Xenia Hotels & Resorts has recorded attributable net income of $8.53m for the first quarter (Q1) of 2024, marking an increase of 35.9% from $6.28m in the same quarter of 2023.
The company’s earnings per share stood at $0.08 in the first three months of 2024, up from $0.06 in the prior year.
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Its total revenues decreased to $267.48m for the quarter ending 31 March 2024, from $268.97m in Q1 2023.
Same-property revenue per available room (RevPAR) dropped 1.5% to $176.86 in Q1 2024 from $179.55 a year ago.
When excluding the Hyatt Regency Scottsdale Resort & Spa at Gainey Ranch, which is currently being revamped, the RevPAR was $178.07, a 3.7% increase from the previous year’s Q1.
Same property occupancy rates in the January-March 2024 quarter were 67.4%, compared with 66.1% in the corresponding period a year ago.
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By GlobalDataTotal expenses for the three months under review rose to $239.86m from $235.21m a year earlier while the adjusted EBITDAre (earnings before interest, taxes, depreciation and amortisation for real estate) decreased 8.5% year-on-year to $65.25m.
The total portfolio’s room count increased to 9,516 in Q1 2024 from 9,508 in Q1 2023.
Xenia Hotels & Resorts chair and CEO Marcel Verbaas said: “Despite the impact of the shift in the timing of Easter weighing on March results, our Same-Property RevPAR increased by 3.7% for the quarter when excluding the results at Hyatt Regency Scottsdale.
“While this healthy increase was driven by broad-based positive results in the portfolio, we saw strong growth at our larger group-oriented hotels in Santa Clara, Houston, Portland, San Francisco and San Diego, as well as at our recently renovated hotels, particularly Grand Bohemian Hotel Orlando and Canary Hotel Santa Barbara.”
In its full-year 2024 outlook, Xenia projected net income of $17m-$33m and adjusted EBITDAre between $246m and $262m.
The company also noted that disruptions owing to renovations could negatively impact adjusted EBITDAre and adjusted FFO (funds from operations) by about $16m.
