Second Quarter 2026
Filed Jul 30, 2026Xenia Hotels & Resorts reports second-quarter same-property RevPAR growth and higher Adjusted FFO per diluted share, while recording a net loss attributable to common stockholders.
Same-property ADR, RevPAR, Hotel EBITDA and Adjusted FFO per diluted share increased from the second quarter of 2025, but net income attributable to common stockholders changed to a loss and Adjusted EBITDAre declined.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Net income (loss) attributable to common stockholdersGAAP | $ (19,338) | – | (135.1) % |
| Net income (loss) attributable to common stockholders per diluted shareGAAP | $ (0.21) | – | (137.5) % |
| Same-Property Number of Hotelsother | 30 | – | — |
| Same-Property Number of Roomsother | 8,868 | – | — |
| Same-Property Occupancyother | 72.3 % | – | 0 bps |
| Same-Property Average Daily Rateother | $ 285.71 | – | 5.7 % |
| Same-Property RevPARother | $ 206.54 | – | 5.6 % |
| Same-Property Total RevPARother | $ 366.17 | – | 3.3 % |
| Same-Property Hotel EBITDAnon-GAAP | $ 84,869 | – | 1.0 % |
| Same-Property Hotel EBITDA Marginnon-GAAP | 28.7 % | – | (65) bps |
| Total Portfolio Number of Hotelsother | 30 | – | — |
| Total Portfolio Number of Roomsother | 8,868 | – | — |
| Total Portfolio RevPARother | $ 206.54 | – | 7.3 % |
| Total Portfolio Total RevPARother | $ 366.17 | – | 4.8 % |
| Adjusted EBITDArenon-GAAP | $ 78,089 | – | (1.8) % |
| Adjusted FFOnon-GAAP | $ 57,692 | – | 0.5 % |
| Adjusted FFO per diluted sharenon-GAAP | $ 0.61 | – | 7.0 % |
| Six Months Net income attributable to common stockholdersGAAP | $ 433 | – | (99.4) % |
| Six Months Net income attributable to common stockholders per diluted shareGAAP | $ — | – | (100.0) % |
| Six Months Same-Property Occupancyother | 71.8 % | – | 80 bps |
| Six Months Same-Property Average Daily Rateother | $ 287.14 | – | 5.2 % |
| Six Months Same-Property RevPARother | $ 206.24 | – | 6.5 % |
| Six Months Same-Property Total RevPARother | $ 368.14 | – | 5.2 % |
| Six Months Same-Property Hotel EBITDAnon-GAAP | $ 172,680 | – | 9.0 % |
| Six Months Same-Property Hotel EBITDA Marginnon-GAAP | 29.2 % | – | 100 bps |
| Six Months Total Portfolio RevPARother | $ 206.24 | – | 8.2 % |
| Six Months Total Portfolio Total RevPARother | $ 368.14 | – | 6.7 % |
| Six Months Adjusted EBITDArenon-GAAP | $ 159,470 | – | 4.6 % |
| Six Months Adjusted FFOnon-GAAP | $ 118,246 | – | 8.0 % |
| Six Months Adjusted FFO per diluted sharenon-GAAP | $ 1.24 | – | 14.8 % |
Capital returns
- Declared a second quarter dividend of $0.14 per share for stockholders of record on June 30, 2026.
- The Company did not repurchase any shares of its common stock during the quarter and currently has $97.5 million in capacity remaining under its repurchase authorization.
- The Company did not issue any shares of its common stock through its At-The-Market ("ATM") program in the quarter and had $200 million of remaining availability as of June 30, 2026.
What drove it
- Same-Property ADR increased 5.7% compared to the second quarter of 2025, while Same-Property Occupancy was flat.
- Same-Property RevPAR increased 5.6% compared to the second quarter of 2025.
- Management cited encouraging trends across a large and diverse cross-section of markets.
- Management stated that Grand Hyatt Scottsdale was tracking favorably toward stabilization, supported by group demand and bookings for future periods.
- Management estimated that Same-Property RevPAR for July will increase by approximately 10% compared to July 2025, fueled by substantial RevPAR growth from both the transient and group segments.
Concerns
- Adjusted EBITDAre decreased 1.8% compared to the second quarter of 2025.
- Same-Property Hotel EBITDA Margin decreased 65 basis points compared to the second quarter of 2025.
- The Company recorded a non-cash impairment charge of $38.8 million related to the Kimpton RiverPlace Hotel.
- Same-Property Total RevPAR increased 3.3%, below the 5.6% increase in Same-Property RevPAR.
What to watch
- The complete updated full-year 2026 outlook and guidance table, which is not included in the provided filing text.
- Execution of the Grand Hyatt Scottsdale stabilization and the pace of group demand.
- The planned fourth-quarter renovation starts at Andaz Napa and The Ritz-Carlton, Denver.
- Use of net proceeds from the Kimpton RiverPlace Hotel sale for general corporate purposes, debt repayments, potential acquisitions and/or share repurchases.
- Whether the estimated approximately 10% July Same-Property RevPAR increase is sustained in the second half of 2026.
Balance sheet and cash flow
- As of June 30, 2026, the Company had total outstanding debt of approximately $1.4 billion with a weighted-average interest rate of 5.49%.
- The Company had approximately $112 million of cash and cash equivalents, including hotel working capital, and full availability on its revolving line of credit, resulting in total liquidity of approximately $612 million as of June 30, 2026.
- The Company held approximately $84 million of restricted cash and escrows at the end of the second quarter.
- In June, the Company paid down by $5.2 million the mortgage loan collateralized by Andaz Napa.
- In February, the Company paid off the $52 million mortgage loan secured by Grand Bohemian Hotel Orlando, Autograph Collection.
- During the three and six months ended June 30, 2026, the Company invested $15.4 million and $30.6 million in portfolio improvements, respectively.
Analysis
Second-quarter operating demand was constructive. Same-Property Occupancy was 72.3 %, unchanged from the second quarter of 2025, while Same-Property Average Daily Rate increased 5.7 % to $ 285.71. That rate growth supported a 5.6 % increase in Same-Property RevPAR to $ 206.54. Same-Property Total RevPAR increased 3.3 % to $ 366.17, and Total Portfolio RevPAR increased 7.3 % to $ 206.54.
Profitability indicators were mixed. Same-Property Hotel EBITDA increased 1.0 % to $ 84,869, but Same-Property Hotel EBITDA Margin declined (65) bps to 28.7 %. Adjusted EBITDAre decreased (1.8) % to $ 78,089, whereas Adjusted FFO increased 0.5 % to $ 57,692 and Adjusted FFO per diluted share increased 7.0 % to $ 0.61. Net income (loss) attributable to common stockholders was $ (19,338), compared with $ 55,157 in the prior-year quarter.
First-half operating trends were stronger than the second-quarter EBITDAre comparison. Six-month Same-Property RevPAR increased 6.5 % to $ 206.24, supported by an 80 bps increase in occupancy and a 5.2 % increase in Same-Property Average Daily Rate. Six-month Same-Property Hotel EBITDA increased 9.0 % to $ 172,680 and its margin increased 100 bps to 29.2 %. Six-month Adjusted EBITDAre increased 4.6 % to $ 159,470, while Adjusted FFO per diluted share increased 14.8 % to $ 1.24.
Balance-sheet liquidity was approximately $612 million as of June 30, 2026, including approximately $112 million of cash and cash equivalents and full availability on the revolving line of credit. Total outstanding debt was approximately $1.4 billion with a weighted-average interest rate of 5.49%. The Company paid down by $5.2 million the mortgage loan collateralized by Andaz Napa during June and had previously paid off the $52 million Grand Bohemian Hotel Orlando mortgage loan in February.
Capital allocation included a $0.14 per share second-quarter dividend, no common-share repurchases, and $97.5 million of remaining repurchase capacity. Subsequent to quarter end, the Company sold the 85-room Kimpton RiverPlace Hotel for $11 million and recorded a non-cash impairment charge of $38.8 million related to that property in the second quarter. The release states that full-year 2026 Adjusted EBITDAre guidance was updated and that its midpoint was increased by $7 million versus guidance provided after first-quarter results, but the actual updated guidance ranges and assumptions were not included in the provided text.
Management, verbatim
Despite challenging comparisons to the second quarter of 2025, our portfolio delivered another quarter of solid performance which came in ahead of our expectations, with ADR growth driving increases in Same-Property RevPAR and Adjusted FFO per share of 5.6% and 7.0%, respectively.
Marcel Verbaas, Chairman and Chief Executive Officer of Xenia
Our strong balance sheet gives us the flexibility to be active on the transaction front as opportunities arise.
Marcel Verbaas, Chairman and Chief Executive Officer of Xenia
The second half of the year is already off to a great start, as we estimate that Same-Property RevPAR for July will increase by approximately 10% compared to July 2025, fueled by substantial RevPAR growth from both the transient and group segments.
Marcel Verbaas, Chairman and Chief Executive Officer of Xenia
Not in the filing
stated, not guessed- Complete Current Full Year 2026 Outlook and Guidance table, including all updated guided figures and ranges
- Previous-release outlook figures required to compare actual results with prior guidance
- Total revenue
- Gross profit and gross margin
- Operating income
- Operating expenses
- Cash flow from operating activities
- Free cash flow
- Interest expense
- Income tax expense and tax rate
- Debt maturity schedule
- Segment revenue and segment operating results
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.