Xenia Hotels & Resorts, Inc. Q4 FY2025 earnings call

• In 2025, adjusted EBITDAre exceeded expectations, total RevPAR grew 8% due to strong group demand and Grand Hyatt Scottsdale. Sold Fairmont Dallas, acquired land under Hyeredency Santa Clara, and invested ~$87 million in portfolio improvements.- Q4 2025: Net income $6.1 million, adjusted EBITDA $63.6 million, adjusted FFO per share $0.45. Same-property RevPAR up 4.5%, non-room revenues contributed to 6.7% increase in total RevPAR. Strong performance by properties in various locations.- 2025 capital expenditures included Grand Hyatt Scottsdale innovation completion, infrastructure projects, and guest room renovations at 7 properties. Commenced food and beverage renovations at W Nashville with Jose Andres Group, with outlets opening in February - April 2026.- Barry Bloom provided details on Q4 and full-year operating results, W Nashville F&B relaunch, and capital projects.

In 2025, adjusted EBITDAre exceeded expectations. Total RevPAR grew 8% driven by strong group demand and the Grand Hyatt Scottsdale. Adjusted FFO per share grew double-digit. Fourth quarter net income was $6.1 million, adjusted EBITDA was $63.6 million, adjusted FFO per share was $0.45. Same-property RevPAR increased 4.5% in Q4. Full-year 2025 net income was $63.1 million, adjusted EBITDAre was $258.3 million, adjusted FFO per share was $1.76. Same-property RevPAR grew 3.9%. Group demand was a leading growth segment with same-property group room revenues up 12.8% in 2025. Capital expenditures in 2025 were ~$87 million.

• 2026 adjusted FFO per share expected to increase nearly 7% to $1.89 at midpoint. Adjusted EBITDAre expected to be ~$260 million at midpoint, ~1% growth from 2025. Total RevPAR midpoint increase 4.25% vs 2025, RevPAR midpoint increase 3% vs 2025. Group demand expected to be ~37% of rooms revenue, leisure expected to be better than 2025 with events like FIFA World Cup driving demand, business transient demand expected to steadily improve.- Capital expenditures projected between $70 million - $80 million in 2026, with renovation disruption expected to be ~$1 million.

Q: Ari Klein asked about RevPAR guide ranges and large corporate account growth.

A: Atish Shah said RevPAR outlook bolstered by special events, Grand Hyatt Scottsdale, and group revenue pace. Barry Bloom said large corporate account growth lagged but Q4 growth was positive with mid-teens growth in largest accounts in Q4.Q: David Katz asked about asset trading market activity.

A: Marcel Verbaas said there's more product out there, broker community more optimistic, and they're looking for opportunities in sweet spot range, interested in assets fitting strategy and not necessarily specific markets.Q: Michael Bellisario asked about Nashville market performance and RevPAR vs total RevPAR split.

A: Barry Bloom said Q4 Nashville market was tough, 2026 setup improved but not significantly, with growth in midweek corporate and group. RevPAR vs total RevPAR positive spread could persist due to group business growth, banquet and catering revenues, and pricing increases. F&B and other lines seeing volume pick up and pricing increases.Q: Cooper Clark asked about RevPAR complexion and Nashville F&B ramp.

A: Atish Shah said group pace ex Scottsdale up 8% but RevPAR ex Scottsdale only up 1.75% due to group booking up and lower growth in business transient and leisure. Barry Bloom said Nashville F&B outlets are ramping up quickly, with Zatenia open, others to open, and underwritten performance for growth this year.Q: Austin Wurschmidt asked about operating expense growth outlook and Grand Hyatt Scottsdale transient ramp.

A: Atish Shah said expense growth includes Grand Hyatt Scottsdale, with margin contraction expected. Barry Bloom said Grand Hyatt Scottsdale transient ramp has been good this year-to-date, with good pace for March - April, and they feel good about the outlook based on group base and trends