Welcome to our dedicated page for Xenia Hotels & Resorts news (Ticker: XHR), a resource for investors and traders seeking the latest updates and insights on Xenia Hotels & Resorts stock.
Xenia Hotels & Resorts, Inc. (NYSE: XHR) is a self-advised and self-administered real estate investment trust (REIT) specializing in premium full-service, lifestyle, and urban upscale hotels across the United States. Focused on the top 25 lodging markets and key leisure destinations, Xenia's portfolio comprises 32 hotels and resorts with a total of 9,515 rooms in 14 states. Key hotel brands under the Xenia banner include industry giants such as Marriott, Hilton, Hyatt, Kimpton, Aston, Fairmont, and Loews.
Recent achievements highlight Xenia's operational efficiency and strategic asset management. For the third quarter of 2023, the company's Same-Property portfolio recorded a RevPAR increase of 0.4% compared to the previous year. Excluding the Hyatt Regency Scottsdale Resort & Spa at Gainey Ranch, the RevPAR grew by 4.0%. Significant renovations at properties like Grand Bohemian Hotel Orlando and Kimpton Hotel Monaco Salt Lake City have temporarily impacted results but are expected to drive higher returns in the coming years.
As of September 30, 2023, Xenia reported a total outstanding debt of approximately $1.4 billion, with a weighted-average interest rate of 5.46%. The company's liquidity stands strong with approximately $219 million in cash and cash equivalents and a full-availability revolving line of credit, amounting to about $669 million in total liquidity.
In the capital markets, Xenia has been proactive. In the third quarter of 2023, the company repurchased over 2 million shares of common stock at an average price of $12.09 per share, amounting to a total consideration of around $25 million. This was followed by additional repurchases in the fourth quarter, further solidifying shareholder value.
Looking ahead, Xenia remains focused on completing its major renovation projects, such as the transformative upgrade of the Hyatt Regency Scottsdale to a Grand Hyatt. The company is optimistic that these enhancements will yield significant future returns.
Xenia's financial discipline is evident from its updated full-year outlook for 2023, which considers potential macroeconomic uncertainties. Despite challenges, the company continues to deliver solid performance, supported by strategic asset management and rigorous expense controls.
For more detailed financial information and updates, Xenia regularly engages with its investors through quarterly earnings calls and maintains a comprehensive Investor Relations section on its website, www.xeniareit.com.
Xenia Hotels & Resorts, Inc. (NYSE: XHR) announced the pricing of $200 million in 6.375% senior secured notes due in 2025, up from a previously announced $150 million. The offering is set to close on October 20, 2020, with proceeds intended to fully repay two term loans maturing in 2022. The notes will carry a fixed annual interest rate of 6.375% and will be guaranteed by the company and its subsidiaries. The notes are considered 'additional notes' under an existing indenture from August 18, 2020. This press release does not constitute an offer to sell or solicitation to buy the notes.
Xenia Hotels & Resorts, Inc. (NYSE: XHR) has announced a proposed offering of $150 million in 6.375% senior secured notes due in 2025. The offering aims to repay existing borrowings and support general corporate purposes. The notes will be secured obligations of XHR LP and guaranteed by the company and its subsidiaries. This new issuance follows a previous offering of $300 million in senior secured notes made in August 2020. The notes will only be offered to qualified institutional buyers and not registered under the Securities Act.
Xenia Hotels & Resorts announced on October 14, 2020, amendments to its corporate credit facilities, increasing the revolving credit facility to $523 million until February 2022 and extending the testing waiver for financial covenants through the end of 2021. Currently, 37 of Xenia's 38 properties are operational, with varying occupancy and revenue per available room (RevPAR) figures for Q3. The company is also exploring the timing for reopening the Hyatt Regency Portland. Key metrics include a Q3 average occupancy of 28.5% and RevPAR of $48.41.
Xenia Hotels & Resorts has successfully sold the 221-room Residence Inn in Boston Cambridge for $107.5 million, translating to approximately $486,500 per room. The sale reflects an 11.6x multiple and a 7.8% capitalization rate on 2019 hotel EBITDA and net operating income. The transaction yielded $46.0 million in net proceeds after costs, which will be used for repaying credit facility borrowings. Xenia aims to enhance balance sheet flexibility amid challenging market conditions. Additionally, the company expects the sale of Marriott Napa Valley Hotel & Spa to finalize by the end of October.
Xenia Hotels & Resorts, Inc. (NYSE: XHR) will release its third-quarter 2020 financial results on October 30, 2020, before the market opens. A conference call is scheduled for 1:00 PM ET that same day, where management will discuss the results. Investors can participate by dialing (855) 656-0921 and accessing the live webcast via the company's website. The company operates 39 hotels with a focus on luxury and upper-upscale segments, primarily in top U.S. lodging markets.
Xenia Hotels & Resorts, Inc. (NYSE: XHR) has updated its credit facilities and hotel operations as of August 27, 2020. The company amended its corporate credit agreements following a $300 million senior secured notes offering. Key amendments allow for hotel acquisitions via equity. As of the latest update, 35 of 39 hotels are operational, with expected reopening dates for two more hotels in September. Xenia plans to sell the Marriott Napa Valley Hotel & Spa for $100 million, while reporting average occupancy of 30% and average daily rates of $170 in August.
Xenia Hotels & Resorts, Inc. (NYSE: XHR) announced the pricing of its offering of $300 million in 6.375% senior secured notes due 2025. The offering is set to close on August 18, 2020. The notes will pay interest semi-annually and are guaranteed by the company and certain subsidiaries. The proceeds will be used to repay borrowings and for general corporate purposes. The notes will not be registered under the Securities Act and will only be sold to qualified institutional buyers.
Xenia Hotels & Resorts, Inc. (NYSE: XHR) announced its intention to offer $300 million in senior secured notes due 2025 through its operating partnership, XHR LP. These notes will be secured obligations guaranteed by the company and some subsidiaries. The proceeds will primarily be used to repay borrowings under existing credit facilities and for general corporate purposes. The offering will comply with specific regulations and is targeted at qualified institutional buyers. Xenia operates 39 hotels in the U.S., focusing on luxury and upper upscale segments.
Xenia Hotels & Resorts reported significant financial challenges for the quarter ending June 30, 2020, with a net loss of $99.1 million, or $0.88 per share, and a total of 31 hotels temporarily closed due to the pandemic. By the end of June, 26 hotels were operational, expected to increase to 35 by the end of July, which would represent 83% of their room capacity. The company emphasized liquidity with $306 million in cash and ongoing modifications to debt agreements to navigate financial strains. Adjusted EBITDAre was $(43) million in Q2 2020, reflecting a drastic decline from previous year results.
Xenia Hotels & Resorts will report its second quarter 2020 financial results on July 30, 2020, before the market opens. A conference call will be held at 1:00 PM ET on the same day to discuss the results. Investors can participate by dialing (855) 656-0921, with an international option at (412) 542-4169. A live webcast will also be available on the Company's website, with a replay accessible thereafter.
Xenia focuses on luxury and upper upscale hotels, owning 39 hotels and 11,245 rooms in 16 states.
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