Xenia Hotels reports Q2 AFFO 47c, consensus 47c

Reports Q2 revenue $271.07M , consensus $274.90M. “Despite softer demand in a small number of our leisure-oriented properties, negative weather impact at our California hotels and resorts, and a greater impact from our on-going renovations, our second quarter results were just slightly below our expectations,” said Marcel Verbaas, chair and CEO of Xenia. “Due to the lapping of extremely strong leisure demand and staffing levels that were still significantly below normalized levels in the second quarter of 2022, both RevPAR and Hotel EBITDA Margin declined relative to the second quarter of last year. However, our portfolio continues to experience the shift to a more traditional mix of the various demand segments, with strong RevPAR growth in our corporate transient and group focused hotels. As a result of this improvement in corporate transient and group demand, our Houston, Portland, Philadelphia, Nashville, Atlanta, Pittsburgh and San Francisco properties all achieved strong RevPAR growth during the second quarter as compared to last year.”