Q1 2024 Xenia Hotels & Resorts Inc Earnings Call Transcript
Key Points
- Xenia Hotels & Resorts Inc reported a net income of $8.5 million and an adjusted EBITDA of $65.3 million for Q1 2024.
- Adjusted FFO per share increased by 10% over the previous year, primarily driven by significant share buybacks completed in 2023.
- Excluding Hyatt Regency Scottsdale, same-property RevPAR increased by 3.7%, driven by a 310 basis point increase in occupancy for these 31 hotels.
- The comprehensive renovation of Grand Bohemian Hotel Orlando and Canary Hotel Santa Barbara has been completed, showing positive revenue and earnings growth.
- The company continues to make progress on the transformational renovation and rebranding of Hyatt Regency Scottsdale, with key components like the new pool complex completed and receiving positive reviews.
- Same-property RevPAR for the 32-hotel portfolio decreased by 1.5% for the quarter.
- Adjusted EBITDA declined from the first quarter of 2023, primarily due to high performance in the previous year when Phoenix hosted the Super Bowl.
- First quarter same-property hotel EBITDA of $70.7 million was 8.5% below 2023 levels, with a hotel EBITDA margin decrease of 228 basis points.
- Leisure demand has largely stabilized but showed some retracement in more leisure-dependent assets and markets, particularly in Napa and Savannah.
- The ongoing renovations at Hyatt Regency Scottsdale are expected to continue disrupting revenue, with the majority of the remaining disruption projected during the second and third quarters of 2024.
Hello, and welcome to the Xenia Hotels & Resorts Inc., Q1 2024 earnings conference call. My name is Alex, and I'll be coordinating the call today. (Operator Instructions)
I'll hand it over to your host, Aldo Martinez, Finance Manager to begin, please go ahead.
Thank you, Alex, and welcome to Xenia Hotels & Resorts First Quarter 2024 earnings call and webcast. I'm here with Marcel Verbaas, our Chair and Chief Executive Officer; Barry Bloom, our President and Chief Operating Officer; and Atish Shah, our Executive Vice President and Chief Financial Officer. Marcel will begin with a discussion on our performance Barry will follow with more details on operating trends and capital expenditure projects, and I teach will conclude today's remarks on our balance sheet and outlook. We will then open the call for Q&A.
Before we get started, let me remind everyone that certain statements made on this call are not historical facts and are considered forward looking statements. These statements are subject to
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
