Xenia Hotels Results
Xenia Hotels & Resorts Reports Fourth Quarter and Full Year 2022 Results
Fourth Quarter Adjusted EBITDAre: $64.6 million, increased 32.0% compared to the fourth quarter of 2021
Fourth Quarter Adjusted EBITDAre: $64.6 million, increased 32.0% compared to the fourth quarter of 2021
Operating Income Triples Driving Adjusted EBITDAre Growth of 100% to $180.8 Million in 2022
Announces 60% increase in quarterly dividend to $0.08 per common share
Year End Net Income was $56.7 million compared to a Net Loss of $89.7 million in 2021
Portfolio Revenue Per Available Room (RevPAR) Increased 24 percent to $117 compared to the 2021 fourth quarter. Average daily rate (ADR) accelerated 20 percent to $171, and occupancy jumped 3 percent to 69 percent for the 38 comparable hotels owned as of December 31, 2022
Sustainable Revpar Recovery Above Pre-pandemic Level FY 2023 Group RevPar Expected up Between 5% and 9% LFL YOY Return of Dividend Distribution at 1.05 per Share
Stable 4th Quarter Ends a Strong Year
IHG Reports Full Year Results to 31 December 2022
RevPAR Exceeds 2019 for Third Consecutive Quarter; Full Year Performance Finishes at High End of Q3 Guidance
Company Exceeds Top End of Full-Year Outlook Grows Development Pipeline by 12% Increases Quarterly Dividend by 9% and Provides Full-Year 2023 Outlook
Record Cash Flow from Operations of $674M; Net Rooms Growth of 6.7% Exceeds Expectations
Domestic RevPAR accelerated in fourth quarter to 20.4% versus 2019; full-year net income and adjusted EBITDA surpassed 2019 levels by 49% and 28%, respectively
Fourth quarter 2022 comparable systemwide constant dollar RevPAR increased 28.8 percent worldwide, 23.6 percent in the U.S. & Canada, and 45.1 percent in international markets, compared to the 2021 fourth quarter
For the three months and year ended December 31, 2022, system-wide comparable RevPAR increased 24.8 percent and 42.5 percent, respectively, compared to the same periods in 2021, due to increases in both occupancy and ADR.
Net revenues were $425.5 million for the fourth quarter of 2022, an increase of 0.7%, or $3.1 million, from $422.4 million in the same period of 2021.
For the Legacy-Huazhu business, RevPAR in Q4 2022 recovered to 83% of the 2019 level. The recovery was accelerated after Chinese Government announced the reopening policy in mid-November.
Net revenue was $1.12 billion, an increase of 10.8% from the prior year quarter. Operating loss was $166 million, compared to $138 million in the prior year quarter. Net loss from continuing operations in the fourth quarter of 2022 was $269 million, compared to $315 million in the fourth quarter of 2021.
Additionally, the Company announced that it had executed a contract to sell the 151-room The Heathman Hotel in Portland, Oregon for $45.0 million to a third party.
'Were pleased with these preliminary results for the fourth quarter which reflect the Companys continued recovery, despite the impact caused by Hurricane Nicole and the softening of demand in the South Florida market during the month of November'
Ashford Hospitality Trust, Inc. (NYSE: AHT) reported today that the Company expects to report occupancy of approximately 68% for the fourth quarter of 2022 with an average daily rate of approximately $175 resulting in RevPAR of approximately $118.
Braemar Hotels & Resorts Inc. (NYSE: BHR) reported today that the Company expects to report occupancy of approximately 64% for the fourth quarter of 2022 with an average daily rate of approximately $469 resulting in RevPAR of approximately $301
While there's been a lot of talk about a wave of debt maturities in 2023, lenders and experts said they think it will ultimately be dealt with without creating much disruption.
Total revenues decreased by 22.3% year over year to RMB457.4 million (US$68.3 million)
While Novembers Same-Property operating results significantly exceeded last years performance, they were below the previously provided outlook due to a negative impact from Hurricane Nicole and weaker business and leisure demand during the second half of the month, which may relate to new seasonal patterns around holidays due to hybrid work.
The Company reported today a preliminary estimated range of net income of approximately $0.5 million to $3.5 million and a preliminary estimated range of Adjusted EBITDAre of $36.0 million to $39.0 million.