ORLANDO, Fla., May 2, 2025 /PRNewswire/ -- Xenia Hotels & Resorts, Inc. (NYSE: XHR) ("Xenia" or the "Company") today announced results for the quarter ended March 31 "Our portfolio performance in the first quarter exceeded expectations and led to nearly 12% growth in Adjusted EBITDAre and nearly 16% growth in Adjusted FFO per share as compared to the same period in 2024," said Marcel Verbaas Chair and Chief Executive Officer of Xenia "One-third of our assets achieved double-digit percentage RevPAR growth led by the newly transformed Grand Hyatt Scottsdale Resort which continues to ramp up as expected Positive top-line performance continued into April with RevPAR estimated to have increased approximately 3.4% "Due to the heightened macroeconomic uncertainty over the last two months we are taking a more tempered view of the remainder of the year and have slightly reduced our expectations for full-year revenue and earnings growth despite the first quarter's outperformance," continued Mr "While we believe we are well-positioned to weather various economic environments we have prudently reduced both our G&A and capital expenditure expenses We continue to work with our hotel operator teams to be even more disciplined in managing property-level expenses as well." "We have completed two transactions over the last two months further improving the quality of our portfolio and reflecting prudent capital allocation," said Mr. Verbaas we acquired the fee simple interest in the land at Hyatt Regency Santa Clara This $25 million purchase improves our optionality and flexibility for this hotel all but one of our hotels is now owned fee simple thereby minimizing portfolio value diminution due to ground lease expiration or rent escalation avoiding a costly and disruptive near-term renovation Our ownership period's unlevered IRR of 11.3% is especially strong considering the impact of the pandemic on cash flow from 2020 to 2021 I am proud of our team's hard work getting these beneficial transactions across the finish line especially given the recent volatility across markets." high-quality branded portfolio will show meaningful growth and appreciation in the years ahead we meaningfully increased our quarterly dividend and we repurchased 2.7% of our outstanding shares during the quarter," concluded Mr. Verbaas The Company's results include the following: except hotel statistics and per share amounts) Net income attributable to common stockholders $               15,585 $                 8,534 Net income per share available to common stockholders - basic and diluted $                   0.15 $                   0.08                    180  bps $               272.41 $               263.03 $               188.73 $               177.50 $               79,274 $               71,709                      42  bps $               176.86 $               72,942 $               65,251 $               52,060 $               45,498 $                   0.51 $                   0.44 "Same-Property" includes all hotels owned as of March 31 2025 and also includes renovation disruption for multiple capital projects during the periods presented 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 Same-Property Hotel EBITDA and Hotel EBITDA Margin 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 Five rooms were added to inventory at Grand Hyatt Scottsdale Resort in the first quarter 2025 the Company had total outstanding debt of approximately $1.4 billion with a weighted-average interest rate of 5.67% The Company had approximately $113 million of cash and cash equivalents and full availability on its revolving line of credit resulting in total liquidity of approximately $613 million as of March 31 the Company held approximately $70 million of restricted cash and escrows at the end of the first quarter the Company exercised the $100 million delayed draw feature on its term loan with a portion of the proceeds directed to repay the then outstanding balance on the revolving line of credit and the remainder held on the Company's balance sheet the full $325 million term loan is outstanding and the $500 million revolving line of credit is fully undrawn.  the Company repurchased 2,733,149 shares of common stock at a weighted-average price of $13.09 per share for a total consideration of approximately $35.8 million The Company currently has $82.1 million in capacity remaining under its repurchase authorization The Company did not issue any shares of its common stock through its At-The-Market ("ATM") program in the quarter and had $200 million of remaining availability as of  March 31 the Company acquired the fee simple interest in the land underlying Hyatt Regency Santa Clara for $25 million the Company owned the hotel subject to a ground lease that was due to expire in 2035 with renewal options to 2084 subject to fair market value adjustments The ground lease provided for a combination of base and percentage rent that amounted to $1.4 million in 2024 and $2.1 million in 2018 the hotel's peak performance year during the Company's ownership period As a result of potential increases in the hotel's revenues as the market recovers and a fair market value adjustment in 2035 as set forth in the lease ground rent expense could have increased substantially in future years the Company sold the 545-room Fairmont Dallas for $111.0 million The sale price represented a 8.6x multiple and a 10.0% capitalization rate on the property's Hotel EBITDA and Net Operating Income for the twelve months ended February 28 These transaction price metrics are exclusive of an estimated $80 million of near-term capital expenditures Net proceeds from the sale will be utilized for general corporate purposes potential acquisitions consistent with the Company's strategy and/or share repurchases under the Company's existing authorization the Company invested $32.4 million in portfolio improvements inclusive of capital expenditures related to the substantial completion of the transformative renovation of Grand Hyatt Scottsdale Resort the Company completed the expansion of the Arizona Ballroom and the renovation of certain premium suites and casitas at Grand Hyatt Scottsdale Resort The Company is reevaluating all capital projects initially planned for 2025 in light of reciprocal and retaliatory tariffs which may have a significant impact on the cost of goods sourced from outside of the United States the Company has elected to defer until a later date the guest rooms renovations at Andaz Napa and The Ritz-Carlton Denver that were planned to begin in the fourth quarter of 2025 the Company has eliminated infrastructure and other work planned at Fairmont Dallas in light of the sale of the hotel.  The Company plans on continuing with select upgrades to guest rooms and public areas at a number of properties including Fairmont Pittsburgh These projects will be done based on hotel seasonality and are expected to result in minimal disruption the Company expects to perform infrastructure and façade upgrades at approximately nine hotels throughout the year Current Full Year 2025 Outlook and Guidance The Company has updated its full year 2025 outlook The range below reflects the Company's limited visibility in forecasting due to macroeconomic uncertainty and is based on the current economic environment and does not take into account any unanticipated impacts to the business or operations this guidance includes transactions completed in year-to-date 2025 but assumes no additional acquisitions The Same-Property (30 Hotel) RevPAR change shown excludes the recently sold Fairmont Dallas and includes all hotels owned as of May 2 Same-Property (30 Hotel) RevPAR Change (vs Prior guidance based upon Same-Property (31 Hotel) portfolio Current full year 2025 guidance is inclusive of the following assumptions: The Company will conduct its quarterly conference call on Friday, May 2, 2025 at 1:00 PM Eastern Time. To participate in the conference call, please dial (833) 470-1428, access code 145868. 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 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 and Section 21E of the Securities Exchange Act of 1934 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 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 statements about our performance relative to the industry and/or peers the outlook related to macroeconomic factors our beliefs or expectations relating to our future performance including our 2025 outlook and guidance results of operations and financial conditions trade disputes 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 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 beyond the Company's control and which could materially affect actual results Factors that may cause actual results to differ materially from current expectations include (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 actual or threatened terrorist or cyber-attacks global outbreaks of pandemics (such as the COVID-19 pandemic) or contagious diseases 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 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 implement strategic business decisions directly; (vi) risks associated with the hotel industry 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) ability to successfully negotiate amendments and covenant waivers with its unsecured and secured indebtedness; (xi) the Company's ability to comply with covenants 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 or cyber incidents; (xiv) risks associated with redevelopment and repositioning projects delays and cost overruns; (xv) levels of spending in business and leisure segments as well as 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 Internet 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) disruptions in supply chains resulting in delays or inability to procure required products; and (xiv) the risk factors discussed in the Company's Annual Report on Form 10-K 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 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 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 For additional information or to receive press releases via email, please visit our website at www.xeniareit.com $                      472,648 $                    455,907 $                   3,595,220 $                 3,644,792 $                   2,538,429 $                 2,590,821 $                   2,889,541 $                 2,831,616 discounts and unamortized deferred financing costs $                   1,424,037 $                 1,334,703 Liabilities associated with assets held for sale $                   1,641,246 $                 1,551,283 98,703,136 and 101,310,135 shares issued and outstanding as of March 31 $                              987 $                        1,013 Accumulated distributions in excess of net earnings $                   1,209,373 $                 1,243,103 $                   1,248,295 $                 1,280,333 Condensed Consolidated Statements of Operations and Comprehensive Income $               159,866 $            153,124 $               288,927 $            267,488 $               195,547 $            183,026 $               253,063 $            239,862 $                 35,864 $              27,626 $                 17,377 $                 9,695 $                 16,507 $                 8,967 Net income attributable to non-controlling interests $                 15,585 Condensed Consolidated Statements of Operations and Comprehensive Income - Continued $                       0.15 Weighted-average number of common shares (basic) Weighted-average number of common shares (diluted) $                  16,507 Unrealized gain (loss) on interest rate derivative instruments Reclassification adjustment for amounts recognized in net income (interest expense) $                  15,998 $               10,094 Comprehensive income attributable to non-controlling interests Comprehensive income attributable to the Company $                  15,092 $                 9,576 The Company considers the following non-GAAP financial measures to be useful to investors as key supplemental measures of its operating performance: EBITDA These non-GAAP financial measures should be considered along with or any other operating performance measure as prescribed per GAAP 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 EBITDA is used as one measure in determining the value of hotel acquisitions and dispositions and 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 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 hotels that are not fully open due to significant renovation 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 (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) 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 As a result of these adjustments the Same-Property hotel data presented does not represent the Company's total revenues 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 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 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 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 sales for real estate 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 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 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 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 Adjusted EBITDAre and Same-Property Hotel EBITDA $                     16,507 $                    8,967 $                     71,620 $                 62,017 Depreciation and amortization related to corporate assets $                           (83) $                       (80) Amortization of share-based compensation expense Non-cash ground rent and straight-line rent expense Adjusted EBITDAre attributable to common stock and unit holders $                     72,942 $                 65,251 Same-Property Hotel EBITDA attributable to common stock and unit holders(4) $                     79,274 $                 71,709 the Company recorded $0.5 million and $1.0 million of insurance proceeds in excess of recognized losses related to casualty losses at certain properties These amounts are included in other income on the condensed consolidated statements of operations and comprehensive income for the periods then ended the Company purchased the land associated with a ground lease resulting in the recognition of a $1.1 million net gain related to the write off of the associated right-of-use asset and lease liability the Company recognized $0.4 million of pre-opening expenses the Company recognized $0.3 million of preopening expenses and  $0.3 million of repair and clean up costs related to property damage sustained at one property Includes adjustments for revenues and expenses from hotels that were acquired or sold during the periods presented 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 March 31 Reconciliation of Net Income to FFO and Adjusted FFO $              16,507 $                      8,967 Depreciation and amortization related to investment properties FFO attributable to common stock and unit holders $              49,616 $                   40,851 net of adjustment related to non-controlling interests(2) Adjusted FFO attributable to common stock and unit holders $              52,060 $                   45,498 Weighted-average shares outstanding - Diluted(4) $                  0.51 $                        0.44 Loan related costs include amortization of debt premiums discounts and deferred loan origination costs 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 Reconciliation of Net Income to Adjusted EBITDAre $                56 $             274 $             235 $             248 Reconciliation of Net Income to Adjusted FFO $             148 $             165 1.  Includes non-cash loan amortization costs $                 52,993 $               213,248 $               225,000 $               325,000 $            1,424,037 A variable interest loan for which SOFR has been fixed through January 1 A variable interest loan for which the credit spread may vary as it is determined by the Company's leverage ratio The Revolving Credit Facility has a total capacity of $500 million Same-Property(1) Hotel EBITDA and Hotel EBITDA Margin             180   bps $       272.41 $       263.03 $       188.73 $       177.50 $       39,322 $       37,779 Total Same-Property hotel operating expenses $       79,274 $       71,709                42   bps "Same-Property" includes all properties owned as of March 31 2025 and includes renovation disruption for multiple capital projects during the periods presented The following 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 months ended March 31 $                        288,927 $                     267,488 $                     265,426 $                        195,547 $                     183,026 Total Same-Property Hotel Operating Expenses $                        209,653 $                     193,717 Same-Property(1) Historical Operating Data $          261.44 $          240.72 $          257.52 $          255.72 $          185.44 $          161.20 $          165.92 $          172.47 $       269,831 $       236,714 $       261,849 $          72,662 $          48,112 $          62,932 $       255,415 2025 and also includes disruption from multiple capital projects during the periods presented Current Same-Property(1) Historical Operating Data $       275.47 $       191.80 $       74,450 $       266.14 $          265.16 $          244.24 $          260.43 $          259.03 $       179.70 $          187.95 $          164.44 $          168.81 $          175.18 $       257,642 $       227,812 $       248,855 $       986,490 $       67,127 $          68,747 $          46,617 $          59,197 $       241,688 "Current Same-Property" includes all hotels owned as of May 2 2025 and also includes renovation disruption for multiple capital projects during the period presented 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 Current Same-Property(1) Portfolio Data by Market (NYSE: XHR) ("Xenia" or the "Company") today announced that it has sold the 545-room Fairmont Dallas for $111 million,.. (NYSE: XHR) ("Xenia" or the "Company") will report financial results for the first quarter 2025 before the market opens.. Banking & Financial Services Hotels and Resorts Travel Earnings Do not sell or share my personal information: Wells Fargo & Company lowered their price objective on shares of Xenia Hotels & Resorts from $18.00 to $17.00 and set an "overweight" rating for the company in a research note on Tuesday Two equities research analysts have rated the stock with a sell rating two have issued a hold rating and two have given a buy rating to the stock Xenia Hotels & Resorts has an average rating of "Hold" and an average price target of $13.50 This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting This story was reviewed by MarketBeat's editorial team prior to publication Please send any questions or comments about this story to contact@marketbeat.com Before you consider Xenia Hotels & Resorts MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on.. and Xenia Hotels & Resorts wasn't on the list While Xenia Hotels & Resorts currently has a Hold rating among analysts top-rated analysts believe these five stocks are better buys View The Five Stocks Here Which stocks are likely to thrive in today's challenging market Enter your email address and we'll send you MarketBeat's list of ten stocks that will drive in any economic environment Sign up for MarketBeat All Access to gain access to MarketBeat's full suite of research tools This website is using a security service to protect itself from online attacks The action you just performed triggered the security solution There are several actions that could trigger this block including submitting a certain word or phrase You can email the site owner to let them know you were blocked Please include what you were doing when this page came up and the Cloudflare Ray ID found at the bottom of this page The sale comes ahead of the Dallas Convention Center’s redevelopment While Fairmont Dallas provided “excellent” returns for Xenia — particularly in light of “the pandemic’s significant negative impact on cash flows during 2020 and 2021” — several hurdles make now a desirable time to sell The sale will help Xenia avoid “significant additional capital investment” that is needed to maintain the property as well as market disruptions caused by the upcoming redevelopment of the Dallas Convention Center Despite the Dallas market experiencing robust hotel demand in recent years Verbaas shared that Fairmont Dallas’ historical RevPAR and EBITDA per key has “trailed meaningfully below” the REIT’s portfolio averages Real estate investment services firm Matthews reported that in the third quarter of 2024, Dallas RevPAR was down 3.6% year over year, and occupancy was struggling to recover given increased supply over the last five years Xenia still owns the Marriott Dallas Downtown the company owns 30 upper upscale and luxury hotels Proceeds from the Fairmont sale could be used for debt repayment, future acquisitions or share repurchases, Xenia detailed in the release. In the last six months, the company also sold the 107-room Lorien Hotel & Spa in Alexandria Get the free daily newsletter read by industry experts From professional games to youth competitions sporting events are bringing rising numbers of tourists to hotels across markets Want to share a company announcement with your peers The free newsletter covering the top industry headlines ORLANDO, Fla., April 11, 2025 /PRNewswire/ -- Xenia Hotels & Resorts, Inc. (NYSE: XHR) ("Xenia" or the "Company") today announced that it has sold the 545-room Fairmont Dallas for $111 million The transaction price represents an 8.6x multiple and a 10.0% capitalization rate on the property's Hotel EBITDA and Net Operating Income for the twelve months ended February 28 The Company expected Fairmont Dallas would have earned approximately $8 million of Hotel EBITDA for the remainder of 2025 "We are pleased to have completed the sale of Fairmont Dallas which opened in 1969 and which we acquired in 2011 for $69 million," said Marcel Verbaas "The unlevered IRR during our ownership period is 11.3% which is an excellent outcome for this investment particularly given the pandemic's significant negative impact on cash flows during 2020 and 2021 The disposition reflects our ongoing focus on upgrading the quality of the portfolio and maintaining balance sheet strength and flexibility Because of the property's significant and disruptive near-term capital needs as well as the expected impact on the market from the upcoming redevelopment of the Dallas Convention Center we believe that this sale and the avoidance of the significant additional capital investment is a superior outcome for the Company relative to continued ownership and re-investment the transaction has increased the overall quality of our portfolio as Fairmont Dallas' historical RevPAR and EBITDA/key trailed meaningfully below our portfolio averages." For additional information or to receive press releases via email, please visit our website at www.xeniareit.com (NYSE: XHR) ("Xenia" or the "Company") today announced results for the quarter ended March 31 Real Estate Transactions Please select what you would like included for printing: Copy the text below and then paste that into your favorite email application It is with heavy hearts that we announce the passing of Kevin Douglas Profitt His warmth and humor touched the lives of all who knew him and his legacy will forever be etched in the hearts of his family and friends Kevin dedicated over 37 years of his life to Minco Tool and Mold His commitment to his craft and his co-workers exemplified his strong work ethic and dedication embracing the excitement of NASCAR and Grand Prix events enjoying the power of nature as it unfolded before his eyes who graduated from Xenia High School in the Class of 1988 while attending Green County Vocational School He was not only a lifelong learner but also possessed an insatiable thirst for knowledge that inspired those around him whose love was the bedrock of his happiness Allison (Shane) Ryan and Kaitlyn (Dan) Profitt along with his adoring grandchildren—Lydia and Amelia—were the highlights of his life Kevin relished every moment spent with his grandbabies and memories that will be treasured forever provided the foundation of his caring nature shared a bond that stayed strong throughout their lives Kevin's personality was that of someone who was goofy and fun-loving never meeting a stranger and always greeting others with a smile that could light up any room He made a lasting impression on everyone he encountered bringing joy and kindness to both family gatherings and shared moments with friends Kevin was also a member of the Moose Lodge of Fairborn where he cultivated meaningful connections within the community Kevin is preceded in death by his step-father Kevin’s Visitation will be held on Saturday followed by a Memorial Service starting at 5:00 PM To view the Livestream of the Memorial Service, please click HERE. and his memories will bring comfort until we meet again Donations may be made in his memory to either the Golden Retriever Foundation To share a memory of Kevin or to leave a special message for his family Enter your phone number above to have directions sent via text This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply Service map data © OpenStreetMap contributors Pamela Perkins of Xenia; one son and daughter-in-law Brett (Jeannine) Perkins of Centerville; two grandchildren Zachary (Mae) Perkins of Bellbrook; Ashley (Jon) Ocampo of Kettering; great-grandson Akari Ocampo; and sister Linda worked as a Reading Aide for Greenview Schools worked 25 years as the Office Manager of Singer’s of Xenia and worked 10 years for the Greene County Auditor Memorial Services will be held at Newcomer Funeral Home (3380 Dayton-Xenia Rd. The family will receive friends and family from 10:00am until 11:00am The interment will follow at Woodlawn Cemetery in Bowersville A traditional procession is not possible due to the long route to the cemetery The family wishes to thank all staff at Oak Creek Terrace for providing excellent care for Linda in her final days Donations may be made to the Xenia Fish Pantry, click HERE to donate To view a livestream of Linda's service please click here To share a memory of Linda or leave a special message for her family Our #1 AI Stock Pick is on a steep discount - 29.99$ instead of 99.99$! Click here to access exclusive research Xenia Hotels & Resorts, Inc. (NYSE:XHR) Q1 2025 Earnings Call Transcript May 2 and welcome to the Xenia Hotels & Resorts and I will be coordinating your call today [Operator Instructions] I would now like to hand you over to Aldo Martinez Carla and welcome to Xenia Hotels & Resorts first quarter 2025 earnings call and webcast our Chair and Chief Executive Officer; Barry Bloom our President and Chief Operating Officer; and Atish Shah our Executive Vice President and Chief Financial Officer Marcel will begin with a discussion on our performance and recent transactions Barry will follow with more details on operating trends and capital expenditure projects And Atish will conclude today’s remarks on our balance sheet and outlook let me remind everyone that certain statements made on this call are not historical facts and are considered forward-looking statements These statements are subject to numerous risks and uncertainties as described in our annual report on Form 10-K and other SEC filings which could cause our actual results to differ materially from those expressed in or implied by our comments Forward-looking statements in the earnings release that we issued this morning along with the comments on this call are made only as of today and we undertake no obligation to publicly update any of these forward-looking statements as actual events unfold You can find a reconciliation of non-GAAP financial measures to net income and definitions of certain items referred to in our remarks in our first quarter earnings release which is available on the Investor Relations’ section of our website The property-level information we’ll be speaking about today is on a same-property basis for all 31 hotels unless specified otherwise An archive of this call will be available on our website for 90 days I will now turn it over to Marcel to get started Marcel Verbaas: Thanks Aldo and good afternoon everyone We are pleased with our first quarter results adjusted EBITDAre of $72.9 million and adjusted FFO per share of $0.51 RevPAR grew by 6.3% as compared to the first quarter of 2024 which exceeded our expectations and led to nearly 12% growth in adjusted EBITDAre and nearly 16% growth in adjusted FFO per share First quarter same-property RevPAR for our 31-hotel portfolio was $188.73 with occupancy increasing by 180 basis points and ADR increasing by 3.6% compared to the same period last year The initial ramp-up at Grand Hyatt Scottdale after the substantial completion of its transformative renovation was a significant driver of this strong performance the portfolio also benefited from meaningful RevPAR growth in a number of our other markets with one-third of our assets achieving double-digit percentage RevPAR growth and several others achieving high single-digit percentage RevPAR growth There were several puts and takes that impacted our portfolio during the quarter and New Orleans markets benefited from the Presidential inauguration and the Super Bowl in January and February March results were aided by the shift in the timing of the Easter holiday causing softness in demand during the last week of the month last year we also experienced a few headwinds during the first quarter January results were negatively impacted by unusually strong winter storms in several of our Sunbelt locations A common theme throughout the portfolio was the fact that strong group business and recovering demand from some of the largest corporate accounts drove RevPAR gains This is a continuation of the trends we experienced in 2024 and consistent with our expectations as we started the year We came into the year with very strong group revenue pace and this was realized in the first quarter first quarter hotel EBITDA of $79.3 million was 10.5% above 2024 levels and hotel EBITDA margin increased 42 basis points We continue to be pleased with our operators’ efforts to control expenses as the impact of wage growth and other inflationary pressures continue to impact operating margins we expressed our excitement about the substantial completion of the Grand Hyatt Scottsdale transformative renovation and up-branding including the significantly expanded and upgraded Arizona Ballroom that opened to groups in mid-January Customer feedback on the relaunch resort continues to be outstanding and group production has been strong RevPAR grew by approximately 60% during the first quarter compared to same quarter last year which was consistent with our expectations despite overall transient demand in the Phoenix Scottsdale market being a bit softer this year Group revenue on the books for the remainder of the year has continued to grow with our group revenue pace for 2025 now exceeding group revenues actualized in 2019 over 80% of our expected group room revenue for the balance of the year was definite We completed two transactions over the last two months that we believe reflect prudent capital allocation we took advantage of a unique opportunity to acquire the fee simple interest in the land underlying our Hyatt Regency from the city of Santa Clara we have improved our optionality and flexibility for this hotel and eliminated risk due to a potentially significant ground rent escalation in the near-term The ground lease provides for both percentage rent tied to revenues that could increase substantially over time as well as a fair market value rent adjustment in the relatively near future we now own fee simple interest in all but one of our hotels and those have very limited exposure to ground lease expiration or rent escalation avoiding a constantly and disruptive near-term renovation and further improving the quality of the portfolio We strongly believe that existing cash flow levels were not sustainable without a significant renovation due to the deteriorating physical condition of this 56-year-old hotel guest expectations for our luxury hotel and the upcoming closing and renovation of the Dallas Convention Center but we expect it to negatively impact this group-focused hotel in the near and medium term We estimate the near-term capital expenditures of approximately $80 million would have been required to maintain and improve the hotel’s competitive positioning This extensive potential renovation would have been highly disruptive to the hotel’s operations and EBITDA and carries a significant amount of execution risk With the amount of capital reinvestment that would have been required the EBITDA disrupted during the renovation and the expected time it would have taken to reach stabilization post-renovation we believe that the sale of the hotel was a superior capital allocation decision for the company The Fairmont Dallas investment was a very successful one We acquired the hotel for $69 million in 2011 The hotel generated strong cash flow during most of our period of ownership which in combination with our net sale proceeds resulted in an unlevered IRR of 11.3% for this investment considering the impact of the pandemic on cash flow in 2020 and 2021 I would like to thank our team for their hard work in getting both transactions across the finish line in a challenging market environment Despite the heightened macroeconomic uncertainty over the past two months and the resulting concerns about consumer spending we have not yet seen a significant impact on our portfolio of results we estimate that our 30-hotel same-property portfolio grew RevPAR by approximately 3.4% in April as compared to last year despite the negative impact of the Easter timing shift on the results for the month Notwithstanding our positive year-to-date results we have reflected the potential negative impact of this uncertain macroeconomic environment and our outlook for the remainder of the year Atish will discuss our adjustments to full year guidance which incorporate both the impact of our recently completed transactions as well as modestly greater downside risk to portfolio performance for the balance of the year We have taken decisive action to reduce our capital expenditures this year in response to the headwinds created by the potential macroeconomic impact including tariffs on goods sourced internationally We are also reducing our G&A expenses and continue to work with our hotel operators to be even more disciplined in managing property-level expenses we now expect to spend between $75 million and $85 million on property improvements during the year a reduction of $25 million compared to our previous guidance This is partially the result of avoiding capital expenditures that were planned at Fairmont Dallas in 2025 we have elected to defer and modify some projects as we further refine and analyze scope costs and ROI expectations for these potential investments Barry will provide additional details on the $32.4 million we invested during the first quarter and the latest on projects planned for 2025 Although our portfolio is not immune to the pressures created by a potential slowdown in consumer spending and overall economic activity we believe that we will benefit this year from the fact that all of our high-quality branded hotels and resorts are in the luxury and upper upscale segments and cater to customers that may be more resilient than those in the lower quality segments We also believe that our geographic diversification and Sunbelt focus will once again benefit us as our exposure to inbound international demand and government business is limited We believe that we are well positioned to weather various economic environments with a curated portfolio strong balance sheet and experienced management team and we continue to expect that our high-quality branded portfolio will show meaningful growth and appreciation in the years ahead we increased our quarterly dividend by 17% and we repurchased 2.7% of our outstanding shares during the first quarter I will now turn the call over to Barry to provide more details on our operating results and our capital projects our 31 same-property portfolio RevPAR was $188.73 based on occupancy of 69.3% and an average daily rate of $272.41 an increase of 6.3% as compared to the first quarter in 2024 Properties achieving double-digit RevPAR growth as compared to the first quarter of 2024 included; Grand Hyatt Scottsdale with RevPAR up 60.9%; Ritz-Carlton Pentagon City up 22.6%; Renaissance Atlanta Waverly up 21.4%; Kimpton Canary Hotel Santa Barbara up 20.4%; Loews New Orleans up 18%; Ritz-Carlton Denver up 17.2%; Kimpton Hotel Palomar Philadelphia up 15%; W Nashville up 14%; and Park Hyatt Aviara Resort and Waldorf Astoria Atlanta Buckhead each up over 12% Growth at these properties represents a mixture of special events as in the case of Ritz-Carlton Pentagon City and Loews New Orleans and generally stronger group and corporate demand across the portfolio as the recovery continues Strong high single-digit RevPAR growth was experienced at the Fairmont Pittsburgh The Houston market was softer than Q1 of 2024 as a result of several winter storms which impacted travel to the region up 2.1% to January 2024 with occupancy down 20 basis points and ADR of 2.4% up 12.6% compared to February 2024 with occupancy up 4.9 points and ADR up 5% up 4.5% compared to March 2024 with occupancy up 1 point and ADR up 3.2% Group business was a standout during the quarter with both February and March group rooms revenue up over 15% reflecting ongoing strength in group business that is expected to continue throughout the year group room nights were up 6.6% with ADR up 4.1% Business from the largest corporate accounts across our portfolio grew significantly during the quarter up approximately 15% compared to the first quarter of 2024 but still remains significantly behind 2019 levels Business levels grew significantly for each night of the week during the quarter compared to the first quarter of 2024 Occupancies grew by 2.1 points on weekdays and 1 point on weekends with ADR growth of 3.5% on weekdays and 3.4% on weekend Leisure business during the quarter continued to vary at the large resorts across the portfolio with significant increases in leisure business at Park Hyatt Aviara and While leisure business at Hyatt Regency Grand Cypress was a bit softer it was offset by a significant increase in group business leisure business grew with Kimpton Canary Santa Barbara Andaz Napa and Andaz Savannah experienced occupancy declines compared to the first quarter of last year including the expansion of the Arizona Ballroom in mid-January marked the successful completion of this project the hotel has been incredibly well received with TripAdvisor metrics significantly outscoring the hotel’s competitive set and some of the highest internal guest satisfaction scores in the resort’s history RevPAR performance was in line with our expectations as the hotel worked to fill anticipated gaps in group business with transient business in a softer Scottsdale luxury market food and beverage revenue for the quarter was nearly equal to 2019 Banquet and catering contribution was terrific with revenue per group room night up over 60% compared to 2019 reflecting the quality group business and additional meeting space and significantly expanded pool food and beverage offerings all performed exceptionally well versus our expectations First quarter same-property hotel EBITDA was $79.3 million driven by a total revenue increase of 8.9% compared to the first quarter of 2024 resulting in 42 basis points of margin improvement We continue to be pleased with the improvement in our operators’ ability to manage expenses in what continues to be a challenging operating environment as occupancy improves food and beverage revenues increased 13.4% in the quarter as a result of approximately 14% growth in both outlets and banquets increasing 2.5% on a per occupied room basis while F&B profit margin improved by 145 basis points AMG and sales and marketing expenses each grew approximately 7% during the quarter as a result of the higher business levels and higher loyalty program costs Property operations and maintenance expenses grew by 5.8% due primarily to higher labor costs while energy expenses across the portfolio grew at just 1.6% due to success from our significant infrastructure investments and despite significant winter storms in the Sunbelt we invested $32.4 million in portfolio improvements which included CapEx related to the substantial completion of the transformative renovation and up-branding of the Grand Hyatt Scottsdale we completed the expansion of the Arizona Ballroom and the renovation of certain premium suites and casitas at Grand Hyatt Scottsdale are expected to be completed by the end of this summer We are continuing with the process of reevaluating all of the capital projects initially planned for 2025 in light of tariffs which may have a significant impact on the cost of goods purchased from sources outside of the United States we’ve already taken decisive action on some previously planned projects which include deferring the guestroom renovation at Andaz Napa and Ritz-Carlton Denver planned to begin in the fourth quarter of 2025 We plan to continue to select upgrades to guestrooms and public areas at a number of properties These projects will be performed based on hotel seasonality and expected to result in minimal disruption we expect to perform infrastructure and facade upgrades at approximately eight hotels throughout the remainder of this year As a result of the sale of Fairmont Dallas we’ve reduced our budget for infrastructure projects for this year We have an appealing mix of debt and a good maturity profile our debt is about three quarters fixed and one quarter floating rate which is an appropriate balance based on our portfolio and strategy as well as the potential for lower interest rates in the future We have no significant debt maturities until late 2028 with only one property-level mortgage maturing in each of 2026 and 2027 these two mortgage loans represent about 10% of our overall debt At quarter end and pro forma for the sale of Fairmont Dallas our leverage ratio was 5.4 times trailing 12-month net debt to EBITDA our long-term leverage target is a net debt-to-EBITDA ratio in the low 3 to low 4 times range reflecting both a $500 million undrawn line of credit as well as proceeds received from the sale of Fairmont Dallas last month we repurchased about $36 million of stock at an average price of $13.09 This activity retired a meaningful 2.7% of our outstanding shares as of year-end 2024 We continue to evaluate share buybacks relative to other uses of capital we upped our quarterly dividend by approximately 17% to $0.14 per share Our yield is nearly 5% on an annualized basis assuming this level of dividend is maintained Turning next to our current 2025 guidance that we issued this morning We have lowered our expectations for full year RevPAR growth by approximately 50 basis points at the midpoint While the top end of our guidance range is unchanged the bottom end was lowered by 100 basis points This wider range reflects an increased level of macroeconomic uncertainty since we first provided guidance for 2025 Our midpoint of 4.5% RevPAR growth is driven by Grand Hyatt Scottsdale which reflects two-thirds of our expected growth or 3% out of 4.5% This 300 basis point boost is consistent with what we’ve indicated a couple of months ago Our forecasted full year RevPAR growth for the rest of the portfolio has moderated from up 2% to up 1.5% at the midpoint our implied RevPAR growth guidance for the balance of the year is approximately 1% to 7% or approximately 3.75% at the midpoint this reflects a wide range of outcomes possible given policy and other impacts to economic growth We continue to believe that RevPAR growth will be driven more by occupancy than rate this year 50 basis points in lower RevPAR translates to approximately $3 million of lower expected EBITDA This change is partially offset by $1 million in lower expected cash G&A expense for the full year to net $2 million in lower full year EBITDA the transactions we completed in March and April further reduced EBITDA by a net $4 million the cut to prior adjusted EBITDAre guidance is approximately $6 million at the midpoint As to adjusted EBITDAre weighting by quarter the weighting in the first quarter was nearly 30% of the full year The second quarter is expected to be just under 30% The third quarter is expected to be just under 20% and the fourth quarter is expected to be approximately 25% We currently expect hotel EBITDA margin to increase 50 basis points for the balance of the year This compares to our prior expectations of flat margin for the full year The main driver of our improved margin outlook is better expense management as we and our operators focus on the parts of the business that we can control the sale of Fairmont Dallas also helps our balance of the year margin outlook Turning ahead to group room revenue pace for our 30 hotels Our group pace continues to be healthy and a bright spot group pace for the balance of the year is up approximately 22% Narrowing further if we look at just the second half first quarter group room revenue production and again these numbers exclude Scottsdale for the balance of the year is up 15% from the first quarter of last year This gain comes despite less availability remaining this year versus last year given our already higher group pace going into this year We have not seen any pickup in cancellations or any outsized group attrition to-date As to the other components of our outlook we expect slightly higher interest expense and slightly lower income tax expense our adjusted FFO per diluted share forecast is down about 1% at the midpoint or $0.02 This change is driven by the impact of transactions and lower revenue expectations offset by recent share repurchase activity We expect adjusted FFO per diluted share of $1.62 or slightly ahead of last year We continue to believe in the strong merits of our top quality portfolio that is diversified across the best brands desirable locations and multiple demand drivers We view our balance sheet strength as an advantage we expect to be opportunistic in the years ahead in order to create long-term shareholder value And we look forward to many years of growth ahead as the supply-demand balance shifts to better benefit owners of high-end lodging real estate we will turn the call back over to Carla to begin our question-and-answer session We will now begin the question-and-answer session [Operator Instructions] And our first question comes from Austin Wurschmidt with KeyBanc Capital have group booking trends evolved in response to the current uncertainty Have you seen any increase in cancellations or are groups in more of a wait-and-see mode right now production in the first quarter was quite healthy and positive relative to the first quarter of last year and that’s for the balance of this year compared to the balance of 2024 we feel good about kind of the production and the latest numbers we have on production Really nothing to reflect any slowdown on the group side But we’re obviously watching that very and we’ll continue to do so in the weeks ahead And have you seen any meaningful impact from lower international inbound travel thus far And which of your markets are most exposed to international inbound given the locations where we have our properties we’re not very dependent on international visitation especially at the beginning of the year when a lot of Canadian visitors generally go to those markets We have seen a little bit of softening on the leisure side for sure And we’ve talked before in prior quarters about Orlando a little bit and we also think it’s more of a phenomenon as far as the Epic Universe Park opening up soon that people were probably kind of delaying some leisure trips down here both the ones that we have in Orlando and in Phoenix actually don’t do a lot of international business you’ll see some of that ripple effect a very small percentage of our business that comes from international visitation so we haven’t seen any kind of meaningful impact there Operator: And the next question comes from Michael Bellisario with Baird Maybe could you give us some background on the process I assume that means either renovate or sell or maybe there’s a third option in there Maybe just help us think about how you’re evaluating that decision now And what would push you one way or the other we essentially bought it from the city of Santa Clara it’s a situation where we kind of had a unique opportunity to buy it because the city had decided to market the parcel essentially given some of the things I talked about as far as both future rent escalations and then fair market value adjustments that was going to happen this ground lease was potentially going to be much more expensive for us in the future you’re dealing with a municipal entity It’s not something that happens in 1 night It’s actually something that took a long time to kind of come to fruition and to finally close as we did in March it’s not just a matter of kind of looking at what the current going-in cap rate of that is It’s really looking at eliminating that risk on the rent escalation and eliminating the potential expiration risk the reason why we say it creates additional optionality the reality is just that an asset is much more valuable as a fee simple asset than if it was a ground — an asset that’s subject to a ground lease that could have some major escalations in its rent it just creates more long-term optionality for us I wouldn’t say that don’t read into that that there is anything short-term that we’re necessarily doing there We’re doing some relatively minor upgrades to the rooms that Barry was talking about there’s really nothing there to think about It’s more about kind of that long-term optionality and just increasing the value of the asset maybe just on the couple of projects that you’re deferring or pushing out is the plan to reevaluate that later this year and do those next year And then how do you think about weighing sort of the impact on returns and relative RevPAR index of those properties by deciding not to spend the CapEx or the relative positioning within the respective markets It’s going to be a continual evaluation process for us we have our own in-house project management team and so we feel like we have very good information based on whatever is going on at the current moment when we were kind of in a position to launch those projects to execute this year we were in a position where once we were uncertain not only which products but at what tariff levels we might need to pay based on the analysis of the condition of those assets and how — and whether we could defer I think we certainly took that into account But I think we felt like there was a lot of risk in moving ahead with those projects right now with tariff levels at a level that we thought would make the projects perhaps uneconomic make a onetime decision for something that we don’t know will be necessarily a permanent part of the decision-making process we were evaluating it literally every couple of weeks We’re taking a look at where we are and when it might make sense to move forward with those projects keeping in mind that each of those assets has some unique seasonality and there are relatively tight windows in which we would want to do a renovation of the full guestroom Operator: [Operator Instructions] The next question comes from Ari Klein with BMO Capital Markets Can you maybe give a little bit of color on what you’re seeing more recently from a leisure standpoint and any behavioral changes that you’re seeing And then what’s implied for the leisure segment within the full year guide I named some properties that are doing well and some properties that maybe aren’t doing so well in terms of recapturing leisure it varies a lot by competitive positioning kind of lineage market we’re not seeing a significant cross-portfolio trend in leisure Either in the more leisure-oriented properties which are generally those smaller assets that have done historically drive-thru [ph] business nor are we seeing particular patterns in the larger hotels where — that are maybe more commercial during the week but do more leisure business on the weekends It’s been very hard to discern any trend and it’s really been on a property-by-property Atish Shah: And I’d just add on to the second part of your question as to guidance and what we’ve thought about leisure sort of for the balance of the year is a slight decline low single digit kind of percentage decline in RevPAR at our leisure assets overall we talked about 3.75% for the balance of the year And I would say group would be the highest contributor to that RevPAR growth followed by business transient and leisure kind of lagging that’s kind of how we shake out based on demand driver Anything you can share on 2026 and what that’s beginning to look like And then maybe more specifically in Scottsdale how are group bookings shaping up there for future years Barry Bloom: I think really too early to probably talk about 2026 we don’t do — on a relative basis a huge amount of convention center-driven business it’s about the shorter term corporate and shorter term association business is really the core of our portfolio What I can tell you is that we — I think we’ve — given the success we’ve had in booking 2025 the sales teams are very focused on 2026 and not that they aren’t always focused on all future dates but because 2025 is still relatively booked across the portfolio we’re seeing a lot of focus and attention and a lot of opportunities earlier for 2026 than we otherwise have seen in prior years in terms of filling the books for 2026 production there continues to be quite strong group rate is up significantly relative to where it was in 2019 Our production level in the first quarter relative to what we produced in 2019 up significantly from a rate and volume perspective Marcel talked about our overall business being I think we feel really good about group and kind of our — and how it fits with the overall thesis around delivering in the EBITDA in the low $20 million range for this year at that asset Operator: Our next question comes from Jack Armstrong with Wells Fargo What are you seeing in terms of mix shift in your group business A lot of your peers have pointed to the government business falling off pretty sharply in March before kind of getting to a stabilized level in April and then a broader shift towards association business throughout the portfolio Are you seeing similar trends in your portfolio or things played out differently for you guys Our portfolio from a group perspective is built a little bit differently than some of the peers we have relatively lower — relatively less citywide business And so most of our business is concentrated in corporate group we’re — I think we’re — some of why we continue — while we may not have seen what some of the peers have seen in terms of booked business into 2025 or businesses booked — still booking to 2025 moderating we continue to see strong lead volume and building funnels in the corporate and association business for 2025 The one piece that we are seeing in corporate There’s been a little bit slower transaction time as it’s taken the corporate groups that the hotels are pursuing a little bit longer to approve and get through their systems in terms of approval and actual contract signing And then just jumping back to capital projects I know you talked about seasonality at these hotels and the decision to defer Would it be fair to assume that these projects are going to get done in 2026 if we end up in a more normal macro environment by the end of the year and the relative disruption would be a little bit higher in 2026 it’s relatively likely that we’ll pump by about a year and then do them kind of towards the end of next year But it is going to really be dependent on the things we talked about as far as really potentially adjusting some of the scopes in these projects there’ll be some more certainty over the next few months as far as where tariffs ultimately will settle out and that might drive some decisions as far as where you’re sourcing some materials and what the impact on the cost would be and how you kind of reevaluate again the scope and what you do exactly to still make it make sense from an ROI perspective Another aspect of that is obviously that there is a lot of uncertainty on the macroeconomic side it really depends on kind of what happens a little bit deeper into the year or two as far as what we’re seeing kind of throughout the portfolio and in those markets specifically And we’ll continue to kind of evaluate the ROI on those projects to make sure that we still believe that next year might be the right time to actually do those projects the only thing I’d add is with regard to disruption I mean those projects that we’ve decided to postpone were not going to be highly disruptive this year if we did those start those projects at the end of next year And the other piece is obviously selling Fairmont Dallas we would have a large-scale renovation to do at some point in the near future that minimizes overall disruption significantly over the next few years relative to having continued to own that property Marcel Verbaas: And that was clearly was Barry’s point as far as the seasonality on those assets is that whether we do it this year or we do it next year If you kind of do it in that same time frame no matter what kind of deals or overall market conditions are even if the market conditions are stronger we’re still doing it at a time that historically and we’ve owned these assets for a pretty long time at this point so we have a very good sense of what the right time frames are to do these type of projects where we’re really going to very much limited disruption then we’re still not viewing it as disruptive to the guest experience or EBITDA And what portion of that $25 million reduction in CapEx guidance is related to the Fairmont Marcel Verbaas: It’s a little north of $10 million There was a good amount of infrastructure work that was planned for the property in the event that we weren’t going to be selling this asset this year this is a project that we’ve been working on for a while and did a lot of analysis really over the last couple of years as far as what would be the appropriate level of renovation to potentially do at this asset versus a potential sale we obviously decided to go down the path of potential sale process and we’re very pleased with how that played out and being able to get the value that we did for the asset it became a very clear capital allocation decision to say let’s sell the asset as opposed to doing these really highly disruptive renovations we obviously had to plan for potentially doing work there this year that will have to be done regardless of whether you were doing a significant renovation or not there was a good amount of infrastructure work that was going to have to happen there And we obviously were able to avoid that now by doing this sale as well Operator: [Operator Instructions] And as we currently have no further questions in the queue I know it’s been a busy few days with lodging companies reporting We were glad to be able to do this update today I think we’re well-positioned for the remainder of this year no matter what economic circumstances we’ll be dealing with and we look forward to seeing many of you over the next few months Artificial intelligence is the greatest investment opportunity of our lifetime The time to invest in groundbreaking AI is now My #1 AI stock pick delivered solid gains since the beginning of 2025 while popular AI stocks like NVDA and AVGO lost around 25% The numbers speak for themselves: while giants of the AI world bleed showcasing the power of 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Head over to our website and subscribe to our Premium Readership Newsletter for just $29.99 exclusive access to our in-depth report on the revolutionary AI company and the upcoming issues of our Premium Readership Newsletter over the next 12 months and know that you’re backed by our ironclad 30-day money-back guarantee Don’t miss out on this incredible opportunity Subscribe now and take control of your AI investment future I work for one of the largest independent financial publishers in the world – representing over 1 million people in 148 countries We’re independently funding today’s broadcast to address something on the mind of every investor in America right now… Should I put my money in Artificial Intelligence Here to answer that for us… and give away his No 1 free AI recommendation… is 50-year Wall Street titan He was the head of the options department at a major brokerage firm and is a sought-after expert for CNBC But what Marc’s most known for is his award-winning stock-rating system Which determines whether a stock could shoot sky-high in the next three to six months… or come crashing down That’s why Marc’s work appears in every Bloomberg and Reuters terminal on the planet… and brokerages to track the billions of dollars flowing in and out of stocks each day He’s used this system to survive nine bear markets… create three new indices for the Nasdaq… and even predict the brutal bear market of 2022 Click to continue reading… Get our editor’s daily picks straight in your inbox Hivling street was filled with officers after reports of a shooting that injured two teens and one child please come on!,” said the woman who made the 911 call That call came in just a little bit after 6:00 p.m Police said officers arrived and found a 12-year-old girl a 16-year-old boy and an 18-year-old-boy suffering from gunshot wounds We now know the Greene County Prosecutor’s Office has approved a probable cause warrant for the 18-year-old boy He's now charged with 12 felony counts including attempted aggravated murder Kysha Hancock caught up with the father of the two children shot plus a family friend who was there when the shooting happened They both told her this situation is hard to process and they’re still in shock "When I get to the house I see one man laying on the ground and I see a bunch of cops everywhere...next thing you know they're stopping me and telling me if I go any further that I'm gonna be prosecuted because it was a crime scene," said the children's father He was dropping off his other two children at a friends' house when he received that devastating call on his way home The family friend who was witnessed the shooting says the tragedy is now a blur but he remembers looking out the window and seeing people walk up to the house unexpectedly they entered the house and he saw the 12-year-old child get shot twice it's a blur pretty much...they ended up down the hallway leaving the house and then they turned around and opened fire I jumped out the window and my next recollection was me at my dad's house," said the family friend This father and family friend said all they want is justice and for every suspect to be arrested and prosecuted Gearheart was one of the people hurt in the shooting He's now in the hospital - but after he’s released he’ll be held in the Greene county jail on a 1 million dollar bond he will be arraigned in xenia municipal court at a later date This is an ongoing investigation and the xenia police division says more charges could come if you'd like to support the family of the victims, a GoFundMe has been set up to help the children's mother care for them and pay bills during this difficult time 1946 to the late Lester and Bertha Rohrer (Cavender).  Connie is preceded in death by her daughter Ryan (Paula) Tuck and Andrew (Danelle) Tuck; son-in-law Abigail Tuck and Alison Tuck; great-grandchildren Kylie Griffith and Nash Peretzky; as well as several cousins and special friends.  Connie retired as City Manager Secretary for the City of Xenia in 2012 She held multiple positions throughout her career at Antioch Publishing Company in Yellow Springs and the City of Xenia.  she enjoyed crocheting and cross-stitching watching the Bengals and spending time with her family She was very witty and could make anyone laugh or smile.  Connie was a great friend and neighbor to many Lilli and was an avid collector of decorative elephants Connie had a huge heart and will be greatly missed Visitation will be held from 4:00pm-6:00pm on Thursday 2025 at Newcomer Funeral Home (3380 Dayton-Xenia Rd. where a memorial service will be held at 6:00pm To share a memory of Connie or leave a special message for her family Xenia Hotels & Resorts Inc (XHR, Financial) released its 8-K filing on May 2 reporting robust financial results for the first quarter ending March 31 a real estate investment trust specializing in premium full-service and urban upscale hotels across the United States demonstrated significant growth in key financial metrics Xenia Hotels & Resorts Inc is a prominent player in the real estate investment trust (REIT) sector The company's portfolio includes properties operated by renowned brands such as Marriott Xenia reported a net income attributable to common stockholders of $15.6 million significantly exceeding the analyst estimate of $0.05 per share The company's total revenue reached $288.93 million This performance underscores Xenia's ability to capitalize on its strategic investments and operational efficiencies Adjusted EBITDAre increased by 11.8% year-over-year to $72.9 million while Adjusted FFO per diluted share rose by 15.9% to $0.51 These metrics highlight the company's strong operational performance and effective cost management crucial for sustaining growth in the competitive REIT industry Xenia's same-property occupancy improved to 69.3% up 180 basis points from the previous year with an average daily rate (ADR) of $272.41 The same-property RevPAR climbed by 6.3% to $188.73 indicating robust demand and pricing power across its portfolio Xenia acquired the fee simple interest in the land underlying Hyatt Regency Santa Clara for $25 million enhancing its portfolio's flexibility and reducing future lease-related expenses the company sold Fairmont Dallas for $111 million achieving an unlevered IRR of 11.3% during its ownership period Xenia maintained a strong balance sheet with total outstanding debt of approximately $1.4 billion and a weighted-average interest rate of 5.67% The company held $113 million in cash and cash equivalents with full availability on its $500 million revolving line of credit resulting in total liquidity of approximately $613 million Xenia Hotels & Resorts Inc's first-quarter results demonstrate its resilience and strategic acumen in navigating the dynamic hospitality market The company's ability to exceed analyst estimates and execute strategic transactions positions it well for continued growth and value creation for shareholders Explore the complete 8-K earnings release (here) from Xenia Hotels & Resorts Inc for further details XHRXenia Hotels & Resorts a leading hospitality REIT specializing in premium full-service has released its Form 10-Q report for the first quarter of 2025 The report highlights the company's financial and operational performance showcasing significant growth in key metrics and strong market demand across its portfolio increased by 8.0% compared to the same period in 2024 driven by increases in occupancy and average daily rate reflecting an improvement from the previous year due to higher hotel operating income and reduced general and administrative expenses attributed to higher hotel operating income and reduced general and administrative expenses Revenue Segments: The company's revenue is primarily derived from hotel operations The revenue breakdown for the three months ended March 31 shows significant contributions from rooms ($159.9 million) Geographical Performance: The company experienced notable revenue contributions from key markets such as Orlando TX ($30.6 million) for the three months ended March 31 These regions were among the top performers Sales Units: The company reported an increase in the number of rooms with five newly created rooms added at the Grand Hyatt Scottsdale Resort in February 2025 bringing the total number of rooms to 9,413 as of March 31 Operational Performance: The company's total portfolio RevPAR increased by 6.7% to $188.73 for the three months ended March 31 This growth was driven by increases in occupancy and average daily rate as well as reduced disruption from renovations Future Outlook: Management anticipates continued growth in demand across its portfolio with a focus on maintaining a balanced mix of leisure The company is also monitoring macroeconomic factors such as inflation and interest rates SEC Filing: Xenia Hotels & Resorts, Inc. [ XHR ] - 10-Q - May. 02, 2025 Copyright © 2025 FactSet Research Systems Inc.© 2025 TradingView (XHR) reported robust financial results for the first quarter of 2025 marking an 82.6% increase compared to the previous year Adjusted EBITDAre rose 11.8% to $72.9 million while Adjusted FFO per share increased by 15.9% to $0.51 This strong performance was driven by a 6.3% growth in Same-Property RevPAR supported by a 180-basis point occupancy increase to 69.3% and a 3.6% rise in average daily rate (ADR) to $272.41 In a strategic move to optimize its portfolio XHR acquired the fee simple interest in the land underlying the Hyatt Regency Santa Clara for $25 million and divested the Fairmont Dallas for $111 million avoiding an estimated $80 million in near-term capital expenditures Reflecting confidence in its financial health the company increased its quarterly dividend by 17% to $0.14 per share XHR repurchased 2.7 million shares at an average price of $13.09 Despite the positive first-quarter performance XHR has revised its full-year 2025 guidance downward due to macroeconomic uncertainties The company now forecasts Same-Property RevPAR growth in the range of 2.50% to 6.50% XHR maintains a strong liquidity position with $1.4 billion in debt and $613 million in available liquidity comprising $113 million in cash and $500 million available on its credit line Xenia continues to demonstrate resilience with strategic initiative execution and financial discipline amidst a challenging economic landscape Revenue estimates for Xenia Hotels & Resorts Inc (XHR) have declined from $1.09 billion to $1.06 billion for the full year 2025 and from $1.13 billion to $1.10 billion for 2026 over the past 90 days Earnings estimates have decreased from $0.35 per share to $0.12 per share for the full year 2025 and from $0.42 per share to $0.17 per share for 2026 over the past 90 days Xenia Hotels & Resorts Inc's (XHR) actual revenue was $261.85 million which missed analysts' revenue expectations of $263.55 million by -0.64% Xenia Hotels & Resorts Inc's (XHR) actual earnings were $-0.01 per share which missed analysts' earnings expectations of $0.02 per share by -150% Xenia Hotels & Resorts Inc (XHR) was down by -6.38% in one day Based on the one-year price targets offered by 6 analysts the average target price for Xenia Hotels & Resorts Inc (XHR) is $12.50 with a high estimate of $16.00 and a low estimate of $9.00 The average target implies an upside of 17.04% from the current price of $10.68 Based on GuruFocus estimates, the estimated GF Value for Xenia Hotels & Resorts Inc (XHR, Financial) in one year is $15.80 suggesting an upside of 47.94% from the current price of $10.68 Based on the consensus recommendation from 7 brokerage firms, Xenia Hotels & Resorts Inc's (XHR, Financial) average brokerage recommendation is currently 2.4 indicating an "Outperform" status is designed to provide general insights and is not tailored financial advice Our commentary is rooted in historical data and analyst projections and is not intended to serve as specific investment guidance It does not formulate a recommendation to purchase or divest any stock and does not consider individual investment objectives or financial circumstances Be aware that our analysis might not incorporate the most recent price-sensitive company announcements or qualitative information GuruFocus holds no position in the stocks mentioned herein The Greene County Prosecutor's Office approved a probable warrant for Braylen Gearheart the 18-year-old involved in the shooting that took place Friday on Hivling Street in Xenia The warrant charges Gearheart with the following: Gearheart was hurt during the incident and he is currently hospitalized he will be held in the Greene County Jail on a $1,000,000,000 bond He will be arraigned in the Xenia Municipal Court at a later date This is still an ongoing investigation and charges against other people involved could be coming soon we'll be sure to bring you the latest updates on-air and online Ohio (WKEF) -- Two teens and a child have been reported as victims in the shooting on Hivling Street officers responded to the 130 block of Hivling Street at approximately 6:15 p.m on Friday after receiving a 911 call from a mother saying she and her son were shot Police say that when officers arrived at the scene they found three people suffering from gunshot wounds: a 12-year-old girl and the responding officers continued treating them until Xenia Fire Division paramedics arrived All three victims were taken to nearby hospitals it is believed that the victims knew each other the roles each played in the incident remain unclear Police also said that they believe that all parties that were involved in the shooting have been identified The Xenia Police Department asks that if anyone has any information about the matter to please contact the Xenia Police Division Criminal Investigation Section at 937-376-7206 or leave a voicemail at the Xenia Police Tip line at 937-347–1623 Dayton 24/7 Now crews will keep this story updated Greene County Dispatch has confirmed a police presence on Hivling Street Dayton 24/7 Now has a team on the way to the scene; check back for updates ORLANDO, Fla., Feb. 25, 2025 /PRNewswire/ -- Xenia Hotels & Resorts, Inc. (NYSE: XHR) ("Xenia" or the "Company") today announced results for the quarter and year ended December 31 "We are pleased to have finished a challenging 2024 with positive momentum in the fourth quarter both from a portfolio performance perspective and through the completion of the significant capital improvement projects that weighed on our portfolio results during the year," said Marcel Verbaas "Same-Property RevPAR came in 5.1% higher than the prior year in the fourth quarter as performance at the newly upbranded Grand Hyatt Scottsdale Resort became a tailwind for our overall portfolio RevPAR gains while Adjusted FFO exceeded the midpoint of the guidance range we provided last quarter We are encouraged by double-digit RevPAR growth in a variety of our markets in the fourth quarter indicating strength in diverse markets from a demand segmentation perspective achieved a RevPAR increase of 3.4% which was driven by solid occupancy gains throughout the year mainly as a result of strength in the group and business transient segments In addition to significant RevPAR growth at our recently renovated properties in Salt Lake City were relative outperformers during the year." "We are thrilled to have substantially completed the transformative renovation and upbranding of Grand Hyatt Scottsdale with just some minor components remaining to be finished in 2025 The opening of the expanded Arizona Ballroom in early January was another significant milestone and the reception to this phenomenal facility has been extremely positive," continued Mr "With the resort now fully operational and ramping up we are entering the next phase during which we expect this strategic investment to deliver meaningful returns and we are confident that this property will drive strong cash flow through stabilization and into the future." "We are proud of all the hard work that was done in the last year not only across our portfolio of hotels and resorts but also on our financing and capital markets activities We addressed all near term debt maturities and have further strengthened our balance sheet positioning us to capitalize on strategic opportunities in the years ahead," said Mr we are optimistic about our growth prospects despite continued uncertainty in the overall economic climate We estimate that Same-Property RevPAR for the first quarter through February 20th grew 7.3% versus the comparable period in 2024 These early results give us confidence that with both the benefit of Grand Hyatt Scottsdale and strong group revenue pace across our high quality portfolio Xenia is positioned for meaningful RevPAR growth in 2025." Net income (loss) attributable to common stockholders $                  (638) $                 7,599 Net income (loss) per share available to common stockholders - basic and diluted $                 (0.01) $                   0.07                    250 bps $               257.52 $               255.01 $               165.92 $               157.92 $               62,932 $               63,341                  (120) bps $               157.69 $               59,164 $               59,442 $               40,030 $               44,045 $                   0.39 $                   0.41 "Same-Property" includes all hotels owned as of December 31 2024 and also includes renovation disruption for multiple capital projects during the periods presented One room was added at Grand Bohemian Hotel Orlando $               16,143 $               19,142 $                    0.15 $                    0.17                    230 bps $               255.72 $               260.74 $               172.47 $               169.74 $             255,415 $             270,205                  (189) bps $               172.36 $               169.46 $             237,123 $             251,740 $             165,342 $             170,211 $                    1.59 $                    1.54 the Company had total outstanding debt of approximately $1.3 billion with a weighted-average interest rate of 5.54% The Company had approximately $78 million of cash and cash equivalents an unfunded $100 million delayed draw term loan commitment and $490 million of availability on its revolving line of credit resulting in total liquidity of approximately $668 million as of December 31 the Company held approximately $65 million of restricted cash and escrows at the end of the fourth quarter the Company upsized and extended its corporate credit facility The amended credit facility is comprised of a $500 million revolving line of credit and a $325 million term loan (of which $225 million was outstanding as of December 31 The sizing of the revolving line of credit and term loan represent a $50 million and a $100 million increase to prior levels The amended credit facility matures in November 2028 and can be extended to November 2029 the Company elected to draw the remaining $100 million term loan commitment with a portion of the proceeds directed to repay the then outstanding balance on the revolving line of credit and the remainder held on the Company's balance sheet the Company issued $400 million of 6.625% Senior Notes maturing in May 2030 proceeds from the new issuance were used to repay the then outstanding 6.375% Senior Notes due August 2025 enabling the Company to address substantially all of its near-term debt maturities the Company repurchased 515,876 shares of common stock at a weighted-average price of $14.83 per share for a total consideration of approximately $7.6 million the Company repurchased 1,130,846 shares of common stock at a weighted-average price of $14.02 per share for a total consideration of approximately $15.8 million The Company currently has $117.9 million in capacity remaining under its repurchase authorization The Company did not issue any shares of its common stock through its At-The-Market ("ATM") program in the quarter and had $200 million of remaining availability as of  December 31 The Company's Board of Directors has increased the quarterly cash dividend by approximately 17% to $0.14 per share of the Company's common stock for the first quarter of 2025 2025 to all holders of record of the Company's common stock as of the close of business on March 31 all future dividend determinations are subject to approval by the Company's Board of Directors The Company has completed all major components of the transformative renovation of the former Hyatt Regency Scottsdale Resort & Spa at Gainey Ranch 2024 the property was upbranded to Grand Hyatt Scottsdale Resort The components of the transformative renovation and their respective completion dates were as follows: During the quarter and year ended December 31 the Company invested $24.4 million and $140.6 million in portfolio improvements significant projects in the Company's portfolio included: The Company also made select upgrades to guestrooms at Hyatt Regency Santa Clara and Renaissance Atlanta Waverly Hotel & Convention Center These projects will continue at these properties into 2025 the Company made progress on several significant infrastructure upgrades at Andaz San Diego Renaissance Atlanta Waverly Hotel & Convention Center The Company has planned renovations for 2025 that include: The Company will incorporate select upgrades to guestrooms and public areas at a number of properties The Company is providing its full year 2025 outlook this guidance assumes no additional acquisitions The Same-Property (31 Hotel) RevPAR change shown includes all hotels owned as of February 25 Full year 2025 guidance is inclusive of the following assumptions: Please refer to the Company's Supplemental Financial Information package for the Fourth Quarter 2024 available online though the Press Release section of the Company's Investor Relations website for additional financial information The Company will conduct its quarterly conference call on Tuesday, February 25, 2025 at 11:00 AM Eastern Time. To participate in the conference call, please dial (833) 470-1428, access code 605915. Additionally, a live webcast of the conference call will be available through the Company's website, www.xeniareit.com statements about our performance relative to the industry and/or our peers and the timing of renovations and capital expenditures projects as well as costs related to construction and other capital expenditures including environmental contamination and costs of complying with the Americans with Disabilities Act and similar laws; (ix) interest rate increases; (x) ability to successfully negotiate amendments and covenant waivers with its unsecured and secured indebtedness; (xi) the Company's ability to comply with covenants For additional information or to receive press releases via email please visit our website at www.xeniareit.com $                      455,907 $                    460,307 $                   3,644,792 $                 3,558,018 $                   2,590,821 $                 2,594,966 $                   2,831,616 $                 2,902,227 $                   1,334,703 $                 1,394,906 $                   1,551,283 $                 1,584,730 101,310,135 and 102,372,589 shares issued and outstanding as of December 31 $                           1,013 $                        1,024 $                   1,243,103 $                 1,290,992 $                   1,280,333 $                 1,317,497 Consolidated Statements of Operations and Comprehensive Income (Loss) For the Three Months and Years Ended December 31 $               143,610 $            138,023 $             597,097 $        588,278 $               261,849 $            253,380 $          1,039,047 $               185,887 $            178,198 $             730,414 $        703,770 $               240,457 $            232,515 $             952,212 $        927,831 $                 21,392 $              20,865 $               86,835 $          97,612 $                     (490) $                 3,859 $               13,130 $          21,321 $                     (777) $                 7,794 $               16,870 $          19,874 Net (income) loss attributable to non-controlling interests $                     (638) $          19,142 Consolidated Statements of Operations and Comprehensive Income (Loss) - Continued Basic and diluted income (loss) per share: $                     (0.01) $                 0.15 $                  0.17 $             16,870 $             19,874 Reclassification adjustment for amounts recognized in net income (loss) (interest expense) $                  (510) $                 4,285 $             15,306 $             22,404 Comprehensive (income) loss attributable to non-controlling interests Comprehensive income (loss) attributable to the Company $                  (378) $                 4,259 $             14,629 $             21,581 Reconciliation of Net Income (Loss) to EBITDA $                        (777) $                    7,794 $                     52,768 $                 56,246 $                           (92) $                       (78) $                     59,164 $                 59,442 $                     62,932 $                 63,341 the Company recorded $2.0 million of insurance proceeds in excess of recognized losses related to casualty losses at certain properties These gains on insurance recovery are included in other income on the consolidated statements of operations and comprehensive income (loss) for the periods then ended the Company recognized $1.2 million related to a non-recurring legal settlement the Company recognized $0.9 million of pre-opening expenses 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 December 31 $                16,870 $                19,874 $              222,761 $              238,341 $              221,133 $                   (341) $                   (348) $              237,123 $              251,740 $              255,415 $              270,205 the Company recorded $4.4 million and $0.5 million the Company recognized $1.9 million of pre-opening expenses a non-recurring $1.2 million expense related to a legal settlement and $0.5 million of repair and clean up costs related to property damage sustained at certain properties 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 years ended  December 31 Reconciliation of Net Income (Loss) to FFO and Adjusted FFO $                 (777) $                      7,794 $              32,254 $                   39,414 $              40,030 $                   44,045 $                  0.39 $                        0.41 $              143,650 $              151,549 $              165,342 $              170,211 $                     1.59 $                     1.54 $                19 $             240 $             254 $             152 $             171 $                 53,306 $               214,278 $               235,000 $            1,334,703 the Company successfully amended its corporate credit facility The amended facility consists of a $500 million revolving line of credit Pricing on the amended facility remained the same and both the line of credit and the term loans mature in November 2028 the Company elected to draw the $100 million delayed draw term loan with a portion of the proceeds directed to repay the then outstanding balance on the revolving line of credit and the remainder held on the Company's balance sheet.  $                 53,202 $               213,991 $            1,424,331             250 bps             230 bps $       257.52 $       255.01 $       255.72 $       260.74 $       165.92 $       157.92 $       172.47 $       169.74 $       37,377 $       35,995 $       62,932 $       63,341           (120) bps           (189) bps "Same-Property" includes all properties owned as of December 31 2024 and includes renovation disruption for multiple capital projects during the periods presented The following 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 months and years ended December 31 $                        261,849 $                     253,380 $                 1,039,047 $                  1,025,443 $                     251,039 $                 1,033,820 $                  1,016,133 $                        185,887 $                     178,198 $                     730,414 $                      703,770 $                        198,917 $                     187,698 $                     778,405 $                      745,928 Real Estate Ohio and Randall (Christina) Austin of Jamestown Alexia and Ryan; two great-grandchildren; siblings Kenneth (Charlotte) Ayers of New Port News Charlie graduated from Bloomingburg High School He then went on to work as a Manufacturing Engineer for Vernay Labs for 35 years and was also owner operator of Tek Flow Enterprises Charlie then was employed at Xenia Adult Recreations Services as the Transportation Manager upon his second retirement Charlie enjoyed and loved reading his Bible to be in God's Word He also coached soccer and baseball at Yellow Springs High School Charlie was a proud and devoted member of the Xenia Church of Christ in Xenia Public visitation will be held at Xenia Church of Christ (444 Country Club Dr 2025 from 11:00 am until 12:00 pm with funeral service starting at 12:00 pm