Q3 2024 Xenia Hotels & Resorts Inc Earnings Call Transcript
Key Points
- Xenia Hotels & Resorts Inc (XHR) successfully rebranded the former Hyatt Regency Scottsdale to the Grand Hyatt Scottsdale Resort, completing major renovations that enhance guest experience.
- Same-property RevPAR for the 31 hotel portfolio increased by 1.5% for the quarter, with notable performance from recently renovated properties like Grand Bohemian Hotel Orlando and Hotel Monaco, Salt Lake City.
- The company extended and upsized its corporate credit facility, increasing flexibility and resources, with a maturity date extended to November 2028.
- Group business showed strong performance, with group room revenues excluding Scottsdale up nearly 4% compared to the previous year.
- Future group bookings for the Grand Hyatt Scottsdale are promising, with rates for 2025 group bookings up over 35% from 2019 levels.
- Xenia Hotels & Resorts Inc (XHR) reported a net loss of $7.1 million for the third quarter of 2024, with results below expectations due to several negative factors.
- Leisure demand continued to normalize, impacting overall performance, and hurricanes in the Southeast negatively affected demand at several properties.
- Renovation disruptions, particularly at the Scottsdale property, were greater than anticipated, affecting financial results and guest experience.
- Same-property hotel EBITDA decreased by 6.3% compared to 2023 levels, with a 200 basis point decline in hotel EBITDA margin.
- The company lowered its full-year adjusted EBITDAre guidance due to third-quarter results and a reduced outlook for the fourth quarter, reflecting ongoing challenges.
Hello, everyone, and welcome to Xenia Hotels & Resorts third quarter 2024 earnings conference call. My name is Lydia, and I will be your operator today. (Operator Instructions)
I'll now hand you over to Aldo Martinez, Manager, Finance, to begin. Please go ahead.
Thank you, Lydia, and welcome to Xenia Hotels & Resorts third 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 Atish will conclude today's remarks with commentary 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
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