Overview

* Xenia Hotels Q2 adjusted EBITDAre grows 16.3% yr/yr, driven by group demand

* Adjusted FFO per share at $0.57, reflecting operational efficiency

* Co sold Fairmont Dallas for $111 mln, repurchased nearly 3 mln shares

Outlook

* Company raises full-year Adjusted EBITDAre guidance to $249-$263 mln

* Xenia expects strong group business in fourth quarter

* Company sees full-year RevPAR growth of 3.5%-5.5%

* Xenia increases full-year Adjusted FFO guidance to $166-$180 mln

Result Drivers

* GROUP DEMAND - Strong group business demand drove substantial food and beverage revenue increases, boosting Same-Property Total RevPAR by 11%

* RENOVATION IMPACT - Early performance at renovated Grand Hyatt Scottsdale Resort was a key driver of 4% Same-Property RevPAR increase

* EXPENSE CONTROL - Lower-than-expected expense growth across portfolio contributed to solid operating margins and Hotel EBITDA growth

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q2 EPS $0.56

Q2 Net $55.16

Income mln

Q2 $0.57

Adjusted

FFO Per

Share

Q2 $0.14

Dividend

Analyst Coverage

* The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 4 "strong buy" or "buy", 2 "hold" and no "sell" or "strong sell"

* The average consensus recommendation for the specialized reits peer group is "hold."

* Wall Street's median 12-month price target for Xenia Hotels & Resorts Inc ( XHR ) is $14.00, about 9.2% above its July 31 closing price of $12.71

* The stock recently traded at 34 times the next 12-month earnings vs. a P/E of 74 three months ago

Press Release:

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)