Xenia Raises 2026 Adjusted EBITDAre Outlook After RevPAR Rebound

The Tip Desk · November 10, 2026 · 3 min read

Same-Property RevPAR rose 12.5% to $184.75, and the company lifted the Adjusted EBITDAre midpoint by $8 million.

Xenia Hotels & Resorts (XHR), a self-advised REIT of luxury and upper upscale hotels, reported same-property RevPAR growth of 12.5% in the third quarter, a sharp step-up from 5.6% in the second quarter and 7.4% in the first, and raised its full-year 2026 outlook.

Same-property RevPAR reached $184.75, up from $164.15 a year earlier. Occupancy rose 380 basis points to 70.0% after being flat in the second quarter. Average daily rate increased 6.4% to $264.00. Same-property Total RevPAR was $325.71.

Chairman and Chief Executive Officer Marcel Verbaas said the results “significantly surpassed our expectations,” citing broad-based group and corporate transient demand plus incremental leisure demand from several large events. He said performance exceeded projections throughout the portfolio, with very strong RevPAR growth at properties in Philadelphia, New Orleans, San Diego, Santa Clara, Pittsburgh, Houston, Key West and Orlando.

Same-property Hotel EBITDA increased 29.3% to $60.2 million. The hotel EBITDA margin expanded 295 basis points to 22.9%, reversing a 65-basis-point decline in the second quarter. Verbaas attributed the margin gain to the top-line performance and disciplined expense management.

Adjusted EBITDAre increased 26.0% to $53.2 million, after a 1.8% decline in the second quarter. Adjusted FFO per diluted share increased 56.5% to $0.36. Net loss attributable to common stockholders narrowed to $2.7 million, or $0.03 a share, from a $13.7 million loss, or $0.14 a share, a year earlier. Total revenues for the three months ended September 30 were $263.8 million.

The company declared a third-quarter dividend of $0.14 a share. In July it sold the 85-room Kimpton RiverPlace Hotel in Portland, Oregon, for $11 million, or about $129,400 a key, reducing the portfolio to 29 hotels and 8,783 rooms. The sale price represented a 19.4x multiple and a 2.0% capitalization rate on Hotel EBITDA and net operating income for the trailing twelve months ended June 30, 2026, excluding significant near-term capital expenditures that would have been required. In the second quarter the company recorded a $38.8 million non-cash impairment related to that property. Net proceeds will be used for general corporate purposes, which may include debt repayments, acquisitions and share repurchases.

As of September 30, total outstanding debt was approximately $1.4 billion with a weighted-average interest rate of 5.55%. Cash and cash equivalents, including hotel working capital, were about $161 million, with full availability on the revolving credit line and total liquidity of about $661 million. Restricted cash and escrows were about $85 million. The company did not repurchase shares in the quarter and had $97.5 million remaining under its repurchase authorization.

During the three months ended September 30, the company invested $16.4 million in portfolio improvements. It completed guest-room and corridor renovations at the Monte Vista Building and the T. Cook’s restaurant at Royal Palms Resort & Spa, and continued mechanical and infrastructure work at nine hotels expected to finish in 2026. Two larger renovations at Andaz Napa and The Ritz-Carlton, Denver were on track to begin in early December.

Verbaas said October same-property RevPAR was estimated up approximately 8% versus October 2025. Citing third-quarter and October outperformance and continued confidence in demand for the remainder of the year, the company raised the midpoint of full-year 2026 Adjusted EBITDAre guidance by $8 million to $281 million and Adjusted FFO per share by $0.09 to $2.11. Same-property RevPAR change guidance midpoint moved 250 basis points to 8.00%. Net income guidance is now $5 million to $11 million. The company said it continues to believe its portfolio is well-positioned as lodging demand for higher-end hotels remains strong and supply growth stays limited.