Xenia Hotels (NYSE: XHR) reported Q3 EPS of ($0.46), $0.22 worse than the analyst estimate of ($0.24). Revenue for the quarter came in at $63.95 million versus the consensus estimate of $61.83 million.

"Our decisive actions since the beginning of the pandemic have allowed us to significantly strengthen our balance sheet and bolster our liquidity as we continue to operate in a very challenging environment," commented Marcel Verbaas, Chairman and Chief Executive Officer of Xenia. "As a result of our strategic actions over the past several years, we came into this crisis with several key advantages that continue to serve us well. Our geographic diversification with an emphasis on Sunbelt locations and a focus on key leisure destinations has resulted in us now having 36 of our 37 hotels and resorts open and operating, with 12 of these properties achieving positive Hotel EBITDA in the third quarter. Our flexible balance sheet and proven financial track record helped provide us with the opportunity to issue $500 million of senior secured notes, eliminating all near-term debt maturities. Our outstanding relationships with our lender group resulted in collaborative negotiations as we obtained covenant waivers through 2021, relaxed covenants through first quarter 2023, and obtained a 2-year extension of our revolving credit facility. Our recent capital investments allowed us to significantly reduce our planned capital expenditures without altering the growth outlook for our portfolio. And, our collection of high-quality desirable assets has proven to be an efficient source of liquidity, as we have been able to negotiate various dispositions at attractive pricing while not negatively impacting the long-term strategic plan for the Company."

"We continue to appreciate the dedication and efforts of all of our operators' associates at our hotels and resorts during these difficult times in our industry. Our operators continue to do an outstanding job minimizing expenses while accessing all potential sources of demand. While the recovery is likely to continue to be gradual and choppy before the wide availability of effective COVID-19 vaccines and therapeutics, we are encouraged by recent demand trends as our occupancy has continued to improve at our open hotels through the month of October despite an increase in COVID-19 cases in many parts of the country," continued Mr. Verbaas. "We continue to believe that our efforts before and during this pandemic to shape our portfolio and balance sheet have positioned us well to deal with these short-term challenges, and we are optimistic about the opportunities that we believe will exist to drive internal and external growth during the inevitable recovery."

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