Xenia Hotels & Resorts, Inc. (NYSE: XHR) today announced results for the quarter ended December 31, 2021.
Fourth Quarter 2021 Highlights
- Net Loss: Net loss attributable to common stockholders was $22.9 million, or $0.20 per share.
- Adjusted EBITDAre: $48.9 million
- Adjusted FFO per Diluted Share: $0.25
- Same-Property RevPAR: $136.01, a decrease of 17.5% versus the fourth quarter of 2019, as a result of occupancy of 56.4% and ADR of $241.11.
- Same-Property Hotel EBITDA: $54.1 million, a decline of 17.5% versus the fourth quarter of 2019.
- Same-Property Hotel EBITDA Margin: 27.2%, an increase of 32 basis points versus the fourth quarter of 2019.
- Transaction Activity: In November, the Company sold the 352-room Marriott Charleston Town Center in Charleston, WV for $5 million and entered into an agreement to sell the 191-room Kimpton Hotel Monaco Chicago for $36 million. The hotel was sold in January 2022.
Full Year 2021 Highlights
- Net Loss: Net loss attributable to common stockholders was $143.5 million, or $1.26 per share.
- Adjusted EBITDAre: $108.1 million
- Adjusted FFO per Diluted Share: $0.28
- Same-Property RevPAR: $110.80, a decrease of 36.3% versus 2019, as a result of occupancy of 49.7% and ADR of $222.94.
- Same-Property Hotel EBITDA: $130.3 million, a decline of 52.3% versus 2019.
- Same-Property Hotel EBITDA Margin: 21.7%, a decline of 604 basis points versus 2019.
- Transaction Activity: In November, the Company sold the 352-room Marriott Charleston Town Center in Charleston, WV for $5 million and entered into an agreement to sell the 191-room Kimpton Hotel Monaco Chicago for $36 million. The hotel was sold in January 2022.
- Balance Sheet Improvements: In May, the Company issued $500 million of 4.875% senior secured notes maturing in June 2029. Proceeds from the offering were used to repay the Company's $150 million term loan, all amounts outstanding under the revolving credit facility, and the mortgage loan at Kimpton Hotel Palomar Philadelphia. Also in May, the Company entered into further amendments to its revolving credit facility and term loan which extended the covenant waiver period through the first quarter of 2022, with relaxed covenants through mid-2023.
"Our portfolio continued its path of recovery and improving performance during the fourth quarter as our Same-Property portfolio achieved RevPAR of $136.01, a decline of only 17.5% compared to the fourth quarter of 2019, highlighted by an approximately 8% decline compared to 2019 in December," commented Marcel Verbaas, Chairman and Chief Executive Officer of Xenia. "Our high-quality portfolio and geographic diversification with a focus on Sunbelt locations continued to benefit us, helping our Same-Property portfolio reach over $54 million of Hotel EBITDA for the quarter which represented a similar decrease of 17.5% compared to the same period in 2019. Our operators continued to do an outstanding job controlling expenses, resulting in our Same-Property Hotel EBITDA margin increasing by 32 basis points compared to the fourth quarter in 2019."
"We are pleased that we have been able to maintain and grow portfolio profitability since March of 2021," continued Mr. Verbaas. "The emergence of the omicron variant as the year came to a close caused short-term impact on demand, particularly in the group and corporate transient segments during the month of January. As a result, our current Same-Property Portfolio, which consists of 32 hotels after the sale of Hotel Monaco Chicago, experienced a RevPAR decline of approximately 37% compared to January 2019 during the month. However, our preliminary results for February have shown a substantial rebound as the projected RevPAR of approximately $157 would represent an approximately 19% decline compared to a very strong February 2019 and the highest absolute monthly RevPAR since the beginning of the pandemic. These recent trends and the current operating environment give us confidence in a continued robust recovery for the remainder of the year. Our balance sheet activities since the onset of the pandemic, our substantial liquidity, our high-quality and well-located portfolio, and our best-in-class operators, together with strong leisure activity and improving corporate and group demand in our markets, continue to fuel our optimism for a strong recovery in the years ahead."
Operating Results
The Company's results include the following:
| Three Months Ended December 31, | Change From | ||||||||
| 2021 | 2020 | 2019 | 2020 | 2019 | |||||
| ($ amounts in thousands, except hotel statistics and per share amounts) | |||||||||
| Net (loss) income attributable to common stockholders | $ (22,935) | $ 24,278 | $ 15,610 | (194.5) % | (246.9) % | ||||
| Net (loss) income per share available to common stockholders - basic and diluted | $ (0.20) | $ 0.22 | $ 0.14 | (190.9) % | (242.9) % | ||||
| Same-Property Number of Hotels(1) | 33 | 33 | 33 | — | — | ||||
| Same-Property Number of Rooms(1) | 9,059 | 9,059 | 9,060 | — | (1) | ||||
| Same-Property Occupancy(1) | 56.4 % | 28.2 % | 73.3 % | 2,820 bps | (1,690) bps | ||||
| Same-Property Average Daily Rate(1) | $ 241.11 | $ 184.53 | $ 225.05 | 30.7 % | 7.1 % | ||||
| Same-Property RevPAR(1) | $ 136.01 | $ 52.05 | $ 164.91 | 161.3 % | (17.5) % | ||||
| Same-Property Hotel EBITDA(1)(2) | $ 54,130 | $ (2,715) | $ 65,617 | 2,093.7 % | (17.5) % | ||||
| Same-Property Hotel EBITDA Margin(1)(2) | 27.2 % | (3.7) % | 26.9 % | 3,092 bps | 32 bps | ||||
| Total Portfolio Number of Hotels(3) | 34 | 35 | 39 | (1) | (5) | ||||
| Total Portfolio Number of Rooms(3) | 9,659 | 10,011 | 11,245 | (352) | (1,586) | ||||
| Total Portfolio RevPAR(4) | $ 128.67 | $ 47.08 | $ 158.25 | 173.3 % | (18.7) % | ||||
| Adjusted EBITDAre(2) | $ 48,927 | $ (10,094) | $ 71,994 | 584.7 % | (32.0) % | ||||
| Adjusted FFO(2) | $ 28,437 | $ (27,781) | $ 65,749 | 202.4 % | (56.7) % | ||||
| Adjusted FFO per diluted share(2) | $ 0.25 | $ (0.24) | $ 0.58 | 204.2 % | (56.9) % | ||||
| Year Ended December 31, | Change From | ||||||||
| 2021 | 2020 | 2019 | 2020 | 2019 | |||||
| Net (loss) income attributable to common stockholders | $ (143,517) | $ (163,330) | $ 55,400 | (12.1) % | (359.1) % | ||||
| Net (loss) income per share available to common stockholders - basic and diluted | $ (1.26) | $ (1.44) | $ 0.49 | (12.5) % | (357.1) % | ||||
| Same-Property Number of Hotels(1) | 33 | 33 | 33 | — | — | ||||
| Same-Property Number of Rooms(1) | 9,059 | 9,059 | 9,060 | — | (1) | ||||
| Same-Property Occupancy(1) | 49.7 % | 28.5 % | 76.5 % | 2,120 bps | (2,680) bps | ||||
| Same-Property Average Daily Rate(1) | $ 222.94 | $ 205.76 | $ 227.24 | 8.3 % | (1.9) % | ||||
| Same-Property RevPAR(1) | $ 110.80 | $ 58.67 | $ 173.83 | 88.9 % | (36.3) % | ||||
| Same-Property Hotel EBITDA(1)(2) | $ 130,261 | $ (20,242) | $ 272,918 | 743.5 % | (52.3) % | ||||
| Same-Property Hotel EBITDA Margin(1)(2) | 21.7 % | (6.0) % | 27.7 % | 2,768 bps | (604) bps | ||||
| Total Portfolio Number of Hotels(3) | 34 | 35 | 39 | (1) | (5) | ||||
| Total Portfolio Number of Rooms(3) | 9,659 | 10,011 | 11,245 | (352) | (1,586) | ||||
| Total Portfolio RevPAR(4) | $ 103.64 | $ 53.88 | $ 168.43 | 92.4 % | (38.5) % | ||||
| Adjusted EBITDAre(2) | $ 108,058 | $ (51,733) | $ 302,118 | 308.9 % | (64.2) % | ||||
| Adjusted FFO(2) | $ 32,007 | $ (93,967) | $ 250,598 | 134.1 % | (87.2) % | ||||
| Adjusted FFO per diluted share(2) | $ 0.28 | $ (0.82) | $ 2.19 | 134.1 % | (87.2) % | ||||
| 1. | "Same-Property" includes all hotels owned as of December 31, 2021, except for Hyatt Regency Portland at the Oregon Convention Center. Includes hotels that had temporarily suspended operations for a portion of the three months and year ended December 31, 2020, as if all hotel rooms were available for sale. "Same-Property" also includes disruption from the COVID-19 pandemic in 2021 and 2020, and renovation disruption for multiple capital projects during the periods presented, and excludes the NOI guaranty payment at Andaz San Diego. |
| 2. | See tables later in this press release for reconciliations from net loss to Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA"), EBITDA for Real Estate ("EBITDAre"), Adjusted EBITDAre, Funds From Operations ("FFO"), Adjusted FFO, Same-Property Hotel EBITDA and Hotel EBITDA Margin. EBITDA, EBITDAre, Adjusted EBITDAre, FFO, Adjusted FFO, and Same-Property Hotel EBITDA and Hotel EBITDA Margin are non-GAAP financial measures. |
| 3. | As of end of periods presented. |
| 4. | 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. Includes hotels that had temporarily suspended operations for a portion of or all of the three months and year ended December 31, 2021 and 2020, as if all hotel rooms were available for sale. |
Transaction Update
- In November, the Company sold the 352-room Marriott Charleston Town Center in Charleston, WV for $5 million.
- In January 2022, the Company sold the 191-room Kimpton Hotel Monaco Chicago for $36 million, or $188,500 per key. The sale price represented a 16.7x multiple and a 4.3% capitalization rate on the hotel's 2019 Hotel EBITDA and net operating income, respectively.
- During the first quarter of 2022, the Company entered into an agreement to acquire the fee simple interest in the 346-room W Nashville in Nashville, TN for $328.7 million, or $950,000 per key. The Company expects W Nashville to generate between $25 million and $30 million of Hotel EBITDA upon stabilization. The Company expects to close the transaction by the end of the first quarter and fund the acquisition with available cash. The completion of the transaction is subject to customary closing conditions.
"Through our recently completed dispositions and the upcoming acquisition of W Nashville we have continued to improve the quality and earnings growth profile of our portfolio," said Mr. Verbaas. "Upon the completion of the W Nashville acquisition, we will have sold 28 hotels and purchased 14 hotels since the beginning of 2015. Through these transactions, we have exited the select service space, divested out of several lower growth markets with challenging operating dynamics, increased our exposure to higher growth Sunbelt markets and increased our focus on luxury hotels and resorts that will represent 30% of our portfolio after the W Nashville acquisition. We are excited about the positioning of our portfolio after these transactions and believe we are well situated to continue to drive superior results in the years ahead."
Brand and Management Conversion
In January 2022, the Company converted Lorien Hotel and Spa in Alexandria, VA in to an independent lifestyle hotel, with Pivot Lifestyle Hotels by Davidson Hospitality Group becoming the hotel operator.
Balance Sheet and Liquidity
As of December 31, 2021, the Company had total outstanding debt of approximately $1.5 billion with a weighted-average interest rate of 5.18%. The Company had approximately $517 million of cash and cash equivalents, including hotel working capital, and full availability on its revolving credit facility, resulting in total liquidity of over $1.0 billion as of December 31, 2021. In addition, the Company held approximately $37 million of restricted cash and escrows at the end of the fourth quarter.
In January, the Company paid off the $65 million mortgage loan secured by The Ritz-Carlton, Pentagon City.
Capital Expenditures
During the fourth quarter and year ended December 31, 2021, the Company invested $12.7 million and $31.8 million in its portfolio, respectively.
The Company completed the following projects in the fourth quarter:
- A restaurant and lobby renovation at The Ritz-Carlton, Pentagon City, which was completed in mid-October.
- The development of the Regency Court, a new outdoor social venue at Hyatt Regency Scottsdale Resort & Spa, which was completed in late November.
The Company also made substantial progress on the renovation of the restaurant, lobby, and guest rooms at Waldorf Astoria Atlanta Buckhead with a targeted completion date in the first quarter of 2022.
Additionally, the Company has continued planning work on two projects which have been accelerated to take advantage of current business conditions. These include:
- A comprehensive renovation of Grand Bohemian Hotel Orlando, including guest rooms with substantial tub-to-shower conversions, restaurant and bar, lobby, rooftop pool area, and meeting space which will commence in the second quarter of 2022 and is expected to be completed in phases, concluding in the second quarter of 2023.
- A comprehensive renovation of Kimpton Canary Hotel Santa Barbara, including guest rooms, restaurant and bar, rooftop, lobby, and meeting space, which recently commenced and is expected to be completed in phases, concluding in the first quarter of 2023.
In 2022, the Company also plans to renovate the meeting space and convert the existing lobby bar to a Starbucks outlet at Fairmont Pittsburgh, renovate the meeting spaces at Marriott Dallas Downtown and Royal Palms Resort & Spa, complete bathroom renovations at Marriott Woodlands Waterway Hotel & Convention Center, renovate the premium suites at The Ritz-Carlton, Denver including the addition of 3 new guest room keys, and commence planning and design for a comprehensive renovation at Hotel Monaco Salt Lake City.
In addition, the Company plans to commence work on a significant upgrade to the spa and wellness components at Park Hyatt Aviara Resort & Spa along with a comprehensive renovation of the existing golf course.
The Company continues to focus on numerous building infrastructure projects to enhance the life of its physical structures in addition to focusing on environmentally sustainable projects throughout its portfolio.
Impairment and Other Losses
During the fourth quarter, the Company recorded a non-cash impairment charge of $15.7 million related to Kimpton Hotel Monaco Chicago as a result of the anticipated sale and also wrote off $0.6 million of design costs related to a renovation project that was cancelled. Earlier in 2021, the Company recorded a non-cash impairment charge of $12.6 million related to Marriott Charleston Town Center as a result of the anticipated sale. Additionally, during 2021 the Company recorded $1.1 million of hurricane-related repairs and cleanup costs associated with Loews New Orleans which sustained damage from Hurricane Ida as well as $0.4 million of storm-related repair and cleanup costs related to two hotels that sustained damage during the Texas winter storms in February 2021.
2022 Outlook and Guidance
The Company does not expect to issue earnings guidance until it has more certainty on trends within the industry. The Company is providing the following guidance for full year 2022 on certain items:
- General and administrative expenses are projected to be approximately $22 million, excluding non-cash share-based compensation.
- Interest expense is projected to be approximately $77 million, excluding non-cash loan related costs.
- Capital expenditures are projected to be approximately $95 million.
- 115.0 million weighted average diluted shares/units
About Xenia Hotels & Resorts, Inc.
Xenia Hotels & Resorts, Inc. is a self-advised and self-administered REIT that invests in uniquely positioned luxury and upper upscale hotels and resorts with a focus on the top 25 lodging markets as well as key leisure destinations in the United States. The Company owns 33 hotels and resorts comprising 9,468 rooms across 13 states. Xenia's hotels are in the luxury and upper upscale segments, and are operated and/or licensed by industry leaders such as Marriott, Hyatt, Kimpton, Fairmont, Loews, Hilton, and The Kessler Collection.
| Xenia Hotels & Resorts, Inc. | |||
| Consolidated Balance Sheets | |||
| As of December 31, 2021 and December 31, 2020 | |||
| ($ amounts in thousands) | |||
| December 31, 2021 | December 31, 2020 | ||
| Assets | (Unaudited) | (Audited) | |
| Investment properties: | |||
| Land | $ 431,427 | $ 446,855 | |
| Buildings and other improvements | 2,856,671 | 2,949,114 | |
| Total | $ 3,288,098 | $ 3,395,969 | |
| Less: accumulated depreciation | (888,717) | (827,501) | |
| Net investment properties | $ 2,399,381 | $ 2,568,468 | |
| Cash and cash equivalents | 517,377 | 389,823 | |
| Restricted cash and escrows | 36,854 | 38,963 | |
| Accounts and rents receivable, net of allowance for doubtful accounts | 28,528 | 8,966 | |
| Intangible assets, net of accumulated amortization | 5,446 | 6,456 | |
| Other assets | 65,109 | 66,927 | |
| Assets held for sale | 34,621 | — | |
| Total assets | $ 3,087,316 | $ 3,079,603 | |
| Liabilities | |||
| Debt, net of loan premiums, discounts and unamortized deferred financing costs | $ 1,494,231 | $ 1,374,480 | |
| Accounts payable and accrued expenses | 84,051 | 62,676 | |
| Other liabilities | 68,648 | 75,584 | |
| Liabilities associated with assets held for sale | 2,305 | — | |
| Total liabilities | $ 1,649,235 | $ 1,512,740 | |
| Commitments and Contingencies | |||
| Stockholders' equity | |||
| Common stock, $0.01 par value, 500,000,000 shares authorized, 114,306,727 and 113,755,513 shares issued and outstanding as of December 31, 2021 and December 31, 2020, respectively | $ 1,143 | $ 1,138 | |
| Additional paid in capital | 2,090,393 | 2,080,364 | |
| Accumulated other comprehensive loss | (4,089) | (14,425) | |
| Accumulated distributions in excess of net earnings | (656,461) | (513,002) | |
| Total Company stockholders' equity | $ 1,430,986 | $ 1,554,075 | |
| Non-controlling interests | 7,095 | 12,788 | |
| Total equity | $ 1,438,081 | $ 1,566,863 | |
| Total liabilities and equity | $ 3,087,316 | $ 3,079,603 | |
| Xenia Hotels & Resorts, Inc. | |||||||
| Consolidated Statements of Operations and Comprehensive (Loss) Income | |||||||
| For the Three Months and Year Ended December 31, 2021 and 2020 | |||||||
| (Unaudited) | |||||||
| ($ amounts in thousands, except per share data) | |||||||
| Three Months Ended December 31, | Year Ended December 31, | ||||||
| 2021 | 2020 | 2021 | 2020 | ||||
| Revenues: | |||||||
| Rooms revenues | $ 116,426 | $ 45,410 | $ 377,020 | $ 217,960 | |||
| Food and beverage revenues | 67,296 | 18,270 | 173,035 | 105,857 | |||
| Other revenues | 19,856 | 11,967 | 66,133 | 45,959 | |||
| Total revenues | $ 203,578 | $ 75,647 | $ 616,188 | $ 369,776 | |||
| Expenses: | |||||||
| Rooms expenses | $ 28,514 | $ 15,527 | $ 93,538 | $ 71,986 | |||
| Food and beverage expenses | 44,699 | 18,036 | 125,233 | 93,487 | |||
| Other direct expenses | 5,265 | 3,233 | 18,258 | 12,996 | |||
| Other indirect expenses | 54,241 | 31,121 | 186,517 | 161,418 | |||
| Management and franchise fees | 7,492 | 2,434 | 22,501 | 11,646 | |||
| Total hotel operating expenses | $ 140,211 | $ 70,351 | $ 446,047 | $ 351,533 | |||
| Depreciation and amortization | 31,112 | 34,851 | 129,393 | 146,511 | |||
| Real estate taxes, personal property taxes and insurance | 9,620 | 11,155 | 40,888 | 50,955 | |||
| Ground lease (abatement) expense | (34) | 428 | 1,153 | 2,031 | |||
| General and administrative expenses | 8,292 | 5,745 | 30,776 | 30,402 | |||
| Gain on business interruption insurance | (486) | — | (1,602) | — | |||
| Acquisition, terminated transaction and pre-opening expenses | 1 | 1 | 1 | 994 | |||
| Impairment and other losses | 16,344 | — | 30,416 | 29,044 | |||
| Total expenses | $ 205,060 | $ 122,531 | $ 677,072 | $ 611,470 | |||
| Operating loss | $ (1,482) | $ (46,884) | $ (60,884) | $ (241,694) | |||
| (Loss) Gain on sale of investment properties | (75) | 93,630 | (75) | 93,630 | |||
| Other income (loss) | 206 | (424) | (2,297) | 28,911 | |||
| Interest expense | (21,486) | (18,373) | (81,285) | (61,975) | |||
| Loss on extinguishment of debt | — | (1,625) | (1,356) | (1,625) | |||
| Net loss (income) before income taxes | $ (22,837) | $ 26,324 | $ (145,897) | $ (182,753) | |||
| Income tax (expense) benefit | (341) | (982) | (718) | 15,867 | |||
| Net (loss) income | $ (23,178) | $ 25,342 | $ (146,615) | $ (166,886) | |||
| Net loss (income) attributable to non-controlling interests | 243 | (1,064) | 3,098 | 3,556 | |||
| Net (loss) income attributable to common stockholders | $ (22,935) | $ 24,278 | $ (143,517) | $ (163,330) | |||
| Xenia Hotels & Resorts, Inc. | |||||||
| Consolidated Statements of Operations and Comprehensive (Loss) Income - Continued | |||||||
| For the Three Months and Year Ended December 31, 2021 and 2020 | |||||||
| (Unaudited) | |||||||
| ($ amounts in thousands, except per share data) | |||||||
| Three Months Ended December 31, | Year Ended December 31, | ||||||
| 2021 | 2020 | 2021 | 2020 | ||||
| Basic and diluted (loss) earnings per share: | |||||||
| Net (loss) income per share available to common stockholders - basic and diluted | $ (0.20) | $ 0.22 | $ (1.26) | $ (1.44) | |||
| Weighted-average number of common shares (basic) | 113,811,052 | 113,731,752 | 113,801,862 | 113,489,015 | |||
| Weighted-average number of common shares (diluted) | 113,811,052 | 114,121,852 | 113,801,862 | 113,489,015 | |||
| Comprehensive Loss (Income): | |||||||
| Net (loss) income | $ (23,178) | $ 25,342 | $ (146,615) | $ (166,886) | |||
| Other comprehensive (loss) income: | |||||||
| Unrealized gain (loss) on interest rate derivative instruments | 601 | 264 | 2,991 | (18,133) | |||
| Reclassification adjustment for amounts recognized in net (loss) income (interest expense) | 1,599 | 2,840 | 7,597 | 7,969 | |||
| $ (20,978) | $ 28,446 | $ (136,027) | $ (177,050) | ||||
| Comprehensive (loss) income attributable to non-controlling interests | 197 | (1,139) | 2,846 | 3,891 | |||
| Comprehensive (loss) income attributable to the Company | $ (20,781) | $ 27,307 | $ (133,181) | $ (173,159) | |||
| Xenia Hotels & Resorts, Inc. | |||||
| Reconciliation of Net (Loss) Income to EBITDA, EBITDAre, Adjusted EBITDAre and Same-Property Hotel EBITDA | |||||
| For the Three Months Ended December 31, 2021, 2020 and 2019 | |||||
| (Unaudited) | |||||
| ($ amounts in thousands) | |||||
| Three Months Ended December 31, | |||||
| 2021 | 2020 | 2019 | |||
| Net (loss) income | $ (23,178) | $ 25,342 | $ 16,086 | ||
| Adjustments: | |||||
| Interest expense | 21,486 | 18,373 | 11,345 | ||
| Income tax expense (benefit) | 341 | 982 | (4,477) | ||
| Depreciation and amortization | 31,112 | 34,851 | 36,367 | ||
| EBITDA | $ 29,761 | $ 79,548 | $ 59,321 | ||
| Impairment of investment properties(1) | 15,827 | — | 9,400 | ||
| Loss (gain) on sale of investment properties | 75 | (93,630) | 947 | ||
| EBITDAre | $ 45,663 | $ (14,082) | $ 69,668 | ||
| Reconciliation to Adjusted EBITDAre | |||||
| Depreciation and amortization related to corporate assets | $ (103) | $ (99) | $ (96) | ||
| Loss on extinguishment of debt | — | 1,625 | — | ||
| Acquisition, terminated transaction and pre-opening expenses | 1 | 1 | 7 | ||
| Amortization of share-based compensation expense | 2,802 | 2,357 | 2,289 | ||
| Non-cash ground rent and straight-line rent expense | 34 | (92) | 126 | ||
| Other non-recurring expenses(2) | 530 | 196 | — | ||
| Adjusted EBITDAre attributable to common stock and unit holders | $ 48,927 | $ (10,094) | $ 71,994 | ||
| Corporate-level costs and expenses | 5,561 | 3,682 | 5,582 | ||
| Pro forma hotel level adjustments, net | 32 | 3,697 | (11,959) | ||
| Other | (390) | — | — | ||
| Same-Property Hotel EBITDA attributable to common stock and unit holders(3) | $ 54,130 | $ (2,715) | $ 65,617 | ||
| 1. | During the quarter ended December 31, 2021, the Company recognized impairment charges of $15.7 million related to Kimpton Hotel Monaco Chicago as a result of the expected sale and wrote off $0.6 million related to previously capitalized design costs for a renovation project that will no longer be completed due to a change of scope. During the quarter ended December 31, 2019, the Company recognized a goodwill impairment charge of $9.4 million attributed to Bohemian Hotel Savannah Riverfront, Autograph Collection. |
| 2. | During the quarter ended December 31, 2021, the Company expensed $0.4 million of storm-related repair and cleanup costs related to two hotels that sustained damage as a result of the Texas winter storms in February 2021 as well as $0.1 million of hurricane-related repair and cleanup costs related to Loews New Orleans Hotel. |
| 3. | See the reconciliation of Total Revenues and Hotel Operating Expenses on a consolidated GAAP basis to Total Same-Property Revenues and Total Same-Property Hotel Operating Expenses and the calculation of Same-Property Hotel EBITDA and Hotel EBITDA Margin for the three months ended December 31, 2021 and 2020 on page 19 and for the three months ended December 31, 2021 and 2019 on page 20. |
| Xenia Hotels & Resorts, Inc. | |||||
| Reconciliation of Net (Loss) Income to EBITDA, EBITDAre, Adjusted EBITDAre and Same-Property Hotel EBITDA | |||||
| For the Year Ended December 31, 2021, 2020 and 2019 | |||||
| (Unaudited) | |||||
| ($ amounts in thousands) | |||||
| Year Ended December 31, | |||||
| 2021 | 2020 | 2019 | |||
| Net (loss) income | $ (146,615) | $ (166,886) | $ 57,243 | ||
| Adjustments: | |||||
| Interest expense | 81,285 | 61,975 | 48,605 | ||
| Income tax expense (benefit) | 718 | (15,867) | 5,367 | ||
| Depreciation and amortization | 129,393 | 146,511 | 155,128 | ||
| EBITDA | $ 64,781 | $ 25,733 | $ 266,343 | ||
| Impairment of investment properties(1) | 28,899 | 29,044 | 24,171 | ||
| Loss (gain) on sale of investment properties | 75 | (93,630) | 947 | ||
| EBITDAre | $ 93,755 | $ (38,853) | $ 291,461 | ||
| Reconciliation to Adjusted EBITDAre | |||||
| Depreciation and amortization related to corporate assets | $ (409) | $ (392) | $ (399) | ||
| Loss on extinguishment of debt | 1,356 | 1,625 | 214 | ||
| Acquisition, terminated transaction and pre-opening expenses | 1 | 994 | 954 | ||
| Amortization of share-based compensation expense(2) | 11,615 | 10,930 | 9,380 | ||
| Non-cash ground rent and straight-line rent expense | 118 | 145 | 508 | ||
| Other income attributed to forfeited deposits recognized from terminated transactions(3) | — | (28,750) | — | ||
| Other non-recurring expenses(4) | 1,622 | 2,568 | — | ||
| Adjusted EBITDAre attributable to common stock and unit holders | $ 108,058 | $ (51,733) | $ 302,118 | ||
| Corporate-level costs and expenses | 22,342 | 20,052 | 22,099 | ||
| Pro forma hotel level adjustments, net | 1,368 | 11,719 | (50,476) | ||
| Other | (1,507) | (280) | (823) | ||
| Same-Property Hotel EBITDA attributable to common stock and unit holders(5) | $ 130,261 | $ (20,242) | $ 272,918 | ||
| 1. | During the year ended December 31, 2021, the Company recognized impairment charges of $12.6 million and $15.7 million related to Marriott Charleston Town Center and Kimpton Hotel Monaco Chicago, respectively as a result of the expected sale and wrote off $0.6 million related to previously capitalized design costs for a renovation project that will no longer be completed due to a change of scope. During the year ended December 31, 2020, the Company recorded an $8.9 million impairment loss related to Renaissance Austin Hotel due to the expected sale. In addition, during the year ended December 31, 2020, the Company recorded goodwill impairments totaling $20.1 million for Andaz Savannah and Bohemian Hotel Savannah Riverfront, Autograph Collection and during the year ended December 31, 2019, the Company recognized an impairment charge of $14.8 million attributed to Marriott Chicago at Medical District/UIC and a goodwill impairment charge of $9.4 million attributed to Bohemian Hotel Savannah Riverfront, Autograph Collection. |
| 2. | During the year ended December 31, 2020, the Company reduced corporate office staffing levels in order to preserve capital over the long-term as a result of the material adverse impact the COVID-19 pandemic has had on results of its operations. As a result during the year ended December 31, 2020, the Company incurred $1.6 million of accelerated amortization of share-based compensation expense. |
| 3. | During the year ended December 31, 2020, the Company recognized other income of $28.8 million as a result of forfeited deposits from terminated transactions. |
| 4. | During the year ended December 31, 2021, the Company recorded estimated hurricane-related repair and cleanup costs of $1.1 million related to the damage sustained at Loews New Orleans Hotel during Hurricane Ida. Additionally, during the year ended December 31, 2021, the Company recorded Texas winter storm-related repair and cleanup costs of $0.4 million at two hotels. For the year ended December 31, 2020, the Company incurred $1.9 million of non-recurring expenses for severance related costs in connection with the reduction in corporate personnel. In addition, during the year ended December 31, 2020, the Company incurred non-recurring legal costs of $0.7 million to amend the terms of its debt. |
| 5. | See the reconciliation of Total Revenues and Total Hotel Operating Expenses on a consolidated GAAP basis to Total Same-Property Revenues and Total Same-Property Hotel Operating Expenses and the calculation of Same-Property Hotel EBITDA and Hotel EBITDA Margin for the years ended December 31, 2021 and 2020 on page 19 and for the years ended December 31, 2021 and 2019 on page 20. |
| Xenia Hotels & Resorts, Inc. | |||||
| Reconciliation of Net (Loss) Income to FFO and Adjusted FFO | |||||
| For the Three Months Ended December 31, 2021, 2020 and 2019 | |||||
| (Unaudited) | |||||
| ($ amounts in thousands) | |||||
| Three Months Ended December 31, | |||||
| 2021 | 2020 | 2019 | |||
| Net (loss) income | $ (23,178) | $ 25,342 | $ 16,086 | ||
| Adjustments: | |||||
| Depreciation and amortization related to investment properties | 31,009 | 34,752 | 36,271 | ||
| Impairment of investment properties(1) | 15,827 | — | 9,400 | ||
| Loss (gain) on sale of investment properties | 75 | (93,630) | 947 | ||
| FFO attributable to common stock and unit holders | $ 23,733 | $ (33,536) | $ 62,704 | ||
| Reconciliation to Adjusted FFO | |||||
| Loss on extinguishment of debt | — | 1,625 | — | ||
| Acquisition, terminated transaction and pre-opening expenses | 1 | 1 | 7 | ||
| Loan related costs, net of adjustment related to non-controlling interests(2) | 1,337 | 1,668 | 623 | ||
| Amortization of share-based compensation expense | 2,802 | 2,357 | 2,289 | ||
| Non-cash ground rent and straight-line rent expense | 34 | (92) | 126 | ||
| Other income attributed to forfeited deposits recognized from terminated transactions | — | — | — | ||
| Other non-recurring expenses(3) | 530 | 196 | — | ||
| Adjusted FFO attributable to common stock and unit holders | $ 28,437 | $ (27,781) | $ 65,749 | ||
| Weighted-average shares outstanding - Diluted(4) | 114,324 | 114,793 | 114,338 | ||
| Adjusted FFO per diluted share | $ 0.25 | $ (0.24) | $ 0.58 | ||
| 1. | During the quarter ended December 31, 2021, the Company recognized impairment charges $15.7 million related to Kimpton Hotel Monaco Chicago as a result of the expected sale and wrote off $0.6 million related to previously capitalized design costs for a renovation project that will no longer be completed due to a change of scope. During the quarter ended December 31, 2019, the Company recognized a goodwill impairment charge of $9.4 million attributed to Bohemian Hotel Savannah Riverfront, Autograph Collection. |
| 2. | Loan related costs includes amortization of debt premiums, discounts and deferred loan origination costs. |
| 3. | During the quarter ended December 31, 2021, the Company expensed $0.4 million of storm-related repair and cleanup costs related to two hotels that sustained damage as a result of the Texas winter storms in February 2021 as well as $0.1 million of hurricane-related repair and cleanup costs related to Loews New Orleans Hotel. |
| 4. | Diluted weighted-average number of shares of common stock outstanding plus the weighted-average vested Operating Partnership units for the respective periods presented in thousands. |
| Xenia Hotels & Resorts, Inc. | |||||
| Reconciliation of Net (Loss) Income to FFO and Adjusted FFO | |||||
| For the Year Ended December 31, 2021, 2020 and 2019 | |||||
| (Unaudited) | |||||
| ($ amounts in thousands) | |||||
| Year Ended December 31, | |||||
| 2021 | 2020 | 2019 | |||
| Net (loss) income | $ (146,615) | $ (166,886) | $ 57,243 | ||
| Adjustments: | |||||
| Depreciation and amortization related to investment properties | 128,984 | 146,119 | 154,729 | ||
| Impairment of investment properties(1) | 28,899 | 29,044 | 24,171 | ||
| Loss (gain) on sale of investment properties | 75 | (93,630) | 947 | ||
| FFO attributable to common stock and unit holders | $ 11,343 | $ (85,353) | $ 237,090 | ||
| Reconciliation to Adjusted FFO | |||||
| Loss on extinguishment of debt | 1,356 | 1,625 | 214 | ||
| Acquisition, terminated transaction and pre-opening expenses | 1 | 994 | 954 | ||
| Loan related costs, net of adjustment related to non-controlling interests(2) | 5,952 | 3,874 | 2,452 | ||
| Amortization of share-based compensation expense(3) | 11,615 | 10,930 | 9,380 | ||
| Non-cash ground rent and straight-line rent expense | 118 | 145 | 508 | ||
| Other income attributed to forfeited deposits recognized from terminated transactions(4) | — | (28,750) | — | ||
| Other non-recurring expenses(5) | 1,622 | 2,568 | — | ||
| Adjusted FFO attributable to common stock and unit holders | $ 32,007 | $ (93,967) | $ 250,598 | ||
| Weighted-average shares outstanding - Diluted(6) | 114,532 | 114,403 | 114,296 | ||
| Adjusted FFO per diluted share | $ 0.28 | $ (0.82) | $ 2.19 | ||
| 1. | During the year ended December 31, 2021, the Company recognized impairment charges of $12.6 million and $15.7 million related to Marriott Charleston Town Center and Kimpton Hotel Monaco Chicago, respectively, as a result of the expected sale and wrote off $0.6 million related to previously capitalized design costs for a renovation project that will no longer be completed due to a change of scope. During the year ended December 31, 2020, the Company recorded an $8.9 million impairment loss related to Renaissance Austin Hotel due to the expected sale. In addition, during the year ended December 31, 2020, the Company recorded goodwill impairments totaling $20.1 million for Andaz Savannah and Bohemian Hotel Savannah Riverfront, Autograph Collection. During the year ended December 31, 2019, the Company recognized an impairment charge of $14.8 million attributed to Marriott Chicago at Medical District/UIC and a goodwill impairment charge of $9.4 million attributed to Bohemian Hotel Savannah Riverfront, Autograph Collection. |
| 2. | Loan related costs included amortization of debt premiums, discounts and deferred loan origination costs. |
| 3. | During the year ended December 31, 2020, the Company reduced its corporate office staffing levels in order to preserve capital over the long-term as a result of the material adverse impact the COVID-19 pandemic has had on results of its operations. As a result during the year ended December 31, 2020, the Company incurred $1.6 million of accelerated amortization of share-based compensation expense. |
| 4. | During the year ended December 31, 2020, the Company recognized other income of $28.8 million as a result of forfeited deposits from terminated transactions. |
| 5. | During the year ended December 31, 2021, the Company recorded estimated hurricane-related repair and cleanup costs of $1.1 million related to the damage sustained at Loews New Orleans Hotel during Hurricane Ida. Additionally, during the year ended December 31, 2021, the Company recorded Texas winter storm-related repair and cleanup costs of $0.4 million at two hotels. For the year ended December 31, 2020,the Company incurred $1.9 million of non-recurring expenses for severance related costs in connection with the reduction in corporate personnel. In addition, during the year ended December 31, 2020, the Company incurred non-recurring legal costs of $0.7 million to amend the terms of its debt. |
| 6. | Diluted weighted-average number of shares of common stock outstanding plus the weighted-average vested Operating Partnership units for the respective periods presented in thousands. |
| Xenia Hotels & Resorts, Inc. | |||||||
| Debt Summary as of December 31, 2021 | |||||||
| ($ amounts in thousands) | |||||||
| Rate Type | Rate(1) | Maturity Date | Outstanding as of December 31, 2021 | ||||
| Mortgage Loans | |||||||
| Renaissance Atlanta Waverly Hotel & Convention Center | Fixed(2) | 4.45 % | August 2024 | $ 100,000 | |||
| Andaz Napa | Partially Fixed (3) | 2.78 % | September 2024 | 55,640 | |||
| The Ritz-Carlton, Pentagon City (4) | Fixed(5) | 5.47 % | January 2025 | 65,000 | |||
| Grand Bohemian Hotel Orlando, Autograph Collection | Fixed | 4.53 % | March 2026 | 56,796 | |||
| Marriott San Francisco Airport Waterfront | Fixed | 4.63 % | May 2027 | 112,102 | |||
| Total Mortgage Loans | 4.44 % | (6) | $ 389,538 | ||||
| Corporate Credit Facilities | |||||||
| Revolving Credit Facility(7) | Variable | 2.93 % | February 2024 | — | |||
| Corporate Credit Facility Term Loan | Partially Fixed(8) | 3.92 % | September 2024 | 125,000 | |||
| Total Corporate Credit Facilities | $ 125,000 | ||||||
| 2020 Senior Notes | Fixed | 6.38 % | August 2025 | 500,000 | |||
| 2021 Senior Notes | Fixed | 4.88 % | June 2029 | 500,000 | |||
| Loan premiums, discounts and unamortized deferred financing costs, net(9) | (20,307) | ||||||
| Total Debt, net of loan premiums, discounts and unamortized deferred financing costs | 5.18 % | (6) | $ 1,494,231 | ||||
| 1. | The rates shown represent the annual interest rates as of December 31, 2021. The variable index for secured mortgage loans is one-month LIBOR or daily SOFR and the variable index for corporate credit facilities reflects a 25 basis point LIBOR floor which is applicable for the value of all corporate credit facilities not subject to an interest rate hedge. |
| 2. | A variable interest loan for which the interest rate has been fixed through October 2022, after which the rate reverts to variable. |
| 3. | A variable interest loan for which the interest rate has been fixed on $25 million of the balance through October 2022, after which the rate reverts to variable. |
| 4. | Loan was paid off in January 2022. |
| 5. | A variable interest loan for which the interest rate has been fixed through January 2023. |
| 6. | Weighted-average interest rate as of December 31, 2021. |
| 7. | The Revolving Credit Facility had undrawn capacity of $523 million through February 2022, after which undrawn capacity decreased to $450 million through February 2024. |
| 8. | A variable interest loan for which LIBOR has been fixed through September 2022. The spread to LIBOR may vary, as it is determined by the Company's leverage ratio. The applicable interest rate has been set to the highest level of grid-based pricing during the covenant waiver period. |
| 9. | Includes loan premiums, discounts and deferred financing costs, net of accumulated amortization. |
| Xenia Hotels & Resorts, Inc. | ||||||||||||
| Same-Property(1) Hotel EBITDA and Hotel EBITDA Margin | ||||||||||||
| For the Three Months and Year Ended December 31, 2021 and 2020 | ||||||||||||
| ($ amounts in thousands) | ||||||||||||
| Three Months Ended December 31, | Year Ended December 31, | |||||||||||
| 2021 | 2020 | Change | 2021 | 2020 | Change | |||||||
| Same-Property Occupancy(1) | 56.4 % | 28.2 % | 2,820 bps | 49.7 % | 28.5 % | 2,120 bps | ||||||
| Same-Property Average Daily Rate(1) | $ 241.11 | $ 184.53 | 30.7% | $ 222.94 | $ 205.76 | 8.3% | ||||||
| Same-Property RevPAR(1) | $ 136.01 | $ 52.05 | 161.3% | $ 110.80 | $ 58.67 | 88.9% | ||||||
| Same-Property Revenues(1): | ||||||||||||
| Rooms revenues | $ 113,357 | $ 43,387 | 161.3% | $ 366,360 | $ 194,562 | 88.3% | ||||||
| Food and beverage revenues | 66,074 | 17,937 | 268.4% | 170,098 | 98,607 | 72.5% | ||||||
| Other revenues | 19,607 | 11,601 | 69.0% | 65,172 | 42,643 | 52.8% | ||||||
| Total Same-Property revenues | $ 199,038 | $ 72,925 | 172.9% | $ 601,630 | $ 335,812 | 79.2% | ||||||
| Same-Property Expenses(1): | ||||||||||||
| Rooms expenses | $ 27,491 | $ 14,448 | 90.3% | $ 90,115 | $ 62,890 | 43.3% | ||||||
| Food and beverage expenses | 43,780 | 17,282 | 153.3% | 122,647 | 86,166 | 42.3% | ||||||
| Other direct expenses | 5,253 | 3,174 | 65.5% | 18,162 | 12,332 | 47.3% | ||||||
| Other indirect expenses | 51,729 | 28,218 | 83.3% | 177,122 | 139,693 | 26.8% | ||||||
| Management and franchise fees | 7,355 | 2,316 | 217.6% | 22,063 | 10,102 | 118.4% | ||||||
| Real estate taxes, personal property taxes and insurance | 9,339 | 9,823 | (4.9)% | 40,181 | 43,183 | (7.0)% | ||||||
| Ground lease (abatement) expense | (39) | 379 | (110.3)% | 1,079 | 1,688 | (36.1)% | ||||||
| Total Same-Property hotel operating expenses | $ 144,908 | $ 75,640 | 91.6% | $ 471,369 | $ 356,054 | 32.4% | ||||||
| Same-Property Hotel EBITDA(1) | $ 54,130 | $ (2,715) | 2,093.7% | $ 130,261 | $ (20,242) | 743.5% | ||||||
| Same-Property Hotel EBITDA Margin(1) | 27.2 % | (3.7) % | 3,092 bps | 21.7 % | (6.0) % | 2,768 bps | ||||||
| 1. | "Same-Property" includes all hotels owned as of December 31, 2021, except for Hyatt Regency Portland at the Oregon Convention Center. Includes hotels that had temporarily suspended operations for a portion of the three months and year ended December 31, 2020. "Same-Property" also includes disruption from the COVID-19 pandemic in 2021 and 2020 results and 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 and year ended December 31, 2021 and 2020, and excludes the NOI guaranty payment at Andaz San Diego: |
| Three Months Ended December 31, | Year Ended December 31, | |||||||
| 2021 | 2020 | 2021 | 2020 | |||||
| Total Revenues - GAAP | $ 203,578 | $ 75,647 | $ 616,188 | $ 369,776 | ||||
| Total revenues from sold hotels | (1,192) | (2,702) | (6,971) | (30,380) | ||||
| Pro forma other revenues adjustments | (3,348) | (20) | (7,587) | (3,584) | ||||
| Total Same-Property Revenues | $ 199,038 | $ 72,925 | $ 601,630 | $ 335,812 | ||||
| Total Hotel Operating Expenses - GAAP | $ 140,211 | $ 70,351 | $ 446,047 | $ 351,533 | ||||
| Real estate taxes, personal property taxes and insurance | 9,620 | 11,155 | 40,888 | 50,955 | ||||
| Ground lease (abatement) expense, net(a) | (39) | 379 | 1,079 | 1,688 | ||||
| Other income | (65) | (64) | (259) | (257) | ||||
| Corporate-level costs and expenses | (285) | 270 | (668) | (372) | ||||
| Pro forma hotel level adjustments, net(b) | (4,534) | (6,451) | (15,718) | (47,493) | ||||
| Total Same-Property Hotel Operating Expenses | $ 144,908 | $ 75,640 | $ 471,369 | $ 356,054 | ||||
| a. | Excludes non-cash ground rent expense. |
| b. | Includes adjustments for hotel expenses from sold hotels and for Hyatt Regency Portland at the Oregon Convention Center, which is not included in Same-Property amounts. |
| Xenia Hotels & Resorts, Inc. | ||||||||||||
| Same-Property(1) Hotel EBITDA and Hotel EBITDA Margin | ||||||||||||
| For the Three Months and Year Ended December 31, 2021 and 2019 | ||||||||||||
| ($ amounts in thousands) | ||||||||||||
| Three Months Ended December 31, | Year Ended December 31, | |||||||||||
| 2021 | 2019 | Change | 2021 | 2019 | Change | |||||||
| Same-Property Occupancy(1) | 56.4 % | 73.3 % | (1,690) bps | 49.7 % | 76.5 % | (2,680) bps | ||||||
| Same-Property Average Daily Rate(1) | $ 241.11 | $ 225.05 | 7.1% | $ 222.94 | $ 227.24 | (1.9)% | ||||||
| Same-Property RevPAR(1) | $ 136.01 | $ 164.91 | (17.5)% | $ 110.80 | $ 173.83 | (36.3)% | ||||||
| Same-Property Revenues(1): | ||||||||||||
| Rooms revenues | $ 113,357 | $ 137,454 | (17.5)% | $ 366,360 | $ 574,824 | (36.3)% | ||||||
| Food and beverage revenues | 66,074 | 88,643 | (25.5)% | 170,098 | 340,240 | (50.0)% | ||||||
| Other revenues | 19,607 | 18,019 | 8.8% | 65,172 | 70,662 | (7.8)% | ||||||
| Total Same-Property revenues | $ 199,038 | $ 244,116 | (18.5)% | $ 601,630 | $ 985,726 | (39.0)% | ||||||
| Same-Property Expenses(1): | ||||||||||||
| Rooms expenses | $ 27,491 | $ 33,620 | (18.2)% | $ 90,115 | $ 138,036 | (34.7)% | ||||||
| Food and beverage expenses | 43,780 | 57,154 | (23.4)% | 122,647 | 223,383 | (45.1)% | ||||||
| Other direct expenses | 5,253 | 6,522 | (19.5)% | 18,162 | 26,003 | (30.2)% | ||||||
| Other indirect expenses | 51,729 | 60,021 | (13.8)% | 177,122 | 240,608 | (26.4)% | ||||||
| Management and franchise fees | 7,355 | 9,710 | (24.3)% | 22,063 | 38,468 | (42.6)% | ||||||
| Real estate taxes, personal property taxes and insurance | 9,339 | 10,534 | (11.3)% | 40,181 | 42,494 | (5.4)% | ||||||
| Ground lease (abatement) expense | (39) | 938 | (104.2)% | 1,079 | 3,816 | (71.7)% | ||||||
| Total Same-Property hotel operating expenses | $ 144,908 | $ 178,499 | (18.8)% | $ 471,369 | $ 712,808 | (33.9)% | ||||||
| Same-Property Hotel EBITDA(1) | $ 54,130 | $ 65,617 | (17.5)% | $ 130,261 | $ 272,918 | (52.3)% | ||||||
| Same-Property Hotel EBITDA Margin(1) | 27.2 % | 26.9 % | 32 bps | 21.7 % | 27.7 % | (604) bps | ||||||
| 1. | "Same-Property" includes all hotels owned as of December 31, 2021, except for Hyatt Regency Portland at the Oregon Convention Center. Includes disruption from the COVID-19 pandemic in 2021 results and 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 year ended December 31, 2021 and 2019: |
| Three Months Ended December 31, | Year Ended December 31, | |||||||
| 2021 | 2019 | 2021 | 2019 | |||||
| Total Revenues - GAAP | $ 203,578 | $ 282,185 | $ 616,188 | $ 1,149,087 | ||||
| Total revenues from sold hotels | (1,192) | (37,970) | (6,971) | (163,262) | ||||
| Pro forma other revenues adjustments | (3,348) | (99) | (7,587) | (99) | ||||
| Total Same-Property Revenues | $ 199,038 | $ 244,116 | $ 601,630 | $ 985,726 | ||||
| Total Hotel Operating Expenses - GAAP | $ 140,211 | $ 192,805 | $ 446,047 | $ 772,857 | ||||
| Real estate taxes, personal property taxes and insurance | 9,620 | 11,216 | 40,888 | 50,184 | ||||
| Ground lease (abatement) expense, net(a) | (39) | 938 | 1,079 | 3,816 | ||||
| Other income | (65) | (60) | (259) | (267) | ||||
| Pre-opening expenses | — | — | — | 277 | ||||
| Corporate-level costs and expenses | (285) | (289) | (668) | (1,297) | ||||
| Pro forma hotel level adjustments, net(b) | (4,534) | (26,111) | (15,718) | (112,762) | ||||
| Total Same-Property Hotel Operating Expenses | $ 144,908 | $ 178,499 | $ 471,369 | $ 712,808 | ||||
| a. | Excludes non-cash ground rent expense. |
| b. | Includes adjustments for hotel expenses from sold hotels and for Hyatt Regency Portland at the Oregon Convention Center, which is not included in Same-Property amounts. |
| Xenia Hotels & Resorts, Inc. | |||||
| Same-Property(1) Portfolio Data by Top Markets | |||||
| Market(2) | % of 2021 Hotel EBITDA | Number of Hotels | Number of Rooms | ||
| Phoenix, AZ | 16% | 2 | 612 | ||
| Orlando, FL | 15% | 3 | 1,141 | ||
| Houston, TX | 13% | 3 | 1,220 | ||
| Florida Keys, FL | 10% | 1 | 120 | ||
| Atlanta, GA | 8% | 2 | 649 | ||
| San Diego, CA | 6% | 2 | 486 | ||
| Savannah, GA | 5% | 2 | 226 | ||
| California North, CA(3) | 5% | 1 | 141 | ||
| Denver, CO | 5% | 2 | 391 | ||
| Dallas, TX | 4% | 2 | 961 | ||
| Other | 13% | 13 | 3,112 | ||
| Same-Property(1) | 100% | 33 | 9,059 | ||
| Hyatt Regency Portland at the Oregon Convention Center | 1 | 600 | |||
| Total Portfolio | 34 | 9,659 | |||
| Market(2) | % of 2019 Hotel EBITDA | Number of Hotels | Number of Rooms | ||
| Houston, TX | 12% | 3 | 1,220 | ||
| Orlando, FL | 12% | 3 | 1,141 | ||
| Phoenix, AZ | 11% | 2 | 612 | ||
| Dallas, TX | 9% | 2 | 961 | ||
| San Francisco/San Mateo, CA | 9% | 1 | 688 | ||
| San Jose/Santa Cruz, CA | 7% | 1 | 505 | ||
| Atlanta, GA | 6% | 2 | 649 | ||
| San Diego, CA | 5% | 2 | 486 | ||
| Denver, CO | 4% | 2 | 391 | ||
| Washington, DC-MD-VA | 4% | 2 | 472 | ||
| Other | 21% | 13 | 1,934 | ||
| Same-Property(1) | 100% | 33 | 9,059 | ||
| Hyatt Regency Portland at the Oregon Convention Center | 1 | 600 | |||
| Total Portfolio | 34 | 9,659 |
| 1. | "Same-Property" includes all hotels owned as of December 31, 2021, except for Hyatt Regency Portland at the Oregon Convention Center. |
| 2. | As defined by STR, Inc. |
| 3. | Reflects Andaz Napa. |
| Xenia Hotels & Resorts, Inc. | |||||||||
| Same-Property(1) Portfolio Data by Top Markets (2021) | |||||||||
| For the Three Months and Year Ended December 31, 2021 and 2019 | |||||||||
| Three Months Ended | Three Months Ended | ||||||||
| December 31, 2021 | December 31, 2019 | % Change | |||||||
| Occupancy | ADR | RevPAR | Occupancy | ADR | RevPAR | RevPAR | |||
| Market(2) | |||||||||
| Phoenix | 56.9 % | $ 361.92 | $ 205.79 | 68.9 % | $ 282.53 | $ 194.62 | 5.7 % | ||
| Orlando | 65.5 % | 206.30 | 135.17 | 78.5 % | 195.26 | 153.28 | (11.8) % | ||
| Houston | 50.7 % | 203.08 | 102.86 | 69.9 % | 174.06 | 121.74 | (15.5) % | ||
| Florida Keys | 85.7 % | 595.02 | 509.92 | 89.4 % | 397.55 | 355.27 | 43.5 % | ||
| Atlanta | 50.1 % | 229.52 | 114.89 | 67.7 % | 198.93 | 134.61 | (14.6) % | ||
| San Diego | 52.4 % | 343.65 | 180.03 | 61.2 % | 228.62 | 139.89 | 28.7 % | ||
| Savannah | 79.9 % | 260.89 | 208.39 | 78.0 % | 221.14 | 172.42 | 20.9 % | ||
| California North(3) | 75.9 % | 420.11 | 318.77 | 85.2 % | 312.51 | 266.14 | 19.8 % | ||
| Denver | 50.9 % | 266.50 | 135.56 | 71.1 % | 265.30 | 188.62 | (28.1) % | ||
| Dallas | 55.4 % | 155.43 | 86.16 | 64.2 % | 187.68 | 120.56 | (28.5) % | ||
| Other | 54.5 % | 221.42 | 120.62 | 78.1 % | 241.48 | 188.71 | (36.1) % | ||
| Total | 56.4 % | $ 241.11 | $ 136.01 | 73.3 % | $ 225.05 | $ 164.91 | (17.5) % | ||
| Year Ended | Year Ended | ||||||||
| December 31, 2021 | December 31, 2019 | % Change | |||||||
| Occupancy | ADR | RevPAR | Occupancy | ADR | RevPAR | RevPAR | |||
| Market(2) | |||||||||
| Phoenix | 49.2 % | $ 323.48 | $ 159.07 | 72.9 % | $ 278.33 | $ 203.02 | (21.6) % | ||
| Orlando | 56.8 % | 182.91 | 103.81 | 77.8 % | 194.64 | 151.42 | (31.4) % | ||
| Houston | 50.7 % | 182.77 | 92.67 | 71.2 % | 177.67 | 126.58 | (26.8) % | ||
| Florida Keys | 85.7 % | 535.03 | 458.77 | 88.5 % | 392.94 | 347.80 | 31.9 % | ||
| Atlanta | 48.7 % | 205.56 | 100.14 | 75.1 % | 197.98 | 148.77 | (32.7) % | ||
| San Diego | 40.8 % | 362.53 | 147.81 | 71.5 % | 257.94 | 184.35 | (19.8) % | ||
| Savannah | 77.1 % | 238.65 | 184.01 | 79.8 % | 224.29 | 179.09 | 2.7 % | ||
| California North(3) | 67.1 % | 371.99 | 249.56 | 84.6 % | 324.55 | 274.44 | (9.1) % | ||
| Denver | 53.4 % | 264.19 | 141.15 | 78.6 % | 268.79 | 211.37 | (33.2) % | ||
| Dallas | 45.2 % | 133.94 | 60.51 | 69.1 % | 188.85 | 130.55 | (53.6) % | ||
| Other | 45.2 % | 208.30 | 94.11 | 80.8 % | 241.91 | 195.39 | (51.8) % | ||
| Total | 49.7 % | $ 222.94 | $ 110.80 | 76.5 % | $ 227.24 | $ 173.83 | (36.3) % | ||
| 1. | "Same-Property" includes all hotels owned as of December 31, 2021, except for Hyatt Regency Portland at the Oregon Convention Center. |
| 2. | As defined by STR, Inc. |
| 3. | Reflects Andaz Napa. |
| Xenia Hotels & Resorts, Inc. | |||||||||
| Same-Property(1) Portfolio Data by Top Markets (2019) | |||||||||
| For the Three Months and Year Ended December 31, 2021 and 2019 | |||||||||
| Three Months Ended | Three Months Ended | ||||||||
| December 31, 2021 | December 31, 2019 | % Change | |||||||
| Occupancy | ADR | RevPAR | Occupancy | ADR | RevPAR | RevPAR | |||
| Market(2) | |||||||||
| Houston, TX | 50.7 % | $ 203.08 | $ 102.86 | 69.9 % | $ 174.06 | $ 121.74 | (15.5) % | ||
| Orlando, FL | 65.5 % | 206.30 | 135.17 | 78.5 % | 195.26 | 153.28 | (11.8) % | ||
| Phoenix, AZ | 56.9 % | 361.92 | 205.79 | 68.9 % | 282.53 | 194.62 | 5.7 % | ||
| Dallas, TX | 55.4 % | 155.43 | 86.16 | 64.2 % | 187.68 | 120.56 | (28.5) % | ||
| San Francisco/San Mateo, CA | 58.0 % | 156.06 | 90.46 | 84.9 % | 242.91 | 206.16 | (56.1) % | ||
| San Jose-Santa Cruz, CA | 44.0 % | 179.07 | 78.81 | 78.7 % | 246.62 | 194.13 | (59.4) % | ||
| Atlanta, GA | 50.1 % | 229.52 | 114.89 | 67.7 % | 198.93 | 134.61 | (14.6) % | ||
| San Diego, CA | 52.4 % | 343.65 | 180.03 | 61.2 % | 228.62 | 139.89 | 28.7 % | ||
| Denver, CO | 50.9 % | 266.50 | 135.56 | 71.1 % | 265.30 | 188.62 | (28.1) % | ||
| Washington, DC-MD-VA | 51.1 % | 229.81 | 117.55 | 75.0 % | 252.03 | 188.94 | (37.8) % | ||
| Other | 63.2 % | 303.38 | 191.88 | 77.6 % | 251.52 | 195.11 | (1.7) % | ||
| Total | 56.4 % | $ 241.11 | $ 136.01 | 73.3 % | $ 225.05 | $ 164.91 | (17.5) % | ||
| Year Ended | Year Ended | ||||||||
| December 31, 2021 | December 31, 2019 | % Change | |||||||
| Occupancy | ADR | RevPAR | Occupancy | ADR | RevPAR | RevPAR | |||
| Market(2) | |||||||||
| Houston, TX | 50.7 % | $ 182.77 | $ 92.67 | 71.2 % | $ 177.67 | $ 126.58 | (26.8) % | ||
| Orlando, FL | 56.8 % | 182.91 | 103.81 | 77.8 % | 194.64 | 151.42 | (31.4) % | ||
| Phoenix, AZ | 49.2 % | 323.48 | 159.07 | 72.9 % | 278.33 | 203.02 | (21.6) % | ||
| Dallas, TX | 45.2 % | 133.94 | 60.51 | 69.1 % | 188.85 | 130.55 | (53.6) % | ||
| San Francisco/San Mateo, CA | 42.2 % | 151.35 | 63.84 | 91.0 % | 244.08 | 222.13 | (71.3) % | ||
| San Jose-Santa Cruz, CA | 29.0 % | 146.09 | 42.39 | 81.9 % | 256.87 | 210.38 | (79.9) % | ||
| Atlanta, GA | 48.7 % | 205.56 | 100.14 | 75.1 % | 197.98 | 148.77 | (32.7) % | ||
| San Diego, CA | 40.8 % | 362.53 | 147.81 | 71.5 % | 257.94 | 184.35 | (19.8) % | ||
| Denver, CO | 53.4 % | 264.19 | 141.15 | 78.6 % | 268.79 | 211.37 | (33.2) % | ||
| Washington, DC-MD-VA | 46.7 % | 210.79 | 98.54 | 77.5 % | 238.71 | 184.95 | (46.7) % | ||
| Other | 57.9 % | 279.25 | 161.77 | 78.3 % | 252.69 | 197.83 | (18.2) % | ||
| Total | 49.7 % | $ 222.94 | $ 110.80 | 76.5 % | $ 227.24 | $ 173.83 | (36.3) % | ||
| 1. | "Same-Property" includes all hotels owned as of December 31, 2021, except for Hyatt Regency Portland at the Oregon Convention Center. |
| 2. | As defined by STR, Inc. |
| Xenia Hotels & Resorts, Inc. | ||||||||||
| Same-Property(1) Historical Operating Data | ||||||||||
| ($ amounts in thousands, except ADR and RevPAR) | ||||||||||
| First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Full Year | ||||||
| 2021 | 2021 | 2021 | 2021 | 2021 | ||||||
| Occupancy | 35.2 % | 51.5 % | 55.4 % | 56.4 % | 49.7 % | |||||
| ADR | $ 191.05 | $ 218.86 | $ 228.00 | $ 241.11 | $ 222.94 | |||||
| RevPAR | $ 67.23 | $ 112.64 | $ 126.39 | $ 136.01 | $ 110.80 | |||||
| Hotel Revenues | $ 86,788 | $ 148,838 | $ 166,966 | $ 199,038 | $ 601,630 | |||||
| Hotel EBITDA | $ 387 | $ 35,804 | $ 39,941 | $ 54,130 | $ 130,261 | |||||
| Hotel EBITDA Margin | 0.5 % | 24.1 % | 23.9 % | 27.2 % | 21.7 % | |||||
| First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Full Year | ||||||
| 2020 | 2020 | 2020 | 2020 | 2020 | ||||||
| Occupancy | 57.3 % | 3.9 % | 24.6 % | 28.2 % | 28.5 % | |||||
| ADR | $ 231.31 | $ 186.13 | $ 174.31 | $ 184.53 | $ 205.76 | |||||
| RevPAR | $ 132.65 | $ 7.35 | $ 42.90 | $ 52.05 | $ 58.67 | |||||
| Hotel Revenues | $ 192,254 | $ 13,749 | $ 56,883 | $ 72,925 | $ 335,812 | |||||
| Hotel EBITDA | $ 31,255 | $ (34,716) | $ (14,065) | $ (2,715) | $ (20,242) | |||||
| Hotel EBITDA Margin | 16.4 % | (252.5) % | (24.7) % | (3.7) % | (6.0) % |
| First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Full Year | ||||||
| 2019 | 2019 | 2019 | 2019 | 2019 | ||||||
| Occupancy | 76.5 % | 79.8 % | 76.4 % | 73.3 % | 76.5 % | |||||
| ADR | $ 239.39 | $ 230.02 | $ 214.56 | $ 225.05 | $ 227.24 | |||||
| RevPAR | $ 183.24 | $ 183.52 | $ 163.95 | $ 164.91 | $ 173.83 | |||||
| Hotel Revenues | $ 260,583 | $ 257,067 | $ 223,960 | $ 244,116 | $ 985,726 | |||||
| Hotel EBITDA | $ 78,092 | $ 76,537 | $ 52,670 | $ 65,617 | $ 272,918 | |||||
| Hotel EBITDA Margin | 30.0 % | 29.8 % | 23.5 % | 26.9 % | 27.7 % |
| 1. | "Same-Property" includes all hotels owned as of December 31, 2021, except for Hyatt Regency Portland at the Oregon Convention Center. Includes hotels that had temporarily suspended operations for a portion of the year ended December 31, 2020, as if all hotels rooms were available for sale. "Same-Property" also includes renovation disruption for multiple capital projects during the periods presented and disruption from the COVID-19 pandemic in 2021 and 2020, and excludes the NOI guaranty payment at Andaz San Diego. |
| Xenia Hotels & Resorts, Inc. | ||||||||||
| Current Same-Property(1) Historical Operating Data | ||||||||||
| ($ amounts in thousands, except ADR and RevPAR) | ||||||||||
| First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Full Year | ||||||
| 2021 | 2021 | 2021 | 2021 | 2021 | ||||||
| Occupancy | 35.5 % | 51.7 % | 55.4 % | 56.4 % | 49.8 % | |||||
| ADR | $ 192.07 | $ 219.90 | $ 227.97 | $ 241.82 | $ 223.53 | |||||
| RevPAR | $ 68.13 | $ 113.62 | $ 126.35 | $ 136.31 | $ 111.33 | |||||
| Hotel Revenues | $ 86,246 | $ 147,334 | $ 163,978 | $ 196,178 | $ 593,736 | |||||
| Hotel EBITDA | $ 1,254 | $ 36,103 | $ 39,569 | $ 53,918 | $ 130,844 | |||||
| Hotel EBITDA Margin | 1.5 % | 24.5 % | 24.1 % | 27.5 % | 22.0 % | |||||
| First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Full Year | ||||||
| 2020 | 2020 | 2020 | 2020 | 2020 | ||||||
| Occupancy | 57.6 % | 3.9 % | 24.6 % | 28.5 % | 28.6 % | |||||
| ADR | $ 232.71 | $ 188.48 | $ 175.51 | $ 185.37 | $ 207.04 | |||||
| RevPAR | $ 134.13 | $ 7.32 | $ 43.14 | $ 52.77 | $ 59.28 | |||||
| Hotel Revenues | $ 190,389 | $ 13,594 | $ 56,215 | $ 72,515 | $ 332,714 | |||||
| Hotel EBITDA | $ 32,285 | $ (33,901) | $ (13,269) | $ (2,249) | $ (17,134) | |||||
| Hotel EBITDA Margin | 17.1 % | (249.4) % | (23.6) % | (3.1) % | (5.2) % |
| First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Full Year | ||||||
| 2019 | 2019 | 2019 | 2019 | 2019 | ||||||
| Occupancy | 77.2 % | 79.8 % | 76.2 % | 73.3 % | 76.6 % | |||||
| ADR | $ 240.59 | $ 229.57 | $ 214.29 | $ 225.25 | $ 227.44 | |||||
| RevPAR | $ 185.82 | $ 183.11 | $ 163.28 | $ 165.01 | $ 174.22 | |||||
| Hotel Revenues | $ 258,796 | $ 252,207 | $ 219,217 | $ 239,980 | $ 970,200 | |||||
| Hotel EBITDA | $ 79,140 | $ 75,233 | $ 51,481 | $ 64,904 | $ 270,759 | |||||
| Hotel EBITDA Margin | 30.6 % | 29.8 % | 23.5 % | 27.1 % | 27.9 % |
| 1. | "Current Same-Property" reflects all hotels owned as of March 1, 2022 (Kimpton Hotel Monaco Chicago was sold in January 2022), except for Hyatt Regency Portland at the Oregon Convention Center. Includes hotels that had temporarily suspended operations for a portion of the year ended December 31, 2020, as if all hotels rooms were available for sale. "Current Same-Property" also includes renovation disruption for multiple capital projects during the periods presented and disruption from the COVID-19 pandemic in 2021 and 2020, and excludes the NOI guaranty payment at Andaz San Diego. |
Operations Update
The following includes Current Same-Property operating information for 2021 and January 2022:
| Current Same-Property(1) Portfolio (32 Hotels / 8,868 Rooms) | vs 2019 | |||||||
| 2021 | Occupancy (%) | ADR ($) | RevPAR ($) | Occupancy change in bps | ADR % change | RevPAR % change | ||
| January | 25.1 | 172.93 | 43.46 | (4,537) | (25.0) | (73.3) | ||
| February | 35.0 | 187.10 | 65.47 | (4,478) | (23.3) | (66.3) | ||
| March | 46.2 | 205.87 | 95.21 | (3,542) | (16.4) | (52.7) | ||
| 1st Quarter | 35.5 | 192.07 | 68.13 | (4,176) | (20.2) | (63.3) | ||
| April | 49.5 | 220.88 | 109.40 | (3,230) | (6.9) | (43.6) | ||
| May | 49.9 | 221.37 | 110.45 | (2,821) | (5.8) | (39.8) | ||
| June | 55.6 | 217.67 | 121.10 | (2,376) | 0.6 | (29.5) | ||
| 2nd Quarter | 51.7 | 219.90 | 113.62 | (2,809) | (4.2) | (38.0) | ||
| July | 59.3 | 228.25 | 135.33 | (1,894) | 9.2 | (17.3) | ||
| August | 52.3 | 221.60 | 115.91 | (2,390) | 6.9 | (26.6) | ||
| September | 54.7 | 233.96 | 127.87 | (1,943) | 2.8 | (24.1) | ||
| 3rd Quarter | 55.4 | 227.97 | 126.35 | (2,077) | 6.4 | (22.6) | ||
| October | 58.6 | 248.45 | 145.52 | (2,207) | 2.4 | (25.6) | ||
| November | 58.5 | 238.97 | 139.88 | (1,547) | 6.9 | (15.4) | ||
| December | 52.1 | 237.48 | 123.64 | (1,309) | 15.5 | (7.7) | ||
| 4th Quarter | 56.4 | 241.82 | 136.31 | (1,689) | 7.4 | (17.4) | ||
| FY 2021 | 49.8 | 223.53 | 111.33 | (2,679) | (1.7) | (36.1) | ||
| 2022 | ||||||||
| January | 44.1 | 233.41 | 102.92 | (2,640) | 1.2 | (36.7) | ||
| 1. | "Current Same-Property" reflects all hotels owned as of March 1, 2022 (Kimpton Hotel Monaco Chicago was sold in January 2022), except for Hyatt Regency Portland at the Oregon Convention Center. "Current Same-Property" also includes renovation disruption for multiple capital projects during the periods presented and disruption from the COVID-19 pandemic in 2021. |
| Xenia Hotels & Resorts, Inc. | |||||||||||||||
| Statistical Data by Property | |||||||||||||||
| For the Year Ended December 31, 2021 and 2019 | |||||||||||||||
| December 31, 2021 | December 31, 2019 | ||||||||||||||
| Occupancy | ADR | RevPAR | Occupancy | ADR | RevPAR | RevPAR Change | |||||||||
| Andaz Napa | 67.1 % | $ 371.99 | $ 249.56 | 84.6 % | $ 324.55 | $ 274.44 | (9.1) | % | |||||||
| Andaz San Diego | 52.1 % | 209.82 | 109.40 | 83.1 % | 228.28 | 189.81 | (42.4) | % | |||||||
| Andaz Savannah | 76.2 % | 201.51 | 153.47 | 79.4 % | 202.24 | 160.64 | (4.5) | % | |||||||
| Bohemian Hotel Celebration, Autograph Collection | 58.2 % | 172.88 | 100.58 | 74.1 % | 185.19 | 137.24 | (26.7) | % | |||||||
| Bohemian Hotel Savannah Riverfront, Autograph Collection | 79.0 % | 310.73 | 245.51 | 80.7 % | 267.97 | 216.24 | 13.5 | % | |||||||
| Fairmont Dallas | 38.2 % | 146.53 | 55.91 | 72.0 % | 183.09 | 131.82 | (57.6) | % | |||||||
| Fairmont Pittsburgh | 53.0 % | 251.19 | 133.09 | 73.2 % | 247.45 | 181.20 | (26.6) | % | |||||||
| Grand Bohemian Hotel Charleston, Autograph Collection | 81.5 % | 362.48 | 295.39 | 82.3 % | 319.67 | 263.16 | 12.2 | % | |||||||
| Grand Bohemian Hotel Mountain Brook, Autograph Collection | 78.1 % | 292.61 | 228.64 | 82.8 % | 253.12 | 209.62 | 9.1 | % | |||||||
| Grand Bohemian Hotel Orlando, Autograph Collection | 59.3 % | 206.66 | 122.63 | 78.6 % | 226.86 | 178.36 | (31.2) | % | |||||||
| Hyatt Centric Key West Resort & Spa | 85.7 % | 535.03 | 458.77 | 88.5 % | 392.94 | 347.80 | 31.9 | % | |||||||
| Hyatt Regency Grand Cypress | 55.7 % | 176.44 | 98.32 | 78.1 % | 185.68 | 144.98 | (32.2) | % | |||||||
| Hyatt Regency Santa Clara | 29.0 % | 146.09 | 42.39 | 81.9 % | 256.87 | 210.38 | (79.9) | % | |||||||
| Hyatt Regency Scottsdale Resort & Spa at Gainey Ranch | 47.3 % | 294.26 | 139.05 | 72.8 % | 269.04 | 195.80 | (29.0) | % | |||||||
| Kimpton Canary Hotel Santa Barbara | 58.9 % | 458.69 | 270.10 | 75.8 % | 356.73 | 270.32 | (0.1) | % | |||||||
| Kimpton Hotel Monaco Chicago | 44.7 % | 192.47 | 86.05 | 71.6 % | 217.38 | 155.67 | (44.7) | % | |||||||
| Kimpton Hotel Monaco Denver | 50.7 % | 176.51 | 89.50 | 77.0 % | 207.25 | 159.50 | (43.9) | % | |||||||
| Kimpton Hotel Monaco Salt Lake City | 49.2 % | 191.83 | 94.41 | 74.7 % | 197.44 | 147.52 | (36.0) | % | |||||||
| Kimpton Hotel Palomar Philadelphia | 46.8 % | 191.51 | 89.59 | 83.5 % | 243.78 | 203.55 | (56.0) | % | |||||||
| Kimpton RiverPlace Hotel | 53.3 % | 273.74 | 145.88 | 84.7 % | 249.54 | 211.37 | (31.0) | % | |||||||
| Loews New Orleans Hotel | 44.3 % | 175.09 | 77.60 | 72.7 % | 194.70 | 141.48 | (45.1) | % | |||||||
| Lorien Hotel & Spa | 52.2 % | 183.58 | 95.87 | 80.1 % | 199.73 | 159.99 | (40.1) | % | |||||||
| Marriott Dallas Downtown | 54.4 % | 122.37 | 66.54 | 65.4 % | 197.17 | 128.88 | (48.4) | % | |||||||
| Marriott San Francisco Airport Waterfront | 42.2 % | 151.35 | 63.84 | 91.0 % | 244.08 | 222.13 | (71.3) | % | |||||||
| Marriott Woodlands Waterway Hotel & Convention Center | 57.0 % | 172.26 | 98.12 | 69.9 % | 206.83 | 144.64 | (32.2) | % | |||||||
| Xenia Hotels & Resorts, Inc. | |||||||||||||||
| Statistical Data by Property (Continued) | |||||||||||||||
| For the Year Ended December 31, 2021 and 2019 | |||||||||||||||
| December 31, 2021 | December 31, 2019 | ||||||||||||||
| Occupancy | ADR | RevPAR | Occupancy | ADR | RevPAR | RevPAR Change | |||||||||
| Park Hyatt Aviara Resort, Golf Club & Spa | 35.2 % | $ 472.37 | $ 166.49 | 65.8 % | $ 276.16 | $ 181.69 | (8.4) | % | |||||||
| Renaissance Atlanta Waverly Hotel & Convention Center | 47.7 % | 149.73 | 71.48 | 75.5 % | 162.39 | 122.53 | (41.7) | % | |||||||
| Royal Palms Resort & Spa, The Unbound Collection by Hyatt | 57.1 % | 423.60 | 242.02 | 73.6 % | 316.39 | 232.91 | 3.9 | % | |||||||
| The Ritz-Carlton, Denver | 56.0 % | 338.51 | 189.47 | 80.2 % | 324.02 | 259.91 | (27.1) | % | |||||||
| The Ritz-Carlton, Pentagon City | 45.1 % | 220.02 | 99.32 | 76.7 % | 250.65 | 192.27 | (48.3) | % | |||||||
| Waldorf Astoria Atlanta Buckhead | 52.7 % | 413.30 | 217.96 | 73.9 % | 347.40 | 256.65 | (15.1) | % | |||||||
| Westin Galleria Houston & Westin Oaks Houston at The Galleria | 48.2 % | 187.66 | 90.52 | 71.8 % | 166.46 | 119.46 | (24.2) | % | |||||||
| Same-Property Portfolio(1) | 49.7 % | $ 222.94 | $ 110.80 | 76.5 % | $ 227.24 | $ 173.83 | (36.3) | % | |||||||
| Current Same-Property Portfolio(2) | 49.8 % | $ 223.53 | $ 111.33 | 76.6 % | $ 227.44 | $ 174.22 | (36.1) | % | |||||||
| Hyatt Regency Portland at the Oregon Convention Center(3) | 17.0 % | $ 147.19 | $ 25.05 | 6.5 % | $ 121.60 | $ 7.90 | 217.0 | % | |||||||
| 1. | "Same-Property" includes all hotels owned as of December 31, 2021, except for Hyatt Regency Portland at the Oregon Convention Center, which commenced operations in late December 2019. "Same-Property" also includes disruption from the COVID-19 pandemic in 2021 and renovation disruption for multiple capital projects during the periods presented. |
| 2. | "Current Same-Property" reflects all hotels owned as of March 1, 2022 (Kimpton Hotel Monaco Chicago was sold in January 2022), except for Hyatt Regency Portland at the Oregon Convention Center. "Current Same-Property" also includes disruption from the COVID-19 pandemic in 2021 and renovation disruption for multiple capital projects during the periods presented. |
| 3. | Hyatt Regency Portland opened in late December 2019 and recommenced operations in May 2021. |
| Xenia Hotels & Resorts, Inc. | ||||||||||||||
| Statistical Data by Property | ||||||||||||||
| For the Year Ended December 31, 2021 and 2020 | ||||||||||||||
| December 31, 2021 | December 31, 2020 | |||||||||||||
| Occupancy | ADR | RevPAR | Occupancy | ADR | RevPAR | RevPAR Change | ||||||||
| Andaz Napa | 67.1 % | $ 371.99 | $ 249.56 | 42.8 % | $ 240.40 | $ 102.86 | 142.6 % | |||||||
| Andaz San Diego | 52.1 % | 209.82 | 109.40 | 31.1 % | 189.99 | 59.10 | 85.1 % | |||||||
| Andaz Savannah | 76.2 % | 201.51 | 153.47 | 49.0 % | 166.31 | 81.57 | 88.1 % | |||||||
| Bohemian Hotel Celebration, Autograph Collection | 58.2 % | 172.88 | 100.58 | 33.2 % | 175.71 | 58.35 | 72.4 % | |||||||
| Bohemian Hotel Savannah Riverfront, Autograph Collection | 79.0 % | 310.73 | 245.51 | 53.6 % | 253.01 | 135.59 | 81.1 % | |||||||
| Fairmont Dallas | 38.2 % | 146.53 | 55.91 | 18.4 % | 176.74 | 32.52 | 72.0 % | |||||||
| Fairmont Pittsburgh | 53.0 % | 251.19 | 133.09 | 25.9 % | 203.74 | 52.75 | 152.3 % | |||||||
| Grand Bohemian Hotel Charleston, Autograph Collection | 81.5 % | 362.48 | 295.39 | 53.0 % | 261.87 | 138.75 | 112.9 % | |||||||
| Grand Bohemian Hotel Mountain Brook, Autograph Collection | 78.1 % | 292.61 | 228.64 | 57.3 % | 235.87 | 135.20 | 69.1 % | |||||||
| Grand Bohemian Hotel Orlando, Autograph Collection | 59.3 % | 206.66 | 122.63 | 37.2 % | 199.36 | 74.25 | 65.2 % | |||||||
| Hyatt Centric Key West Resort & Spa | 85.7 % | 535.03 | 458.77 | 56.2 % | 378.28 | 212.62 | 115.8 % | |||||||
| Hyatt Regency Grand Cypress | 55.7 % | 176.44 | 98.32 | 25.9 % | 188.54 | 48.78 | 101.5 % | |||||||
| Hyatt Regency Santa Clara | 29.0 % | 146.09 | 42.39 | 17.5 % | 219.81 | 38.43 | 10.3 % | |||||||
| Hyatt Regency Scottsdale Resort & Spa at Gainey Ranch | 47.3 % | 294.26 | 139.05 | 28.3 % | 284.17 | 80.51 | 72.7 % | |||||||
| Kimpton Canary Hotel Santa Barbara | 58.9 % | 458.69 | 270.10 | 38.9 % | 328.80 | 127.97 | 111.1 % | |||||||
| Kimpton Hotel Monaco Chicago | 44.7 % | 192.47 | 86.05 | 23.2 % | 132.15 | 30.66 | 180.7 % | |||||||
| Kimpton Hotel Monaco Denver | 50.7 % | 176.51 | 89.50 | 32.5 % | 144.26 | 46.95 | 90.6 % | |||||||
| Kimpton Hotel Monaco Salt Lake City | 49.2 % | 191.83 | 94.41 | 35.2 % | 169.43 | 59.56 | 58.5 % | |||||||
| Kimpton Hotel Palomar Philadelphia | 46.8 % | 191.51 | 89.59 | 29.4 % | 167.78 | 49.36 | 81.5 % | |||||||
| Kimpton RiverPlace Hotel | 53.3 % | 273.74 | 145.88 | 36.9 % | 204.82 | 75.68 | 92.8 % | |||||||
| Loews New Orleans Hotel | 44.3 % | 175.09 | 77.60 | 26.8 % | 180.01 | 48.18 | 61.1 % | |||||||
| Lorien Hotel & Spa | 52.2 % | 183.58 | 95.87 | 48.7 % | 129.14 | 62.85 | 52.5 % | |||||||
| Marriott Dallas Downtown | 54.4 % | 122.37 | 66.54 | 19.5 % | 174.43 | 33.98 | 95.8 % | |||||||
| Marriott San Francisco Airport Waterfront | 42.2 % | 151.35 | 63.84 | 26.5 % | 210.33 | 55.69 | 14.6 % | |||||||
| Marriott Woodlands Waterway Hotel & Convention Center | 57.0 % | 172.26 | 98.12 | 30.5 % | 166.87 | 50.89 | 92.8 % | |||||||
| Xenia Hotels & Resorts, Inc. | ||||||||||||||
| Statistical Data by Property (Continued) | ||||||||||||||
| For the Year Ended December 31, 2021 and 2020 | ||||||||||||||
| December 31, 2021 | December 31, 2020 | |||||||||||||
| Occupancy | ADR | RevPAR | Occupancy | ADR | RevPAR | RevPAR Change | ||||||||
| Park Hyatt Aviara Resort, Golf Club & Spa | 35.2 % | $ 472.37 | $ 166.49 | 13.1 % | $ 338.07 | $ 44.40 | 274.9 % | |||||||
| Renaissance Atlanta Waverly Hotel & Convention Center | 47.7 % | 149.73 | 71.48 | 29.5 % | 133.69 | 39.47 | 81.1 % | |||||||
| Royal Palms Resort & Spa, The Unbound Collection by Hyatt | 57.1 % | 423.60 | 242.02 | 37.4 % | 353.66 | 132.35 | 82.9 % | |||||||
| The Ritz-Carlton, Denver | 56.0 % | 338.51 | 189.47 | 30.8 % | 288.85 | 88.90 | 113.1 % | |||||||
| The Ritz-Carlton, Pentagon City | 45.1 % | 220.02 | 99.32 | 28.6 % | 204.88 | 58.69 | 69.2 % | |||||||
| Waldorf Astoria Atlanta Buckhead | 52.7 % | 413.30 | 217.96 | 33.9 % | 342.05 | 115.96 | 88.0 % | |||||||
| Westin Galleria Houston & Westin Oaks Houston at The Galleria | 48.2 % | 187.66 | 90.52 | 26.3 % | 155.45 | 40.95 | 121.1 % | |||||||
| Same-Property Portfolio(1) | 49.7 % | $ 222.94 | $ 110.80 | 28.5 % | $ 205.76 | $ 58.67 | 88.9 % | |||||||
| Current Same-Property Portfolio(2) | 49.8 % | $ 223.53 | $ 111.33 | 28.6 % | $ 207.04 | $ 59.28 | 87.8 % | |||||||
| Hyatt Regency Portland at the Oregon Convention Center(3) | 17.0 % | $ 147.19 | $ 25.05 | 6.2 % | $ 142.60 | $ 8.91 | 181.2 % | |||||||
| 1. | "Same-Property" includes all hotels owned as of December 31, 2021, except for Hyatt Regency Portland at the Oregon Convention Center, which commenced operations in late December 2019. Includes hotels that had temporarily suspended operations for a portion of the year ended December 31, 2020 as if all hotels rooms were available for sale. "Same-Property" also includes disruption from the COVID-19 pandemic in 2020 and 2021 and renovation disruption for multiple capital projects during the periods presented. |
| 2. | "Current Same-Property" reflects all hotels owned as of March 1, 2022 (Kimpton Hotel Monaco Chicago was sold in January 2022), except for Hyatt Regency Portland at the Oregon Convention Center. Includes hotels that had temporarily suspended operations for a portion of the year ended December 31, 2020, as if all hotels rooms were available for sale. "Current Same-Property" also includes disruption from the COVID-19 pandemic in 2020 and 2021 and renovation disruption for multiple capital projects during the periods presented. |
| 3. | Hyatt Regency Portland, which opened in late December 2019, suspended operations in March 2020 due to the COVID-19 pandemic and recommenced in May 2021. Metrics shown for the year ending December 31, 2019 only include the period in December where the hotel was owned by the Company. Metrics for the years ending December 31, 2020 and 2021 are for the full year and include periods where operations were temporarily suspended. |
| Xenia Hotels & Resorts, Inc. | ||||||||||||||||
| Financial Data by Property | ||||||||||||||||
| For the Year Ended December 31, 2021 and 2019 | ||||||||||||||||
| Year Ended December 31, 2021 | Year Ended December 31, 2019 | |||||||||||||||
| EBITDA ($000s) | EBITDA / Key | EBITDA Margin | EBITDA ($000s) | EBITDA / Key | EBITDA Margin | EBITDA Change | Margin Change | |||||||||
| Andaz Napa | $ 6,476 | $ 45,929 | 41.0 % | $ 7,383 | $ 52,362 | 39.7 % | (12.3) % | 131 bps | ||||||||
| Andaz San Diego | 691 | 4,346 | 7.4 % | 4,052 | 25,484 | 24.1 % | (82.9) % | (1,671) bps | ||||||||
| Andaz Savannah | 2,753 | 18,232 | 28.0 % | 3,375 | 22,351 | 31.0 % | (18.4) % | (298) bps | ||||||||
| Bohemian Hotel Celebration, Autograph Collection | 1,037 | 9,017 | 15.3 % | 1,814 | 15,774 | 20.8 % | (42.8) % | (545) bps | ||||||||
| Bohemian Hotel Savannah Riverfront, Autograph Collection | 4,041 | 53,880 | 34.2 % | 2,916 | 38,880 | 25.9 % | 38.6 % | 830 bps | ||||||||
| Fairmont Dallas | 2,200 | 4,037 | 11.4 % | 14,075 | 25,826 | 29.7 % | (84.4) % | (1,835) bps | ||||||||
| Fairmont Pittsburgh | 2,242 | 12,119 | 15.0 % | 2,909 | 15,724 | 13.3 % | (22.9) % | 170 bps | ||||||||
| Grand Bohemian Hotel Charleston, Autograph Collection | 2,636 | 52,720 | 26.5 % | 1,825 | 36,500 | 20.6 % | 44.4 % | 593 bps | ||||||||
| Grand Bohemian Hotel Mountain Brook, Autograph Collection | 3,875 | 39,141 | 27.7 % | 4,335 | 43,350 | 27.9 % | (10.6) % | (22) bps | ||||||||
| Grand Bohemian Hotel Orlando, Autograph Collection | 5,060 | 20,486 | 26.2 % | 8,938 | 36,186 | 32.8 % | (43.4) % | (656) bps | ||||||||
| Hyatt Centric Key West Resort & Spa | 12,546 | 104,550 | 49.3 % | 9,185 | 76,542 | 44.6 % | 36.6 % | 469 bps | ||||||||
| Hyatt Regency Grand Cypress | 13,925 | 17,875 | 26.6 % | 21,143 | 27,141 | 25.9 % | (34.1) % | 70 bps | ||||||||
| Hyatt Regency Santa Clara | (2,824) | (5,592) | (23.6) % | 18,194 | 36,028 | 30.9 % | (115.5) % | (5,447) bps | ||||||||
| Hyatt Regency Scottsdale Resort & Spa at Gainey Ranch | 15,151 | 30,732 | 32.4 % | 23,001 | 46,655 | 32.0 % | (34.1) % | 41 bps | ||||||||
| Kimpton Canary Hotel Santa Barbara | 4,420 | 45,567 | 33.9 % | 4,107 | 42,340 | 25.0 % | 7.6 % | 888 bps | ||||||||
| Kimpton Hotel Monaco Chicago | (584) | (3,058) | (7.4) % | 2,159 | 11,304 | 13.9 % | (127.0) % | (2,130) bps | ||||||||
| Kimpton Hotel Monaco Denver | 1,561 | 8,259 | 16.0 % | 4,693 | 24,831 | 24.3 % | (66.7) % | (824) bps | ||||||||
| Kimpton Hotel Monaco Salt Lake City | 3,079 | 13,684 | 28.7 % | 6,193 | 27,524 | 33.1 % | (50.3) % | (447) bps | ||||||||
| Kimpton Hotel Palomar Philadelphia | 1,137 | 4,943 | 12.0 % | 7,748 | 33,687 | 35.9 % | (85.3) % | (2,389) bps | ||||||||
| Kimpton RiverPlace Hotel | 1,264 | 14,871 | 20.0 % | 2,713 | 31,918 | 23.7 % | (53.4) % | (368) bps | ||||||||
| Loews New Orleans Hotel | 975 | 3,421 | 9.7 % | 4,595 | 16,123 | 21.0 % | (78.8) % | (1,127) bps | ||||||||
| Lorien Hotel & Spa | 757 | 7,075 | 13.0 % | 2,364 | 22,093 | 20.2 % | (68.0) % | (721) bps | ||||||||
| Marriott Dallas Downtown | 2,812 | 6,760 | 20.3 % | 9,843 | 23,661 | 36.4 % | (71.4) % | (1,609) bps | ||||||||
| Marriott San Francisco Airport Waterfront | 940 | 1,366 | 4.3 % | 23,840 | 34,651 | 32.2 % | (96.1) % | (2,786) bps | ||||||||
| Marriott Woodlands Waterway Hotel & Convention Center | 6,341 | 18,380 | 29.7 % | 15,879 | 46,026 | 39.3 % | (60.1) % | (963) bps | ||||||||
| Xenia Hotels & Resorts, Inc. | ||||||||||||||||
| Financial Data by Property (Continued) | ||||||||||||||||
| For the Year Ended December 31, 2021 and 2019 | ||||||||||||||||
| Year Ended December 31, 2021 | Year Ended December 31, 2019 | |||||||||||||||
| EBITDA ($000s) | EBITDA / Key | EBITDA Margin | EBITDA ($000s) | EBITDA / Key | EBITDA Margin | EBITDA Change | Margin Change | |||||||||
| Park Hyatt Aviara Resort, Golf Club & Spa | $ 6,688 | $ 20,453 | 12.0 % | $ 8,558 | $ 26,171 | 13.5 % | (21.9) % | (150) bps | ||||||||
| Renaissance Atlanta Waverly Hotel & Convention Center | 6,341 | 12,148 | 28.8 % | 14,536 | 27,847 | 34.8 % | (56.4) % | (595) bps | ||||||||
| Royal Palms Resort & Spa, The Unbound Collection by Hyatt | 6,110 | 51,345 | 25.7 % | 6,748 | 56,706 | 25.5 % | (9.5) % | 22 bps | ||||||||
| The Ritz-Carlton, Denver | 4,441 | 21,985 | 16.4 % | 7,540 | 37,327 | 20.8 % | (41.1) % | (447) bps | ||||||||
| The Ritz-Carlton, Pentagon City | 131 | 359 | 0.7 % | 9,276 | 25,414 | 23.4 % | (98.6) % | (2,274) bps | ||||||||
| Waldorf Astoria Atlanta Buckhead | 3,504 | 27,591 | 23.6 % | 2,541 | 20,008 | 12.6 % | 37.9 % | 1,098 bps | ||||||||
| Westin Galleria Houston & Westin Oaks Houston at The Galleria | 10,535 | 12,040 | 25.9 % | 16,440 | 18,789 | 27.4 % | (35.9) % | (157) bps | ||||||||
| Same-Property Hotel EBITDA(1) | $ 130,261 | $ 14,379 | 21.7 % | $ 272,918 | $ 30,127 | 27.7 % | (52.3) % | (604) bps | ||||||||
| Current Same-Property Hotel EBITDA(2) | $ 130,844 | $ 14,755 | 22.0 % | $ 270,759 | $ 30,532 | 27.9 % | (51.7) % | (587) bps | ||||||||
| Hyatt Regency Portland at the Oregon Convention Center(3) | $ (3,173) | $ (5,288) | (41.8) % | $ (338) | $ (563) | (341.9) % | (838.8) % | 30,007 bps | ||||||||
| 1. | "Same-Property" includes all hotels owned as of December 31, 2021, except for Hyatt Regency Portland at the Oregon Convention Center, which commenced operations in late December 2019. "Same-Property" also includes disruption from the COVID-19 pandemic in 2021 and renovation disruption for multiple capital projects during the periods presented, and excludes the NOI guaranty payment at Andaz San Diego. |
| 2. | "Current Same-Property" reflects all hotels owned as of March 1, 2022 (Kimpton Hotel Monaco Chicago was sold in January 2022), except for Hyatt Regency Portland at the Oregon Convention Center. "Current Same-Property" also includes disruption from the COVID-19 pandemic in 2021 and renovation disruption for multiple capital projects during the periods presented, and excludes the NOI guaranty payment at Andaz San Diego. |
| 3. | Hyatt Regency Portland, which opened in late December 2019, suspended operations in March 2020 due to the COVID-19 pandemic and recommenced in May 2021. Metrics shown for the year ending December 31, 2019 only include the period in December where the hotel was owned by the Company. Metrics for the years ending December 31, 2020 and 2021 are for the full year and include periods where operations were temporarily suspended. |
| Xenia Hotels & Resorts, Inc. | ||||||||||||||||
| Financial Data by Property | ||||||||||||||||
| For the Year Ended December 31, 2021 and 2020 | ||||||||||||||||
| Year Ended December 31, 2021 | Year Ended December 31, 2020 | |||||||||||||||
| EBITDA ($000s) | EBITDA / Key | EBITDA Margin | EBITDA ($000s) | EBITDA / Key | EBITDA Margin | EBITDA Change | Margin Change | |||||||||
| Andaz Napa | $ 6,476 | $ 45,929 | 41.0 % | $ 540 | $ 3,830 | 8.1 % | 1,099.3 % | 3,286 bps | ||||||||
| Andaz San Diego | 691 | 4,346 | 7.4 % | (1,846) | (11,610) | (37.0) % | 137.4 % | 4,439 bps | ||||||||
| Andaz Savannah | 2,753 | 18,232 | 28.0 % | 608 | 4,026 | 11.3 % | 352.8 % | 1,670 bps | ||||||||
| Bohemian Hotel Celebration, Autograph Collection | 1,037 | 9,017 | 15.3 % | (207) | (1,800) | (5.2) % | 601.0 % | 2,054 bps | ||||||||
| Bohemian Hotel Savannah Riverfront, Autograph Collection | 4,041 | 53,880 | 34.2 % | 1,181 | 15,747 | 18.2 % | 242.2 % | 1,599 bps | ||||||||
| Fairmont Dallas | 2,200 | 4,037 | 11.4 % | (2,810) | (5,156) | (24.5) % | 178.3 % | 3,590 bps | ||||||||
| Fairmont Pittsburgh | 2,242 | 12,119 | 15.0 % | (3,158) | (17,070) | (53.3) % | 171.0 % | 6,833 bps | ||||||||
| Grand Bohemian Hotel Charleston, Autograph Collection | 2,636 | 52,720 | 26.5 % | 68 | 1,360 | 1.4 % | 3,776.5 % | 2,509 bps | ||||||||
| Grand Bohemian Hotel Mountain Brook, Autograph Collection | 3,875 | 39,141 | 27.7 % | 982 | 9,919 | 11.2 % | 294.6 % | 1,656 bps | ||||||||
| Grand Bohemian Hotel Orlando, Autograph Collection | 5,060 | 20,486 | 26.2 % | 1,602 | 6,486 | 13.7 % | 215.9 % | 1,252 bps | ||||||||
| Hyatt Centric Key West Resort & Spa | 12,546 | 104,550 | 49.3 % | 4,718 | 39,317 | 37.2 % | 165.9 % | 1,209 bps | ||||||||
| Hyatt Regency Grand Cypress | 13,925 | 17,875 | 26.6 % | 1 | 1 | — % | 1,392,400.0 % | 2,663 bps | ||||||||
| Hyatt Regency Santa Clara | (2,824) | (5,592) | (23.6) % | (3,486) | (6,903) | (30.4) % | 19.0 % | 680 bps | ||||||||
| Hyatt Regency Scottsdale Resort & Spa at Gainey Ranch | 15,151 | 30,732 | 32.4 % | 4,319 | 8,761 | 15.2 % | 250.8 % | 1,726 bps | ||||||||
| Kimpton Canary Hotel Santa Barbara | 4,420 | 45,567 | 33.9 % | 50 | 515 | 0.8 % | 8,740.0 % | 3,314 bps | ||||||||
| Kimpton Hotel Monaco Chicago | (584) | (3,058) | (7.4) % | (3,107) | (16,267) | (100.3) % | 81.2 % | 9,292 bps | ||||||||
| Kimpton Hotel Monaco Denver | 1,561 | 8,259 | 16.0 % | (1,638) | (8,667) | (30.5) % | 195.3 % | 4,650 bps | ||||||||
| Kimpton Hotel Monaco Salt Lake City | 3,079 | 13,684 | 28.7 % | 1,059 | 4,707 | 14.9 % | 190.7 % | 1,379 bps | ||||||||
| Kimpton Hotel Palomar Philadelphia | 1,137 | 4,943 | 12.0 % | (1,328) | (5,774) | (24.5) % | 185.6 % | 3,647 bps | ||||||||
| Kimpton RiverPlace Hotel | 1,264 | 14,871 | 20.0 % | (357) | (4,200) | (9.6) % | 454.1 % | 2,955 bps | ||||||||
| Loews New Orleans Hotel | 975 | 3,421 | 9.7 % | (2,038) | (7,151) | (30.4) % | 147.8 % | 4,016 bps | ||||||||
| Lorien Hotel & Spa | 757 | 7,075 | 13.0 % | (447) | (4,178) | (11.3) % | 269.4 % | 2,430 bps | ||||||||
| Marriott Dallas Downtown | 2,812 | 6,760 | 20.3 % | (419) | (1,007) | (5.4) % | 771.1 % | 2,568 bps | ||||||||
| Marriott San Francisco Airport Waterfront | 940 | 1,366 | 4.3 % | (1,902) | (2,765) | (10.2) % | 149.4 % | 1,445 bps | ||||||||
| Marriott Woodlands Waterway Hotel & Convention Center | 6,341 | 18,380 | 29.7 % | 1,445 | 4,188 | 10.6 % | 338.8 % | 1,911 bps | ||||||||
| Xenia Hotels & Resorts, Inc. | ||||||||||||||||
| Financial Data by Property (Continued) | ||||||||||||||||
| For the Year Ended December 31, 2021 and 2020 | ||||||||||||||||
| Year Ended December 31, 2021 | Year Ended December 31, 2020 | |||||||||||||||
| EBITDA ($000s) | EBITDA / Key | EBITDA Margin | EBITDA ($000s) | EBITDA / Key | EBITDA Margin | EBITDA Change | Margin Change | |||||||||
| Park Hyatt Aviara Resort, Golf Club & Spa | $ 6,688 | $ 20,453 | 12.0 % | $ (6,672) | $ (20,404) | (31.1) % | 200.2 % | 4,318 bps | ||||||||
| Renaissance Atlanta Waverly Hotel & Convention Center | 6,341 | 12,148 | 28.8 % | 1,182 | 2,264 | 8.0 % | 436.5 % | 2,081 bps | ||||||||
| Royal Palms Resort & Spa, The Unbound Collection by Hyatt | 6,110 | 51,345 | 25.7 % | 2,132 | 17,916 | 16.0 % | 186.6 % | 965 bps | ||||||||
| The Ritz-Carlton, Denver | 4,441 | 21,985 | 16.4 % | (2,159) | (10,688) | (17.8) % | 305.7 % | 3,419 bps | ||||||||
| The Ritz-Carlton, Pentagon City | 131 | 359 | 0.7 % | (4,555) | (12,479) | (40.4) % | 102.9 % | 4,103 bps | ||||||||
| Waldorf Astoria Atlanta Buckhead | 3,504 | 27,591 | 23.6 % | (347) | (2,732) | (4.0) % | 1,109.8 % | 2,757 bps | ||||||||
| Westin Galleria Houston & Westin Oaks Houston at The Galleria | 10,535 | 12,040 | 25.9 % | (3,653) | (4,175) | (18.1) % | 388.4 % | 4,399 bps | ||||||||
| Same-Property Hotel EBITDA(1) | $ 130,261 | $ 14,379 | 21.7 % | $ (20,242) | $ (2,234) | (6.0) % | 743.5 % | 2,768 bps | ||||||||
| Current Same-Property Hotel EBITDA(2) | $ 130,844 | $ 14,755 | 22.0 % | $ (17,134) | $ (1,932) | (5.2) % | 863.7 % | 2,719 bps | ||||||||
| Hyatt Regency Portland at the Oregon Convention Center(3) | $ (3,173) | $ (5,288) | (41.8) % | $ (5,663) | $ (9,438) | (171.4) % | 44.0 % | 12,953 bps | ||||||||
| 1. | "Same-Property" includes all hotels owned as of December 31, 2021, except for Hyatt Regency Portland at the Oregon Convention Center, which commenced operations in late December 2019. Includes hotels that had temporarily suspended operations for a portion of the year ended December 31, 2020 as if all hotels rooms were available for sale. "Same-Property" also includes disruption from the COVID-19 pandemic in 2020 and 2021 and renovation disruption for multiple capital projects during the periods presented, and excludes the NOI guaranty payment at Andaz San Diego. |
| 2. | "Current Same-Property" reflects all hotels owned as of March 1, 2022 (Kimpton Hotel Monaco Chicago was sold in January 2022), except for Hyatt Regency Portland at the Oregon Convention Center. Includes hotels that had temporarily suspended operations for a portion of the year ended December 31, 2020, as if all hotels rooms were available for sale. "Current Same-Property" also includes disruption from the COVID-19 pandemic in 2020 and 2021 and renovation disruption for multiple capital projects during the periods presented, and excludes the NOI guaranty payment at Andaz San Diego. |
| 3. | Hyatt Regency Portland, which opened in late December 2019, suspended operations in March 2020 due to the COVID-19 pandemic and recommenced in May 2021. Metrics shown for the year ending December 31, 2019 only include the period in December where the hotel was owned by the Company. Metrics for the years ending December 31, 2020 and 2021 are for the full year and include periods where operations were temporarily suspended. |
SOURCE Xenia Hotels & Resorts, Inc.