Same-Property RevPAR: $149.60, a 119.6% increase compared to the first quarter of 2021 and a decrease of 19.5% versus the first quarter of 2019
Xenia Hotels & Resorts, Inc. (NYSE: XHR) yesterday announced results for the quarter ended March 31, 2022.
First Quarter 2022 Highlights
- Net Loss: Net loss attributable to common stockholders was $5.3 million, or $0.05 per share.
- Adjusted EBITDAre: $49.9 million
- Adjusted FFO per Diluted Share: $0.25
- Same-Property Occupancy: 58.0%, a 2,250 basis point increase compared to the first quarter of 2021 and a decrease of 1,920 basis points versus the first quarter of 2019
- Same-Property ADR: $258.12, a 34.4% and 7.3% increase versus the first quarter of 2021 and 2019, respectively
- Same-Property RevPAR: $149.60, a 119.6% increase compared to the first quarter of 2021 and a decrease of 19.5% versus the first quarter of 2019
- Same-Property Hotel EBITDA: $57.0 million, a 27.9% decrease versus the first quarter of 2019
- Same-Property Hotel EBITDA Margin: 27.8%, a 275 basis points decrease versus the first quarter of 2019
- Transaction Activity: In January, the Company sold the 191-room Kimpton Hotel Monaco Chicago for $36 million. In March, the Company acquired the 346-room W Nashville for $328.7 million.
- Balance Sheet Activity: In January, the Company paid off the $65 million mortgage loan secured by The Ritz-Carlton, Pentagon City.
"Demand for high-quality hotels and resorts continues to improve, as evidenced by the strong quarterly results that we posted and the significant sequential improvement in monthly occupancy and ADR we experienced as the quarter progressed," commented Marcel Verbaas, Chairman and Chief Executive Officer of Xenia. "March results substantially exceeded our expectations, with Same-Property occupancy approaching 70%, and strong growth in average daily rate relative to 2019, resulting in Same-Property RevPAR of over $189, which is 5.9% behind the level achieved in March of 2019, with Same-Property Hotel EBITDA for the month exceeding that of March 2019."
"Demand growth has continued to accelerate into the second quarter. Based on our preliminary estimates, our Same-Property portfolio achieved approximately 72% occupancy with ADR of approximately $280 for the month of April. Our properties had strong pricing power, evidenced by ADR increasing approximately 18% as compared to April of 2019. As a result, we estimate April RevPAR was approximately $202, or about 4% higher than that of April 2019. As such, April marked the first time that monthly RevPAR increased versus the same period in 2019 – an important milestone in the recovery of our portfolio of high-end lodging real estate," continued Mr. Verbaas. "Looking ahead, we expect continued strong leisure demand, augmented with increasing levels of corporate and group demand, as witnessed over the past two months. With limited levels of supply growth anticipated over the next few years, we expect pricing power for our portfolio of premium hotels and resorts to be robust. Further improving our portfolio quality and growth profile, we completed the previously announced acquisition of W Nashville in March. We continue to be excited about the near-term prospects for this impressive asset, bolstered by the encouraging results during our first month of ownership and the full activation of the hotel's extensive amenities as Nashville enters its busy season."
Operating Results
The Company's results include the following:
| Three Months Ended March 31, | Change From | ||||||||
| 2022 | 2021 | 2019 | 2021 | 2019 | |||||
| ($ amounts in thousands, except hotel statistics and per share amounts) | |||||||||
| Net (loss) income attributable to common stockholders | $ (5,324) | $ (56,351) | $ 16,703 | 90.6 % | (131.9) % | ||||
| Net (loss) income per share available to common stockholders - basic and diluted | $ (0.05) | $ (0.50) | $ 0.15 | 90.0 % | (133.3) % | ||||
| Same-Property Number of Hotels(1) | 32 | 32 | 32 | — | — | ||||
| Same-Property Number of Rooms(1) | 8,868 | 8,868 | 8,868 | — | — | ||||
| Same-Property Occupancy(1) | 58.0 % | 35.5 % | 77.2 % | 2,250 bps | (1,920) bps | ||||
| Same-Property Average Daily Rate(1) | $ 258.12 | $ 192.07 | $ 240.59 | 34.4 % | 7.3 % | ||||
| Same-Property RevPAR(1) | $ 149.60 | $ 68.13 | $ 185.82 | 119.6 % | (19.5) % | ||||
| Same-Property Hotel EBITDA(1)(2) | $ 57,040 | $ 1,254 | $ 79,140 | 4,448.6 % | (27.9) % | ||||
| Same-Property Hotel EBITDA Margin(1)(2) | 27.8 % | 1.5 % | 30.6 % | 2,637 bps | (275) bps | ||||
| Total Portfolio Number of Hotels(3) | 34 | 35 | 40 | (1) | (6) | ||||
| Total Portfolio Number of Rooms(3) | 9,814 | 10,011 | 11,167 | (197) | (1,353) | ||||
| Total Portfolio RevPAR(4) | $ 143.99 | $ 61.76 | $ 170.28 | 133.1 % | (15.4) % | ||||
| Adjusted EBITDAre(2) | $ 49,946 | $ (3,647) | $ 78,086 | 1,469.5 % | (36.0) % | ||||
| Adjusted FFO(2) | $ 29,087 | $ (20,795) | $ 60,031 | 239.9 % | (51.5) % | ||||
| Adjusted FFO per diluted share(2) | $ 0.25 | $ (0.18) | $ 0.53 | 238.9 % | (52.8) % | ||||
| 1. | "Same-Property" includes all hotels owned as of March 31, 2022, except for Hyatt Regency Portland at the Oregon Convention Center and W Nashville. "Same-Property" also includes disruption from the COVID-19 pandemic in 2022 and 2021, and renovation disruption for multiple capital projects during the periods presented. |
| 2. | See tables later in this press release for reconciliations from net loss to Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA"), EBITDA for Real Estate ("EBITDAre"), Adjusted EBITDAre, Funds From Operations ("FFO"), Adjusted FFO, Same-Property Hotel EBITDA and Hotel EBITDA Margin. EBITDA, EBITDAre, Adjusted EBITDAre, FFO, Adjusted FFO, and Same-Property Hotel EBITDA and Hotel EBITDA Margin are non-GAAP financial measures. |
| 3. | As of end of periods presented. |
| 4. | 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. |
Transaction Update
- In January 2022, the Company sold the 191-room Kimpton Hotel Monaco Chicago for $36 million, or $188,500 per key. The sale price represented a 16.7x multiple and a 4.3% capitalization rate on the hotel's 2019 Hotel EBITDA and net operating income, respectively.
- In March 2022, the Company acquired the fee simple interest in the 346-room W Nashville for $328.7 million, or $950,000 per key. The Company expects W Nashville to generate between $13 million and $15 million of Hotel EBITDA during its ownership period in 2022 and between $25 million and $30 million upon stabilization.
Brand and Management Conversion
In January 2022, the Company converted Lorien Hotel & Spa in Alexandria, VA into an independent lifestyle hotel, with Pivot Lifestyle Hotels by Davidson Hospitality Group becoming the hotel operator.
Balance Sheet and Liquidity
As of March 31, 2022, the Company had total outstanding debt of approximately $1.4 billion with a weighted-average interest rate of 5.18%. The Company had approximately $180 million of cash and cash equivalents, including hotel working capital, and full availability on its revolving credit facility, resulting in total liquidity of over $625 million as of March 31, 2022. In addition, the Company held approximately $40 million of restricted cash and escrows at the end of the first quarter.
In January, the Company paid off the $65 million mortgage loan secured by The Ritz-Carlton, Pentagon City.
Capital Expenditures
During the three months ended March 31, 2022, the Company invested $7.5 million in portfolio improvements.
During the quarter, the Company substantially completed the renovation of the guest rooms, lobby, and restaurant at the Waldorf Astoria Atlanta Buckhead and completed the renovation of meeting space at Marriott Dallas Downtown.
At Park Hyatt Aviara Resort, Golf Club & Spa, the comprehensive renovation of the existing golf course began in the second quarter and the Company continued planning work on a significant upgrade to the resort's spa and wellness components.
During the quarter, the Company continued planning work on the comprehensive renovation of Grand Bohemian Hotel Orlando and additional projects that are planned to commence in 2022 at Fairmont Pittsburgh, Royal Palms Resort & Spa, Marriott Woodlands Waterway Hotel & Convention Center, The Ritz-Carlton Denver, and Kimpton Hotel Monaco Denver.
The Company continues to focus on numerous building infrastructure projects with a particular emphasis on environmentally sustainable projects to enhance the life of its physical structures, including six chiller replacements or upgrades in 2022.
2022 Outlook and Guidance
The Company does not expect to issue earnings guidance until it has more certainty on trends within the industry. The Company is providing the following guidance for full year 2022 on certain items:
- General and administrative expenses are projected to be approximately $23 million, excluding non-cash share-based compensation.
- Interest expense is projected to be approximately $77 million, excluding non-cash loan related costs.
- Capital expenditures are projected to be approximately $95 million.
- 115.4 million weighted average diluted shares/units
About Xenia Hotels & Resorts, Inc.
Xenia Hotels & Resorts, Inc. is a self-advised and self-administered REIT that invests in uniquely positioned luxury and upper upscale hotels and resorts with a focus on the top 25 lodging markets as well as key leisure destinations in the United States. The Company owns 34 hotels and resorts comprising 9,814 rooms across 14 states. Xenia's hotels are in the luxury and upper upscale segments, and are operated and/or licensed by industry leaders such as Marriott, Hyatt, Kimpton, Fairmont, Loews, Hilton, The Kessler Collection, and Davidson.
| Xenia Hotels & Resorts, Inc. Consolidated Balance Sheets As of March 31, 2022 and December 31, 2021 ($ amounts in thousands) | |||
| March 31, 2022 | December 31, 2021 | ||
| Assets | (Unaudited) | (Audited) | |
| Investment properties: | |||
| Land | $ 467,708 | $ 431,427 | |
| Buildings and other improvements | 3,160,421 | 2,856,671 | |
| Total | $ 3,628,129 | $ 3,288,098 | |
| Less: accumulated depreciation | (919,045) | (888,717) | |
| Net investment properties | $ 2,709,084 | $ 2,399,381 | |
| Cash and cash equivalents | 179,077 | 517,377 | |
| Restricted cash and escrows | 40,158 | 36,854 | |
| Accounts and rents receivable, net of allowance for doubtful accounts | 36,242 | 28,528 | |
| Intangible assets, net of accumulated amortization | 5,414 | 5,446 | |
| Other assets | 70,112 | 65,109 | |
| Assets held for sale | — | 34,621 | |
| Total assets | $ 3,040,087 | $ 3,087,316 | |
| Liabilities | |||
| Debt, net of loan premiums, discounts and unamortized deferred financing costs | $ 1,429,616 | $ 1,494,231 | |
| Accounts payable and accrued expenses | 92,818 | 84,051 | |
| Other liabilities | 79,248 | 68,648 | |
| Liabilities associated with assets held for sale | — | 2,305 | |
| Total liabilities | $ 1,601,682 | $ 1,649,235 | |
| Commitments and Contingencies | |||
| Stockholders' equity | |||
| Common stock, $0.01 par value, 500,000,000 shares authorized, 114,353,273 and 114,306,727 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively | $ 1,144 | $ 1,143 | |
| Additional paid in capital | 2,090,627 | 2,090,393 | |
| Accumulated other comprehensive loss | (837) | (4,089) | |
| Accumulated distributions in excess of net earnings | (661,785) | (656,461) | |
| Total Company stockholders' equity | $ 1,429,149 | $ 1,430,986 | |
| Non-controlling interests | 9,256 | 7,095 | |
| Total equity | $ 1,438,405 | $ 1,438,081 | |
| Total liabilities and equity | $ 3,040,087 | $ 3,087,316 | |
| Xenia Hotels & Resorts, Inc. Consolidated Statements of Operations and Comprehensive Loss For the Three Months Ended March 31, 2022 and 2021 (Unaudited) ($ amounts in thousands, except per share data) | |||
| Three Months Ended March 31, | |||
| 2022 | 2021 | ||
| Revenues: | |||
| Rooms revenues | $ 123,198 | $ 55,646 | |
| Food and beverage revenues | 67,735 | 21,592 | |
| Other revenues | 19,414 | 10,614 | |
| Total revenues | $ 210,347 | $ 87,852 | |
| Expenses: | |||
| Rooms expenses | $ 29,217 | $ 15,537 | |
| Food and beverage expenses | 45,610 | 18,178 | |
| Other direct expenses | 5,294 | 3,198 | |
| Other indirect expenses | 53,860 | 37,327 | |
| Management and franchise fees | 7,626 | 2,844 | |
| Total hotel operating expenses | $ 141,607 | $ 77,084 | |
| Depreciation and amortization | 30,565 | 33,197 | |
| Real estate taxes, personal property taxes and insurance | 10,855 | 10,540 | |
| Ground lease expense | 517 | 403 | |
| General and administrative expenses | 7,786 | 6,922 | |
| Gain on business interruption insurance | — | (1,116) | |
| Impairment and other losses | 1,278 | — | |
| Total expenses | $ 192,608 | $ 127,030 | |
| Operating income (loss) | $ 17,739 | $ (39,178) | |
| Other (loss) income | (777) | 116 | |
| Interest expense | (20,538) | (18,750) | |
| Loss on extinguishment of debt | (294) | — | |
| Net loss before income taxes | $ (3,870) | $ (57,812) | |
| Income tax expense | (1,607) | (165) | |
| Net loss | $ (5,477) | $ (57,977) | |
| Net loss attributable to non-controlling interests | 153 | 1,626 | |
| Net loss attributable to common stockholders | $ (5,324) | $ (56,351) | |
| Xenia Hotels & Resorts, Inc. Consolidated Statements of Operations and Comprehensive Loss - Continued For the Three Months Ended March 31, 2022 and 2021 (Unaudited) ($ amounts in thousands, except per share data) | |||
| Three Months Ended March 31, | |||
| 2022 | 2021 | ||
| Basic and diluted loss per share: | |||
| Net loss per share available to common stockholders - basic and diluted | $ (0.05) | $ (0.50) | |
| Weighted-average number of common shares (basic and diluted) | 114,326,406 | 113,780,388 | |
| Comprehensive Loss: | |||
| Net loss | $ (5,477) | $ (57,977) | |
| Other comprehensive (loss) income: | |||
| Unrealized gain on interest rate derivative instruments | 2,517 | 104 | |
| Reclassification adjustment for amounts recognized in net loss (interest expense) | 1,152 | 2,330 | |
| $ (1,808) | $ (55,543) | ||
| Comprehensive (gain) loss attributable to non-controlling interests | (264) | 1,558 | |
| Comprehensive loss attributable to the Company | $ (2,072) | $ (53,985) | |
| Xenia Hotels & Resorts, Inc. Reconciliation of Net (Loss) Income to EBITDA, EBITDAre, Adjusted EBITDAre and Same-Property Hotel EBITDA For the Three Months Ended March 31, 2022, 2021, and 2019 (Unaudited) ($ amounts in thousands) | |||||
| Three Months Ended March 31, | |||||
| 2022 | 2021 | 2019 | |||
| Net (loss) income | $ (5,477) | $ (57,977) | $ 17,276 | ||
| Adjustments: | |||||
| Interest expense | 20,538 | 18,750 | 12,587 | ||
| Income tax expense | 1,607 | 165 | 6,093 | ||
| Depreciation and amortization | 30,565 | 33,197 | 40,000 | ||
| EBITDA and EBITDAre | $ 47,233 | $ (5,865) | $ 75,956 | ||
| Reconciliation to Adjusted EBITDAre | |||||
| Depreciation and amortization related to corporate assets | $ (102) | $ (100) | $ (103) | ||
| Gain on insurance recoveries(1) | (994) | — | — | ||
| Loss on extinguishment of debt | 294 | — | — | ||
| Acquisition, terminated transaction and pre-opening expenses | — | — | 1,894 | ||
| Amortization of share-based compensation expense | 2,207 | 2,295 | 126 | ||
| Non-cash ground rent and straight-line rent expense | 16 | 19 | — | ||
| Other non-recurring expenses(1) | 1,292 | 4 | — | ||
| Adjusted EBITDAre attributable to common stock and unit holders | $ 49,946 | $ (3,647) | $ 78,086 | ||
| Corporate-level costs and expenses | 7,593 | 4,691 | 6,083 | ||
| Pro forma hotel adjustments, net | (499) | 1,324 | (5,029) | ||
| Other | — | (1,114) | — | ||
| Same-Property Hotel EBITDA attributable to common stock and unit holders(2) | $ 57,040 | $ 1,254 | $ 79,140 | ||
| 1. | During the three months ended March 31, 2022, the Company received $1.0 million of insurance proceeds in excess of recognized losses related to a claim for damaged sustained at Loews New Orleans Hotel during Hurricane Ida in August 2021 included in other (loss) income on the condensed consolidated statement of operations and comprehensive loss. Additionally, the Company recorded hurricane-related repair and cleanup costs of $1.3 million included in impairment and other losses on the condensed consolidated statement of operations and comprehensive loss. |
| 2. | See the reconciliation of Total Revenues and 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 three months ended March 31, 2022 and 2021 on page 14 and for the three months ended March 31, 2022 and 2019 on page 15. |
| Xenia Hotels & Resorts, Inc. Reconciliation of Net (Loss) Income to FFO and Adjusted FFO For the Three Months Ended March 31, 2022, 2021, and 2019 (Unaudited) (amounts in thousands) | |||||
| Three Months Ended March 31, | |||||
| 2022 | 2021 | 2019 | |||
| Net (loss) income | $ (5,477) | $ (57,977) | $ 17,276 | ||
| Adjustments: | |||||
| Depreciation and amortization related to investment properties | 30,463 | 33,097 | 39,897 | ||
| FFO attributable to common stock and unit holders | $ 24,986 | $ (24,880) | $ 57,173 | ||
| Reconciliation to Adjusted FFO | |||||
| Gain on insurance recoveries(1) | (994) | — | — | ||
| Loss on extinguishment of debt | 294 | — | 213 | ||
| Loan related costs, net of adjustment related to non-controlling interests(2) | 1,286 | 1,767 | 625 | ||
| Amortization of share-based compensation expense | 2,207 | 2,295 | 1,894 | ||
| Non-cash ground rent and straight-line rent expense | 16 | 19 | 126 | ||
| Other non-recurring expenses(1) | 1,292 | 4 | — | ||
| Adjusted FFO attributable to common stock and unit holders | $ 29,087 | $ (20,795) | $ 60,031 | ||
| Weighted-average shares outstanding - Diluted(3) | 115,332 | 114,826 | 114,165 | ||
| Adjusted FFO per diluted share | $ 0.25 | $ (0.18) | $ 0.53 | ||
| 1. | During the three months ended March 31, 2022, the Company received $1.0 million of insurance proceeds in excess of recognized losses related to a claim for damaged sustained at Loews New Orleans Hotel during Hurricane Ida in August 2021 included in other (loss) income on the condensed consolidated statement of operations and comprehensive loss. Additionally, the Company recorded hurricane-related repair and cleanup costs of $1.3 million included in impairment and other losses on the condensed consolidated statement of operations and comprehensive loss. |
| 2. | Loan related costs includes amortization of debt premiums, discounts and deferred loan origination costs. |
| 3. | Diluted weighted-average number of shares of common stock outstanding plus the weighted-average vested Operating Partnership units for the respective periods presented in thousands. |
| Xenia Hotels & Resorts, Inc. Debt Summary as of March 31, 2022 ($ amounts in thousands) | |||||||
| Rate Type | Rate(1) | Maturity Date | Outstanding as of March 31, 2022 | ||||
| Mortgage Loans | |||||||
| Renaissance Atlanta Waverly Hotel & Convention Center | Fixed(2) | 4.45 % | August 2024 | $ 100,000 | |||
| Andaz Napa | Partially Fixed (3) | 2.98 % | September 2024 | 55,460 | |||
| Grand Bohemian Hotel Orlando, Autograph Collection | Fixed | 4.53 % | March 2026 | 56,523 | |||
| Marriott San Francisco Airport Waterfront | Fixed | 4.63 % | May 2027 | 111,623 | |||
| Total Mortgage Loans | 4.27 % | (4) | $ 323,606 | ||||
| Corporate Credit Facilities | |||||||
| Revolving Credit Facility(5) | Variable | 3.00 % | February 2024 | — | |||
| Corporate Credit Facility Term Loan | Partially Fixed(6) | 3.92 % | September 2024 | 125,000 | |||
| Total Corporate Credit Facilities | $ 125,000 | ||||||
| 2020 Senior Notes | Fixed | 6.38 % | August 2025 | 500,000 | |||
| 2021 Senior Notes | Fixed | 4.88 % | June 2029 | 500,000 | |||
| Loan premiums, discounts and unamortized deferred financing costs, net(7) | (18,990) | ||||||
| Total Debt, net of loan premiums, discounts and unamortized deferred financing costs | 5.18 % | (4) | $ 1,429,616 | ||||
| 1. | The rates shown represent the annual interest rates as of March 31, 2022. The variable index for the mortgage loan secured by Andaz Napa is one-month LIBOR and for the mortgage loan secured by Renaissance Atlanta Waverly is daily SOFR. 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 subject to an interest rate hedge. |
| 2. | A variable interest loan for which the interest rate has been fixed through October 2022, after which the rate reverts to variable. |
| 3. | A variable interest loan for which the interest rate has been fixed on $25 million of the balance through October 2022, after which the rate reverts to variable. |
| 4. | Weighted-average interest rate as of March 31, 2022. |
| 5. | The Revolving Credit Facility had undrawn capacity of $450 million. |
| 6. | A variable interest loan for which LIBOR has been fixed through September 2022. The spread to LIBOR may vary, as it is determined by the Company's leverage ratio. The applicable interest rate has been set to the highest level of grid-based pricing during the covenant waiver period. |
| 7. | Includes loan premiums, discounts and deferred financing costs, net of accumulated amortization. |
| Xenia Hotels & Resorts, Inc. Same-Property(1) Hotel EBITDA and Hotel EBITDA Margin For the Three Months Ended March 31, 2022 and 2021 ($ amounts in thousands) | |||||
| Three Months Ended March 31, | |||||
| 2022 | 2021 | Change | |||
| Same-Property Occupancy(1) | 58.0 % | 35.5 % | 2,250 bps | ||
| Same-Property Average Daily Rate(1) | $ 258.12 | $ 192.07 | 34.4% | ||
| Same-Property RevPAR(1) | $ 149.60 | $ 68.13 | 119.6% | ||
| Same-Property Revenues(1): | |||||
| Rooms revenues | $ 119,402 | $ 54,379 | 119.6% | ||
| Food and beverage revenues | 66,355 | 21,423 | 209.7% | ||
| Other revenues | 19,212 | 10,444 | 84.0% | ||
| Total Same-Property revenues | $ 204,969 | $ 86,246 | 137.7% | ||
| Same-Property Expenses(1): | |||||
| Rooms expenses | $ 27,979 | $ 14,939 | 87.3% | ||
| Food and beverage expenses | 44,473 | 17,806 | 149.8% | ||
| Other direct expenses | 5,282 | 3,171 | 66.6% | ||
| Other indirect expenses | 51,526 | 35,044 | 47.0% | ||
| Management and franchise fees | 7,458 | 2,790 | 167.3% | ||
| Real estate taxes, personal property taxes and insurance | 10,680 | 10,863 | (1.7)% | ||
| Ground lease expense | 531 | 379 | 40.1% | ||
| Total Same-Property hotel operating expenses | $ 147,929 | $ 84,992 | 74.1% | ||
| Same-Property Hotel EBITDA(1) | $ 57,040 | $ 1,254 | 4,448.6% | ||
| Same-Property Hotel EBITDA Margin(1) | 27.8 % | 1.5 % | 2,637 bps | ||
| 1. | "Same-Property" includes all hotels owned as of March 31, 2022, except for Hyatt Regency Portland at the Oregon Convention Center and W Nashville. Includes hotels that had temporarily suspended operations for a portion of the three months ended March 31, 2021. "Same-Property" also includes disruption from the COVID-19 pandemic in 2022 and 2021 results and renovation disruption for multiple capital projects during the periods presented. 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 three months ended March 31, 2022 and 2021. |
| Three Months Ended March 31, | |||
| 2022 | 2021 | ||
| Total Revenues - GAAP | $ 210,347 | $ 87,852 | |
| Pro forma hotel adjustments | (5,378) | (1,606) | |
| Total Same-Property Revenues | $ 204,969 | $ 86,246 | |
| Total Hotel Operating Expenses - GAAP | $ 141,607 | $ 77,084 | |
| Real estate taxes, personal property taxes and insurance | 10,855 | 10,540 | |
| Ground lease expense, net(a) | 531 | 380 | |
| Other income | (52) | (64) | |
| Corporate-level costs and expenses | (377) | (9) | |
| Pro forma hotel level adjustments, net(b) | (4,635) | (2,939) | |
| Total Same-Property Hotel Operating Expenses | $ 147,929 | $ 84,992 | |
| a. | Excludes non-cash ground rent expense. |
| b. | Includes adjustments for hotel expenses from sold hotels and for Hyatt Regency Portland at the Oregon Convention Center and W Nashville, which are not included in Same-Property amounts. |
| Xenia Hotels & Resorts, Inc. Same-Property(1) Hotel EBITDA and Hotel EBITDA Margin For the Three Months Ended March 31, 2022 and 2019 ($ amounts in thousands) | |||||
| Three Months Ended March 31, | |||||
| 2022 | 2019 | Change | |||
| Same-Property Occupancy(1) | 58.0 % | 77.2 % | (1,920) bps | ||
| Same-Property Average Daily Rate(1) | $ 258.12 | $ 240.59 | 7.3% | ||
| Same-Property RevPAR(1) | $ 149.60 | $ 185.82 | (19.5)% | ||
| Same-Property Revenues(1): | |||||
| Rooms revenues | $ 119,402 | $ 148,320 | (19.5)% | ||
| Food and beverage revenues | 66,355 | 93,624 | (29.1)% | ||
| Other revenues | 19,212 | 16,852 | 14.0% | ||
| Total Same-Property revenues | $ 204,969 | $ 258,796 | (20.8)% | ||
| Same-Property Expenses(1): | |||||
| Rooms expenses | $ 27,979 | $ 34,323 | (18.5)% | ||
| Food and beverage expenses | 44,473 | 57,300 | (22.4)% | ||
| Other direct expenses | 5,282 | 6,326 | (16.5)% | ||
| Other indirect expenses | 51,526 | 59,894 | (14.0)% | ||
| Management and franchise fees | 7,458 | 10,507 | (29.0)% | ||
| Real estate taxes, personal property taxes and insurance | 10,680 | 10,363 | 3.1% | ||
| Ground lease expense | 531 | 943 | (43.7)% | ||
| Total Same-Property hotel operating expenses | $ 147,929 | $ 179,656 | (17.7)% | ||
| Same-Property Hotel EBITDA(1) | $ 57,040 | $ 79,140 | (27.9)% | ||
| Same-Property Hotel EBITDA Margin(1) | 27.8 % | 30.6 % | (275) bps | ||
| 1. | "Same-Property" includes all hotels owned as of March 31, 2022, except for Hyatt Regency Portland at the Oregon Convention Center and W Nashville. Includes disruption from the COVID-19 pandemic in 2022 results and renovation disruption for multiple capital projects during the periods presented. 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 three months ended March 31, 2022 and 2019: |
| Three Months Ended March 31, | |||
| 2022 | 2019 | ||
| Total Revenues - GAAP | $ 210,347 | $ 293,687 | |
| Pro forma hotel adjustments | (5,378) | (34,891) | |
| Total Same-Property Revenues | $ 204,969 | $ 258,796 | |
| Total Hotel Operating Expenses - GAAP | $ 141,607 | $ 195,889 | |
| Real estate taxes, personal property taxes and insurance | 10,855 | 13,059 | |
| Ground lease expense, net(a) | 531 | 943 | |
| Other income | (52) | (63) | |
| Pre-opening expenses | — | — | |
| Corporate-level costs and expenses | (377) | (324) | |
| Pro forma hotel level adjustments, net(b) | (4,635) | (29,848) | |
| Total Same-Property Hotel Operating Expenses | $ 147,929 | $ 179,656 | |
| a. | Excludes non-cash ground rent expense. |
| b. | Includes adjustments for hotel expenses from sold hotels and for Hyatt Regency Portland at the Oregon Convention Center and W Nashville, which are not included in Same-Property amounts. |
| Xenia Hotels & Resorts, Inc. Same-Property(1) Portfolio Data by Top Markets | |||||
| Market(2) | % of 2021 Hotel EBITDA | Number of Hotels | Number of Rooms | ||
| Phoenix, AZ | 16% | 2 | 612 | ||
| Orlando, FL | 15% | 3 | 1,141 | ||
| Houston, TX | 13% | 3 | 1,220 | ||
| Florida Keys, FL | 10% | 1 | 120 | ||
| Atlanta, GA | 8% | 2 | 649 | ||
| San Diego, CA | 6% | 2 | 486 | ||
| Savannah, GA | 5% | 2 | 226 | ||
| California North, CA(3) | 5% | 1 | 141 | ||
| Denver, CO | 5% | 2 | 391 | ||
| Dallas, TX | 4% | 2 | 961 | ||
| Other | 13% | 12 | 2,921 | ||
| Same-Property(1) | 100% | 32 | 8,868 | ||
| Hyatt Regency Portland at the Oregon Convention Center | 1 | 600 | |||
| W Nashville | 1 | 346 | |||
| Total Portfolio | 34 | 9,814 | |||
| Market(2) | % of 2019 Hotel EBITDA | 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 | 5% | 2 | 391 | ||
| Washington, DC-MD-VA | 4% | 2 | 472 | ||
| Other | 20% | 12 | 1,743 | ||
| Same-Property(1) | 100% | 32 | 8,868 | ||
| Hyatt Regency Portland at the Oregon Convention Center | 1 | 600 | |||
| W Nashville | 1 | 346 | |||
| Total Portfolio | 34 | 9,814 | |||
| 1. | "Same-Property" includes all hotels owned as of March 31, 2022, except for Hyatt Regency Portland at the Oregon Convention Center and W Nashville. |
| 2. | As defined by STR, Inc. |
| 3. | Reflects Andaz Napa. |
| Xenia Hotels & Resorts, Inc. Same-Property(1) Portfolio Data by Top Markets (2021) For the Three Months Ended March 31, 2022, 2021, and 2019 | |||||||||
| Three Months Ended | Three Months Ended | ||||||||
| March 31, 2022 | March 31, 2021 | % Change | |||||||
| Occupancy | ADR | RevPAR | Occupancy | ADR | RevPAR | RevPAR | |||
| Market(2) | |||||||||
| Phoenix, AZ | 62.5 % | $ 487.46 | $ 304.50 | 40.9 % | $ 366.68 | $ 149.90 | 103.1 % | ||
| Orlando, FL | 73.1 % | 242.67 | 177.46 | 41.7 % | 156.31 | 65.21 | 172.1 % | ||
| Houston, TX | 55.5 % | 204.01 | 113.31 | 46.8 % | 151.22 | 70.77 | 60.1 % | ||
| Florida Keys, FL | 94.7 % | 773.76 | 732.78 | 88.5 % | 505.86 | 447.49 | 63.8 % | ||
| Atlanta, GA | 54.7 % | 205.72 | 112.53 | 38.3 % | 170.05 | 65.13 | 72.8 % | ||
| San Diego, CA | 48.1 % | 353.01 | 169.81 | 17.3 % | 237.51 | 41.05 | 313.7 % | ||
| Savannah, GA | 76.6 % | 259.54 | 198.69 | 59.8 % | 197.55 | 118.20 | 68.1 % | ||
| California North, CA(3) | 61.8 % | 365.05 | 225.53 | 38.6 % | 226.90 | 87.54 | 157.6 % | ||
| Denver, CO | 51.5 % | 246.33 | 126.93 | 37.6 % | 215.73 | 81.16 | 56.4 % | ||
| Dallas, TX | 54.5 % | 169.14 | 92.26 | 29.3 % | 104.96 | 30.71 | 200.4 % | ||
| Other | 53.3 % | 219.07 | 116.78 | 27.1 % | 171.08 | 46.39 | 151.7 % | ||
| Total | 58.0 % | $ 258.12 | $ 149.60 | 35.5 % | $ 192.07 | $ 68.13 | 119.6 % | ||
| Three Months Ended | Three Months Ended | ||||||||
| March 31, 2022 | March 31, 2019 | % Change | |||||||
| Occupancy | ADR | RevPAR | Occupancy | ADR | RevPAR | RevPAR | |||
| Market(2) | |||||||||
| Phoenix, AZ | 62.5 % | $ 487.46 | $ 304.50 | 81.8 % | $ 374.44 | $ 306.38 | (0.6) % | ||
| Orlando, FL | 73.1 % | 242.67 | 177.46 | 83.7 % | 226.91 | 189.84 | (6.5) % | ||
| Houston, TX | 55.5 % | 204.01 | 113.31 | 73.7 % | 181.84 | 133.96 | (15.4) % | ||
| Florida Keys, FL | 94.7 % | 773.76 | 732.78 | 91.6 % | 483.48 | 443.10 | 65.4 % | ||
| Atlanta, GA | 54.7 % | 205.72 | 112.53 | 75.6 % | 217.23 | 164.26 | (31.5) % | ||
| San Diego, CA | 48.1 % | 353.01 | 169.81 | 69.4 % | 267.98 | 186.08 | (8.7) % | ||
| Savannah, GA | 76.6 % | 259.54 | 198.69 | 77.9 % | 227.66 | 177.26 | 12.1 % | ||
| California North, CA(3) | 61.8 % | 365.05 | 225.53 | 76.3 % | 262.86 | 200.68 | 12.4 % | ||
| Denver, CO | 51.5 % | 246.33 | 126.93 | 70.9 % | 243.97 | 172.88 | (26.6) % | ||
| Dallas, TX | 54.5 % | 169.14 | 92.26 | 72.2 % | 199.60 | 144.06 | (36.0) % | ||
| Other | 53.3 % | 219.07 | 116.78 | 78.8 % | 241.34 | 190.23 | (38.6) % | ||
| Total | 58.0 % | $ 258.12 | $ 149.60 | 77.2 % | $ 240.59 | $ 185.82 | (19.5) % | ||
| 1. | "Same-Property" includes all hotels owned as of March 31, 2022, except for Hyatt Regency Portland at the Oregon Convention Center and W Nashville. |
| 2. | As defined by STR, Inc. |
| 3. | Reflects Andaz Napa. |
| Xenia Hotels & Resorts, Inc. Same-Property(1) Portfolio Data by Top Markets (2019) For the Three Months Ended March 31, 2022, 2021, and 2019 | |||||||||
| Three Months Ended | Three Months Ended | ||||||||
| March 31, 2022 | March 31, 2021 | % Change | |||||||
| Occupancy | ADR | RevPAR | Occupancy | ADR | RevPAR | RevPAR | |||
| Market(2) | |||||||||
| Houston, TX | 55.5 % | $ 204.01 | $ 113.31 | 46.8 % | $ 151.22 | $ 70.77 | 60.1 % | ||
| Orlando, FL | 73.1 % | 242.67 | 177.46 | 41.7 % | 156.31 | 65.21 | 172.1 % | ||
| Phoenix, AZ | 62.5 % | 487.46 | 304.50 | 40.9 % | 366.68 | 149.90 | 103.1 % | ||
| Dallas, TX | 54.5 % | 169.14 | 92.26 | 29.3 % | 104.96 | 30.71 | 200.4 % | ||
| San Francisco/San Mateo, CA | 69.6 % | 168.22 | 117.16 | 17.5 % | 134.27 | 23.50 | 398.6 % | ||
| San Jose-Santa Cruz, CA | 37.1 % | 190.97 | 70.94 | 13.4 % | 97.62 | 13.12 | 440.7 % | ||
| Atlanta, GA | 54.7 % | 205.72 | 112.53 | 38.3 % | 170.05 | 65.13 | 72.8 % | ||
| San Diego, CA | 48.1 % | 353.01 | 169.81 | 17.3 % | 237.51 | 41.05 | 313.7 % | ||
| Denver, CO | 51.5 % | 246.33 | 126.93 | 37.6 % | 215.73 | 81.16 | 56.4 % | ||
| Washington, DC-MD-VA | 45.4 % | 234.73 | 106.47 | 29.5 % | 175.33 | 51.78 | 105.6 % | ||
| Other | 60.2 % | 322.90 | 194.54 | 43.6 % | 238.15 | 103.86 | 87.3 % | ||
| Total | 58.0 % | $ 258.12 | $ 149.60 | 35.5 % | $ 192.07 | $ 68.13 | 119.6 % | ||
| Three Months Ended | Three Months Ended | ||||||||
| March 31, 2022 | March 31, 2019 | % Change | |||||||
| Occupancy | ADR | RevPAR | Occupancy | ADR | RevPAR | RevPAR | |||
| Market(2) | |||||||||
| Houston, TX | 55.5 % | $ 204.01 | $ 113.31 | 73.7 % | $ 181.84 | $ 133.96 | (15.4) % | ||
| Orlando, FL | 73.1 % | 242.67 | 177.46 | 83.7 % | 226.91 | 189.84 | (6.5) % | ||
| Phoenix, AZ | 62.5 % | 487.46 | 304.50 | 81.8 % | 374.44 | 306.38 | (0.6) % | ||
| Dallas, TX | 54.5 % | 169.14 | 92.26 | 72.2 % | 199.60 | 144.06 | (36.0) % | ||
| San Francisco/San Mateo, CA | 69.6 % | 168.22 | 117.16 | 90.3 % | 254.31 | 229.67 | (49.0) % | ||
| San Jose-Santa Cruz, CA | 37.1 % | 190.97 | 70.94 | 79.6 % | 278.77 | 221.99 | (68.0) % | ||
| Atlanta, GA | 54.7 % | 205.72 | 112.53 | 75.6 % | 217.23 | 164.26 | (31.5) % | ||
| San Diego, CA | 48.1 % | 353.01 | 169.81 | 69.4 % | 267.98 | 186.08 | (8.7) % | ||
| Denver, CO | 51.5 % | 246.33 | 126.93 | 70.9 % | 243.97 | 172.88 | (26.6) % | ||
| Washington, DC-MD-VA | 45.4 % | 234.73 | 106.47 | 71.4 % | 224.59 | 160.46 | (33.6) % | ||
| Other | 60.2 % | 322.90 | 194.54 | 76.6 % | 248.14 | 190.09 | 2.3 % | ||
| Total | 58.0 % | $ 258.12 | $ 149.60 | 77.2 % | $ 240.59 | $ 185.82 | (19.5) % | ||
| 1. | "Same-Property" includes all hotels owned as of March 31, 2022, except for Hyatt Regency Portland at the Oregon Convention Center and W Nashville. |
| 2. | As defined by STR, Inc. |
| 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 | ||||||
| 2022 | 2022 | 2022 | 2022 | 2022 | ||||||
| Occupancy | 58.0 % | |||||||||
| ADR | $ 258.12 | |||||||||
| RevPAR | $ 149.60 | |||||||||
| Hotel Revenues | $ 204,969 | |||||||||
| Hotel EBITDA | $ 57,040 | |||||||||
| Hotel EBITDA Margin | 27.8 % | |||||||||
| First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Full Year | ||||||
| 2021 | 2021 | 2021 | 2021 | 2021 | ||||||
| Occupancy | 35.5 % | 51.7 % | 55.4 % | 56.4 % | 49.8 % | |||||
| ADR | $ 192.07 | $ 219.90 | $ 227.97 | $ 241.82 | $ 223.53 | |||||
| RevPAR | $ 68.13 | $ 113.62 | $ 126.35 | $ 136.31 | $ 111.33 | |||||
| Hotel Revenues | $ 86,246 | $ 147,334 | $ 163,978 | $ 196,178 | $ 593,736 | |||||
| Hotel EBITDA | $ 1,254 | $ 36,103 | $ 39,569 | $ 53,918 | $ 130,844 | |||||
| Hotel EBITDA Margin | 1.5 % | 24.5 % | 24.1 % | 27.5 % | 22.0 % | |||||
| First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Full Year | ||||||
| 2020 | 2020 | 2020 | 2020 | 2020 | ||||||
| Occupancy | 57.6 % | 3.9 % | 24.6 % | 28.5 % | 28.6 % | |||||
| ADR | $ 232.71 | $ 188.48 | $ 175.51 | $ 185.37 | $ 207.04 | |||||
| RevPAR | $ 134.13 | $ 7.32 | $ 43.14 | $ 52.77 | $ 59.28 | |||||
| Hotel Revenues | $ 190,389 | $ 13,594 | $ 56,215 | $ 72,515 | $ 332,714 | |||||
| Hotel EBITDA | $ 32,285 | $ (33,901) | $ (13,269) | $ (2,249) | $ (17,134) | |||||
| Hotel EBITDA Margin | 17.0 % | (249.4) % | (23.6) % | (3.1) % | (5.2) % | |||||
| First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Full Year | ||||||
| 2019 | 2019 | 2019 | 2019 | 2019 | ||||||
| Occupancy | 77.2 % | 79.8 % | 76.2 % | 73.3 % | 76.6 % | |||||
| ADR | $ 240.59 | $ 229.57 | $ 214.29 | $ 225.25 | $ 227.44 | |||||
| RevPAR | $ 185.82 | $ 183.11 | $ 163.28 | $ 165.01 | $ 174.22 | |||||
| Hotel Revenues | $ 258,796 | $ 252,207 | $ 219,217 | $ 239,980 | $ 970,200 | |||||
| Hotel EBITDA | $ 79,140 | $ 75,233 | $ 51,481 | $ 64,904 | $ 270,759 | |||||
| Hotel EBITDA Margin | 30.6 % | 29.8 % | 23.5 % | 27.1 % | 27.9 % | |||||
| 1. | "Same-Property" includes all hotels owned as of March 31, 2022, except for Hyatt Regency Portland at the Oregon Convention Center and W Nashville. Includes hotels that had temporarily suspended operations for a portion of the year ended December 31, 2020 and 2021, as if all hotels rooms were available for sale. "Same-Property" also includes renovation disruption for multiple capital projects during the periods presented and disruption from the COVID-19 pandemic in 2020, 2021, and 2022, and excludes the NOI guaranty payment at Andaz San Diego. |
| Xenia Hotels & Resorts, Inc. Same-Property(1) Monthly Operations Information | ||||||||
| vs 2019 | ||||||||
| 2021 | Occupancy (%) | ADR ($) | RevPAR ($) | Occupancy change in bps | ADR % change | RevPAR % change | ||
| January | 25.1 | 172.93 | 43.46 | (4,537) | (25.0) | (73.3) | ||
| February | 35.0 | 187.10 | 65.47 | (4,478) | (23.3) | (66.3) | ||
| March | 46.2 | 205.87 | 95.21 | (3,542) | (16.4) | (52.7) | ||
| 1st Quarter | 35.5 | 192.07 | 68.13 | (4,176) | (20.2) | (63.3) | ||
| April | 49.5 | 220.88 | 109.40 | (3,230) | (6.9) | (43.6) | ||
| May | 49.9 | 221.37 | 110.45 | (2,821) | (5.8) | (39.8) | ||
| June | 55.6 | 217.67 | 121.10 | (2,376) | 0.6 | (29.5) | ||
| 2nd Quarter | 51.7 | 219.90 | 113.62 | (2,809) | (4.2) | (38.0) | ||
| July | 59.3 | 228.25 | 135.33 | (1,894) | 9.2 | (17.3) | ||
| August | 52.3 | 221.60 | 115.91 | (2,390) | 6.9 | (26.6) | ||
| September | 54.7 | 233.96 | 127.87 | (1,943) | 2.8 | (24.1) | ||
| 3rd Quarter | 55.4 | 227.97 | 126.35 | (2,077) | 6.4 | (22.6) | ||
| October | 58.6 | 248.45 | 145.52 | (2,207) | 2.4 | (25.6) | ||
| November | 58.5 | 238.97 | 139.88 | (1,547) | 6.9 | (15.4) | ||
| December | 52.1 | 237.48 | 123.64 | (1,309) | 15.5 | (7.7) | ||
| 4th Quarter | 56.4 | 241.82 | 136.31 | (1,689) | 7.4 | (17.4) | ||
| FY 2021 | 49.8 | 223.53 | 111.33 | (2,679) | (1.7) | (36.1) | ||
| 2022 | ||||||||
| January | 44.1 | 233.45 | 102.92 | (2,642) | 1.2 | (36.7) | ||
| February | 60.8 | 258.53 | 157.28 | (1,893) | 6.0 | (19.1) | ||
| March | 69.2 | 273.52 | 189.36 | (1,244) | 11.0 | (5.9) | ||
| 1st Quarter | 58.0 | 258.12 | 149.60 | (1,927) | 7.3 | (19.5) | ||
| 1. | "Same-Property" reflects all hotels owned as of March 31, 2022, except for Hyatt Regency Portland at the Oregon Convention Center and W Nashville. "Same-Property" also includes renovation disruption for multiple capital projects during the periods presented and disruption from the COVID-19 pandemic in 2021 and 2022. |
SOURCE Xenia Hotels & Resorts, Inc.