Xenia Hotels & Resorts has recorded a net loss of $8.88m for the third quarter (Q3) of 2023, a surge from a net loss of $1.7m in the same quarter a year ago.
The net loss attributable to common stockholders in Q3 2023 was $8.52m, as against a net loss of $1.66m.
The company’s total revenue for the latest quarter ending September 30, 2023, was $232.02m as against $240.66m in the corresponding period of 2022.
Total expenses stood at $224.03m this quarter, compared to $224.58m in the same period of 2022.
The adjusted earnings before interest, taxes, depreciation and amortisation for real estate (EBITDAre) attributable to common stock and unit holders was $46.33m, as against $53.83m a year earlier.
Xenia's net loss per share available to common stockholders, both basic and diluted, for the latest recorded quarter was $0.08, compared with $0.01 in the corresponding quarter of last year.
The same property and total portfolio RevPAR for Q3 2023 were $158.48, an increase of 0.4% from $157.91 in Q3 2022.
The total portfolio with the number of rooms stood at 9,511 in Q3 2023, compared to 9,812 in the same period of 2022.
Xenia chair and CEO Marcel Verbaas said: “In the quarter, RevPAR at our Same-Property portfolio increased 0.4% as compared to the third quarter of 2022. Excluding Hyatt Regency Scottsdale Resort & Spa at Gainey Ranch, RevPAR increased 4.0% as compared to the third quarter of 2022, despite the results at Grand Bohemian Hotel Orlando and Kimpton Hotel Monaco Salt Lake City also being negatively impacted by the disruption from their significant renovation projects.
“Overall results in the quarter benefited from solid RevPAR growth in our Texas markets and the two newest additions to our portfolio as Houston, Dallas, Portland and Nashville each achieved double-digit percentage RevPAR growth, while our properties in Pittsburgh and San Francisco also performed well, with RevPAR growth of 8.9% and 7.9%, respectively, for the quarter.”
For the full year of 2023, the company expects its net income to be between $18m and $10m, while adjusted EBITDAre is expected to be in the range of $254m - $246m.
