Xenia Hotels & Resorts, Inc. (NYSE: XHR) today announced that, due to the severe downturn in lodging demand resulting from the COVID-19 pandemic, the Company has further streamlined its operations and reduced its ongoing corporate expenses by eliminating the role of Chief Investment Officer. As a result, Philip A. Wade, who served as the Company's Senior Vice President and Chief Investment Officer, has left the Company. With this change, the Company's corporate office headcount has been reduced by over 20% since the Company's operations have been impacted by the COVID-19 pandemic.
"Due to the unprecedented impact of COVID-19, we have made the difficult decision to streamline our corporate functions. I want to thank Phil for his contributions to the Company over the last 13 years. Phil has been a valued member of our executive team throughout the Company's evolution into a leading owner of luxury and upper-upscale hotels and resorts. He has been a great partner to me as we have transformed the Company's portfolio by completing over $7 billion of transactions. Our transaction function remains a strength of ours and will remain under my direct supervision. On behalf of the entire Xenia team and our Board of Directors, I wish Phil the best in his future endeavors," said Marcel Verbaas, Chairman and Chief Executive Officer of Xenia Hotels & Resorts.