Microvast Holdings announces departure of chief financial officer
ORLANDO - On Friday, Xenia Hotels & Resorts, Inc. (NYSE:XHR) reported second-quarter earnings that significantly exceeded analyst expectations, driven by strong group business demand and improved performance at its recently renovated Grand Hyatt Scottsdale Resort.
The company’s shares rose 2.36% in pre-market trading following the announcement.
The luxury hotel REIT posted adjusted earnings per share of $0.56 for the quarter, handily beating the analyst estimate of $0.30. Revenue reached $287.58 million, surpassing the consensus estimate of $273.35 million. Same-property RevPAR (revenue per available room) increased 4% YoY to $195.51, while total RevPAR jumped 11% compared to the same period last year.
"Our second quarter results surpassed our expectations, as both revenues and Hotel EBITDA increased significantly compared to the same period last year," said Marcel Verbaas, Chair and Chief Executive Officer of Xenia. "Early performance at the recently renovated and upbranded Grand Hyatt Scottsdale Resort continues to be encouraging and was the main driver of our 4% Same-Property RevPAR increase for the quarter."
The company reported particularly strong food and beverage revenue growth, which increased 20.9% YoY, fueled by robust catering revenues at several group-oriented hotels. This, combined with lower-than-expected expense growth, helped boost Same-Property Hotel EBITDA by 22.2% to $84 million and expanded EBITDA margin by 269 basis points to 29.4%.
In April, Xenia sold the 545-room Fairmont Dallas for $111 million and repurchased nearly 3 million shares of common stock during the quarter at an average price of $12.10 per share.
Based on its strong performance, Xenia raised its full-year 2025 guidance for Adjusted EBITDAre to a range of $249-$263 million and Adjusted FFO to $1.66-$1.80 per diluted share, while maintaining its Same-Property RevPAR growth forecast of 3.5% to 5.5%.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.