Core Insights - Xenia Hotels & Resorts, Inc. reported a net income of $15.3 million for Q2 2024, representing an increase of 11.2% compared to the same quarter in 2023, with earnings per share rising to $0.15 [2][5] - Adjusted EBITDAre for Q2 2024 was $68.4 million, a decrease of 8.4% year-over-year, while Adjusted FFO per diluted share increased by 10.6% to $0.52 [2][3] - The company experienced a same-property occupancy rate of 71.0%, up 240 basis points from Q2 2023, while same-property RevPAR increased by 1.8% to $185.69 [2][5] Financial Performance - Year-to-date net income attributable to common stockholders reached $23.9 million, or $0.23 per share, an 18.9% increase compared to the same period in 2023 [3][10] - Same-property average daily rate (ADR) decreased by 2.6% to $261.95, while same-property RevPAR showed a slight increase of 0.1% to $181.28 [3][10] - Total revenues for Q2 2024 were $272.9 million, slightly up from $271.1 million in Q2 2023, with room revenues increasing to $160.8 million [27] Capital and Renovation Activities - The company repurchased 468,107 shares at an average price of $13.51, totaling approximately $6.3 million [3] - A transformative renovation of the Hyatt Regency Scottsdale Resort & Spa is ongoing, with significant components expected to be completed by the end of Q3 2024 [4][15] - The company sold the 107-room Lorien Hotel & Spa for $30 million, utilizing proceeds for general corporate purposes [11] Liquidity and Balance Sheet - As of June 30, 2024, total outstanding debt was approximately $1.4 billion, with a weighted-average interest rate of 5.50% [12][13] - The company had total liquidity of approximately $594 million, including $144 million in cash and cash equivalents [12] - There are no debt maturities until August 2025, and the company maintains full availability on its revolving line of credit [13] Guidance and Outlook - The company has updated its full-year 2024 guidance, projecting Adjusted EBITDAre between $243 million and $255 million, reflecting macroeconomic uncertainties [18][19] - Current same-property RevPAR change is expected to be between 2.00% and 4.00% compared to 2023 [19] - The company anticipates that renovations will negatively impact Adjusted EBITDAre and Adjusted FFO by approximately $17 million [19]
Xenia Hotels & Resorts Reports Second Quarter 2024 Results