Xenia Hotels & Resorts (XHR) Q4 2025 earnings summary

Executive summary

• Operates 30 luxury and upper-upscale hotels in top U.S. markets, diversified across 16 brands and 22 states, with no single market contributing more than 17% of FY 2025 EBITDA.

• Adjusted EBITDAre and adjusted FFO per share for 2025 exceeded expectations, driven by strong group and transient demand, and significant growth in food and beverage and other revenues.

• Net income for 2025 was $63.1 million, up 291% year-over-year, with adjusted EBITDAre of $258.3 million and adjusted FFO per share of $1.76, both meeting or exceeding guidance.

• Recent strategic capital allocation focused on upgrading portfolio quality, including the sale of Fairmont Dallas, acquisition of land under Hyatt Regency Santa Clara, and $87 million invested in renovations and infrastructure.

• Management team averages 31 years of industry experience and has managed through multiple downturns.

Financial highlights

• Q4 2025 net income was $6.1 million; adjusted EBITDAre was $63.6 million; adjusted FFO per share was $0.45.

• Q4 2025 same-property occupancy: 66.1% (+130 bps), ADR: $266.88 (+2.5%), RevPAR: $176.45 (+4.5%), Total RevPAR: $325.52 (+6.7%).

• Full year same-property occupancy: 68.6% (+100 bps), ADR: $265.38 (+2.5%), RevPAR: $181.97 (+3.9%), Total RevPAR: $328.57 (+8.0%).

• Food and beverage revenue rose 13.4% year-over-year in 2025; other revenues up 13.8%.

• 2025 share repurchases totaled $120.4 million at an average price of $12.87 per share.

Outlook and guidance

• 2026 guidance: Net income $21–$41 million, Adjusted EBITDAre $250–$270 million, Adjusted FFO $170–$190 million, and Adjusted FFO per diluted share $1.78–$1.99.

• Same-property RevPAR expected to rise 1.5%–4.5% year-over-year; Total RevPAR up 2.75%–5.75%.

• Adjusted FFO per share expected to increase ~7% vs. 2025; group room revenue pace up 10% for March–December 2026.

• Capital expenditures forecasted at $70–$80 million for 2026, with renovation disruptions expected to impact results by ~$1 million.

• Expense per occupied room expected to rise 3%; total hotel expenses up 4.5%, with slight margin contraction.