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Xenia Hotels & Resorts(XHR) - 2021 Q2 - Earnings Call Transcript
2021-08-03 22:15
Financial Data and Key Metrics Changes - In Q2 2021, the company recorded a net loss of $42 million, but adjusted EBITDAre and adjusted FFO per share were positive at $27.4 million and $0.08 respectively [11][12] - Occupancy for the same-property portfolio reached 55.5% in June, with a significant improvement in ADR, which was nearly equal to June 2019 levels [11][14] - The same-property hotel EBITDA margin was 24% for the quarter, driven by strong cost controls and a favorable revenue mix [12][13] Business Line Data and Key Metrics Changes - The portfolio's same-property occupancy was 51.4% with an average daily rate (ADR) of $215.01, resulting in RevPAR of $110.45 [32] - 32 out of 35 properties achieved positive hotel EBITDA for the quarter, up from 17 in the prior quarter [38] - Departmental expenses declined by 44.9% compared to 2019, while total payroll and employee benefit expenses decreased by 46% [40] Market Data and Key Metrics Changes - July occupancy was approximately 59.2% with an ADR of approximately $223, marking the highest levels since the pandemic began [15] - RevPAR for July was $132.38, approximately 18% below July 2019 levels, but showed a significant improvement from earlier in the year [15] - Corporate transient business from large volume accounts grew over 90% from Q1 to Q2, indicating a recovery in business travel [45] Company Strategy and Development Direction - The company focuses on owning a geographically diverse portfolio of high-quality luxury and upper upscale hotels, which has benefited its recovery strategy [20] - The company plans to engage in comprehensive renovations at several properties to enhance market positioning and attract high-end corporate and leisure travel [51][52] - The company is evaluating potential acquisitions and maintaining a disciplined approach to underwriting opportunities, with a focus on long-term value [29][30][125] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about medium and long-term growth prospects despite ongoing uncertainties in the operating environment due to COVID-19 [19][58] - The company is seeing strong leisure demand and an uptick in corporate transient demand, although the resurgence of COVID-19 poses risks [17][18] - Management noted that the balance sheet is stronger than pre-pandemic levels, with increased liquidity and extended maturity [55][56] Other Important Information - The company has completed substantial renovation projects at 16 properties since 2018, expecting to benefit from these enhancements as recovery continues [24] - The company is actively monitoring labor market conditions and has seen modest increases in hiring as supplemental unemployment benefits have ended [39][79] Q&A Session Summary Question: Are distressed opportunities expected to arise as recovery continues? - Management believes more properties will come to market over time, creating potential opportunities, but it is still early in the cycle [63][66] Question: What is the target leverage range for the company? - The long-term target is to maintain a debt to EBITDA ratio below five times, ideally in the low threes to low fours [68] Question: Any changes in cancellation rates due to the Delta variant? - Management has not observed significant cancellations for September and is monitoring the situation closely [72] Question: What are the trends in group event attendance? - Management is focused on specific industries, such as pharma, and is cautious about international attendance impacting group bookings [75][78] Question: How is the hiring situation evolving at the property level? - There have been increases in applicants in markets where supplemental unemployment has ended, but hiring remains a challenge [79][84] Question: What dynamics are affecting food and beverage revenues? - Leisure travelers are spending more on food and beverage, particularly in resort settings, but overall revenues are still below pre-pandemic levels [88][90] Question: How does the company view acquisitions in urban markets? - The company remains open to opportunities in urban markets but is cautious due to the challenging operating environment [92][95] Question: What are the expectations for corporate rates moving forward? - The sustainability of higher corporate rates is uncertain, and management is closely monitoring market conditions [133]
Xenia Hotels & Resorts(XHR) - 2021 Q2 - Quarterly Report
2021-08-03 20:16
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ____________________________ (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period ended ______ to ______ Commission file number 001-36594 ___________________________ Xenia Hotels & Resorts, Inc. (Exact Name of Registr ...
Xenia Hotels & Resorts(XHR) - 2021 Q1 - Earnings Call Transcript
2021-05-09 02:22
Xenia Hotels & Resorts, Inc. (NYSE:XHR) Q1 2021 Earnings Conference Call May 6, 2021 1:00 PM ET Company Participants Cameron Frosch – Senior Analyst-Finance Marcel Verbaas – Chairman and Chief Executive Officer Barry Bloom – President and Chief Operating Officer Atish Shah – Executive Vice President and Chief Financial Officer Conference Call Participants Bill Crow – Raymond James David Katz – Jefferies Aryeh Klein – BMO Capital Markets Austin Wurschmidt – KeyBanc Tyler Batory – Janney Capital Markets Opera ...
Xenia Hotels & Resorts(XHR) - 2021 Q1 - Quarterly Report
2021-05-06 20:19
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ____________________________ (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period ended ______ to ______ Commission file number 001-36594 ___________________________ Xenia Hotels & Resorts, Inc. (Exact Name of Regist ...
Xenia Hotels & Resorts(XHR) - 2020 Q4 - Earnings Call Transcript
2021-03-02 00:19
Xenia Hotels & Resorts, Inc. (NYSE:XHR) Q4 2020 Earnings Conference Call March 1, 2021 1:00 PM ET Company Participants Cameron Frosch - Senior Analyst, Finance Marcel Verbaas - Chairman & Chief Executive Officer Barry Bloom - President & Chief Operating Officer Atish Shah - Executive Vice President & Chief Financial Officer Conference Call Participants David Katz - Jefferies Michael Bellisario - Baird Thomas Allen - Morgan Stanley Bryan Maher - B. Riley FBR Ari Klein - BMO Capital Markets Austin Wurschmidt ...
Xenia Hotels & Resorts(XHR) - 2020 Q4 - Annual Report
2021-03-01 21:08
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period ended _____ to _____ Commission file number 001-36594 ___________________________________ Xenia Hotels & Resorts, Inc. (Exact name of registrant as specified in its cha ...
Xenia Hotels & Resorts (XHR) Investor Presentation - Slideshow
2020-11-19 17:23
| --- | --- | --- | --- | --- | |-----------------------|-------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | HOTELS & RESORTS | | | | | | Investor Presentation | | | | | | November \| 2020 | | | | | X Forward-Looking Statements This presentation has been prepared by Xenia Hotels & Resorts, Inc. (the "Company" or "Xenia") solely for informational purposes. This presentation contains, and our responses to various questions from investors may include, "forward-looking ...
Xenia Hotels & Resorts(XHR) - 2020 Q3 - Earnings Call Transcript
2020-10-30 23:46
Xenia Hotels & Resorts, Inc. Q3 2020 Earnings Conference Call October 30, 2020 1:00 PM ET Company Participants Lisa Ramey - Vice President, Finance Marcel Verbaas - Chairman & Chief Executive Officer Barry Bloom - President & Chief Operating Officer Atish Shah - Executive Vice President, Chief Financial Officer & Treasurer Conference Call Participants David Katz - Jefferies William Crow - Raymond James & Associates Michael Bellisario - Robert W. Baird & Co. Thomas Allen - Morgan Stanley Operator Good day, a ...
Xenia Hotels & Resorts(XHR) - 2020 Q3 - Quarterly Report
2020-10-30 20:01
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ____________________________ (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period ended ______ to ______ Commission file number 001-36594 ___________________________ Xenia Hotels & Resorts, Inc. (Exact Name of Re ...
Xenia Hotels & Resorts (XHR) Investor Presentation
2020-09-03 16:43
| --- | --- | --- | --- | |-----------------------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | | | HOTELS & RESORTS | | | | | Investor Presentation | | | | | September \| 2020 | | | | x Forward-Looking Statements This presentation has been prepared by Xenia Hotels & Resorts, Inc. (the "Company" or "Xenia") solely for informational purposes. This presentation contains, and our responses to various questions from investors may include, "forward-looking statements" within the meaning of the ...