Xenia Hotels (XHR) Tops Q1 EPS by 5c, Revenues Beat

Xenia Hotels (NYSE: XHR) reported Q1 EPS of ($0.50), $0.05 better than the analyst estimate of ($0.55). Revenue for the quarter came in at $87.85 million versus the consensus estimate of $81.71 million.

"Our first quarter results substantially exceeded expectations as the 45.4% occupancy and $91.69 RevPAR in March for our Same-Property Portfolio were well ahead of our internal forecast," commented Marcel Verbaas, Chairman and Chief Executive Officer of Xenia. "Having our entire Same-Property portfolio open for business allowed us to benefit from the continued strengthening of leisure demand, particularly in many of our Sunbelt and Southeast locations where our portfolio is concentrated. As a result of the improved performance in March, our Same-Property Hotel EBITDA for the quarter turned positive, which speaks to both the favorable geographic footprint of our portfolio as well as our continued outstanding efforts on expense controls. For the full quarter, 17 of our properties achieved positive Hotel EBITDA, while 22 of our hotels and resorts did so in March."

"Our April results further improved, as our 34 Same-Property hotels and resorts achieved approximately 49% occupancy and an approximately $106 RevPAR," continued Mr. Verbaas. "Based on the positive trend in April, and with vaccination rates and willingness to travel continuing to increase, we now expect the strength in March, when we achieved positive Adjusted EBITDAre and Adjusted FFO, to continue. We expect that leisure demand will remain strong throughout the summer and are hopeful for a gradual recovery in business transient and group demand in the second half of the year as we have witnessed some early signs of improvements in these segments in recent weeks. We believe that our portfolio remains well-positioned for the recovery in demand across all segments in the quarters and years ahead."

For earnings history and earnings-related data on Xenia Hotels (XHR) click here.

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