• It's like Simon Property Group, but for luxury hotels.
• Imagine a specialized Blackstone that exclusively focuses on owning luxury hotel properties.

• Luxury and Upper Upscale Hotel Accommodations: Xenia Hotels & Resorts provides premium guest rooms and suites for overnight stays across its portfolio of high-end hotels and resorts.
• Hospitality and Resort Services: The company's properties offer a variety of ancillary services, including fine dining, meeting and event facilities, spa and wellness centers, and recreational activities for guests.

Xenia Hotels & Resorts (XHR) sells primarily to individuals rather than other companies. Its major customers are the guests who stay at its luxury and upper upscale hotels and resorts. Based on the company's focus and the nature of its properties, its customer base can be categorized as follows:

1. Leisure Travelers: Individuals, couples, and families seeking vacation accommodations, getaways, or leisure experiences, particularly in the "key leisure destinations" where Xenia owns properties.
2. Business Travelers: Individuals traveling for corporate purposes, including attending meetings, conferences, business trips, or utilizing the amenities common in upper upscale hotels located in "top 25 U.S. lodging markets."
3. Group & Event Travelers: Guests attending or organizing various events such as conventions, corporate retreats, weddings, or other social gatherings that often book blocks of rooms or utilize hotel event spaces.

• Marriott International, Inc. (MAR)
• Hyatt Hotels Corporation (H)
• IHG Hotels & Resorts (IHGPY)
• Accor S.A. (ACCYY)
• Loews Corporation (L)
• Hilton Worldwide Holdings Inc. (HLT)
• The Kessler Collection
• Sage Hospitality

Marcel Verbaas, Chairman & CEO

Marcel Verbaas was appointed CEO in January 2007, bringing over 19 years of tenure to Xenia Hotels & Resorts. As of March 2016, he served as the President and Chief Executive Officer. He leads an experienced management team, which has an average tenure of 10.8 years.

Atish Shah, Executive Vice President, Chief Financial Officer and Treasurer

Atish Shah joined Xenia Hotels & Resorts in April 2016. Prior to his role at Xenia, he served as Senior Vice President – Strategy, Financial Planning & Analysis, and Investor Relations for Hyatt Hotels Corporation, where he also held the position of Interim Chief Financial Officer from April 2015 to March 2016. Before joining Hyatt in 2009, Shah was a portfolio manager for a hospitality real estate private equity fund at Lowe Enterprises. His career also includes various finance roles at Hilton Hotels Corporation from 1998 to 2007, and he began in hospitality consulting at Coopers & Lybrand, LLP (now PwC).

Barry Bloom, Ph.D., President and Chief Operating Officer

Barry Bloom is responsible for the direct oversight of Xenia's asset management, project management functions, and various strategic and operational corporate functions. From 2008 to 2011, he co-founded and was a Principal of Abacus Lodging Investors LLC, a hotel investment and advisory firm. Previously, he was Executive Vice President of Portfolio Management & Administration with CNL Hotels & Resorts, Inc. from 2003 to 2007, where he managed a $6.6 billion portfolio. From 2000 to 2003, Bloom served as Vice President – Investment Management for Hyatt Hotels Corporation. His earlier career included positions at Tishman Hotel & Realty, VMS Realty Partners, and Pannell Kerr Forster (now CBRE Hotels).

Joseph Johnson, Senior Vice President and Chief Accounting Officer

Joseph Johnson currently serves as Senior Vice President and Chief Accounting Officer at Xenia Hotels & Resorts, a position he has held since May 2015. He was also appointed as Principal Financial Officer and Treasurer temporarily in March 2016. Before joining Xenia, Johnson was Chief Financial Officer for CNL Lifestyle Properties, Inc. and CNL Healthcare Properties, Inc. from August 2011 to May 2015. He also served as SVP & Chief Accounting Officer at CNL Lifestyle Properties, Inc. and VP of Financial Reporting at CNL Hotels & Resorts. Johnson started his career in the audit practice of KPMG US.

1. Sensitivity to Economic Cycles and Consumer Discretionary Spending
   The performance of Xenia Hotels & Resorts is highly susceptible to economic downturns, low economic growth, inflation, and reductions in consumer discretionary spending. As a luxury and upper upscale hotel REIT, its revenue, occupancy rates, and average daily rates (ADR) are directly impacted by business and leisure travel demand, which can weaken significantly during periods of economic uncertainty. Historically, the hospitality industry, especially the luxury segment, experiences a decline in sales and profitability during economic crises due to fewer customers and reduced average expenditure per guest.
2. Reliance on Third-Party Management Companies
   Xenia's business model involves its hotels being operated and/or licensed by leading industry brands such as Marriott and Hyatt, as well as independent management companies. While these partnerships provide brand strength and operational expertise, Xenia is dependent on these third-party managers for the day-to-day operations, marketing, and overall guest experience of its properties. This reliance introduces risks related to operational control, maintaining brand standards, guest satisfaction, and potential impacts from changes in the operators' strategies or performance.
3. Competitive Landscape and Potential Oversupply
   The lodging industry is highly competitive, and Xenia's focus on top U.S. lodging markets and key leisure destinations means its properties operate in highly contested environments. The emergence of new hotel supply, including both traditional developments and alternative lodging options such as short-term rentals, can intensify competition. Increased competition or oversupply in specific markets can exert downward pressure on occupancy rates and average daily rates (ADR), thereby affecting Xenia's profitability. Furthermore, Xenia's geographic and brand concentration could make it more vulnerable to localized competitive pressures or adverse market conditions.

Xenia Hotels & Resorts (XHR) is expected to drive future revenue growth over the next 2-3 years through a combination of sustained strong demand in key segments, enhanced property performance, and strategic pricing. The company's focus on luxury and upper upscale hotels positions it to capitalize on several trends:

1. Strong Group and Corporate Transient Demand: Xenia anticipates continued robust demand from group business and corporate transient travelers. The company reported significant increases in group room revenues in 2025 and has nearly 70% of its 2026 group room nights already booked, indicating a strong foundation for future revenue.

2. Growth in Non-Room Revenues: A significant driver of total revenue growth is the increase in food, beverage, and other ancillary revenues. Xenia experienced substantial growth in these areas, particularly in banquet and catering revenues in 2025, as groups choose to spend more on property for various functions. The company expects this trend to continue, contributing meaningfully to overall revenue.

3. Strategic Investments in Property Renovations and Asset Enhancements: Ongoing and planned capital expenditures for property renovations and expansions are crucial for enhancing asset quality, improving operational efficiency, and supporting higher average daily rates (ADR). The successful ramp-up of transformed properties like the Grand Hyatt Scottsdale is highlighted as a key contributor to RevPAR growth and future EBITDA uplift.

4. Pricing Power and Rate Increases: Xenia is leveraging its luxury and upper-upscale portfolio to implement incremental pricing increases. Management has noted opportunities to achieve higher pricing across its group-focused hotels, indicating an expectation to continue driving revenue growth through increased rates.

5. Capitalizing on Major Market Events: The company is strategically positioned to benefit from major events, with a portion of its portfolio's EBITDA exposure tied to the 2026 FIFA World Cup. Such large-scale events are expected to generate substantial demand and elevate RevPAR in affected markets.

Share Repurchases

• In 2025, Xenia Hotels & Resorts repurchased approximately 9.4 million shares for a total consideration of about $120.4 million, at an average price of $12.87 per share.
• As of May 2025, the Board of Directors authorized an additional $100 million for the share repurchase program, with approximately $97.5 million remaining under the authorization as of December 31, 2025.
• Over the last four years (from year-end 2020 to year-end 2025), the company's outstanding share count declined by 20% due to share repurchases.

Outbound Investments

• In March 2025, the company acquired the fee simple interest in the land underlying the Hyatt Regency Santa Clara for $25 million to enhance portfolio flexibility and reduce future lease-related expenses.
• In April 2025, Xenia sold the 545-room Fairmont Dallas for $111.0 million, a transaction that also allowed the company to avoid an estimated $80 million in near-term capital expenditures.

Capital Expenditures

• Xenia invested approximately $86.6 million in portfolio improvements during 2025. This followed substantial capital investments of $140.6 million in 2024, $120.9 million in 2023, and $70.4 million in 2022.
• Projected capital expenditures for 2025 were initially between $75 million and $85 million.
• The primary focus of capital expenditures has been on guest-facing enhancements, significant investments in property infrastructure to improve resiliency and efficiency, and transformative renovations such as the Grand Hyatt Scottsdale Resort.