Thursday, November 7, 2024 Xenia Hotels & Resorts, a prominent player in the lodging real estate sector, reported its third-quarter 2024 financial results, revealing a complex performance landscape. The company demonstrated resilience through occupancy gains despite encountering revenue pressures due to a shifting market and strategic divestitures. For the quarter ending September 30, 2024, Xenia posted a net loss attributable to common stockholders of $7.
1 million, equivalent to $0.07 per share. Adjusted EBITDAre came in at $44.
3 million, marking a slight decrease of 4.4% compared to Q3 2023. Adjusted FFO per diluted share stood at $0.
25, a modest decline of 3.8% year-over-year. In terms of property performance, Xenia recorded a same-property occupancy of 67.
0%, an improvement of 320 basis points over the same quarter in 2023. This increase in occupancy underscores a growing demand for Xenia’s hotel assets, even as average daily rate (ADR) saw a decline of 3.3%, settling at $240.
72. The company’s same-property revenue per available room (RevPAR) reached $161.20, a 1.
5% increase from Q3 2023, with RevPAR rising to $168.48 when excluding the Grand Hyatt Scottsdale Resort, which has recently undergone extensive renovations. Same-property hotel EBITDA for the quarter was $48.
1 million, reflecting a 6.3% dip compared to last year. Excluding the Grand Hyatt Scottsdale, hotel EBITDA registered a decrease of 3.
4% at $52.2 million. This impacted the company’s same-property EBIT.
