PR Newswire
ORLANDO, Fla., Aug. 3, 2022
ORLANDO, Fla., Aug. 3, 2022 /PRNewswire/ -- Xenia Hotels & Resorts, Inc. (NYSE: XHR) ("Xenia" or the "Company") today announced results for the quarter ended June 30, 2022.
"We achieved strong operating results in the second quarter as our portfolio benefited from continued momentum in leisure travel demand coupled with improving corporate transient and group demand," said Marcel Verbaas, Chairman and Chief Executive Officer of Xenia. "Same-Property portfolio RevPAR increased 2.0% as compared to the second quarter of 2019, marking the first quarter of RevPAR growth relative to 2019 since the onset of the pandemic. Pricing power at our portfolio of premium hotels and resorts was robust, led by the Phoenix, Key West, Napa, San Diego and Atlanta markets. Average daily rate at our Same-Property portfolio increased a remarkable 16.6% in the second quarter as compared to 2019, which, in combination with outstanding expense control, drove significant margin improvement over 2019. As a result, Same-Property Hotel EBITDA increased 15.0% compared to the same quarter in 2019, and Adjusted EBITDAre was only 0.9% below 2019 results."
"We are off to a solid start in the third quarter, which has historically been a weaker quarter due to the seasonality in our portfolio," continued Mr. Verbaas. "We estimate that our Same-Property portfolio generated RevPAR of approximately $157 in July, or approximately 4% below July 2019 RevPAR. While the Fourth of July holiday caused corporate demand to be muted in the early part of the month, we saw meaningful increases in mid-week occupancy as the month progressed. Additionally, rate growth continued to impress as our estimated July Same-Property ADR exceeded 2019 by approximately 18%. Although a potential economic recession could slow the pace of recovery in the short term, we remain very optimistic about our growth prospects in the longer term. We expect our well-positioned portfolio to benefit not only from a diverse set of demand drivers, but also a favorable supply backdrop in the years ahead."
The Company's results include the following:
| Three Months Ended June 30, | | Change From | ||||||
| 2022 | | 2021 | | 2019 | | 2021 | | 2019 |
| ($ amounts in thousands, except hotel statistics and per share amounts) | ||||||||
Net income (loss) attributable to common stockholders | $ 27,648 | | $ (42,038) | | $ 12,777 | | 165.8 % | | 116.4 % |
Net income (loss) per share available to common | $ 0.24 | | $ (0.36) | | $ 0.11 | | 166.7 % | | 118.2 % |
| | | | | | | | | |
Same-Property Number of Hotels(1) | 32 | | 32 | | 32 | | — | | — |
Same-Property Number of Rooms(1)(5) | 8,866 | | 8,868 | | 8,869 | | (2) | | (3) |
Same-Property Occupancy(1) | 69.8 % | | 51.7 % | | 79.8 % | | 1,809 bps | | (1,000) bps |
Same-Property Average Daily Rate(1) | $ 267.72 | | $ 219.90 | | $ 229.57 | | 21.7 % | | 16.6 % |
Same-Property RevPAR(1) | $ 186.75 | | $ 113.62 | | $ 183.11 | | 64.4 % | | 2.0 % |
Same-Property Hotel EBITDA(1)(2) | $ 86,494 | | $ 36,103 | | $ 75,233 | | 139.6 % | | 15.0 % |
Same-Property Hotel EBITDA Margin(1)(2) | 33.5 % | | 24.5 % | | 29.8 % | | 897 bps | | 365 bps |
| | | | | | | | | |
Total Portfolio Number of Hotels(3) | 34 | | 35 | | 40 | | (1) | | (6) |
Total Portfolio Number of Rooms(3)(5) | 9,812 | | 10,011 | | 11,167 | | (199) | | (1,355) |
Total Portfolio RevPAR(4) | $ 185.44 | | $ 104.50 | | $ 181.09 | | 77.5 % | | 2.4 % |
| | | | | | | | | |
Adjusted EBITDAre(2) | $ 88,623 | | $ 27,388 | | $ 89,459 | | 223.6 % | | (0.9) % |
Adjusted FFO(2) | $ 66,031 | | $ 9,086 | | $ 71,488 | | 626.7 % | | (7.6) % |
Adjusted FFO per diluted share(2) | $ 0.57 Werbung Mehr Nachrichten zur Xenia Hotels & Resorts Aktie kostenlos abonnieren
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