter, as Same-Property RevPAR, excluding Hyatt Regency Scottsdale, increased by 5% compared to last year, driven by strong results at the newly renovated Grand Bohemian Hotel Orlando, Hotel Monaco Salt Lake City and Canary Hotel Santa Barbara, as well as our hotels located in San Diego, Santa Clara, Houston, Dallas and the Washington D.C. area,” said CEO Marcel Verbaas. “We continue to be pleased with our operators’ cost control efforts in a challenging operating environment. We are continuing to see positive momentum in corporate transient and group demand. However, leisure demand was a bit softer than anticipated in the second quarter. Given these recent trends, continued expense pressure and increased uncertainty as we look ahead to the second half of the year, we have moderately lowered the midpoint of our full-year Adjusted EBITDAre guidance.”