ORLANDO, Fla., March 1,
2021 /PRNewswire/ -- Xenia Hotels & Resorts, Inc. (NYSE:
XHR) ("Xenia" or the "Company") today announced results for the
quarter and full year ended December 31, 2020.
Fourth Quarter 2020 Highlights
- Net Income: Net income attributable to common
stockholders was $24.3 million, or
$0.22 per share.
- Adjusted EBITDAre: Adjusted EBITDAre was $(10.1) million.
- Adjusted FFO per Diluted Share: Adjusted FFO per diluted
share was $(0.24).
- Same-Property RevPAR: The Company had its entire
Same-Property portfolio (34 properties) open and operating during
the entire fourth quarter. These properties achieved RevPAR of
$50.82, as a result of occupancy of
27.8% and an ADR of $182.64.
- Transaction Activity: The Company sold four hotels for a
total sales price of approximately $391
million.
- Financing Activity: The Company completed a $200 million add-on to its existing 6.375% senior
notes (the "Senior Notes") and entered into further amendments on
its corporate credit facilities which extended the maturity date on
its revolving credit facility two years through February 2024 and the waiver period for the
testing of the financial covenants through year-end 2021, with
relaxed financial covenants through the first quarter of 2023. Net
proceeds from the issuance, along with cash on hand, were utilized
to pay off its two term loans maturing in 2022 and the $51 million mortgage loan collateralized by
Marriott Dallas Downtown and to repay a portion of the
Company's revolving credit facility. Additionally, in connection
with the sale of Residence Inn Boston Cambridge the buyer assumed
the existing mortgage loan collateralized by the hotel.
Full Year 2020 Highlights
- Net Loss: Net loss attributable to common stockholders
was $163.3 million, or $1.44 per share.
- Adjusted EBITDAre: Adjusted EBITDAre was $(51.7) million.
- Adjusted FFO per Diluted Share: Adjusted FFO per diluted
share was $(0.82).
- Same-Property RevPAR: Same-Property RevPAR was
$57.45, as a result of occupancy of
28.3% and an ADR of $203.00.
- Hotel Status: Due to the material adverse impact of
COVID-19 on the travel and lodging industry, the Company
temporarily suspended operations at 31 of its 39 hotels and resorts
between March and April 2020. The
Company's remaining eight properties continued operating at levels
which reflected significantly reduced demand. The Company
recommenced operations at 30 of its hotels and resorts between May
and October 2020, and sold four
hotels in the fourth quarter of 2020. As a result, as of
December 31, 2020, 34 of the
Company's 35 hotels and resorts were open and operating.
- Financing Activity: The Company issued $500 million in Senior Notes. Net proceeds from
the Senior Notes along with the net proceeds from the four assets
sold in the fourth quarter and cash on hand were used to pay off
$300 million of term loans maturing
in 2022 and the $51 million mortgage
loan collateralized by Marriott Dallas Downtown, and to repay a
portion of the outstanding balance on the Company's revolving
credit facility resulting in $163
million outstanding.
Year to Date 2021 Highlights
- 34 of the Company's 35 hotels and resorts continue to be open
and operating, representing approximately 94% of the Company's
total room count.
- As of March 1, 2021, the Company
has approximately $710 million of
liquidity, including cash and cash equivalents and availability
under its revolving credit facility, reflecting a $40
million reduction in liquidity as compared to year-end 2020
driven by the timing of debt
service and property insurance payments.
- Same-Property RevPAR for January was $41.83, as a result of occupancy of 24.5% and an
ADR of $170.41.
- The Company estimates that Same-Property RevPAR for February
was approximately $61, as a result of occupancy of
approximately 33% and an ADR of
approximately $183.
"While 2020 was an incredibly challenging year due to the impact
of the COVID-19 pandemic on the hospitality industry and the
Company, I am proud of the way our associates and the employees at
our hotels and resorts responded to these challenges throughout the
year," commented Marcel Verbaas,
Chairman and Chief Executive Officer of Xenia. "Our team reacted
swiftly and decisively across several fronts in order to manage
through the unprecedented conditions of 2020 and position the
Company for success."
"By the beginning of the fourth quarter, 34 of our current 35
properties were open and operating, representing 94% of our current
room count. We improved our balance sheet during the quarter,
resulting in year-end liquidity of approximately $750 million, representing several years of
runway at current demand levels. By selling four assets
during the quarter, we believe the overall quality of our portfolio
and its growth outlook is the best it has been since we have been
publicly listed. We feel that our portfolio's many
attributes, including our significant focus on locations in the
Sunbelt and key leisure destinations, to our affiliation with the
best brands and our pure-play luxury and upper upscale mix,
position us well for future growth. Finally, over the last
year, we further strengthened our relationships with key
constituents, such as our hotel operators, lenders, and other
industry participants, giving us further confidence in our
prospects."
"As to the evolution of demand during the second half of 2020,
while corporate transient and group demand remained muted, leisure
demand continued to improve. Despite the seasonally weaker
months of November and December, we saw a sequential improvement in
the fourth quarter, as compared to the third quarter. Our
fourth quarter Same-Property RevPAR increased approximately 20%
compared to the prior quarter. Our fourth quarter
Same-Property Hotel EBITDA loss was approximately $3 million, compared to a loss of over
$14 million in the prior
quarter. Further, 13 of our 35 hotels achieved positive Hotel
EBITDA in the fourth quarter. We are encouraged by recent
leisure booking strength and are hopeful for continued improvement
in corporate transient and group activity in the months ahead,
particularly as the pace of vaccinations accelerates."
Operating Results
The Company's results include the following:
|
Three Months
Ended
December 31,
|
|
|
|
Year Ended
December 31,
|
|
|
|
2020
|
|
2019
|
|
Change
|
|
2020
|
|
2019
|
|
Change
|
|
($ amounts in
thousands, except hotel statistics and per share
amounts)
|
Net income (loss)
attributable to common stockholders(1)
|
$
|
24,277
|
|
|
$
|
15,610
|
|
|
55.5
|
%
|
|
$
|
(163,330)
|
|
|
$
|
55,400
|
|
|
(394.8)
|
%
|
Net income (loss) per
share available to common stockholders - basic and
diluted
|
$
|
0.22
|
|
|
$
|
0.14
|
|
|
57.1
|
%
|
|
$
|
(1.44)
|
|
|
$
|
0.49
|
|
|
(393.9)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Same-Property Number
of Hotels
|
34
|
|
|
34
|
|
|
—
|
|
|
34
|
|
|
34
|
|
|
—
|
|
Same-Property Number
of Rooms(2)
|
9,411
|
|
|
9,412
|
|
|
(1)
|
|
|
9,411
|
|
|
9,412
|
|
|
(1)
|
|
Same-Property
Occupancy(3)
|
27.8
|
%
|
|
72.9
|
%
|
|
(4,510)
|
bps
|
|
28.3
|
%
|
|
76.3
|
%
|
|
(4,800)
|
bps
|
Same-Property Average
Daily Rate(3)
|
$
|
182.64
|
|
|
$
|
221.40
|
|
|
(17.5)
|
%
|
|
$
|
203.00
|
|
|
$
|
223.26
|
|
|
(9.1)
|
%
|
Same-Property
RevPAR(3)
|
$
|
50.82
|
|
|
$
|
161.36
|
|
|
(68.5)
|
%
|
|
$
|
57.45
|
|
|
$
|
170.29
|
|
|
(66.3)
|
%
|
Same-Property Hotel
EBITDA(3)(4)
|
$
|
(2,938)
|
|
|
$
|
66,149
|
|
|
(104.4)
|
%
|
|
$
|
(21,826)
|
|
|
$
|
275,652
|
|
|
(107.9)
|
%
|
Same-Property Hotel
EBITDA Margin(3)(4)
|
(4.0)
|
%
|
|
26.7
|
%
|
|
(3,073)
|
bps
|
|
(6.4)
|
%
|
|
27.6
|
%
|
|
(3,397)
|
bps
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Portfolio
Number of Hotels(2)
|
35
|
|
|
39
|
|
|
(4)
|
|
|
35
|
|
|
39
|
|
|
(4)
|
|
Total Portfolio
Number of Rooms(2)
|
10,011
|
|
|
11,245
|
|
|
(1,234)
|
|
|
10,011
|
|
|
11,245
|
|
|
(1,234)
|
|
Total Portfolio
RevPAR(5)
|
$
|
47.08
|
|
|
$
|
158.25
|
|
|
(70.2)
|
%
|
|
$
|
53.88
|
|
|
$
|
168.43
|
|
|
(68.0)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDAre(4)
|
$
|
(10,094)
|
|
|
$
|
71,994
|
|
|
(114.0)
|
%
|
|
$
|
(51,733)
|
|
|
$
|
302,118
|
|
|
(117.1)
|
%
|
Adjusted
FFO(4)
|
$
|
(27,781)
|
|
|
$
|
65,749
|
|
|
(142.3)
|
%
|
|
$
|
(93,967)
|
|
|
$
|
250,598
|
|
|
(137.5)
|
%
|
Adjusted FFO per
diluted share(4)
|
$
|
(0.24)
|
|
|
$
|
0.58
|
|
|
(141.4)
|
%
|
|
$
|
(0.82)
|
|
|
$
|
2.19
|
|
|
(137.4)
|
%
|
|
|
1.
|
Net income for the
three months and loss for the year ended December 31, 2020
reflects the impact of a gain on sale of investment properties of
$93.6 million in the fourth quarter. Net loss for the year ended
December 31, 2020, also reflects $29.0 million of non-cash
impairment charges and $28.8 million in other income as a result of
forfeited deposits from terminated transactions.
|
2.
|
As of end of periods
presented.
|
3.
|
"Same-Property"
includes all hotels owned as of December 31, 2020, except for
Hyatt Regency Portland at the Oregon Convention Center, which
commenced operations in late December 2019. Includes hotels that
had temporarily suspended operations for a portion of the year
ended December 31, 2020, as if all hotels rooms were available
for sale. "Same-Property" also includes disruption from the
COVID-19 pandemic in 2020, renovation disruption for multiple
capital projects during the periods presented, and excludes the NOI
guaranty payment at Andaz San Diego.
|
4.
|
See tables later in
this press release for reconciliations from net income (loss) to
Earnings Before Interest, Taxes, Depreciation and Amortization
("EBITDA"), EBITDA for Real Estate ("EBITDAre"), Adjusted EBITDAre,
Funds From Operations ("FFO"), Adjusted FFO, and Same-Property
Hotel EBITDA. EBITDA, EBITDAre, Adjusted EBITDAre, FFO, Adjusted
FFO, Same-Property Hotel EBITDA, and Same-Property Hotel EBITDA
Margin are non-GAAP financial measures. During the third quarter of
2020, the Company changed the year-to-date presentation of Adjusted
EBITDAre and Adjusted FFO to exclude income attributed to forfeited
deposits recognized from terminated transactions as it was
considered non-recurring investment activity, which included $28.8
million of other income that was recognized in 2020.
|
5.
|
Results of all hotels
as owned during the periods presented, including the results of
hotels sold or acquired for the actual period of ownership by the
Company. Includes hotels that had temporarily suspended operations
for the three months and a portion of the year ended
December 31, 2020, as if all hotels rooms were available for
sale.
|
Operations Update
As of December 31, 2020, 34 of the Company's 35 hotels and
resorts were open and operating. The following tables provide
monthly operating data for the fourth quarter 2020 and quarterly
data for the Company's portfolio since the second quarter of 2020.
This information includes only the days the hotels and resorts were
open and operating during the periods presented and owned as of
December 31, 2020, categorized by
timing of recommencement of operations.
|
October
2020
|
November
2020
|
December
2020
|
Fourth
Quarter
2020
|
|
All Properties
Operating during the Periods
Presented(1,2)
|
Number of
Hotels
|
34
|
|
34
|
|
34
|
|
34
|
|
Number of
Rooms
|
9,412
|
|
9,412
|
|
9,411
|
|
9,411
|
|
Occupancy
|
33.8
|
%
|
25.9
|
%
|
23.7
|
%
|
27.8
|
%
|
Average Daily
Rate
|
$
|
192.82
|
|
$
|
176.71
|
|
$
|
174.37
|
|
$
|
182.64
|
|
RevPAR
|
$
|
65.22
|
|
$
|
45.78
|
|
$
|
41.30
|
|
$
|
50.82
|
|
|
Second
Quarter
2020
|
Third
Quarter
2020
|
Fourth
Quarter
2020
|
7 Hotels that
Never Suspended Operations in
2020(3)
|
|
Number of
Hotels
|
7
|
|
7
|
|
7
|
|
Number of
Rooms
|
1,124
|
|
1,124
|
|
1,124
|
|
Occupancy
|
8.9
|
%
|
35.6
|
%
|
32.9
|
%
|
Average Daily
Rate
|
$
|
172.69
|
|
$
|
167.27
|
|
$
|
159.76
|
|
RevPAR
|
$
|
15.44
|
|
$
|
59.62
|
|
$
|
52.53
|
|
|
|
|
|
5 Hotels that
Recommenced Operations in May(1)
|
|
|
Number of
Hotels
|
5
|
|
5
|
|
5
|
|
Number of
Rooms
|
495
|
|
495
|
|
494
|
|
Occupancy
|
43.7
|
%
|
50.4
|
%
|
59.6
|
%
|
Average Daily
Rate
|
$
|
207.46
|
|
$
|
210.24
|
|
$
|
241.70
|
|
RevPAR
|
$
|
90.75
|
|
$
|
105.88
|
|
$
|
144.08
|
|
|
|
|
|
11 Hotels that
Recommenced Operations in June
|
|
|
Number of
Hotels
|
11
|
|
11
|
|
11
|
|
Number of
Rooms
|
4,529
|
|
4,529
|
|
4,529
|
|
Occupancy
|
21.9
|
%
|
25.5
|
%
|
26.0
|
%
|
Average Daily
Rate
|
$
|
180.59
|
|
$
|
158.81
|
|
$
|
167.35
|
|
RevPAR
|
$
|
39.57
|
|
$
|
40.50
|
|
$
|
43.57
|
|
|
|
|
|
8 Hotels that
Recommenced Operations in July
|
|
|
Number of
Hotels
|
|
8
|
|
8
|
|
Number of
Rooms
|
|
1,963
|
|
1,963
|
|
Occupancy
|
|
27.9
|
%
|
26.4
|
%
|
Average Daily
Rate
|
|
$
|
190.96
|
|
$
|
181.45
|
|
RevPAR
|
|
$
|
53.34
|
|
$
|
47.87
|
|
|
|
|
|
All Properties
Operating during Some or All of the Periods
Presented(1,2,3)
|
Number of
Hotels
|
23
|
|
33
|
|
34
|
|
Number of
Rooms
|
6,148
|
|
8,943
|
|
9,411
|
|
Occupancy
|
17.6
|
%
|
28.8
|
%
|
27.8
|
%
|
Average Daily
Rate
|
$
|
186.25
|
|
$
|
172.07
|
|
$
|
182.64
|
|
RevPAR
|
$
|
32.8
|
|
$
|
49.58
|
|
$
|
50.82
|
|
|
|
1.
|
One room at Grand
Bohemian Hotel Mountain Brook, Autograph Collection was taken out
of inventory in December 2020.
|
2.
|
Includes operating
information for two properties that recommenced operations in
September 2020 and one in October 2020.
|
3.
|
One hotel temporarily
suspended operations in June due to property damage sustained
during protests in the market.
|
Transactions
- In October, the Company sold the 221-room Residence Inn Boston
Cambridge in Cambridge,
Massachusetts for a price of $107.5
million, or approximately $486,500 per key.
- Also in October, the Company completed the sale of the 275-room
Marriott Napa Valley Hotel & Spa in Napa, California for a price of $100.1 million, or approximately $364,000 per key.
- In November, the Company sold the 245-room Hotel Commonwealth
in Boston, Massachusetts for
$113.0 million, or approximately
$461,000 per key.
- Also in November, the Company completed the sale of the
492-room Renaissance Austin Hotel in Austin, Texas for a price of $70.0 million, or approximately $142,000 per key.
"After potential buyers failed to close on three agreed-upon
transactions during the first half of the year, our
transaction-oriented mindset and significant lodging industry deal
experience allowed us to quickly pivot," said Mr. Verbaas. "We were
pleased with the execution and pricing on the four dispositions
that we completed in the fourth quarter. As a result of these
transactions, we improved the quality profile and growth prospects
of our portfolio while also strengthening the balance sheet.
Creating additional liquidity through the sale of assets is a
testament to the high-quality and broad desirability of our
portfolio. Over the last several years, we have improved our
portfolio, through both transactions and significant capital
expenditures, such that it is well positioned to capture recovering
demand. Looking ahead, we believe that our transaction acumen
will remain a key strength and expect it to drive continued
outperformance."
Capital Markets
In October, the Company issued an additional $200 million aggregate principal amount of Senior
Notes at a price equal to 100.25% of face value as a follow-on to
its issuance of $300 million of
6.375% Senior Notes in August. Proceeds from the add-on notes
offering, along with cash on hand, were used to pay off the two
term loans maturing in 2022 and the $51
million mortgage loan collateralized by the Marriott Dallas
Downtown, and to repay a portion of the outstanding balance on the
Company's revolving credit facility resulting in $163 million outstanding. Additionally, in
connection with the sale of Residence Inn Boston Cambridge, the
buyer assumed the approximately $60
million mortgage loan collateralized by the hotel.
Also in October, in connection with the issuance of the
additional Senior Notes, the Company entered into further
amendments on its corporate credit facilities. Key terms of the
amendments include the following:
- Increased commitments under the revolving credit facility by
$23 million to $523 million through February 2022, after which the total commitments
will decrease to $450 million through
February 2024, reflecting a two year
extension of the maturity date.
- Extension of the waiver period for the testing of the financial
covenants through year end 2021 and extending the modification of
certain financial covenants, once quarterly testing resumes,
through the first quarter of 2023 (the "Covenant Waiver
Period").
- Modification of the application of mandatory prepayments.
- Extension of the minimum liquidity covenant through the second
quarter of 2022.
During the fourth quarter, the Company did not repurchase any
shares of common stock. The Company repurchased a total
of 165,516 shares of common stock for total consideration
of $2.3 million in 2020. As of December 31, 2020, the
Company had approximately $94.7
million remaining under its share repurchase
authorization.
During the year ended December 31, 2020, the Company did
not issue any shares of its common stock through its At-The-Market
("ATM") program. As of December 31, 2020, the Company had
approximately $62.6 million remaining
available for sale under the ATM program.
Liquidity and Balance Sheet
As of December 31, 2020, the Company had total outstanding
debt of $1.4 billion with a
weighted-average interest rate of 4.78%. The Company had
approximately $390 million of cash
and cash equivalents, which included approximately $28 million of cash held in property-level
working capital accounts. As a result of its recent capital markets
activity, the Company has addressed all near-term maturities with
its next maturity occurring in 2023 and had approximately
$750 million in total liquidity as of
December 31, 2020, including availability under the revolving
credit facility. In addition, the Company held approximately
$39 million of restricted cash and
escrows at the end of the fourth quarter.
Capital Expenditures
During the fourth quarter and year ended December 31, 2020,
the Company invested $11.1 million
and $69.2 million in its portfolio,
respectively.
The Company completed the majority of its transformational
renovation at Park Hyatt Aviara Resort, Golf Club & Spa and
reopened the resort on September 30,
2020. The renovation included the following components:
- Guestrooms and Corridors - Full renovation. Completed in the
first quarter of 2020.
- Meeting Space - Full renovation of ballrooms, meeting rooms,
and pre-function spaces and conversion of the prior game room to
breakout meeting rooms. Completed in the first quarter of
2020.
- Lobby - Expansive redesign of the lobby area including the
introduction of Top Golf-branded virtual swing suites, flexible
rotating F&B space, and construction of a grand stair
connecting the lobby level to a completely renovated 1st
level outdoor event lawn. Completed in the third quarter of
2020.
- Food & Beverage Outlets - Major renovation of all venues,
including the lobby bar, expanded covered outdoor terrace, creation
of Ponto Lago, a three-meal
restaurant with an exhibition kitchen, and conversion of the
existing breakfast venue to event space. Completed in the fourth
quarter of 2020.
- Pool and Outdoor Amenities - Major renovation of pool area and
water amenities including the addition of water slides, a splash
pad, and permanent cabanas, renovation of the outdoor meeting
space, upgrades to exterior landscaping including extensive use of
synthetic turf, repainting of the building exterior and recoating
of all flat roofs. Completed in the fourth quarter of 2020.
- Golf Clubhouse - Conversion of the traditional steakhouse
concept at the Golf Clubhouse to a vintage California cuisine concept by Richard Blais. Anticipated to be complete in the
first quarter of 2021.
The total cost of this transformative renovation is anticipated
to be approximately $52 million.
Additionally during the quarter, the Company completed the
renovation of the existing ballroom and meeting space at Hyatt
Regency Grand Cypress.
Impairment Loss
During the full year 2020, the Company recorded non-cash
impairment charges of $20.1 million
related to the write-off of goodwill at Andaz Savannah and Bohemian
Hotel Savannah Riverfront, Autograph Collection, and an
$8.9 million impairment loss related
to the sale of Renaissance Austin Hotel.
2021 Outlook and Guidance
The Company does not expect to issue earnings guidance until it
has more clarity on fundamentals and trends within the industry.
The Company is providing the following guidance on certain
corporate expenses:
- General and administrative expenses are projected to be
approximately $19 million, excluding
non-cash share-based compensation.
- Interest expense is projected to be approximately $68 million, excluding non-cash loan related
costs.
- Capital expenditures are projected to be approximately
$40 million, with planned
expenditures more heavily weighted to the second half of the year.
This projection could change depending on market conditions.
Fourth Quarter 2020 Earnings Call
The Company will conduct its quarterly conference call on
Monday, March 1, 2021 at 1:00 PM
Eastern Time. To participate in the conference call, please
dial (855) 656-0921. Additionally, a live webcast of the conference
call will be available through the Company's website,
www.xeniareit.com. A replay of the conference call will be archived
and available online through the Investor Relations section of the
Company's website for 90 days.
About Xenia Hotels & Resorts, Inc.
Xenia Hotels & Resorts, Inc. is a self-advised and
self-administered REIT that invests in uniquely positioned luxury
and upper upscale hotels and resorts with a focus on the top 25
U.S. lodging markets as well as key leisure destinations in
the United States. The Company
owns 35 hotels and resorts comprising 10,011 rooms across 15
states. Xenia's hotels are in the luxury and upper upscale
segments, and are operated and/or licensed by industry leaders such
as Marriott, Hyatt, Kimpton, Fairmont, Loews, Hilton, and The
Kessler Collection. For more information on Xenia's business, refer
to the Company website at www.xeniareit.com.
This press release, together with other statements and
information publicly disseminated by the Company, contains certain
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. The Company intends
such forward-looking statements to be covered by the safe harbor
provisions for forward-looking statements contained in the Private
Securities Litigation Reform Act of 1995 and includes this
statement for purposes of complying with these safe harbor
provisions. Forward-looking statements are not historical facts but
are based on certain assumptions of management and describe the
Company's future plans, strategies and expectations.
Forward-looking statements are generally identifiable by use of
words such as "may," "could," "expect," "intend," "plan," "seek,"
"anticipate," "believe," "estimate," "guidance," "predict,"
"potential," "continue," "likely," "will," "would," "illustrative,"
references to "outlook" and "guidance," and variations of these
terms and similar expressions, or the negative of these terms or
similar expressions. Forward-looking statements in this press
release include, among others, statements about our plans,
strategies, the outlook related to the effects of the COVID-19
pandemic, including on the demand for travel, transient and group
business, the timing of hotel reopenings, the level of expenses
incurred in connection with hotel reopenings, capital expenditures,
timing of renovations, status of escrows related to transactions,
financial performance, prospects or future events. Such
forward-looking statements are necessarily based upon estimates and
assumptions that, while considered reasonable by us and our
management, are inherently uncertain. As a result, our actual
results, performance or achievements may differ materially from
those expressed or implied by these forward-looking statements,
which are not guarantees of future performance and involve known
and unknown risks, uncertainties and other factors that are, in
some cases, beyond the Company's control and which could materially
affect actual results, performances or achievements. Factors that
may cause actual results to differ materially from current
expectations include, but are not limited to, (i) the impact of the
COVID-19 pandemic, including on the demand for travel, transient
and group business, and levels of consumer confidence; (ii) actions
that governments, businesses, and individuals take in response to
the COVID-19 pandemic or any future resurgence of COVID-19
including variants of the virus, including limiting or banning
travel; (iii) the impact of the COVID-19 pandemic and actions taken
in response to the pandemic or any future resurgence on global,
national, or regional economies, travel and economic activity,
including the duration and magnitude of its impact on unemployment
rates and consumer discretionary spending; (iv) the ability of
hotel managers to successfully navigate the impacts of the COVID-19
pandemic; (v) the pace of recovery following the COVID-19 pandemic
or any future resurgence; (vi) the Company's dependence on
third-party managers of its hotels, including its inability to
implement strategic business decisions directly; (vii) risks
associated with the hotel industry, including competition,
increases in wages and benefits, energy costs and other operating
costs, actual or threatened terrorist attacks, information
technology failures, downturns in general and local economic
conditions, prolonged periods of civil unrest in our markets, and
cancellation of or delays in the completion of anticipated demand
generators; (viii) the availability and terms of financing and
capital and the general volatility of securities markets; (ix)
risks associated with the real estate industry, including
environmental contamination and costs of complying with the
Americans with Disabilities Act and similar laws; (x) interest rate
increases; (xi) ability to successfully negotiate amendments and
covenant waivers with its unsecured and secured indebtedness; (xii)
ability to comply with covenants, restrictions, and limitations in
any existing or revised loan agreements with our unsecured and
secured lenders; (xiii) the possible failure of the Company to
qualify as a REIT and the risk of changes in laws affecting REITs;
(xiv) the possibility of uninsured or underinsured losses,
including those relating to natural disasters, terrorism,
government shutdowns and closures, civil unrest, or cyber
incidents; (xv) risks associated with redevelopment and
repositioning projects, including delays and cost overruns; (xvi)
levels of spending in business and leisure segments as well as
consumer confidence; (xvii) declines in occupancy and average daily
rate, (xviii) the seasonal and cyclical nature of the real estate
and hospitality businesses, (xix) changes in distribution
arrangements, such as through Internet travel intermediaries; (xx)
relationships with labor unions and changes in labor laws,
including increases to minimum wages; (xxi) the impact of changes
in the tax code and uncertainty as to how some of those changes may
be applied; (xxii) monthly cash expenditures and the uncertainty
around predictions; and (xxiii) the risk factors discussed in the
Company's Annual Report on Form 10-K, as updated in its Quarterly
Reports. Accordingly, there is no assurance that the Company's
expectations will be realized. We caution you not to place undue
reliance on any forward-looking statements, which are made only as
of the date of this press release. We do not undertake or assume
any obligation to update publicly any of these forward-looking
statements to reflect actual results, new information or future
events, changes in assumptions or changes in other factors
affecting forward-looking statements, except to the extent required
by applicable law. If we update one or more forward-looking
statements, no inference should be drawn that we will make
additional updates with respect to those or other forward-looking
statements.
For further information about the Company's business and
financial results, please refer to the "Management's Discussion and
Analysis of Financial Condition and Results of Operations" and
"Risk Factors" sections of the Company's SEC filings, including,
but not limited to, its Annual Report on Form 10-K and Quarterly
Reports on Form 10-Q, copies of which may be obtained at the
Investor Relations section of the Company's website at
www.xeniareit.com.
All information in this press release is as of the date of its
release. The Company undertakes no duty to update the statements in
this press release to conform the statements to actual results or
changes in the Company's expectations.
Availability of Information on Xenia's Website
Investors and others should note that Xenia routinely announces
material information to investors and the marketplace using U.S.
Securities and Exchange Commission (SEC) filings, press releases,
public conference calls, webcasts, and the Investor Relations
section of Xenia's website. While not all the information that the
Company posts to the Xenia website is of a material nature, some
information could be deemed to be material. Accordingly, the
Company encourages investors, the media, and others interested in
Xenia to review the information that it shares at the Investor
Relations link located on www.xeniareit.com. Users may
automatically receive email alerts and other information about the
Company when enrolling an email address by visiting "Email Alerts /
Investor Information" in the "Corporate Overview" section of
Xenia's Investor Relations website at www.xeniareit.com.
Xenia Hotels &
Resorts, Inc.
Consolidated
Balance Sheets
As of December 31,
2020 and 2019
($ amounts in
thousands)
|
|
|
December 31,
2020
|
|
December 31,
2019
|
Assets
|
(Unaudited)
|
|
(Audited)
|
Investment
properties:
|
|
|
|
Land
|
$
|
446,855
|
|
|
$
|
483,052
|
|
Buildings and other
improvements
|
2,949,114
|
|
|
3,270,056
|
|
Total
|
$
|
3,395,969
|
|
|
$
|
3,753,108
|
|
Less: accumulated
depreciation
|
(827,501)
|
|
|
(826,738)
|
|
Net investment
properties
|
$
|
2,568,468
|
|
|
$
|
2,926,370
|
|
Cash and cash
equivalents
|
389,823
|
|
|
110,841
|
|
Restricted cash and
escrows
|
38,963
|
|
|
84,105
|
|
Accounts and rents
receivable, net of allowance for doubtful accounts
|
8,966
|
|
|
36,542
|
|
Intangible assets, net
of accumulated amortization
|
6,456
|
|
|
28,997
|
|
Other
assets
|
66,927
|
|
|
76,151
|
|
Total
assets
|
$
|
3,079,603
|
|
|
$
|
3,263,006
|
|
Liabilities
|
|
|
|
Debt, net of loan
premiums, discounts and unamortized deferred financing
costs
|
$
|
1,374,480
|
|
|
$
|
1,293,054
|
|
Accounts payable and
accrued expenses
|
62,676
|
|
|
88,197
|
|
Distributions
payable
|
202
|
|
|
31,802
|
|
Other
liabilities
|
75,382
|
|
|
74,795
|
|
Total
liabilities
|
$
|
1,512,740
|
|
|
$
|
1,487,848
|
|
Commitments and
Contingencies
|
|
|
|
Stockholders'
equity
|
|
|
|
Common stock, $0.01
par value, 500,000,000 shares authorized, 113,755,513 and
112,670,757 shares issued and outstanding as of December 31, 2020
and December 31, 2019, respectively
|
1,138
|
|
|
1,127
|
|
Additional paid in
capital
|
2,080,364
|
|
|
2,060,924
|
|
Accumulated other
comprehensive loss
|
(14,425)
|
|
|
(4,596)
|
|
Accumulated
distributions in excess of net earnings
|
(513,002)
|
|
|
(318,434)
|
|
Total Company
stockholders' equity
|
$
|
1,554,075
|
|
|
$
|
1,739,021
|
|
Non-controlling
interests
|
12,788
|
|
|
36,137
|
|
Total
equity
|
$
|
1,566,863
|
|
|
$
|
1,775,158
|
|
Total liabilities and
equity
|
$
|
3,079,603
|
|
|
$
|
3,263,006
|
|
Xenia Hotels &
Resorts, Inc.
Consolidated
Statements of Operations and Comprehensive Income
(Loss)
For the Three
Months and Years Ended December 31, 2020 and 2019
($ amounts
in thousands, except per share data)
|
|
|
Three Months Ended
December 31,
|
|
Year Ended
December 31,
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Audited)
|
Revenues:
|
|
|
|
|
|
|
|
Rooms
revenues
|
$
|
45,410
|
|
|
$
|
162,573
|
|
|
$
|
217,960
|
|
|
$
|
686,485
|
|
Food and beverage
revenues
|
18,270
|
|
|
99,347
|
|
|
105,857
|
|
|
382,031
|
|
Other
revenues
|
11,967
|
|
|
20,265
|
|
|
45,959
|
|
|
80,571
|
|
Total
revenues
|
$
|
75,647
|
|
|
$
|
282,185
|
|
|
$
|
369,776
|
|
|
$
|
1,149,087
|
|
Expenses:
|
|
|
|
|
|
|
|
Rooms
expenses
|
15,527
|
|
|
39,751
|
|
|
71,986
|
|
|
162,853
|
|
Food and beverage
expenses
|
18,036
|
|
|
63,336
|
|
|
93,487
|
|
|
247,487
|
|
Other direct
expenses
|
3,233
|
|
|
7,483
|
|
|
12,996
|
|
|
30,076
|
|
Other indirect
expenses
|
31,121
|
|
|
70,817
|
|
|
161,418
|
|
|
285,920
|
|
Management and
franchise fees
|
2,434
|
|
|
11,418
|
|
|
11,646
|
|
|
46,521
|
|
Total hotel operating
expenses
|
$
|
70,351
|
|
|
$
|
192,805
|
|
|
$
|
351,533
|
|
|
$
|
772,857
|
|
Depreciation and
amortization
|
34,851
|
|
|
36,367
|
|
|
146,511
|
|
|
155,128
|
|
Real estate taxes,
personal property taxes and insurance
|
11,155
|
|
|
11,216
|
|
|
50,955
|
|
|
50,184
|
|
Ground lease
expense
|
428
|
|
|
1,085
|
|
|
2,031
|
|
|
4,403
|
|
General and
administrative expenses
|
5,745
|
|
|
7,759
|
|
|
30,402
|
|
|
30,732
|
|
Gain on business
interruption insurance
|
—
|
|
|
—
|
|
|
—
|
|
|
(823)
|
|
Acquisition,
terminated transaction and pre-opening expenses
|
1
|
|
|
7
|
|
|
994
|
|
|
954
|
|
Impairment and other
losses
|
—
|
|
|
9,400
|
|
|
29,044
|
|
|
24,171
|
|
Total
expenses
|
$
|
122,531
|
|
|
$
|
258,639
|
|
|
$
|
611,470
|
|
|
$
|
1,037,606
|
|
Operating (loss)
income
|
$
|
(46,884)
|
|
|
$
|
23,546
|
|
|
$
|
(241,694)
|
|
|
$
|
111,481
|
|
Gain (loss) on sale of
investment properties
|
93,630
|
|
|
(947)
|
|
|
93,630
|
|
|
(947)
|
|
Other
income
|
(424)
|
|
|
355
|
|
|
28,911
|
|
|
895
|
|
Interest
expense
|
(18,373)
|
|
|
(11,345)
|
|
|
(61,975)
|
|
|
(48,605)
|
|
Loss on extinguishment
of debt
|
(1,625)
|
|
|
—
|
|
|
(1,625)
|
|
|
(214)
|
|
Net income (loss)
before income taxes
|
$
|
26,324
|
|
|
$
|
11,609
|
|
|
$
|
(182,753)
|
|
|
$
|
62,610
|
|
Income tax (expense)
benefit
|
(982)
|
|
|
4,477
|
|
|
15,867
|
|
|
(5,367)
|
|
Net income
(loss)
|
$
|
25,342
|
|
|
$
|
16,086
|
|
|
$
|
(166,886)
|
|
|
$
|
57,243
|
|
Net (income) loss
attributable to non-controlling interests
|
(1,065)
|
|
|
(476)
|
|
|
3,556
|
|
|
(1,843)
|
|
Net income (loss)
attributable to common stockholders
|
$
|
24,277
|
|
|
$
|
15,610
|
|
|
$
|
(163,330)
|
|
|
$
|
55,400
|
|
Xenia Hotels &
Resorts, Inc.
Consolidated
Statements of Operations and Comprehensive Income (Loss) -
Continued
For the Three
Months and Years Ended December 31, 2020 and 2019
($ amounts
in thousands, except per share data)
|
|
|
Three Months Ended
December 31,
|
|
Year Ended
December 31,
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
Basic and diluted
earnings (loss) per share:
|
(Unaudited)
|
|
(Unaudited)
|
|
(Audited)
|
Net income (loss) per
share available to common stockholders - basic and
diluted
|
$
|
0.22
|
|
|
$
|
0.14
|
|
|
$
|
(1.44)
|
|
|
$
|
0.49
|
|
Weighted-average
number of common shares (basic)
|
113,731,752
|
|
|
112,641,889
|
|
|
113,489,015
|
|
|
112,636,123
|
|
Weighted-average
number of common shares (diluted)
|
114,121,852
|
|
|
112,917,940
|
|
|
113,489,015
|
|
|
112,918,598
|
|
|
|
|
|
|
|
|
|
Comprehensive
Income (Loss):
|
|
|
|
|
|
|
|
Net income
(loss)
|
$
|
25,342
|
|
|
$
|
16,086
|
|
|
$
|
(166,886)
|
|
|
$
|
57,243
|
|
Other comprehensive
income (loss):
|
|
|
|
|
|
|
|
Unrealized gain (loss)
on interest rate derivative instruments
|
264
|
|
|
2,302
|
|
|
(18,133)
|
|
|
(14,401)
|
|
Reclassification
adjustment for amounts recognized in net income (loss) (interest
expense)
|
2,840
|
|
|
(106)
|
|
|
7,969
|
|
|
(3,510)
|
|
Comprehensive
income (loss) attributable to non-controlling
interests:
|
$
|
28,446
|
|
|
$
|
18,282
|
|
|
$
|
(177,050)
|
|
|
$
|
39,332
|
|
|
|
|
|
|
|
|
|
Comprehensive (income)
loss attributable to non-controlling interests
|
(1,139)
|
|
|
(547)
|
|
|
3,891
|
|
|
(1,270)
|
|
Comprehensive income
(loss) attributable to the Company
|
$
|
27,307
|
|
|
$
|
17,735
|
|
|
$
|
(173,159)
|
|
|
$
|
38,062
|
|
Non-GAAP Financial Measures
The Company considers the following non-GAAP financial measures
to be useful to investors as key supplemental measures of operating
performance: EBITDA, EBITDAre, Adjusted EBITDAre, Same-Property
Hotel EBITDA, Same-Property Hotel EBITDA Margin, FFO, Adjusted FFO,
and Adjusted FFO per diluted share. These non-GAAP financial
measures should be considered along with, but not as alternatives
to, net income or loss, operating profit, cash from operations, or
any other operating performance measure as prescribed per GAAP.
EBITDA, EBITDAre and Adjusted EBITDAre
EBITDA is a commonly used measure of performance in many
industries and is defined as net income or loss (calculated in
accordance with GAAP) excluding interest expense, provision for
income taxes (including income taxes applicable to sale of assets)
and depreciation and amortization. The Company considers EBITDA
useful to an investor regarding results of operations, in
evaluating and facilitating comparisons of operating performance
between periods and between REITs by removing the impact of capital
structure (primarily interest expense) and asset base (primarily
depreciation and amortization) from operating results, even though
EBITDA does not represent an amount that accrues directly to common
stockholders. In addition, EBITDA is used as one measure in
determining the value of hotel acquisitions and dispositions and
along with FFO and Adjusted FFO, it is used by management in the
annual budget process for compensation programs.
We then calculate EBITDAre in accordance with standards
established by the National Association of Real Estate Investment
Trusts ("Nareit"). Nareit defines EBITDAre as EBITDA plus or minus
losses and gains on the disposition of depreciated property,
including gains/losses on change of control, plus impairment
write-downs of depreciated property and of investments in
unconsolidated affiliates caused by a decrease in value of the
depreciated property in the affiliate, and adjustments to reflect
the entity's share of EBITDAre of unconsolidated affiliates.
We further adjust EBITDAre to exclude the impact of
non-controlling interests in consolidated entities other than our
Operating Partnership Units because our Operating Partnership Units
may be redeemed for common stock. We believe it is meaningful for
the investor to understand Adjusted EBITDAre attributable to all
common stock and Operating Partnership unit holders. We also adjust
EBITDAre for certain additional items such as depreciation and
amortization related to corporate assets, hotel property
acquisition, terminated transaction and pre-opening expenses,
amortization of share-based compensation, non-cash ground rent and
straight-line rent expense, the cumulative effect of changes in
accounting principles, and other costs we believe do not represent
recurring operations and are not indicative of the performance of
our underlying hotel property entities. We believe Adjusted
EBITDAre attributable to common stock and unit holders provides
investors with another financial measure in evaluating and
facilitating comparison of operating performance between periods
and between REITs that report similar measures.
Same-Property Hotel EBITDA and Same-Property Hotel EBITDA
Margin
Same-Property hotel data includes the actual operating results
for all hotels owned as of the end of the reporting period. We then
adjust the Same-Property hotel data for comparability purposes by
including pre-acquisition operating results of asset(s) acquired
during the period, which provides the investor a basis for
understanding the acquisition(s) historical operating trends and
seasonality. The pre-acquisition operating results for the
comparable period are obtained from the seller and/or manager of
the hotels during the acquisition due diligence process and have
not been audited or reviewed by our independent auditors. We
further adjust the Same-Property hotel data to remove dispositions
during the respective reporting periods, and, in certain cases,
hotels that are not fully open due to significant renovation,
re-positioning, or disruption or whose room counts have materially
changed during either the current or prior year as these historical
operating results are not indicative of or expected to be
comparable to the operating performance of our hotel portfolio on a
prospective basis.
Same-Property Hotel EBITDA represents net income excluding: (1)
interest expense, (2) income taxes, (3) depreciation and
amortization, (4) corporate-level costs and expenses, (5) hotel
acquisition and terminated transaction costs, and (6) certain state
and local excise taxes resulting from our ownership structure. We
believe that Same-Property Hotel EBITDA provides our investors a
useful financial measure to evaluate our hotel operating
performance, excluding the impact of our capital structure
(primarily interest expense), our asset base (primarily
depreciation and amortization), income taxes, and our
corporate-level expenses (corporate expenses and hotel acquisition
and terminated transaction costs). We believe property-level
results provide investors with supplemental information on the
ongoing operational performance of our hotels and the effectiveness
of our third-party management companies that operate our business
on a property-level basis. Same-Property Hotel EBITDA Margin is
calculated by dividing Same-Property Hotel EBITDA by Same-Property
Total Revenues.
As a result of these adjustments the Same-Property hotel data we
present does not represent our total revenues, expenses, operating
profit or net income and should not be used to evaluate our
performance as a whole. Management compensates for these
limitations by separately considering the impact of these excluded
items to the extent they are material to operating decisions or
assessments of our operating performance. Our consolidated
statements of operations and comprehensive (loss) income include
such amounts, all of which should be considered by investors when
evaluating our performance.
We include Same-Property hotel data as supplemental information
for investors. Management believes that providing Same-Property
hotel data is useful to investors because it represents comparable
operations for our portfolio as it exists at the end of the
respective reporting periods presented, which allows investors and
management to evaluate the period-to-period performance of our
hotels and facilitates comparisons with other hotel REITs and hotel
owners. In particular, these measures assist management and
investors in distinguishing whether increases or decreases in
revenues and/or expenses are due to growth or decline of operations
at Same-Property hotels or from other factors, such as the effect
of acquisitions or dispositions.
FFO and Adjusted FFO
The Company calculates FFO in accordance with standards
established by Nareit, as amended in the December 2018 restatement whitepaper, which
defines FFO as net income or loss (calculated in accordance with
GAAP), excluding real estate-related depreciation, amortization and
impairments, gains (losses) from sales of real estate, the
cumulative effect of changes in accounting principles, similar
adjustments for unconsolidated partnerships and joint ventures, and
items classified by GAAP as extraordinary. Historical cost
accounting for real estate assets implicitly assumes that the value
of real estate assets diminishes predictably over time. Since real
estate values instead have historically risen or fallen with market
conditions, most industry investors consider presentations of
operating results for real estate companies that use historical
cost accounting to be insufficient by themselves. The Company
believes that the presentation of FFO provides useful supplemental
information to investors regarding operating performance by
excluding the effect of real estate depreciation and amortization,
gains (losses) from sales for real estate, impairments of real
estate assets, extraordinary items and the portion of these items
related to unconsolidated entities, all of which are based on
historical cost accounting and which may be of lesser significance
in evaluating current performance. The Company believes that the
presentation of FFO can facilitate comparisons of operating
performance between periods and between REITs, even though FFO does
not represent an amount that accrues directly to common
stockholders. The calculation of FFO may not be comparable to
measures calculated by other companies who do not use the Nareit
definition of FFO or do not calculate FFO per diluted share in
accordance with Nareit guidance. Additionally, FFO may not be
helpful when comparing Xenia to non-REITs. The Company presents FFO
attributable to common stock and unit holders, which includes its
Operating Partnership units because its Operating Partnership units
may be redeemed for common stock. The Company believes it is
meaningful for the investor to understand FFO attributable to
common stock and units holders.
We further adjust FFO for certain additional items that are not
in Nareit's definition of FFO such as hotel property acquisition,
terminated transaction and pre-opening expenses, amortization of
debt origination costs and share-based compensation, non-cash
ground rent and straight-line rent expense, operating results from
properties that are sold and other items we believe do not
represent recurring operations. We believe that Adjusted FFO
provides investors with useful supplemental information that may
facilitate comparisons of ongoing operating performance between
periods and between REITs that make similar adjustments to FFO and
is beneficial to investors' complete understanding of our operating
performance.
Adjusted FFO per diluted share
The diluted weighted-average common share count used for the
calculation of Adjusted FFO per diluted share differs from diluted
weighted-average common share count used to derive net income per
share available to common stockholders. The Company calculates
Adjusted FFO per diluted share by dividing the Adjusted FFO by the
diluted weighted-average number of shares of common stock
outstanding plus the weighted-average vested Operating Partnership
units. Any anti-dilutive securities are excluded from the diluted
earnings per-share calculation.
Xenia Hotels &
Resorts, Inc.
Reconciliation of
Net Income (Loss) to EBITDA, EBITDAre, Adjusted EBITDAre and
Same-Property Hotel EBITDA
For the Three
Months and Years Ended December 31, 2020 and 2019
(Unaudited)
($ amounts in
thousands)
|
|
|
Three Months Ended
December 31,
|
|
Year Ended
December 31,
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
Net income
(loss)
|
$
|
25,342
|
|
|
$
|
16,086
|
|
|
$
|
(166,886)
|
|
|
$
|
57,243
|
|
Adjustments:
|
|
|
|
|
|
|
|
Interest
expense
|
18,373
|
|
|
11,345
|
|
|
61,975
|
|
|
48,605
|
|
Income tax expense
(benefit)
|
982
|
|
|
(4,477)
|
|
|
(15,867)
|
|
|
5,367
|
|
Depreciation and
amortization
|
34,851
|
|
|
36,367
|
|
|
146,511
|
|
|
155,128
|
|
EBITDA
|
$
|
79,548
|
|
|
$
|
59,321
|
|
|
$
|
25,733
|
|
|
$
|
266,343
|
|
Impairment and other
losses(1)
|
—
|
|
|
9,400
|
|
|
29,044
|
|
|
24,171
|
|
(Gain) loss on sale of
investment properties
|
(93,630)
|
|
|
947
|
|
|
(93,630)
|
|
|
947
|
|
EBITDAre
|
$
|
(14,082)
|
|
|
$
|
69,668
|
|
|
$
|
(38,853)
|
|
|
$
|
291,461
|
|
|
|
|
|
|
|
|
|
Reconciliation to
Adjusted EBITDAre
|
|
|
|
|
|
|
|
Depreciation and
amortization related to corporate assets
|
(99)
|
|
|
(96)
|
|
|
(392)
|
|
|
(399)
|
|
Loss on
extinguishment of debt
|
1,625
|
|
|
—
|
|
|
1,625
|
|
|
214
|
|
Acquisition,
terminated transaction and pre-opening expenses
|
1
|
|
|
7
|
|
|
994
|
|
|
954
|
|
Amortization of
share-based compensation expense(2)
|
2,357
|
|
|
2,289
|
|
|
10,930
|
|
|
9,380
|
|
Non-cash ground rent
and straight-line rent expense
|
(92)
|
|
|
126
|
|
|
145
|
|
|
508
|
|
Other income
attributed to forfeited deposits recognized from terminated
transactions(3)
|
—
|
|
|
—
|
|
|
(28,750)
|
|
|
—
|
|
Other non-recurring
expenses(2)
|
196
|
|
|
—
|
|
|
2,568
|
|
|
—
|
|
Adjusted EBITDAre
attributable to common stock and unit holders
|
$
|
(10,094)
|
|
|
$
|
71,994
|
|
|
$
|
(51,733)
|
|
|
$
|
302,118
|
|
Corporate-level costs
and expenses
|
3,964
|
|
|
5,668
|
|
|
18,341
|
|
|
22,929
|
|
Income from
transaction properties
|
3,192
|
|
|
(11,513)
|
|
|
11,847
|
|
|
(48,572)
|
|
Pro forma hotel level
adjustments, net(4)
|
—
|
|
|
—
|
|
|
(281)
|
|
|
—
|
|
Gain on business
interruption insurance
|
—
|
|
|
—
|
|
|
—
|
|
|
(823)
|
|
Same-Property
Hotel EBITDA attributable to common stock and unit
holders(5)
|
$
|
(2,938)
|
|
|
$
|
66,149
|
|
|
$
|
(21,826)
|
|
|
$
|
275,652
|
|
|
|
1.
|
During the year ended
December 31, 2020, the Company recognized an $8.9 million
impairment loss related to Renaissance Austin Hotel, which was
attributed to its carrying value exceeding the undiscounted cash
flows over a shortened hold period due to the expected sale. The
hotel was subsequently sold in November 2020. In addition, during
the year ended December 31, 2020, the Company recognized goodwill
impairments totaling $20.1 million attributed to Andaz Savannah and
Bohemian Hotel Savannah Riverfront, Autograph Collection. These
goodwill impairments were directly attributed to existing weakness
due to new supply in the market and the material adverse impact
that the COVID-19 pandemic has had, and is expected to continue to
have, on the results of operations at each hotel. During the year
ended December 31, 2019, the Company recognized a long-lived asset
impairment charge of $14.8 million attributed to Marriott Chicago
at Medical District/UIC and a goodwill impairment charge of $9.4
million attributed to Bohemian Hotel Savannah Riverfront, Autograph
Collection.
|
2.
|
During the year ended
December 31, 2020, the Company restructured its corporate
office in order to preserve capital over the long-term as a result
of the material and adverse impact COVID-19 has had, and is
expected to continue to have, on the Company's results of
operations. As a result during the three months and year ended
December 31, 2020, the Company incurred $0.1 million and
$1.6 million of accelerated amortization of share-based
compensation expense and $0.1 million and $1.9 million of
other non-recurring expenses for severance related costs,
respectively. In addition, during the three months and year ended
December 31, 2020, the Company incurred other non-recurring
expenses for legal costs of $0.1 million and $0.7 million
to amend the terms of its debt, respectively.
|
3.
|
During the year ended
December 31, 2020, the Company recognized other income of
$28.8 million, as a result of forfeited deposits from
terminated transactions.
|
4.
|
Includes the NOI
guaranty payment at Andaz San Diego for the year ended
December 31, 2020.
|
5.
|
See the
reconciliation of Total Revenues and Total Hotel Operating Expenses
on a consolidated GAAP basis to Total Same-Property Revenues and
Total Same-Property Hotel Operating Expenses and the calculation of
Same-Property Hotel EBITDA and Hotel EBITDA Margin for the year
ended December 31, 2020 and 2019 on page 18.
|
Xenia Hotels &
Resorts, Inc.
Reconciliation of
Net Income (Loss) to FFO and Adjusted FFO
For the Three
Months and Years Ended December 31, 2020 and 2019
(Unaudited)
($ amounts in
thousands)
|
|
|
Three Months Ended
December 31,
|
|
Year Ended
December 31,
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
Net income
(loss)
|
$
|
25,342
|
|
|
$
|
16,086
|
|
|
$
|
(166,886)
|
|
|
$
|
57,243
|
|
Adjustments:
|
|
|
|
|
|
|
|
Depreciation and
amortization related to investment properties
|
34,752
|
|
|
36,271
|
|
|
146,119
|
|
|
154,729
|
|
Impairment of
investment properties(1)
|
—
|
|
|
9,400
|
|
|
29,044
|
|
|
24,171
|
|
(Gain) loss on sale of
investment properties
|
(93,630)
|
|
|
947
|
|
|
(93,630)
|
|
|
947
|
|
FFO attributable
to common stock and unit holders
|
$
|
(33,536)
|
|
|
$
|
62,704
|
|
|
$
|
(85,353)
|
|
|
$
|
237,090
|
|
Reconciliation to
Adjusted FFO
|
|
|
|
|
|
|
|
Loss on extinguishment
of debt
|
1,625
|
|
|
—
|
|
|
1,625
|
|
|
214
|
|
Acquisition,
terminated transaction and pre-opening expenses
|
1
|
|
|
7
|
|
|
994
|
|
|
954
|
|
Loan related costs,
net of adjustment related to non-controlling
interests(2)
|
1,668
|
|
|
623
|
|
|
3,874
|
|
|
2,452
|
|
Amortization of
share-based compensation expense(3)
|
2,357
|
|
|
2,289
|
|
|
10,930
|
|
|
9,380
|
|
Non-cash ground rent
and straight-line rent expense
|
(92)
|
|
|
126
|
|
|
145
|
|
|
508
|
|
Other income
attributed to deposits recognized from terminated
transactions(4)
|
—
|
|
|
—
|
|
|
(28,750)
|
|
|
—
|
|
Other non-recurring
expenses(3)
|
196
|
|
|
—
|
|
|
2,568
|
|
|
—
|
|
Adjusted FFO
attributable to common stock and unit holders
|
$
|
(27,781)
|
|
|
$
|
65,749
|
|
|
$
|
(93,967)
|
|
|
$
|
250,598
|
|
Weighted-average
shares outstanding - Diluted(5)
|
114,793
|
|
|
114,338
|
|
|
114,403
|
|
|
114,296
|
|
Adjusted FFO per
diluted share
|
$
|
(0.24)
|
|
|
$
|
0.58
|
|
|
$
|
(0.82)
|
|
|
$
|
2.19
|
|
|
|
1.
|
During the year ended
December 31, 2020, the Company recognized an $8.9 million
impairment loss related to Renaissance Austin Hotel, which was
attributed to its carrying value exceeding the undiscounted cash
flows over a shortened hold period due to the expected sale. The
hotel was subsequently sold in November 2020. In addition, during
the year ended December 31, 2020, the Company recognized goodwill
impairments totaling $20.1 million attributed to Andaz Savannah and
Bohemian Hotel Savannah Riverfront, Autograph Collection. These
goodwill impairments were directly attributed to existing weakness
due to new supply in the market and the material adverse impact
that the COVID-19 pandemic has had, and is expected to continue to
have, on the results of operations at each hotel. During the year
ended December 31, 2019, the Company recognized a long-lived asset
impairment charge of $14.8 million attributed to Marriott Chicago
at Medical District/UIC and a goodwill impairment charge of $9.4
million attributed to Bohemian Hotel Savannah Riverfront, Autograph
Collection.
|
2.
|
Loan related costs
included amortization of debt premiums, discounts and deferred loan
origination costs.
|
3.
|
During the year ended
December 31, 2020, the Company restructured its corporate
office in order to preserve capital over the long-term as a result
of the material and adverse impact COVID-19 has had, and is
expected to continue to have, on the Company's results of
operations. As a result during the three months and year ended
December 31, 2020, the Company incurred $0.1 million and
$1.6 million of accelerated amortization of share-based
compensation expense and $0.1 million and $1.9 million of
other non-recurring expenses for severance related costs,
respectively. In addition, during the three months and year ended
December 31, 2020, the Company incurred other non-recurring
expenses for legal costs of $0.1 million and $0.7 million
to amend the terms of its debt, respectively.
|
4.
|
During the year ended
December 31, 2020, the Company recognized other income of
$28.8 million, as a result of forfeited deposits from
terminated transactions.
|
5.
|
Diluted
weighted-average number of shares of common stock outstanding plus
the weighted average vested Operating Partnership units for the
respective periods presented in thousands.
|
Xenia Hotels &
Resorts, Inc.
Debt Summary as of
December 31, 2020
($ amounts in
thousands)
|
|
|
Rate
Type
|
|
Rate(1)
|
|
Maturity
Date
|
|
Outstanding as
of
December 31, 2020(2)
|
|
|
|
|
|
|
|
|
Mortgage
Loans
|
|
|
|
|
|
|
|
Kimpton Hotel Palomar
Philadelphia
|
Fixed(3)
|
|
4.14
|
%
|
|
January
2023
|
|
57,660
|
|
Renaissance Atlanta
Waverly Hotel & Convention Center
|
Partially
Fixed(4)
|
|
3.74
|
%
|
|
August
2024
|
|
100,000
|
|
Andaz Napa
|
Partially Fixed
(5)
|
|
3.55
|
%
|
|
September
2024
|
|
56,000
|
|
The Ritz-Carlton,
Pentagon City
|
Fixed(6)
|
|
4.95
|
%
|
|
January
2025
|
|
65,000
|
|
Grand Bohemian Hotel
Orlando, Autograph Collection
|
Fixed
|
|
4.53
|
%
|
|
March 2026
|
|
57,857
|
|
Marriott San Francisco
Airport Waterfront
|
Fixed
|
|
4.63
|
%
|
|
May 2027
|
|
115,762
|
|
Total Mortgage
Loans
|
|
|
4.08
|
%
|
(7)
|
|
|
$
|
452,279
|
|
Corporate Credit
Facilities
|
|
|
|
|
|
|
|
Revolving Credit
Facility(8)
|
Variable
|
|
2.93
|
%
|
|
February
2024
|
|
163,093
|
|
Corporate Credit
Facility Term Loan $150M
|
Partially
Fixed(9)
|
|
3.77
|
%
|
|
August
2023
|
|
150,000
|
|
Corporate Credit
Facility Term Loan $125M
|
Partially
Fixed(10)
|
|
3.92
|
%
|
|
September
2024
|
|
125,000
|
|
Total Corporate
Credit Facilities
|
|
|
3.50
|
%
|
(7)
|
|
|
$
|
438,093
|
|
Senior Notes
$500M
|
Fixed
|
|
6.38
|
%
|
|
August
2025
|
|
500,000
|
|
Loan premiums,
discounts and unamortized deferred premium financing costs,
net(11)
|
|
|
|
|
|
|
(15,892)
|
|
Total Debt, net of
loan premiums, discounts and unamortized deferred financing
costs
|
|
|
4.78
|
%
|
(7)
|
|
|
$
|
1,374,480
|
|
|
|
1.
|
The variable index
for secured mortgage loans is one-month LIBOR and the variable
index for corporate credit facilities reflects a 25 basis
point LIBOR floor which is applicable for the value of all
corporate credit facilities not currently subject to an interest
rate hedge.
|
2.
|
For certain mortgage
loans, includes deferred interest balances in accordance with the
respective amended loan agreement as applicable.
|
3.
|
A variable interest
loan for which the interest rate has been fixed through
maturity.
|
4.
|
A variable interest
loan for which the interest rate has been fixed on $90 million of
the balance through January 2022, after which the rate reverts to
variable.
|
5.
|
A variable interest
loan for which the interest rate has been fixed on $51 million of
the balance through January 2022, after which the rate reverts to
variable.
|
6.
|
A variable interest
loan for which the interest rate has been fixed through January
2023.
|
7.
|
Weighted-average
interest rate as of December 31, 2020.
|
8.
|
In October, the
Company increased commitments under the revolving credit facility
by $23 million to $523 million through February 2022, after which
the total commitments will decrease to $450 million through
February 2024. This reflects a two year extension of the maturity
date.
|
9.
|
A variable interest
loan for which LIBOR has been fixed for $125 million of the
balance for certain interest periods through October 2022. The
spread to LIBOR may vary, as it is determined by the Company's
leverage ratio. The applicable interest rate has been set to the
highest level of grid-based pricing during the Covenant Waiver
Period.
|
10.
|
A variable interest
loan for which LIBOR has been fixed for certain interest periods
through September 2022. The spread to LIBOR may vary, as it is
determined by the Company's leverage ratio. The applicable interest
rate has been set to the highest level of grid-based pricing during
the Covenant Waiver Period.
|
11.
|
Includes loan
premiums, discounts and deferred financing costs, net of
accumulated amortization.
|
Xenia Hotels &
Resorts, Inc.
Same-Property(1) Hotel EBITDA and Hotel
EBITDA Margin
For the Three
Months and Years Ended December 31, 2020 and
2019
($ amounts in
thousands)
|
|
|
|
Three Months Ended
December 31,
|
|
Year Ended
December 31,
|
|
|
2020
|
|
2019
|
|
Change
|
|
2020
|
|
2019
|
|
Change
|
Same-Property
Revenues(1):
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
revenues
|
|
$
|
44,002
|
|
|
$
|
139,723
|
|
|
(68.5)%
|
|
$
|
197,895
|
|
|
$
|
585,018
|
|
|
(66.2)%
|
Food and beverage
revenues
|
|
18,035
|
|
|
89,421
|
|
|
(79.8)%
|
|
99,464
|
|
|
343,885
|
|
|
(71.1)%
|
Other
revenues
|
|
11,686
|
|
|
18,169
|
|
|
(35.7)%
|
|
42,955
|
|
|
71,294
|
|
|
(39.7)%
|
Total
Same-Property revenues
|
|
$
|
73,723
|
|
|
$
|
247,313
|
|
|
(70.2)%
|
|
$
|
340,314
|
|
|
$
|
1,000,197
|
|
|
(66.0)%
|
Same-Property
Expenses(1):
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
expenses
|
|
$
|
14,700
|
|
|
$
|
34,197
|
|
|
(57.0)%
|
|
$
|
64,043
|
|
|
$
|
140,513
|
|
|
(54.4)%
|
Food and beverage
expenses
|
|
17,458
|
|
|
57,802
|
|
|
(69.8)%
|
|
87,204
|
|
|
226,398
|
|
|
(61.5)%
|
Other direct
expenses
|
|
3,199
|
|
|
6,547
|
|
|
(51.1)%
|
|
12,426
|
|
|
26,117
|
|
|
(52.4)%
|
Other indirect
expenses
|
|
28,708
|
|
|
61,199
|
|
|
(53.1)%
|
|
142,850
|
|
|
245,754
|
|
|
(41.9)%
|
Management and
franchise fees
|
|
2,340
|
|
|
9,806
|
|
|
(76.1)%
|
|
10,237
|
|
|
38,902
|
|
|
(73.7)%
|
Real estate taxes,
personal property taxes and insurance
|
|
9,840
|
|
|
10,639
|
|
|
(7.5)%
|
|
43,547
|
|
|
42,900
|
|
|
1.5%
|
Ground lease
expense
|
|
416
|
|
|
974
|
|
|
(57.3)%
|
|
1,833
|
|
|
3,961
|
|
|
(53.7)%
|
Total
Same-Property hotel operating expenses
|
|
$
|
76,661
|
|
|
$
|
181,164
|
|
|
(57.7)%
|
|
$
|
362,140
|
|
|
$
|
724,545
|
|
|
(50.0)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same-Property
Hotel EBITDA(1)
|
|
$
|
(2,938)
|
|
|
$
|
66,149
|
|
|
(104.4)%
|
|
$
|
(21,826)
|
|
|
$
|
275,652
|
|
|
(107.9)%
|
Same-Property
Hotel EBITDA Margin(1)
|
|
(4.0)%
|
|
|
26.7%
|
|
|
(3,073)
bps
|
|
(6.4)%
|
|
|
27.6%
|
|
|
(3,397)
bps
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1.
|
"Same-Property"
includes all hotels owned as of December 31, 2020, except for
Hyatt Regency Portland at the Oregon Convention Center, which
commenced operations in late December 2019. Includes hotels that
had temporarily suspended operations for a portion of the year
ended December 31, 2020. "Same-Property" also includes
disruption from the COVID-19 pandemic in 2020 results and
renovation disruption for multiple capital projects during the
periods presented, and excludes the NOI guaranty payment at Andaz
San Diego. The following is a reconciliation of Total Revenues and
Total Hotel Operating Expenses consolidated on a GAAP basis to
Total Same-Property Revenues and Total Same-Property Hotel
Operating Expenses for the years ended December 31, 2020 and
2019:
|
|
|
Three Months Ended
December 31,
|
|
Year Ended
December 31,
|
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
Total Revenues -
GAAP
|
|
$
|
75,647
|
|
|
$
|
282,185
|
|
|
$
|
369,776
|
|
|
$
|
1,149,087
|
|
Hotel revenues from
sold hotels
|
|
(1,904)
|
|
|
(34,772)
|
|
|
(25,878)
|
|
|
(148,791)
|
|
Other
revenues
|
|
(20)
|
|
|
(100)
|
|
|
(3,584)
|
|
|
(99)
|
|
Total Same-Property
Revenues
|
|
$
|
73,723
|
|
|
$
|
247,313
|
|
|
$
|
340,314
|
|
|
$
|
1,000,197
|
|
|
|
|
|
|
|
|
|
|
Total Hotel Operating
Expenses - GAAP
|
|
$
|
70,351
|
|
|
$
|
192,805
|
|
|
$
|
351,533
|
|
|
$
|
772,857
|
|
Real estate taxes,
personal property taxes
and insurance
|
|
11,155
|
|
|
11,216
|
|
|
50,955
|
|
|
50,184
|
|
Ground lease expense,
net(a)
|
|
416
|
|
|
974
|
|
|
1,833
|
|
|
3,961
|
|
Other expense /
(income)
|
|
(65)
|
|
|
(62)
|
|
|
(257)
|
|
|
10
|
|
Corporate-level costs
and expenses
|
|
(80)
|
|
|
(410)
|
|
|
(896)
|
|
|
(2,109)
|
|
Hotel expenses from
sold hotels
|
|
(5,116)
|
|
|
(23,359)
|
|
|
(41,028)
|
|
|
(100,358)
|
|
Total Same-Property
Hotel Operating Expenses
|
|
$
|
76,661
|
|
|
$
|
181,164
|
|
|
$
|
362,140
|
|
|
$
|
724,545
|
|
|
a. Excludes non-cash ground
rent expense.
|
Xenia Hotels &
Resorts, Inc.
Same-Property(1) Portfolio Data by
Market
As of December 31,
2020
|
|
Market(2)
|
% of 2019
Hotel
EBITDA(3)
|
|
Number of
Hotels
|
|
Number of
Rooms
|
Houston,
TX
|
12%
|
|
3
|
|
1,220
|
Orlando,
FL
|
12%
|
|
3
|
|
1,141
|
Phoenix,
AZ
|
11%
|
|
2
|
|
612
|
Dallas, TX
|
9%
|
|
2
|
|
961
|
San Francisco/San
Mateo, CA
|
9%
|
|
1
|
|
688
|
San Jose/Santa Cruz,
CA
|
7%
|
|
1
|
|
505
|
Atlanta,
GA
|
6%
|
|
2
|
|
649
|
San Diego,
CA
|
5%
|
|
2
|
|
486
|
Denver, CO
|
4%
|
|
2
|
|
391
|
Washington,
DC-MD-VA
|
4%
|
|
2
|
|
472
|
Other
|
21%
|
|
14
|
|
2,286
|
Same-Property(1)
|
100%
|
|
34
|
|
9,411
|
Hyatt Regency
Portland at the Oregon Convention Center
|
|
|
1
|
|
600
|
Total
Portfolio
|
|
|
35
|
|
10,011
|
|
|
1.
|
"Same-Property"
includes all hotels owned as of December 31, 2020, except for
Hyatt Regency Portland at the Oregon Convention Center, which
commenced operations in late December 2019.
|
2.
|
As defined by STR,
Inc.
|
3.
|
Based on year end
2019 Hotel EBITDA as 2020 is not representative of typical
operating results.
|
Xenia Hotels &
Resorts, Inc.
Same-Property(1) Portfolio Data by
Market
For the Three
Months and Years Ended December 31, 2020 and
2019
|
|
|
Three Months
Ended
|
|
Three Months
Ended
|
|
|
|
December 31,
2020
|
|
December 31,
2019
|
|
%
Change
|
|
Occupancy
|
ADR
|
RevPAR
|
|
Occupancy
|
ADR
|
RevPAR
|
|
RevPAR
|
Market
|
|
|
|
|
|
|
|
|
|
Houston,
TX
|
32.1
|
%
|
$
|
134.92
|
|
$
|
43.35
|
|
|
69.9
|
%
|
$
|
174.06
|
|
$
|
121.74
|
|
|
(64.4)
|
%
|
Orlando,
FL
|
29.2
|
%
|
150.01
|
|
43.80
|
|
|
78.5
|
%
|
195.26
|
|
153.28
|
|
|
(71.4)
|
%
|
Phoenix,
AZ
|
27.7
|
%
|
282.89
|
|
78.40
|
|
|
68.9
|
%
|
282.53
|
|
194.62
|
|
|
(59.7)
|
%
|
Dallas, TX
|
14.7
|
%
|
112.99
|
|
16.58
|
|
|
64.2
|
%
|
187.68
|
|
120.56
|
|
|
(86.2)
|
%
|
San Francisco/San
Mateo, CA
|
15.2
|
%
|
137.65
|
|
20.88
|
|
|
84.9
|
%
|
242.91
|
|
206.16
|
|
|
(89.9)
|
%
|
San Jose/Santa Cruz,
CA
|
12.9
|
%
|
100.58
|
|
13.00
|
|
|
78.7
|
%
|
246.62
|
|
194.13
|
|
|
(93.3)
|
%
|
Atlanta,
GA
|
34.8
|
%
|
158.76
|
|
55.19
|
|
|
67.7
|
%
|
198.93
|
|
134.61
|
|
|
(59.0)
|
%
|
San Diego,
CA
|
23.5
|
%
|
353.63
|
|
83.25
|
|
|
61.2
|
%
|
228.62
|
|
139.89
|
|
|
(40.5)
|
%
|
Denver, CO
|
28.5
|
%
|
210.46
|
|
59.90
|
|
|
71.1
|
%
|
265.30
|
|
188.62
|
|
|
(68.2)
|
%
|
Washington,
DC-MD-VA
|
33.9
|
%
|
157.95
|
|
53.53
|
|
|
75.0
|
%
|
252.03
|
|
188.94
|
|
|
(71.7)
|
%
|
Other
|
35.1
|
%
|
206.48
|
|
72.42
|
|
|
75.3
|
%
|
233.54
|
|
175.86
|
|
|
(58.8)
|
%
|
Total
|
27.8
|
%
|
$
|
182.64
|
|
$
|
50.82
|
|
|
72.9
|
%
|
$
|
221.40
|
|
$
|
161.36
|
|
|
(68.5)
|
%
|
|
|
Year
Ended
|
|
Year
Ended
|
|
|
|
December 31,
2020
|
|
December 31,
2019
|
|
%
Change
|
|
Occupancy
|
ADR
|
RevPAR
|
|
Occupancy
|
ADR
|
RevPAR
|
|
RevPAR
|
Market
|
|
|
|
|
|
|
|
|
|
Houston,
TX
|
27.5
|
%
|
$
|
159.03
|
|
$
|
43.76
|
|
|
71.2
|
%
|
$
|
177.67
|
|
$
|
126.58
|
|
|
(65.4)
|
%
|
Orlando,
FL
|
29.1
|
%
|
190.06
|
|
55.26
|
|
|
77.8
|
%
|
194.64
|
|
151.42
|
|
|
(63.5)
|
%
|
Phoenix,
AZ
|
30.1
|
%
|
300.97
|
|
90.59
|
|
|
72.9
|
%
|
278.33
|
|
203.02
|
|
|
(55.4)
|
%
|
Dallas, TX
|
18.9
|
%
|
175.71
|
|
33.15
|
|
|
69.1
|
%
|
188.85
|
|
130.55
|
|
|
(74.6)
|
%
|
San Francisco/San
Mateo, CA
|
26.5
|
%
|
210.33
|
|
55.69
|
|
|
91.0
|
%
|
244.08
|
|
222.13
|
|
|
(74.9)
|
%
|
San Jose/Santa Cruz,
CA
|
17.5
|
%
|
219.81
|
|
38.43
|
|
|
81.9
|
%
|
256.87
|
|
210.38
|
|
|
(81.7)
|
%
|
Atlanta,
GA
|
30.4
|
%
|
179.19
|
|
54.44
|
|
|
75.1
|
%
|
197.98
|
|
148.77
|
|
|
(63.4)
|
%
|
San Diego,
CA
|
19.0
|
%
|
258.81
|
|
49.21
|
|
|
71.5
|
%
|
257.94
|
|
184.35
|
|
|
(73.3)
|
%
|
Denver, CO
|
31.6
|
%
|
216.94
|
|
68.63
|
|
|
78.6
|
%
|
268.79
|
|
211.37
|
|
|
(67.5)
|
%
|
Washington,
DC-MD-VA
|
33.2
|
%
|
179.69
|
|
59.63
|
|
|
77.5
|
%
|
238.71
|
|
184.95
|
|
|
(67.8)
|
%
|
Other
|
34.6
|
%
|
208.83
|
|
72.15
|
|
|
77.1
|
%
|
232.89
|
|
179.59
|
|
|
(59.8)
|
%
|
Total
|
28.3
|
%
|
$
|
203.00
|
|
$
|
57.45
|
|
|
76.3
|
%
|
$
|
223.26
|
|
$
|
170.29
|
|
|
(66.3)
|
%
|
|
|
1.
|
"Same-Property"
includes all hotels owned as of December 31, 2020, except for
Hyatt Regency Portland at the Oregon Convention Center, which
commenced operations in late December 2019.
|
Xenia Hotels &
Resorts, Inc.
Same-Property(1) Historical Operating
Data
($ amounts in
thousands, except ADR and RevPAR)
|
|
|
|
First
Quarter
|
|
Second
Quarter
|
|
Third
Quarter
|
|
Fourth
Quarter
|
|
Full
Year
|
|
|
2020
|
|
2020
|
|
2020
|
|
2020
|
|
2020
|
Occupancy
|
|
57.1
|
%
|
|
3.9
|
%
|
|
24.4
|
%
|
|
27.8
|
%
|
|
28.3
|
%
|
ADR
|
|
$
|
227.63
|
|
|
$
|
184.17
|
|
|
$
|
172.25
|
|
|
$
|
182.64
|
|
|
$
|
203.00
|
|
RevPAR
|
|
$
|
129.93
|
|
|
$
|
7.19
|
|
|
$
|
42.09
|
|
|
$
|
50.82
|
|
|
$
|
57.45
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel
Revenues
|
|
$
|
195,022
|
|
|
$
|
13,860
|
|
|
$
|
57,710
|
|
|
$
|
73,723
|
|
|
$
|
340,314
|
|
Hotel
EBITDA
|
|
$
|
31,235
|
|
|
$
|
(35,529)
|
|
|
$
|
(14,595)
|
|
|
$
|
(2,938)
|
|
|
$
|
(21,826)
|
|
Hotel EBITDA
Margin
|
|
16.0
|
%
|
|
(256.3)
|
%
|
|
(25.3)
|
%
|
|
(4.0)
|
%
|
|
(6.4)
|
%
|
|
|
|
First
Quarter
|
|
Second
Quarter
|
|
Third
Quarter
|
|
Fourth
Quarter
|
|
Full
Year
|
|
|
2019
|
|
2019
|
|
2019
|
|
2019
|
|
2019
|
Occupancy
|
|
76.3
|
%
|
|
79.8
|
%
|
|
76.2
|
%
|
|
72.9
|
%
|
|
76.3
|
%
|
ADR
|
|
$
|
235.10
|
|
|
$
|
225.71
|
|
|
$
|
210.91
|
|
|
$
|
221.40
|
|
|
$
|
223.26
|
|
RevPAR
|
|
$
|
179.27
|
|
|
$
|
180.05
|
|
|
$
|
160.79
|
|
|
$
|
161.36
|
|
|
$
|
170.29
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel
Revenues
|
|
$
|
264,198
|
|
|
$
|
261,163
|
|
|
$
|
227,522
|
|
|
$
|
247,313
|
|
|
$
|
1,000,197
|
|
Hotel
EBITDA
|
|
$
|
78,868
|
|
|
$
|
77,536
|
|
|
$
|
53,099
|
|
|
$
|
66,149
|
|
|
$
|
275,652
|
|
Hotel EBITDA
Margin
|
|
29.9
|
%
|
|
29.7
|
%
|
|
23.3
|
%
|
|
26.7
|
%
|
|
27.6
|
%
|
|
|
1.
|
"Same-Property" includes all
hotels owned as of December 31, 2020, except for Hyatt Regency
Portland at the Oregon Convention Center, which commenced
operations in late December 2019. Includes hotels that had
temporarily suspended operations for a portion of the year ended
December 31, 2020 as if all hotels rooms were available for
sale. "Same-Property" also includes renovation disruption for
multiple capital projects during the periods presented, disruption
from the COVID-19 pandemic in 2020, and excludes NOI guaranty
payment at the Andaz San Diego.
|
Xenia Hotels &
Resorts, Inc.
Statistical Data
by Property
For the Years
Ended December 31, 2020 and 2019
|
|
|
|
December 31,
2020
|
|
December 31,
2019
|
|
|
|
|
Occupancy
|
|
ADR
|
|
RevPAR
|
|
Occupancy
|
|
ADR
|
|
RevPAR
|
|
RevPAR
Change
|
Andaz Napa
|
|
42.8
|
%
|
|
$
|
240.40
|
|
|
$
|
102.86
|
|
|
84.6
|
%
|
|
$
|
324.55
|
|
|
$
|
274.44
|
|
|
(62.5)
|
%
|
Andaz San
Diego
|
|
31.1
|
%
|
|
189.99
|
|
|
59.10
|
|
|
83.1
|
%
|
|
228.28
|
|
|
189.81
|
|
|
(68.9)
|
%
|
Andaz
Savannah
|
|
49.0
|
%
|
|
166.31
|
|
|
81.57
|
|
|
79.4
|
%
|
|
202.24
|
|
|
160.64
|
|
|
(49.2)
|
%
|
Bohemian Hotel
Celebration, Autograph Collection
|
|
33.2
|
%
|
|
175.71
|
|
|
58.35
|
|
|
74.1
|
%
|
|
185.19
|
|
|
137.24
|
|
|
(57.5)
|
%
|
Bohemian Hotel Savannah
Riverfront, Autograph Collection
|
|
53.6
|
%
|
|
253.01
|
|
|
135.59
|
|
|
80.7
|
%
|
|
267.97
|
|
|
216.24
|
|
|
(37.3)
|
%
|
Fairmont
Dallas
|
|
18.4
|
%
|
|
176.74
|
|
|
32.52
|
|
|
72.0
|
%
|
|
183.09
|
|
|
131.82
|
|
|
(75.3)
|
%
|
Fairmont
Pittsburgh
|
|
25.9
|
%
|
|
203.74
|
|
|
52.75
|
|
|
73.2
|
%
|
|
247.45
|
|
|
181.20
|
|
|
(70.9)
|
%
|
Grand Bohemian Hotel
Charleston, Autograph Collection
|
|
53.0
|
%
|
|
261.87
|
|
|
138.75
|
|
|
82.3
|
%
|
|
319.67
|
|
|
263.16
|
|
|
(47.3)
|
%
|
Grand Bohemian Hotel
Mountain Brook, Autograph Collection
|
|
57.3
|
%
|
|
235.87
|
|
|
135.20
|
|
|
82.8
|
%
|
|
253.12
|
|
|
209.62
|
|
|
(35.5)
|
%
|
Grand Bohemian Hotel
Orlando, Autograph Collection
|
|
37.2
|
%
|
|
199.36
|
|
|
74.25
|
|
|
78.6
|
%
|
|
226.86
|
|
|
178.36
|
|
|
(58.4)
|
%
|
Hyatt Centric Key West
Resort & Spa
|
|
56.2
|
%
|
|
378.28
|
|
|
212.62
|
|
|
88.5
|
%
|
|
392.94
|
|
|
347.80
|
|
|
(38.9)
|
%
|
Hyatt Regency Grand
Cypress
|
|
25.9
|
%
|
|
188.54
|
|
|
48.78
|
|
|
78.1
|
%
|
|
185.68
|
|
|
144.98
|
|
|
(66.4)
|
%
|
Hyatt Regency Santa
Clara
|
|
17.5
|
%
|
|
219.81
|
|
|
38.43
|
|
|
81.9
|
%
|
|
256.87
|
|
|
210.38
|
|
|
(81.7)
|
%
|
Hyatt Regency
Scottsdale Resort & Spa at Gainey Ranch
|
|
28.3
|
%
|
|
284.17
|
|
|
80.51
|
|
|
72.8
|
%
|
|
269.04
|
|
|
195.80
|
|
|
(58.9)
|
%
|
Kimpton Canary Hotel
Santa Barbara
|
|
38.9
|
%
|
|
328.80
|
|
|
127.97
|
|
|
75.8
|
%
|
|
356.73
|
|
|
270.32
|
|
|
(52.7)
|
%
|
Kimpton Hotel Monaco
Chicago
|
|
23.2
|
%
|
|
132.15
|
|
|
30.66
|
|
|
71.6
|
%
|
|
217.38
|
|
|
155.67
|
|
|
(80.3)
|
%
|
Kimpton Hotel Monaco
Denver
|
|
32.5
|
%
|
|
144.26
|
|
|
46.95
|
|
|
77.0
|
%
|
|
207.25
|
|
|
159.50
|
|
|
(70.6)
|
%
|
Kimpton Hotel Monaco
Salt Lake City
|
|
35.2
|
%
|
|
169.43
|
|
|
59.56
|
|
|
74.7
|
%
|
|
197.44
|
|
|
147.52
|
|
|
(59.6)
|
%
|
Kimpton Hotel Palomar
Philadelphia
|
|
29.4
|
%
|
|
167.78
|
|
|
49.36
|
|
|
83.5
|
%
|
|
243.78
|
|
|
203.55
|
|
|
(75.8)
|
%
|
Kimpton Lorien Hotel
& Spa
|
|
48.7
|
%
|
|
129.14
|
|
|
62.85
|
|
|
80.1
|
%
|
|
199.73
|
|
|
159.99
|
|
|
(60.7)
|
%
|
Kimpton RiverPlace
Hotel
|
|
36.9
|
%
|
|
204.82
|
|
|
75.68
|
|
|
84.7
|
%
|
|
249.54
|
|
|
211.37
|
|
|
(64.2)
|
%
|
Loews New Orleans
Hotel
|
|
26.8
|
%
|
|
180.01
|
|
|
48.18
|
|
|
72.7
|
%
|
|
194.70
|
|
|
141.48
|
|
|
(65.9)
|
%
|
Marriott Charleston
Town Center
|
|
22.7
|
%
|
|
113.94
|
|
|
25.87
|
|
|
70.7
|
%
|
|
112.28
|
|
|
79.34
|
|
|
(67.4)
|
%
|
Marriott Dallas
Downtown
|
|
19.5
|
%
|
|
174.43
|
|
|
33.98
|
|
|
65.4
|
%
|
|
197.17
|
|
|
128.88
|
|
|
(73.6)
|
%
|
Marriott San Francisco
Airport Waterfront
|
|
26.5
|
%
|
|
210.33
|
|
|
55.69
|
|
|
91.0
|
%
|
|
244.08
|
|
|
222.13
|
|
|
(74.9)
|
%
|
Marriott Woodlands
Waterway Hotel & Convention Center
|
|
30.5
|
%
|
|
166.87
|
|
|
50.89
|
|
|
69.9
|
%
|
|
206.83
|
|
|
144.64
|
|
|
(64.8)
|
%
|
Park Hyatt Aviara
Resort, Golf Club & Spa
|
|
13.1
|
%
|
|
338.07
|
|
|
44.40
|
|
|
65.8
|
%
|
|
276.16
|
|
|
181.69
|
|
|
(75.6)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Xenia Hotels &
Resorts, Inc.
Statistical Data
by Property (Continued)
For the Years
Ended December 31, 2020 and 2019
|
|
|
|
December 31,
2020
|
|
December 31,
2019
|
|
|
|
|
Occupancy
|
|
ADR
|
|
RevPAR
|
|
Occupancy
|
|
ADR
|
|
RevPAR
|
|
RevPAR
Change
|
Renaissance Atlanta
Waverly Hotel & Convention Center
|
|
29.5
|
%
|
|
$
|
133.69
|
|
|
$
|
39.47
|
|
|
75.5
|
%
|
|
$
|
162.39
|
|
|
$
|
122.53
|
|
|
(67.8)
|
%
|
Royal Palms Resort
& Spa, The Unbound Collection by Hyatt
|
|
37.4
|
%
|
|
353.66
|
|
|
132.35
|
|
|
73.6
|
%
|
|
316.39
|
|
|
232.91
|
|
|
(43.2)
|
%
|
The Ritz-Carlton,
Denver
|
|
30.8
|
%
|
|
288.85
|
|
|
88.90
|
|
|
80.2
|
%
|
|
324.02
|
|
|
259.91
|
|
|
(65.8)
|
%
|
The Ritz-Carlton,
Pentagon City
|
|
28.6
|
%
|
|
204.88
|
|
|
58.69
|
|
|
76.7
|
%
|
|
250.65
|
|
|
192.27
|
|
|
(69.5)
|
%
|
Waldorf Astoria Atlanta
Buckhead
|
|
33.9
|
%
|
|
342.05
|
|
|
115.96
|
|
|
73.9
|
%
|
|
347.40
|
|
|
256.65
|
|
|
(54.8)
|
%
|
Westin Galleria Houston
& Westin Oaks Houston at The Galleria
|
|
26.3
|
%
|
|
155.45
|
|
|
40.95
|
|
|
71.8
|
%
|
|
166.46
|
|
|
119.46
|
|
|
(65.7)
|
%
|
Same-Property
Portfolio(1)
|
|
28.3
|
%
|
|
$
|
203.00
|
|
|
$
|
57.45
|
|
|
76.3
|
%
|
|
$
|
223.26
|
|
|
$
|
170.29
|
|
|
(66.3)
|
%
|
Hyatt Regency Portland
at the Oregon Convention Center
|
|
6.2
|
%
|
|
$
|
142.60
|
|
|
$
|
8.91
|
|
|
|
|
|
|
|
|
|
|
|
1.
|
"Same-Property"
includes all hotels owned as of December 31, 2020, except for
Hyatt Regency Portland at the Oregon Convention Center, which
commenced operations in late December 2019. Includes hotels that
had temporarily suspended operations for a portion of the year
ended December 31, 2020 as if all hotels rooms were available
for sale. "Same-Property" also includes disruption from the
COVID-19 pandemic in 2020 and renovation disruption for multiple
capital projects during the periods presented.
|
Xenia Hotels &
Resorts, Inc.
Financial Data by
Property
For the Years
Ended December 31, 2020 and 2019
|
|
|
|
Year Ended
December 31, 2020
|
|
Year Ended
December 31, 2019
|
|
|
|
|
|
|
Hotel
EBITDA
($000s)
|
|
EBITDA /
Key
|
|
Hotel
EBITDA
Margin
|
|
Hotel
EBITDA
($000s)
|
|
EBITDA /
Key
|
|
Hotel
EBITDA
Margin
|
|
EBITDA
Change
|
|
Margin
Change
|
Andaz Napa
|
|
$
|
540
|
|
|
$
|
3,828
|
|
|
8.1
|
%
|
|
$
|
7,383
|
|
|
$
|
52,362
|
|
|
39.7
|
%
|
|
(92.7)
|
%
|
|
(3,156)
|
bps
|
Andaz San
Diego
|
|
(1,846)
|
|
|
(11,608)
|
|
|
(29.7)
|
%
|
|
4,052
|
|
|
25,484
|
|
|
24.1
|
%
|
|
(145.6)
|
%
|
|
(5,383)
|
bps
|
Andaz
Savannah
|
|
608
|
|
|
4,024
|
|
|
11.3
|
%
|
|
3,375
|
|
|
22,351
|
|
|
31.0
|
%
|
|
(82.0)
|
%
|
|
(1,968)
|
bps
|
Bohemian Hotel
Celebration, Autograph Collection
|
|
(207)
|
|
|
(1,796)
|
|
|
(5.2)
|
%
|
|
1,814
|
|
|
15,774
|
|
|
20.8
|
%
|
|
(111.4)
|
%
|
|
(2,597)
|
bps
|
Bohemian Hotel Savannah
Riverfront, Autograph Collection
|
|
1,181
|
|
|
15,748
|
|
|
18.2
|
%
|
|
2,916
|
|
|
38,880
|
|
|
25.9
|
%
|
|
(59.5)
|
%
|
|
(767)
|
bps
|
Fairmont
Dallas
|
|
(2,810)
|
|
|
(5,155)
|
|
|
(24.5)
|
%
|
|
14,075
|
|
|
25,826
|
|
|
29.7
|
%
|
|
(120.0)
|
%
|
|
(5,424)
|
bps
|
Fairmont
Pittsburgh
|
|
(3,159)
|
|
|
(17,073)
|
|
|
(53.3)
|
%
|
|
2,928
|
|
|
15,827
|
|
|
13.4
|
%
|
|
(207.9)
|
%
|
|
(6,668)
|
bps
|
Grand Bohemian Hotel
Charleston, Autograph Collection
|
|
68
|
|
|
1,353
|
|
|
1.4
|
%
|
|
1,825
|
|
|
36,500
|
|
|
20.6
|
%
|
|
(96.3)
|
%
|
|
(1,920)
|
bps
|
Grand Bohemian Hotel
Mountain Brook, Autograph Collection
|
|
982
|
|
|
9,920
|
|
|
11.2
|
%
|
|
4,334
|
|
|
43,789
|
|
|
27.9
|
%
|
|
(77.3)
|
%
|
|
(1,673)
|
bps
|
Grand Bohemian Hotel
Orlando, Autograph Collection
|
|
1,602
|
|
|
6,484
|
|
|
13.7
|
%
|
|
8,938
|
|
|
36,186
|
|
|
32.8
|
%
|
|
(82.1)
|
%
|
|
(1,907)
|
bps
|
Hyatt Centric Key West
Resort & Spa
|
|
4,718
|
|
|
39,318
|
|
|
37.2
|
%
|
|
9,185
|
|
|
76,542
|
|
|
44.6
|
%
|
|
(48.6)
|
%
|
|
(737)
|
bps
|
Hyatt Regency Grand
Cypress
|
|
1
|
|
|
1
|
|
|
—
|
%
|
|
21,143
|
|
|
27,141
|
|
|
25.9
|
%
|
|
(100.0)
|
%
|
|
(2,593)
|
bps
|
Hyatt Regency Santa
Clara
|
|
(3,486)
|
|
|
(6,904)
|
|
|
(30.4)
|
%
|
|
18,194
|
|
|
36,028
|
|
|
30.9
|
%
|
|
(119.2)
|
%
|
|
(6,125)
|
bps
|
Hyatt Regency
Scottsdale Resort & Spa at Gainey Ranch
|
|
4,319
|
|
|
8,761
|
|
|
15.2
|
%
|
|
23,001
|
|
|
46,655
|
|
|
32.0
|
%
|
|
(81.2)
|
%
|
|
(1,684)
|
bps
|
Kimpton Canary Hotel
Santa Barbara
|
|
50
|
|
|
515
|
|
|
0.8
|
%
|
|
4,107
|
|
|
42,340
|
|
|
25.0
|
%
|
|
(98.8)
|
%
|
|
(2,424)
|
bps
|
Kimpton Hotel Monaco
Chicago
|
|
(3,107)
|
|
|
(16,268)
|
|
|
(100.3)
|
%
|
|
2,159
|
|
|
11,304
|
|
|
13.9
|
%
|
|
(243.9)
|
%
|
|
(11,421)
|
bps
|
Kimpton Hotel Monaco
Denver
|
|
(1,638)
|
|
|
(8,669)
|
|
|
(30.5)
|
%
|
|
4,693
|
|
|
24,831
|
|
|
24.3
|
%
|
|
(134.9)
|
%
|
|
(5,477)
|
bps
|
Kimpton Hotel Monaco
Salt Lake City
|
|
1,059
|
|
|
4,705
|
|
|
14.9
|
%
|
|
6,193
|
|
|
27,524
|
|
|
33.1
|
%
|
|
(82.9)
|
%
|
|
(1,822)
|
bps
|
Kimpton Hotel Palomar
Philadelphia
|
|
(1,328)
|
|
|
(5,773)
|
|
|
(24.5)
|
%
|
|
7,748
|
|
|
33,687
|
|
|
35.9
|
%
|
|
(117.1)
|
%
|
|
(6,038)
|
bps
|
Kimpton Lorien Hotel
& Spa
|
|
(447)
|
|
|
(4,174)
|
|
|
(11.3)
|
%
|
|
2,364
|
|
|
22,093
|
|
|
20.2
|
%
|
|
(118.9)
|
%
|
|
(3,149)
|
bps
|
Kimpton RiverPlace
Hotel
|
|
(357)
|
|
|
(4,202)
|
|
|
(9.6)
|
%
|
|
2,713
|
|
|
31,918
|
|
|
23.7
|
%
|
|
(113.2)
|
%
|
|
(3,327)
|
bps
|
Loews New Orleans
Hotel
|
|
(2,038)
|
|
|
(7,150)
|
|
|
(30.4)
|
%
|
|
4,595
|
|
|
16,123
|
|
|
21.0
|
%
|
|
(144.4)
|
%
|
|
(5,141)
|
bps
|
Marriott Charleston
Town Center
|
|
(1,585)
|
|
|
(4,502)
|
|
|
(35.2)
|
%
|
|
2,715
|
|
|
7,713
|
|
|
18.8
|
%
|
|
(158.4)
|
%
|
|
(5,396)
|
bps
|
Marriott Dallas
Downtown
|
|
(419)
|
|
|
(1,007)
|
|
|
(5.4)
|
%
|
|
9,843
|
|
|
23,661
|
|
|
36.4
|
%
|
|
(104.3)
|
%
|
|
(4,182)
|
bps
|
Marriott San Francisco
Airport Waterfront
|
|
(1,902)
|
|
|
(2,764)
|
|
|
(10.2)
|
%
|
|
23,840
|
|
|
34,651
|
|
|
32.1
|
%
|
|
(108.0)
|
%
|
|
(4,235)
|
bps
|
Marriott Woodlands
Waterway Hotel & Convention Center
|
|
1,445
|
|
|
4,188
|
|
|
10.6
|
%
|
|
15,879
|
|
|
46,026
|
|
|
39.3
|
%
|
|
(90.9)
|
%
|
|
(2,874)
|
bps
|
Park Hyatt Aviara
Resort, Golf Club & Spa
|
|
(6,672)
|
|
|
(20,404)
|
|
|
(31.1)
|
%
|
|
8,558
|
|
|
26,171
|
|
|
13.5
|
%
|
|
(178.0)
|
%
|
|
(4,464)
|
bps
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Xenia Hotels &
Resorts, Inc.
Financial Data by
Property (Continued)
For the Years
Ended December 31, 2020 and 2019
|
|
|
|
Year Ended
December 31, 2020
|
|
Year Ended
December 31, 2019
|
|
|
|
|
|
|
Hotel
EBITDA
($000s)
|
|
EBITDA /
Key
|
|
Hotel
EBITDA
Margin
|
|
Hotel
EBITDA
($000s)
|
|
EBITDA /
Key
|
|
Hotel
EBITDA
Margin
|
|
EBITDA
Change
|
|
Margin
Change
|
Renaissance Atlanta
Waverly Hotel & Convention Center
|
|
$
|
1,182
|
|
|
$
|
2,265
|
|
|
8.0
|
%
|
|
$
|
14,536
|
|
|
$
|
27,847
|
|
|
34.8
|
%
|
|
(91.9)
|
%
|
|
(2,676)
|
bps
|
Royal Palms Resort
& Spa, The Unbound Collection by Hyatt
|
|
2,132
|
|
|
17,912
|
|
|
16.0
|
%
|
|
6,748
|
|
|
56,706
|
|
|
25.5
|
%
|
|
(68.4)
|
%
|
|
(945)
|
bps
|
The Ritz-Carlton,
Denver
|
|
(2,158)
|
|
|
(10,684)
|
|
|
(17.8)
|
%
|
|
7,540
|
|
|
37,327
|
|
|
20.8
|
%
|
|
(128.6)
|
%
|
|
(3,864)
|
bps
|
The Ritz-Carlton,
Pentagon City
|
|
(4,555)
|
|
|
(12,479)
|
|
|
(40.4)
|
%
|
|
9,276
|
|
|
25,414
|
|
|
23.4
|
%
|
|
(149.1)
|
%
|
|
(6,380)
|
bps
|
Waldorf Astoria Atlanta
Buckhead
|
|
(346)
|
|
|
(2,727)
|
|
|
(4.0)
|
%
|
|
2,542
|
|
|
20,016
|
|
|
12.6
|
%
|
|
(113.6)
|
%
|
|
(1,657)
|
bps
|
Westin Galleria Houston
& Westin Oaks Houston at The Galleria
|
|
(3,653)
|
|
|
(4,175)
|
|
|
(18.1)
|
%
|
|
16,440
|
|
|
18,789
|
|
|
27.4
|
%
|
|
(122.2)
|
%
|
|
(4,553)
|
bps
|
Same-Property
Hotel EBITDA(1)
|
|
$
|
(21,826)
|
|
|
$
|
(2,319)
|
|
|
(6.4)
|
%
|
|
$
|
275,652
|
|
|
$
|
29,290
|
|
|
27.6
|
%
|
|
(107.9)
|
%
|
|
(3,397)
|
bps
|
|
|
1.
|
"Same-Property"
includes all hotels owned as of December 31, 2020, except for
Hyatt Regency Portland at the Oregon Convention Center, which
commenced operations in late December 2019. Includes hotels that
had temporarily suspended operations for a portion of the year
ended December 31, 2020 as if all hotels rooms were available
for sale. "Same-Property" also includes disruption from the
COVID-19 pandemic in 2020 and renovation disruption for multiple
capital projects during the periods presented, and excludes the NOI
guaranty payment at Andaz San Diego.
|
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SOURCE Xenia Hotels & Resorts, Inc.