Xenia Hotels & Resorts (XHR) Q4 2024 earnings summary

Executive summary

• Fourth quarter 2024 saw improved portfolio performance and completion of the Grand Hyatt Scottsdale renovation, which is expected to drive future returns.

• Net loss for Q4 was $638,000, with adjusted EBITDAre of $59.2 million and adjusted FFO per share of $0.39, modestly exceeding guidance.

• Full year 2024 net income was $16.1 million, adjusted EBITDAre $237.1 million, and adjusted FFO per share $1.59.

• Adjusted EBITDAre for 2024 was down 5.8% year-over-year; Q4 Adjusted EBITDAre was down 0.5%.

• Major renovation and upbranding of Grand Hyatt Scottsdale Resort completed, with phased openings of new amenities and venues.

Financial highlights

• Q4 same-property RevPAR increased 5.1% year-over-year to $165.92, with double-digit growth in several markets.

• Q4 same-property hotel EBITDA was $62.9 million, down 0.6% from 2023; margin decreased by 120 bps.

• Full year same-property RevPAR rose 1.6% to $172.47, with occupancy gains offset by a 1.9% decline in ADR.

• Excluding Grand Hyatt Scottsdale, full year RevPAR increased 3.4% and hotel EBITDA rose 1.3%.

• Portfolio invested $140.6 million in improvements in 2024.

Outlook and guidance

• 2025 guidance projects 3.5%-6.5% same-property RevPAR growth (5% midpoint), with further occupancy gains expected.

• Adjusted EBITDAre for 2025 guided to $244–$264 million, up 7% at midpoint; adjusted FFO per share to increase 3.5%.

• Group room revenue booking pace for 2025 is up 17% (12% excluding Scottsdale), with three-quarters already definite.

• Early 2025 RevPAR up 7.3% year-over-year through February 20.

• Capital expenditures for 2025 projected at $100–$110 million, with minimal revenue disruption.