XHR · Xenia Hotels & Resorts, Inc.

Xenia Hotels & Resorts delivered strong Q1 2026 results, exceeding expectations with Same-Property RevPAR growth of 7.4% driven by 4.8% ADR increase to $288.62 and 180 basis point occupancy improvement to 71.4%. Record performance at Grand Hyatt Scottsdale Resort and robust group/transient demand, particularly in March with over 14% RevPAR growth, fueled top-line strength. Effective expense management expanded Same-Property Hotel EBITDA margin by 270 basis points to 29.7%, boosting Same-Property Hotel EBITDA 17.9% to $87.8 million. This flow-through supported Adjusted EBITDAre growth of 11.6% to $81.4 million and Adjusted FFO per share surge of 23.5% to $0.63. CEO Marcel Verbaas highlighted portfolio momentum continuing into April with ~6% RevPAR growth and solid group booking pace. Balance sheet strengthened by paying off the $52 million Grand Bohemian Hotel Orlando mortgage and $6.3 million Andaz Napa paydown, leaving 28 unencumbered properties and $601 million liquidity. No share repurchases or ATM issuances occurred. In response, management raised FY2026 guidance: Adjusted EBITDAre to $258-274 million (+$6 million midpoint), Adjusted FFO to $178-194 million, and Same-Property RevPAR change to 2.75-5.25%, assuming no M&A or capital markets activity. Planned renovations at Andaz Napa and Ritz-Carlton Denver in Q4 signal ongoing capex discipline at $70-80 million. This outperformance underscores Xenia's focus on profitability in luxury/upper-upscale segments amid macroeconomic uncertainty.