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Here are a few analogies to describe Xenia Hotels & Resorts (XHR):

• Like Simon Property Group (SPG), but for high-end hotels instead of shopping malls. (Both are REITs that own prime real estate in a specific sector and lease it out to operators.)
• Similar to American Tower (AMT), but instead of cell towers, Xenia owns a portfolio of luxury hotels. (Both are asset-heavy REITs that own and lease out critical infrastructure/properties.)
• Think of it as the real estate arm of a company like McDonald's, but exclusively owning luxury hotel properties instead of fast-food restaurants, which are then managed by top hotel brands. (Leverages McDonald's well-known real estate ownership model to explain XHR's landlord role for hotels.)

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• Hotel Room Accommodations: Providing lodging and overnight stays for business and leisure travelers across its portfolio of upscale and luxury hotels.
• Meeting and Event Spaces: Offering venues and associated services for corporate meetings, conferences, banquets, and social gatherings within its properties.
• Food and Beverage Services: Providing diverse dining experiences, including restaurants, bars, and catering for events, available to guests and the public at its hotels.
• Recreational and Wellness Facilities: Offering amenities such as swimming pools, fitness centers, and spas for guest enjoyment and relaxation at its various hotel and resort locations.

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Xenia Hotels & Resorts (XHR), as a real estate investment trust (REIT) that owns luxury and upper upscale hotel properties, primarily sells lodging and related services to individuals and groups who stay at its hotels. The revenue generated by these hotel operations comes from direct consumers rather than other businesses purchasing services from XHR as its primary customers.

The up to three main categories of customers that XHR serves through its hotel properties are:

• Leisure Travelers: Individuals or families traveling for vacation, tourism, or personal reasons. These customers seek comfort, amenities, and experiences during their leisure trips and may book through various channels including direct hotel websites, online travel agencies, or travel agents.
• Business Travelers: Individuals traveling for work, corporate meetings, conferences, or professional development. This category often prioritizes convenience, business services, and locations near corporate centers or convention venues. Bookings for business travelers can be individual or managed through corporate travel programs.
• Group Travelers and Event Attendees: Customers who are part of organized groups such as corporate events, conventions, social gatherings, weddings, or other special functions held at the hotel properties. These groups often book multiple rooms and utilize event spaces, food and beverage services, and other amenities provided by the hotels.

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• Marriott International, Inc. (MAR)
• Hyatt Hotels Corporation (H)
• Hilton Domestic Operating Company Inc.
• Kimpton Hotel & Restaurant Group, LLC
• The Kessler Collection, LLC

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Marcel Verbaas Chairman & CEO

Marcel Verbaas has served as President and Chief Executive Officer of Xenia Hotels & Resorts since its formation in 2007. He was elected Chairman of the Board in November 2017, while continuing in his CEO role. Mr. Verbaas guided the company through its spin-off from its prior parent company, Inland American, and its listing on the New York Stock Exchange in February 2015. Since the listing, he has overseen the execution of the company's strategic plan, including capital improvements and over $1.6 billion of acquisitions and dispositions.

Atish Shah Executive Vice President & Chief Financial Officer

Atish Shah has been the Executive Vice President, Chief Financial Officer, and Treasurer of Xenia Hotels & Resorts since April 2016. Prior to joining Xenia, he held various leadership positions at Hyatt Hotels Corporation from 2009 to 2016, including Senior Vice President and Interim CFO from 2015 to 2016. Before Hyatt, Mr. Shah served as Senior Vice President – Portfolio Management at Lowe Enterprises, a private real estate company where he managed a hospitality real estate private equity fund. He also worked for Hilton Hotels Corporation in various finance roles from 1998 to 2007 and began his career in hospitality consulting at Coopers & Lybrand, LLP. Mr. Shah earned an MBA from The Wharton School of the University of Pennsylvania, a Master of Management in Hospitality from Cornell University, and a B.S. from Cornell University.

Barry Bloom President & Chief Operating Officer

Barry Bloom is the President and Chief Operating Officer of Xenia Hotels & Resorts, a position he has held since 2017. He joined Xenia in July 2013 and previously served as Executive Vice President and Chief Operating Officer. Mr. Bloom co-founded and was a Principal of Abacus Lodging Investors LLC, a hotel investment and advisory firm, from 2008 to 2011. His prior experience includes serving as Executive Vice President of Portfolio Management & Administration with CNL Hotels & Resorts Inc., where he oversaw a $6.6 billion portfolio, and Vice President of Investment Management for Hyatt Hotels Corporation. Mr. Bloom also has an academic background, having served as an Associate Professor at Boston University and an Instructor at DePaul University. He holds a B.S. and MBA from Cornell University and a Ph.D. in Hospitality Management from Iowa State University.

Joseph Johnson Senior Vice President & Chief Accounting Officer

Joseph Johnson is the Senior Vice President and Chief Accounting Officer at Xenia Hotels & Resorts, having joined the company in May 2015. Before his tenure at Xenia, he was the Chief Financial Officer for CNL Lifestyle Properties, Inc. and CNL Healthcare Properties, Inc., both public non-listed REITs, from 2011 to 2015. He also held various other roles with these entities and their affiliates, including Senior Vice President and Chief Accounting Officer. Mr. Johnson began his career in the audit practice of KPMG US. He earned a Bachelor of Science and a Master's in Accounting from the University of Central Florida.

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The key risks to Xenia Hotels & Resorts (XHR) business operations are primarily driven by the cyclical nature of the lodging industry, intense competition, and the company's financial leverage.

1. Economic Sensitivity and Cyclical Nature of the Lodging Industry: Xenia Hotels & Resorts' performance is highly susceptible to macroeconomic factors and changes in consumer preferences. Economic uncertainty, inflation, and downturns directly impact demand for hotel rooms, which can lead to decreased occupancy rates, lower average daily rates (ADR), and reduced revenue per available room (RevPAR). The lodging industry is inherently cyclical, meaning its growth and contraction often mirror the overall economy. This volatility presents a significant challenge to maintaining consistent revenue streams and profitability.
2. Intense Competition: The lodging industry is intensely competitive, and Xenia faces significant competition from other hotel owners, operators, and various brands. This competitive landscape also includes alternative lodging platforms, such as Airbnb. Increased competition can result in lower occupancy rates and a decrease in RevPAR, thereby impacting the company's financial health.
3. High Leverage: Xenia Hotels & Resorts carries a notable level of debt, with its total debt and debt-to-equity ratio being higher than the industry median. High interest payments consume a substantial portion of the company's annual operating income. While declining interest rates could offer some relief, a prolonged period of weak operational results or economic stagnation could exacerbate the challenges associated with its high leverage.

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Xenia Hotels & Resorts (XHR) is a real estate investment trust (REIT) focused on investing in luxury and upper upscale hotels and resorts exclusively across the United States. Their main products and services are the accommodations and amenities offered within these hotels.

The addressable market for Xenia Hotels & Resorts' luxury and upper upscale hotel products and services is within the United States.

The overall U.S. hotels market was estimated at USD 263.21 billion in 2024. This market is projected to grow at a Compound Annual Growth Rate (CAGR) of 7.1% from 2025 to 2030.

Specifically, the luxury and upscale segment constituted approximately 61% of the U.S. hotels market in 2024. Based on the total market size, this would equate to an estimated market size of approximately USD 160.56 billion for the luxury and upscale segment in 2024.

For the more narrowly defined U.S. luxury hotel market, the size was valued at USD 27.1 billion in 2024. This segment is expected to reach USD 43.9 billion by 2033, demonstrating a CAGR of 5.5% from 2025 to 2033. Another estimate places the U.S. luxury hotel market at USD 42.75 billion in 2025, with a forecast to reach USD 62.22 billion by 2030, at a CAGR of 7.79% during that period.

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Xenia Hotels & Resorts (XHR) is expected to drive future revenue growth over the next 2-3 years through the following key factors:

• Strong Group Demand: The company anticipates continued robust group demand, with significant group room revenues already secured for 2026. This trend is expected to sustain strong performance in the coming years.
• Ramp-up of Renovated and Up-branded Properties: The Grand Hyatt Scottsdale Resort, following its transformative renovation and up-branding, is consistently highlighted as a key driver of performance, continuing its path towards stabilization and performing in line with expectations.
• Growth in Non-Rooms Revenue: Xenia Hotels & Resorts has observed a significant increase in non-rooms revenue, particularly from food and beverage, and banquet and catering services. This growth has substantially contributed to total RevPAR increases.
• Average Daily Rate (ADR) Increases: The company has demonstrated the ability to increase its Average Daily Rate. This is supported by its high-end portfolio positioning and ongoing upgrades to amenities, which enhance pricing power.

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Share Repurchases

• Xenia Hotels & Resorts authorized a $100 million increase to its share repurchase program in May 2025, bringing the total remaining authorization to approximately $180 million as of May 13, 2025.
• Year-to-date through Q3 2025, the company repurchased 6,656,706 shares of common stock for approximately $83.8 million.
• In 2023, Xenia spent $133 million on share repurchases.

Outbound Investments

• In March 2025, the company acquired the fee simple interest in the land underlying Hyatt Regency Santa Clara for $25 million.
• In April 2025, Xenia sold the Fairmont Dallas for $111.0 million, a sale price exclusive of an estimated $80 million of near-term capital expenditure needs.

Capital Expenditures

• Capital expenditures for the full year 2025 are expected to be between $87.5 million and $92.5 million, primarily for property improvements, including the final spend on the transformative renovation of Grand Hyatt Scottsdale Resort.
• In the first quarter of 2025, Xenia invested $32.4 million in portfolio improvements, largely for the Grand Hyatt Scottsdale Resort renovation.
• In 2024, the company's capital expenditures amounted to $140.6 million.