Same-Property RevPAR: $149.60, a 119.6% increase compared to the first quarter of 2021 and a decrease of 19.5% versus the first quarter of 2019

Xenia Hotels;

Xenia Hotels & Resorts, Inc. (NYSE: XHR) yesterday announced results for the quarter ended March 31, 2022.

First Quarter 2022 Highlights

  • Net Loss: Net loss attributable to common stockholders was $5.3 million, or $0.05 per share.
  • Adjusted EBITDAre: $49.9 million
  • Adjusted FFO per Diluted Share: $0.25
  • Same-Property Occupancy: 58.0%, a 2,250 basis point increase compared to the first quarter of 2021 and a decrease of 1,920 basis points versus the first quarter of 2019
  • Same-Property ADR: $258.12, a 34.4% and 7.3% increase versus the first quarter of 2021 and 2019, respectively
  • Same-Property RevPAR: $149.60, a 119.6% increase compared to the first quarter of 2021 and a decrease of 19.5% versus the first quarter of 2019
  • Same-Property Hotel EBITDA: $57.0 million, a 27.9% decrease versus the first quarter of 2019
  • Same-Property Hotel EBITDA Margin: 27.8%, a 275 basis points decrease versus the first quarter of 2019
  • Transaction Activity: In January, the Company sold the 191-room Kimpton Hotel Monaco Chicago for $36 million. In March, the Company acquired the 346-room W Nashville for $328.7 million.
  • Balance Sheet Activity: In January, the Company paid off the $65 million mortgage loan secured by The Ritz-Carlton, Pentagon City.

"Demand for high-quality hotels and resorts continues to improve, as evidenced by the strong quarterly results that we posted and the significant sequential improvement in monthly occupancy and ADR we experienced as the quarter progressed," commented Marcel Verbaas, Chairman and Chief Executive Officer of Xenia. "March results substantially exceeded our expectations, with Same-Property occupancy approaching 70%, and strong growth in average daily rate relative to 2019, resulting in Same-Property RevPAR of over $189, which is 5.9% behind the level achieved in March of 2019, with Same-Property Hotel EBITDA for the month exceeding that of March 2019."

"Demand growth has continued to accelerate into the second quarter.  Based on our preliminary estimates, our Same-Property portfolio achieved approximately 72% occupancy with ADR of approximately $280 for the month of April. Our properties had strong pricing power, evidenced by ADR increasing approximately 18% as compared to April of 2019. As a result, we estimate April RevPAR was approximately $202, or about 4% higher than that of April 2019.  As such, April marked the first time that monthly RevPAR increased versus the same period in 2019 – an important milestone in the recovery of our portfolio of high-end lodging real estate," continued Mr. Verbaas. "Looking ahead, we expect continued strong leisure demand, augmented with increasing levels of corporate and group demand, as witnessed over the past two months. With limited levels of supply growth anticipated over the next few years, we expect pricing power for our portfolio of premium hotels and resorts to be robust. Further improving our portfolio quality and growth profile, we completed the previously announced acquisition of W Nashville in March. We continue to be excited about the near-term prospects for this impressive asset, bolstered by the encouraging results during our first month of ownership and the full activation of the hotel's extensive amenities as Nashville enters its busy season."

  Operating Results

The Company's results include the following:

Three Months Ended March 31,

Change From

2022

2021

2019

2021

2019

($ amounts in thousands, except hotel statistics and per share amounts)

Net (loss) income attributable to common stockholders

$    (5,324)

$  (56,351)

$    16,703

90.6 %

(131.9) %

Net (loss) income per share available to common stockholders - basic and diluted

$      (0.05)

$      (0.50)

$        0.15

90.0 %

(133.3) %

Same-Property Number of Hotels(1)

32

32

32

Same-Property Number of Rooms(1)

8,868

8,868

8,868

Same-Property Occupancy(1)

58.0 %

35.5 %

77.2 %

     2,250 bps

    (1,920) bps

Same-Property Average Daily Rate(1)

$   258.12

$   192.07

$    240.59

34.4 %

7.3 %

Same-Property RevPAR(1)

$   149.60

$     68.13

$    185.82

119.6 %

(19.5) %

Same-Property Hotel EBITDA(1)(2)

$   57,040

$     1,254

$    79,140

4,448.6 %

(27.9) %

Same-Property Hotel EBITDA Margin(1)(2)

27.8 %

1.5 %

30.6 %

     2,637 bps

        (275) bps

Total Portfolio Number of Hotels(3)

34

35

40

(1)

(6)

Total Portfolio Number of Rooms(3)

9,814

10,011

11,167

(197)

(1,353)

Total Portfolio RevPAR(4)

$   143.99

$     61.76

$    170.28

133.1 %

(15.4) %

Adjusted EBITDAre(2)

$   49,946

$    (3,647)

$    78,086

1,469.5 %

(36.0) %

Adjusted FFO(2)

$   29,087

$  (20,795)

$    60,031

239.9 %

(51.5) %

Adjusted FFO per diluted share(2)

$       0.25

$      (0.18)

$        0.53

238.9 %

(52.8) %

1.

"Same-Property" includes all hotels owned as of March 31, 2022, except for Hyatt Regency Portland at the Oregon Convention Center and W Nashville. "Same-Property" also includes disruption from the COVID-19 pandemic in 2022 and 2021, and renovation disruption for multiple capital projects during the periods presented.

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.

Transaction Update

  • 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.
  • In March 2022, the Company acquired the fee simple interest in the 346-room W Nashville for $328.7 million, or $950,000 per key. The Company expects W Nashville to generate between $13 million and $15 million of Hotel EBITDA during its ownership period in 2022 and between $25 million and $30 million upon stabilization.

Brand and Management Conversion

In January 2022, the Company converted Lorien Hotel & Spa in Alexandria, VA into an independent lifestyle hotel, with Pivot Lifestyle Hotels by Davidson Hospitality Group becoming the hotel operator.

Balance Sheet and Liquidity

As of March 31, 2022, the Company had total outstanding debt of approximately $1.4 billion with a weighted-average interest rate of 5.18%. The Company had approximately $180 million of cash and cash equivalents, including hotel working capital, and full availability on its revolving credit facility, resulting in total liquidity of over $625 million as of March 31, 2022. In addition, the Company held approximately $40 million of restricted cash and escrows at the end of the first quarter.

In January, the Company paid off the $65 million mortgage loan secured by The Ritz-Carlton, Pentagon City.

Capital Expenditures

During the three months ended March 31, 2022, the Company invested $7.5 million in portfolio improvements.

During the quarter, the Company substantially completed the renovation of the guest rooms, lobby, and restaurant at the Waldorf Astoria Atlanta Buckhead and completed the renovation of meeting space at Marriott Dallas Downtown. 

At Park Hyatt Aviara Resort, Golf Club & Spa, the comprehensive renovation of the existing golf course began in the second quarter and the Company continued planning work on a significant upgrade to the resort's spa and wellness components.

During the quarter, the Company continued planning work on the comprehensive renovation of Grand Bohemian Hotel Orlando and additional projects that are planned to commence in 2022 at Fairmont Pittsburgh, Royal Palms Resort & Spa, Marriott Woodlands Waterway Hotel & Convention Center, The Ritz-Carlton Denver, and Kimpton Hotel Monaco Denver. 

The Company continues to focus on numerous building infrastructure projects with a particular emphasis on environmentally sustainable projects to enhance the life of its physical structures, including six chiller replacements or upgrades in 2022.

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 $23 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.
  • 115.4 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 34 hotels and resorts comprising 9,814 rooms across 14 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, The Kessler Collection, and Davidson.

 

Xenia Hotels & Resorts, Inc.

Consolidated Balance Sheets

As of March 31, 2022 and December 31, 2021

($ amounts in thousands)

March 31, 2022

December 31, 2021

Assets

(Unaudited)

(Audited)

Investment properties:

Land

$                      467,708

$                    431,427

Buildings and other improvements

3,160,421

2,856,671

Total

$                   3,628,129

$                 3,288,098

Less: accumulated depreciation

(919,045)

(888,717)

Net investment properties

$                   2,709,084

$                 2,399,381

Cash and cash equivalents

179,077

517,377

Restricted cash and escrows

40,158

36,854

Accounts and rents receivable, net of allowance for doubtful accounts

36,242

28,528

Intangible assets, net of accumulated amortization

5,414

5,446

Other assets

70,112

65,109

Assets held for sale

34,621

Total assets

$                   3,040,087

$                 3,087,316

Liabilities

Debt, net of loan premiums, discounts and unamortized deferred financing costs

$                   1,429,616

$                 1,494,231

Accounts payable and accrued expenses

92,818

84,051

Other liabilities

79,248

68,648

Liabilities associated with assets held for sale

2,305

Total liabilities

$                   1,601,682

$                 1,649,235

Commitments and Contingencies

Stockholders' equity

Common stock, $0.01 par value, 500,000,000 shares authorized, 114,353,273 and 114,306,727 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively

$                           1,144

$                        1,143

Additional paid in capital

2,090,627

2,090,393

Accumulated other comprehensive loss

(837)

(4,089)

Accumulated distributions in excess of net earnings

(661,785)

(656,461)

Total Company stockholders' equity

$                   1,429,149

$                 1,430,986

Non-controlling interests

9,256

7,095

Total equity

$                   1,438,405

$                 1,438,081

Total liabilities and equity

$                   3,040,087

$                 3,087,316

Xenia Hotels & Resorts, Inc.

Consolidated Statements of Operations and Comprehensive Loss

For the Three Months Ended March 31, 2022 and 2021

(Unaudited)

 ($ amounts in thousands, except per share data)

Three Months Ended March 31,

2022

2021

Revenues:

Rooms revenues

$              123,198

$               55,646

Food and beverage revenues

67,735

21,592

Other revenues

19,414

10,614

Total revenues

$              210,347

$               87,852

Expenses:

Rooms expenses

$                29,217

$               15,537

Food and beverage expenses

45,610

18,178

Other direct expenses

5,294

3,198

Other indirect expenses

53,860

37,327

Management and franchise fees

7,626

2,844

Total hotel operating expenses

$              141,607

$               77,084

Depreciation and amortization

30,565

33,197

Real estate taxes, personal property taxes and insurance

10,855

10,540

Ground lease expense

517

403

General and administrative expenses

7,786

6,922

Gain on business interruption insurance

(1,116)

Impairment and other losses

1,278

Total expenses

$              192,608

$             127,030

Operating income (loss)

$                17,739

$              (39,178)

Other (loss) income

(777)

116

Interest expense

(20,538)

(18,750)

Loss on extinguishment of debt

(294)

Net loss before income taxes

$                 (3,870)

$              (57,812)

Income tax expense

(1,607)

(165)

Net loss

$                 (5,477)

$              (57,977)

Net loss attributable to non-controlling interests

153

1,626

Net loss attributable to common stockholders

$                 (5,324)

$              (56,351)

Xenia Hotels & Resorts, Inc.

Consolidated Statements of Operations and Comprehensive Loss - Continued

For the Three Months Ended March 31, 2022 and 2021

(Unaudited)

 ($ amounts in thousands, except per share data)

Three Months Ended March 31,

2022

2021

Basic and diluted loss per share:

Net loss per share available to common stockholders - basic and diluted

$                    (0.05)

$                  (0.50)

Weighted-average number of common shares (basic and diluted)

114,326,406

113,780,388

Comprehensive Loss:

Net loss

$                  (5,477)

$             (57,977)

Other comprehensive (loss) income:

Unrealized gain on interest rate derivative instruments

2,517

104

Reclassification adjustment for amounts recognized in net loss (interest expense)

1,152

2,330

$                  (1,808)

$             (55,543)

Comprehensive (gain) loss attributable to non-controlling interests

(264)

1,558

Comprehensive loss attributable to the Company

$                  (2,072)

$             (53,985)

Xenia Hotels & Resorts, Inc.

Reconciliation of Net (Loss) Income to EBITDA, EBITDAre, Adjusted EBITDAre and Same-Property Hotel EBITDA

For the Three Months Ended March 31, 2022, 2021, and 2019

(Unaudited)

($ amounts in thousands)

Three Months Ended March 31,

2022

2021

2019

Net (loss) income

$                 (5,477)

$               (57,977)

$                17,276

Adjustments:

Interest expense

20,538

18,750

12,587

Income tax expense

1,607

165

6,093

Depreciation and amortization

30,565

33,197

40,000

EBITDA and EBITDAre

$                47,233

$                 (5,865)

$                75,956

Reconciliation to Adjusted EBITDAre

Depreciation and amortization related to corporate assets

$                    (102)

$                    (100)

$                    (103)

Gain on insurance recoveries(1)

(994)

Loss on extinguishment of debt

294

Acquisition, terminated transaction and pre-opening expenses

1,894

Amortization of share-based compensation expense

2,207

2,295

126

Non-cash ground rent and straight-line rent expense

16

19

Other non-recurring expenses(1)

1,292

4

Adjusted EBITDAre attributable to common stock and unit holders

$                49,946

$                 (3,647)

$                78,086

Corporate-level costs and expenses

7,593

4,691

6,083

Pro forma hotel adjustments, net

(499)

1,324

(5,029)

Other

(1,114)

Same-Property Hotel EBITDA attributable to common stock and unit holders(2)

$                57,040

$                  1,254

$                79,140

1.

During the three months ended March 31, 2022, the Company received $1.0 million of insurance proceeds in excess of recognized losses related to a claim for damaged sustained at Loews New Orleans Hotel during Hurricane Ida in August 2021 included in other (loss) income on the condensed consolidated statement of operations and comprehensive loss. Additionally, the Company recorded hurricane-related repair and cleanup costs of $1.3 million included in impairment and other losses on the condensed consolidated statement of operations and comprehensive loss.

2.

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 March 31, 2022 and 2021 on page 14 and for the three months ended March 31, 2022 and 2019 on page 15.

Xenia Hotels & Resorts, Inc.

Reconciliation of Net (Loss) Income to FFO and Adjusted FFO

For the Three Months Ended March 31, 2022, 2021, and 2019

(Unaudited)

(amounts in thousands)

Three Months Ended March 31,

2022

2021

2019

Net (loss) income

$                 (5,477)

$               (57,977)

$                17,276

Adjustments:

Depreciation and amortization related to investment properties

30,463

33,097

39,897

FFO attributable to common stock and unit holders

$                24,986

$               (24,880)

$                57,173

Reconciliation to Adjusted FFO

Gain on insurance recoveries(1)

(994)

Loss on extinguishment of debt

294

213

Loan related costs, net of adjustment related to non-controlling interests(2)

1,286

1,767

625

Amortization of share-based compensation expense

2,207

2,295

1,894

Non-cash ground rent and straight-line rent expense

16

19

126

Other non-recurring expenses(1)

1,292

4

Adjusted FFO attributable to common stock and unit holders

$                29,087

$               (20,795)

$                60,031

Weighted-average shares outstanding - Diluted(3)

115,332

114,826

114,165

Adjusted FFO per diluted share

$                     0.25

$                   (0.18)

$                     0.53

1.

During the three months ended March 31, 2022, the Company received $1.0 million of insurance proceeds in excess of recognized losses related to a claim for damaged sustained at Loews New Orleans Hotel during Hurricane Ida in August 2021 included in other (loss) income on the condensed consolidated statement of operations and comprehensive loss. Additionally, the Company recorded hurricane-related repair and cleanup costs of $1.3 million included in impairment and other losses on the condensed consolidated statement of operations and comprehensive loss.

2.

Loan related costs includes amortization of debt premiums, discounts and deferred loan origination costs.

3.

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 March 31, 2022

($ amounts in thousands)

Rate Type

Rate(1)

Maturity Date

Outstanding as of

March 31, 2022

Mortgage Loans

Renaissance Atlanta Waverly Hotel & Convention Center

Fixed(2)

4.45 %

August 2024

$                100,000

Andaz Napa

Partially Fixed (3)

2.98 %

September 2024

55,460

Grand Bohemian Hotel Orlando, Autograph Collection

Fixed

4.53 %

March 2026

56,523

Marriott San Francisco Airport Waterfront

Fixed

4.63 %

May 2027

111,623

Total Mortgage Loans

4.27 %

(4)

$                323,606

Corporate Credit Facilities

Revolving Credit Facility(5)

 Variable

3.00 %

February 2024

Corporate Credit Facility Term Loan

Partially Fixed(6)

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(7)

(18,990)

Total Debt, net of loan premiums, discounts and unamortized deferred financing costs

5.18 %

(4)

$             1,429,616

1.

The rates shown represent the annual interest rates as of March 31, 2022. The variable index for the mortgage loan secured by Andaz Napa is one-month LIBOR and for the mortgage loan secured by Renaissance Atlanta Waverly is daily SOFR. 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.

Weighted-average interest rate as of March 31, 2022.

5.

The Revolving Credit Facility had undrawn capacity of $450 million.

6.

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.

7.

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 Ended March 31, 2022 and 2021

($ amounts in thousands)

Three Months Ended March 31,

2022

2021

Change

Same-Property Occupancy(1)

58.0  %

35.5  %

        2,250 bps

Same-Property Average Daily Rate(1)

$       258.12

$       192.07

34.4%

Same-Property RevPAR(1)

$       149.60

$         68.13

119.6%

Same-Property Revenues(1):

Rooms revenues

$     119,402

$       54,379

119.6%

Food and beverage revenues

66,355

21,423

209.7%

Other revenues

19,212

10,444

84.0%

Total Same-Property revenues

$     204,969

$       86,246

137.7%

Same-Property Expenses(1):

Rooms expenses

$       27,979

$       14,939

87.3%

Food and beverage expenses

44,473

17,806

149.8%

Other direct expenses

5,282

3,171

66.6%

Other indirect expenses

51,526

35,044

47.0%

Management and franchise fees

7,458

2,790

167.3%

Real estate taxes, personal property taxes and insurance

10,680

10,863

(1.7)%

Ground lease expense

531

379

40.1%

Total Same-Property hotel operating expenses

$    147,929

$       84,992

74.1%

Same-Property Hotel EBITDA(1)

$      57,040

$         1,254

4,448.6%

Same-Property Hotel EBITDA Margin(1)

27.8  %

1.5  %

        2,637 bps

1.

"Same-Property" includes all hotels owned as of March 31, 2022, except for Hyatt Regency Portland at the Oregon Convention Center and W Nashville. Includes hotels that had temporarily suspended operations for a portion of the three months ended March 31, 2021. "Same-Property" also includes disruption from the COVID-19 pandemic in 2022 and 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 ended March 31, 2022 and 2021.

Three Months Ended March 31,

2022

2021

Total Revenues - GAAP

$                     210,347

$                        87,852

Pro forma hotel adjustments

(5,378)

(1,606)

Total Same-Property Revenues

$                     204,969

$                        86,246

Total Hotel Operating Expenses - GAAP

$                     141,607

$                        77,084

Real estate taxes, personal property taxes and insurance

10,855

10,540

Ground lease expense, net(a)

531

380

Other income

(52)

(64)

Corporate-level costs and expenses

(377)

(9)

Pro forma hotel level adjustments, net(b)

(4,635)

(2,939)

Total Same-Property Hotel Operating Expenses

$                     147,929

$                        84,992

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 and W Nashville, which are not included in Same-Property amounts.

Xenia Hotels & Resorts, Inc.

Same-Property(1) Hotel EBITDA and Hotel EBITDA Margin

For the Three Months Ended  March 31, 2022 and 2019

($ amounts in thousands)

Three Months Ended March 31,

2022

2019

Change

Same-Property Occupancy(1)

58.0 %

77.2 %

      (1,920) bps

Same-Property Average Daily Rate(1)

$      258.12

$      240.59

7.3%

Same-Property RevPAR(1)

$      149.60

$      185.82

(19.5)%

Same-Property Revenues(1):

Rooms revenues

$    119,402

$    148,320

(19.5)%

Food and beverage revenues

66,355

93,624

(29.1)%

Other revenues

19,212

16,852

14.0%

Total Same-Property revenues

$    204,969

$    258,796

(20.8)%

Same-Property Expenses(1):

Rooms expenses

$       27,979

$       34,323

(18.5)%

Food and beverage expenses

44,473

57,300

(22.4)%

Other direct expenses

5,282

6,326

(16.5)%

Other indirect expenses

51,526

59,894

(14.0)%

Management and franchise fees

7,458

10,507

(29.0)%

Real estate taxes, personal property taxes and insurance

10,680

10,363

3.1%

Ground lease expense

531

943

(43.7)%

Total Same-Property hotel operating expenses

$    147,929

$    179,656

(17.7)%

Same-Property Hotel EBITDA(1)

$       57,040

$       79,140

(27.9)%

Same-Property Hotel EBITDA Margin(1)

27.8  %

30.6  %

          (275) bps

1.

"Same-Property" includes all hotels owned as of March 31, 2022, except for Hyatt Regency Portland at the Oregon Convention Center and W Nashville. Includes disruption from the COVID-19 pandemic in 2022 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 ended March 31, 2022 and 2019:

Three Months Ended March 31,

2022

2019

Total Revenues - GAAP

$                     210,347

$                     293,687

Pro forma hotel adjustments

(5,378)

(34,891)

Total Same-Property Revenues

$                     204,969

$                     258,796

Total Hotel Operating Expenses - GAAP

$                     141,607

$                     195,889

Real estate taxes, personal property taxes and insurance

10,855

13,059

Ground lease expense, net(a)

531

943

Other income

(52)

(63)

Pre-opening expenses

Corporate-level costs and expenses

(377)

(324)

Pro forma hotel level adjustments, net(b)

(4,635)

(29,848)

Total Same-Property Hotel Operating Expenses

$                     147,929

$                     179,656

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 and W Nashville, which are 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%

12

2,921

Same-Property(1)

100%

32

8,868

Hyatt Regency Portland at the Oregon Convention Center

1

600

W Nashville

1

346

Total Portfolio

34

9,814

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

5%

2

391

Washington, DC-MD-VA

4%

2

472

Other

20%

12

1,743

Same-Property(1)

100%

32

8,868

Hyatt Regency Portland at the Oregon Convention Center

1

600

W Nashville

1

346

Total Portfolio

34

9,814

1.

"Same-Property" includes all hotels owned as of March 31, 2022, except for Hyatt Regency Portland at the Oregon Convention Center and W Nashville.

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 Ended March 31, 2022, 2021, and 2019

Three Months Ended

Three Months Ended

March 31, 2022

March 31, 2021

% Change

Occupancy

ADR

RevPAR

Occupancy

ADR

RevPAR

RevPAR

Market(2)

Phoenix, AZ

62.5 %

$    487.46

$    304.50

40.9 %

$    366.68

$    149.90

103.1 %

Orlando, FL

73.1 %

242.67

177.46

41.7 %

156.31

65.21

172.1 %

Houston, TX

55.5 %

204.01

113.31

46.8 %

151.22

70.77

60.1 %

Florida Keys, FL

94.7 %

773.76

732.78

88.5 %

505.86

447.49

63.8 %

Atlanta, GA

54.7 %

205.72

112.53

38.3 %

170.05

65.13

72.8 %

San Diego, CA

48.1 %

353.01

169.81

17.3 %

237.51

41.05

313.7 %

Savannah, GA

76.6 %

259.54

198.69

59.8 %

197.55

118.20

68.1 %

California North, CA(3)

61.8 %

365.05

225.53

38.6 %

226.90

87.54

157.6 %

Denver, CO

51.5 %

246.33

126.93

37.6 %

215.73

81.16

56.4 %

Dallas, TX

54.5 %

169.14

92.26

29.3 %

104.96

30.71

200.4 %

Other

53.3 %

219.07

116.78

27.1 %

171.08

46.39

151.7 %

Total

58.0 %

$   258.12

$   149.60

35.5 %

$   192.07

$      68.13

119.6 %

Three Months Ended

Three Months Ended

March 31, 2022

March 31, 2019

% Change

Occupancy

ADR

RevPAR

Occupancy

ADR

RevPAR

RevPAR

Market(2)

Phoenix, AZ

62.5 %

$    487.46

$    304.50

81.8 %

$    374.44

$    306.38

(0.6) %

Orlando, FL

73.1 %

242.67

177.46

83.7 %

226.91

189.84

(6.5) %

Houston, TX

55.5 %

204.01

113.31

73.7 %

181.84

133.96

(15.4) %

Florida Keys, FL

94.7 %

773.76

732.78

91.6 %

483.48

443.10

65.4 %

Atlanta, GA

54.7 %

205.72

112.53

75.6 %

217.23

164.26

(31.5) %

San Diego, CA

48.1 %

353.01

169.81

69.4 %

267.98

186.08

(8.7) %

Savannah, GA

76.6 %

259.54

198.69

77.9 %

227.66

177.26

12.1 %

California North, CA(3)

61.8 %

365.05

225.53

76.3 %

262.86

200.68

12.4 %

Denver, CO

51.5 %

246.33

126.93

70.9 %

243.97

172.88

(26.6) %

Dallas, TX

54.5 %

169.14

92.26

72.2 %

199.60

144.06

(36.0) %

Other

53.3 %

219.07

116.78

78.8 %

241.34

190.23

(38.6) %

Total

58.0 %

$   258.12

$   149.60

77.2 %

$   240.59

$   185.82

(19.5) %

1.

"Same-Property" includes all hotels owned as of March 31, 2022, except for Hyatt Regency Portland at the Oregon Convention Center and W Nashville.

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 Ended March 31, 2022, 2021, and 2019

Three Months Ended

Three Months Ended

March 31, 2022

March 31, 2021

% Change

Occupancy

ADR

RevPAR

Occupancy

ADR

RevPAR

RevPAR

Market(2)

Houston, TX

55.5 %

$    204.01

$    113.31

46.8 %

$    151.22

$       70.77

60.1 %

Orlando, FL

73.1 %

242.67

177.46

41.7 %

156.31

65.21

172.1 %

Phoenix, AZ

62.5 %

487.46

304.50

40.9 %

366.68

149.90

103.1 %

Dallas, TX

54.5 %

169.14

92.26

29.3 %

104.96

30.71

200.4 %

San Francisco/San Mateo, CA

69.6 %

168.22

117.16

17.5 %

134.27

23.50

398.6 %

San Jose-Santa Cruz, CA

37.1 %

190.97

70.94

13.4 %

97.62

13.12

440.7 %

Atlanta, GA

54.7 %

205.72

112.53

38.3 %

170.05

65.13

72.8 %

San Diego, CA

48.1 %

353.01

169.81

17.3 %

237.51

41.05

313.7 %

Denver, CO

51.5 %

246.33

126.93

37.6 %

215.73

81.16

56.4 %

Washington, DC-MD-VA

45.4 %

234.73

106.47

29.5 %

175.33

51.78

105.6 %

Other

60.2 %

322.90

194.54

43.6 %

238.15

103.86

87.3 %

Total

58.0 %

$   258.12

$   149.60

35.5 %

$   192.07

$      68.13

119.6 %

Three Months Ended

Three Months Ended

March 31, 2022

March 31, 2019

% Change

Occupancy

ADR

RevPAR

Occupancy

ADR

RevPAR

RevPAR

Market(2)

Houston, TX

55.5 %

$    204.01

$    113.31

73.7 %

$    181.84

$    133.96

(15.4) %

Orlando, FL

73.1 %

242.67

177.46

83.7 %

226.91

189.84

(6.5) %

Phoenix, AZ

62.5 %

487.46

304.50

81.8 %

374.44

306.38

(0.6) %

Dallas, TX

54.5 %

169.14

92.26

72.2 %

199.60

144.06

(36.0) %

San Francisco/San Mateo, CA

69.6 %

168.22

117.16

90.3 %

254.31

229.67

(49.0) %

San Jose-Santa Cruz, CA

37.1 %

190.97

70.94

79.6 %

278.77

221.99

(68.0) %

Atlanta, GA

54.7 %

205.72

112.53

75.6 %

217.23

164.26

(31.5) %

San Diego, CA

48.1 %

353.01

169.81

69.4 %

267.98

186.08

(8.7) %

Denver, CO

51.5 %

246.33

126.93

70.9 %

243.97

172.88

(26.6) %

Washington, DC-MD-VA

45.4 %

234.73

106.47

71.4 %

224.59

160.46

(33.6) %

Other

60.2 %

322.90

194.54

76.6 %

248.14

190.09

2.3 %

Total

58.0 %

$   258.12

$   149.60

77.2 %

$   240.59

$   185.82

(19.5) %

1.

"Same-Property" includes all hotels owned as of March 31, 2022, except for Hyatt Regency Portland at the Oregon Convention Center and W Nashville.

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

2022

2022

2022

2022

2022

Occupancy

58.0 %

ADR

$            258.12

RevPAR

$            149.60

Hotel Revenues

$          204,969

Hotel EBITDA

$            57,040

Hotel EBITDA Margin

27.8 %

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

17.0 %

(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.

"Same-Property" includes all hotels owned as of March 31, 2022, except for Hyatt Regency Portland at the Oregon Convention Center and W Nashville. Includes hotels that had temporarily suspended operations for a portion of the year ended December 31, 2020 and 2021, 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 2020, 2021, and 2022, and excludes the NOI guaranty payment at Andaz San Diego.

Xenia Hotels & Resorts, Inc.

Same-Property(1) Monthly Operations Information

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

233.45

102.92

(2,642)

1.2

(36.7)

February

60.8

258.53

157.28

(1,893)

6.0

(19.1)

March

69.2

273.52

189.36

(1,244)

11.0

(5.9)

1st Quarter

58.0

258.12

149.60

(1,927)

7.3

(19.5)

1.

"Same-Property" reflects all hotels owned as of March 31, 2022, except for Hyatt Regency Portland at the Oregon Convention Center and W Nashville. "Same-Property" also includes renovation disruption for multiple capital projects during the periods presented and disruption from the COVID-19 pandemic in 2021 and 2022.

SOURCE Xenia Hotels & Resorts, Inc.