Xenia Hotels & Resorts, Inc.

Xenia Hotels & Resorts, Inc. is a U.S.-based real estate investment trust that owns a portfolio of luxury and upper upscale hotels and resorts. Its properties are concentrated in top U.S. lodging markets and key leisure destinations, and the company operates through an operating partnership structure while hotel operations are handled by third-party managers.

22,1 %

30,6 %

5,8 %

+3,8 %

— Xenia Hotels & Resorts, Inc.
%
Hotel property ownership85% Ownership of lodging real estate, including luxury and upper upscale hotels and resorts.
Rooms revenue75% Revenue from guest room rentals, the main operating income source for the portfolio.
Food and beverage revenue15% Revenue from restaurants, catering, banquets, and related hotel dining services.
Other hotel revenue10% Ancillary hotel income such as parking, spa, resort fees, and tenant leases.

Xenia serves transient business travelers, leisure travelers, group bookings, and contract guests across its hotel...

  • Transient business travelersprimary

    Individual business guests staying for work-related travel; they support weekday occupancy and room rates.

  • Leisure travelersprimary

    Individual leisure guests visiting resort and destination markets; they support weekend and seasonal demand.

  • Group businesssecondary

    Meeting, conference, and event groups booking multiple rooms and generating catering spend.

  • Contract businesssecondary

    Corporate, airline crew, and other negotiated-rate guests staying under longer-term arrangements.

Xenia's portfolio is concentrated in the United States, with a focus on the top 25 lodging markets and key leisure...

  • •United States is the core operating geography
  • •Focus on top 25 U.S. lodging markets
  • •Exposure to key leisure destinations across the U.S.
  • •Concentration in California, Texas, and Florida
  • •Regional travel demand and supply shifts matter to results

Xenia's strategy is to own selectively acquired luxury and upper upscale hotels in markets with multiple demand drivers...

01
Selective acquisitionsmedium-term

Build the portfolio with assets that fit valuation and market criteria.

02
Capital investment and redevelopmentmedium-term

Refresh properties and improve guest appeal, efficiency, and long-term returns.

03
Active asset managementshort-term

Work with third-party operators to improve revenue, margins, and guest experience.

Xenia is exposed to cyclical lodging demand, regional travel shocks, and competition from both hotels and alternative...

high

Cyclical lodging demand

Hotel occupancy and room rates move with business travel, tourism, and the broader economy.

Scope
Rooms revenue and RevPAR
Materiality
high
high

Regional concentration

A large share of hotels is located in California, Texas, and Florida, increasing sensitivity to local events.

Scope
Portfolio-wide occupancy and cash flow
Materiality
high
medium

Third-party operator dependence

The company does not operate hotels directly and relies on independent managers for service and execution.

Scope
Operating performance and guest satisfaction
Materiality
high
medium

Brand concentration

Most hotels operate under Marriott and Hyatt families, so brand-level issues can affect a large part of the portfolio.

Scope
Reservation systems, loyalty programs, and brand reputation
Materiality
high
medium

Alternative accommodation competition

Short-term rental platforms and new hotel supply can pressure occupancy and pricing.

Scope
ADR, occupancy, and RevPAR
Materiality
medium
Hotel property and goodwill impairment
Can create large non-cash charges if property values decline
Seasonality
Quarterly results can be uneven and harder to compare
Management and franchise fees
Changes in hotel performance flow through to expenses
Capitalized redevelopment spending
Affects depreciation, asset values, and near-term earnings

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: 29/04/2026