Xenia Hotels & Resorts, Inc.

Q2 2026 same-property RevPAR was $206.54, up 5.6% year over year, with ADR up 5.7% to $285.71 and occupancy flat at 72.3%. Same-property total RevPAR was $366.17, up 3.3% year over year. Adjusted EBITDAre was $78.1 million, about $1 million ahead of expectations, and adjusted FFO per share was $0.61, up 7% year over year. On a GAAP basis, net loss attributable to common stockholders was $19.3 million, driven by a noncash impairment charge related to the sale of Kimpton RiverPlace. Same-property hotel EBITDA margin was 28.7%, down 65 bps, and same-property EBITDA was $84.9 million, up 1%. The company raised full-year 2026 adjusted EBITDAre guidance midpoint by $7 million to $273 million, increased RevPAR growth midpoint by 150 bps to 5.5%, increased total RevPAR growth midpoint by 75 bps to 5.75%, and raised adjusted FFO per diluted share midpoint to $2.02, implying about 15% growth versus 2025. Guidance for interest expense, G&A, income tax expense, and capex was unchanged; full-year capex remains $70 million to $80 million.

Marcel Verbaas framed the quarter as another solid operating period and emphasized that growth was being driven by rate, with no sign of a pullback from the higher-end consumer. He highlighted broad-based market strength, a stronger second-half group base, improving transaction activity, and confidence in the portfolio’s ability to benefit from a low-supply environment. His tone was constructive and upbeat, while still emphasizing prudence on capital allocation and portfolio quality.

Atish Shah said the quarter came in slightly ahead of expectations, helped by better RevPAR and EBITDA margin, and noted event-driven demand ended up at the low end of the prior 25 to 50 bps expectation. He said debt at quarter-end was about $1.4 billion, roughly three-quarters fixed, with a weighted average interest rate of about 5.5% and leverage at approximately 4.8x trailing-12-month net debt to EBITDA. Liquidity was $612 million, including $112 million of cash and a fully undrawn $500 million revolver; the company has $97.5 million left on buybacks and $200 million of ATM capacity. He also said the Andaz Napa mortgage was paid down by about $5 million ahead of renovation and reiterated that full-year capex remains $70 million to $80 million.

Analysts pressed on transaction market activity and whether corporate M&A is on or off the table; management said the market is a bit more active but still skewed toward individual assets and smaller portfolios, with no expectation of a major near-term shift. Questions on second-half group pace drew the response that strength is broad-based across markets, with more than three-quarters of expected second-half group business already booked and pricing depending on where holes remain in compressed markets. Analysts also asked about capital allocation, and management said it would use a balanced approach across acquisitions, ROI capex, dispospositions, and buybacks, while noting the stock still trades at a reasonable level versus NAV. On W Nashville, management said the F&B repositioning is still ramping, margin pressure is temporary, and meaningful hotel-side payoff should build into 2027 rather than this year.