XENIA HOTELS & RESORTS REPORTS SECOND QUARTER 2022 RESULTS

ORLANDO, Fla., Aug. 3, 2022

• Net Income (Loss): Net income attributable to common stockholders was $27.6 million, or $0.24 per share, a 165.8% increase compared to the second quarter of 2021
• Adjusted EBITDAre: $88.6 million, increased 223.6% compared to the second quarter of 2021
• Adjusted FFO per Diluted Share: $0.57, increased $0.49 compared to the second quarter of 2021
• Same-Property Occupancy: 69.8%, increased 1,809 basis points compared to the second quarter of 2021 and decreased 1,000 basis points compared to the second quarter of 2019
• Same-Property ADR: $267.72, increased 21.7% and 16.6% compared to the second quarter of 2021 and 2019, respectively
• Same-Property RevPAR: $186.75, increased 64.4% and 2.0% compared to the second quarter of 2021 and 2019, respectively
• Same-Property Hotel EBITDA: $86.5 million, increased 139.6% and 15.0% compared to the second quarter of 2021 and 2019, respectively
• Same-Property Hotel EBITDA Margin: 33.5%, increased 897 basis points and 365 basis points compared to the second quarter of 2021 and 2019, respectively
• Corporate Credit Facilities: The Company met its modified financial covenants for the quarter ended June 30, 2022 and exited the covenant waiver period.

"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: