The following is a summary of the Xenia Hotels & Resorts, Inc. (XHR) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Xenia Hotels & Resorts reported a net income of $8.5 million, adjusted EBITDA of $65.3 million, and adjusted FFO per share of $0.44 for Q1 2024.

• The company observed a 10% increase in adjusted FFO per share, attributed primarily to significant share buybacks in 2023.

• However, adjusted EBITDA declined from Q1 2023, due to the record performance of Hyatt Regency Scottsdale in the previous year.

• The same-property RevPAR for the 32 hotel portfolio decreased by 1.5% over the quarter.

• Group room revenues increased 8.1% year-on-year, excluding the Hyatt Regency Scottsdale.

• Xenia repurchased $6 million in shares during Q1, continuing last year's buyback trend.

Business Progress:

• Xenia is in the process of renovating and upgrading the Hyatt Regency Scottsdale, with an expected expenditure of $120-130 million on property improvements across the portfolio in 2024.

• Completion of all components at the Scottsdale property is projected by the end of 2024, some of them are to be finished by Q3 2024.

• Anticipated growth from the Scottsdale project and recent market demand trends combined with restrained supply growth in the submarkets are expected to boost future growth.

• Xenia maintains its adjusted FFO per diluted share guidance, targeting approximately 9% growth compared to 2023.

• The company experienced robust business transient and group demand in Q1 2024 and remains focused on enhancing consumer properties while targeting recovering markets.

• Capital allocation will be balanced between share buybacks and capital expenditure, with Scottsdale as a significant investment for this year.

• Future investment opportunities are being explored, particularly those that offer double-digit un-levered returns.

More details: Xenia Hotels & Resorts Inc IR

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