Xenia Hotels reports Q3 adjusted FFO 26c, consensus 27c

Reports Q3 revenue $232.02M, consensus $232.48M. Reports Q3 Same-Property RevPAR $158.48, up 0.4% vs last year. Excluding Hyatt Regency Scottsdale Resort & Spa at Gainey Ranch, which is undergoing a transformative renovation, RevPAR was $166.14, an increase of 4.0% vs last year. “Q3 results met our expectations as continued positive momentum in business transient and group demand was offset by moderating leisure demand and on-going renovation activity,” said Marcel Verbaas, Chair and CEO. “In the quarter, RevPAR at our Same-Property portfolio increased 0.4% as compared to the third quarter of 2022. Excluding Hyatt Regency Scottsdale Resort & Spa at Gainey Ranch, RevPAR increased 4.0% as compared to the Q3 of 2022, despite the results at Grand Bohemian Hotel Orlando and Kimpton Hotel Monaco Salt Lake City also being negatively impacted by the disruption from their significant renovation projects. Overall results in the quarter benefited from solid RevPAR growth in our Texas markets and the two newest additions to our portfolio as Houston, Dallas, Portland and Nashville each achieved double-digit percentage RevPAR growth, while our properties in Pittsburgh and San Francisco also performed well, with RevPAR growth of 8.9% and 7.9%, respectively, for the quarter.”