XENIA HOTELS & RESORTS REPORTS FIRST QUARTER 2023 RESULTS.

ORLANDO, Fla: Xenia Hotels & Resorts, Inc. (NYSE: XHR) ("Xenia" or the "Company") today announced results for the quarter ended March 31, 2023.

First Quarter 2023 Highlights

Net Income: Net income attributable to common stockholders was $6.3 million, or $0.06 per share

Adjusted EBITDAre: $71.3 million, increased 42.8% compared to the first quarter of 2022

Adjusted FFO per Diluted Share: $0.40, increased $0.15 compared to the first quarter of 2022

Same-Property Occupancy: 66.1%, increased 1,000 basis points compared to the first quarter of 2022

Same-Property ADR: $271.80, increased 5.2% compared to the first quarter of 2022

Same-Property RevPAR: $179.55, increased 23.9% compared to the first quarter of 2022

Same-Property Hotel Net Income: $40.8 million, increased 85.0% compared to the first quarter of 2022

Same-Property Hotel EBITDA: $77.2 million, increased 33.6% compared to the first quarter of 2022

Same-Property Hotel EBITDA Margin: 28.7%, increased 167 basis points compared to the first quarter of 2022

Financing Activity: As previously disclosed, the Company entered into a new $675 million credit facility, proceeds of which were used to pay off the Company's existing $125 million term loan and the $99.5 million mortgage loan collateralized by Renaissance Atlanta Waverly Hotel & Convention Center. The Company also amended the Andaz Napa mortgage loan extending its maturity through January 2028.

Share Repurchases & Dividends: In the first quarter, the Company repurchased a total of 1,905,820 shares of common stock at a weighted-average price of $14.03 per share for a total consideration of approximately $26.7 million. Additionally, the Company declared its first quarter dividend of $0.10 per share to common stockholders of record on March 31, 2023.

"Our portfolio's first quarter performance met the expectations we outlined at the time of our 2022 earnings report in early March," commented Marcel Verbaas, Chairman and Chief Executive Officer of Xenia. "Same-Property RevPAR increased 10.4% in March as compared to 2022, which resulted in a RevPAR increase of 23.9% for the quarter, largely driven by easier comparable performance during January and February of 2022 when the Omicron variant significantly impacted results. RevPAR growth performance was particularly strong in our markets with hotels that are more focused on business transient and group demand and that continue to have the greatest opportunity for earnings growth in 2023 and beyond, with RevPAR in Santa Clara up more than 70%, Portland up more than 60%, Dallas up over 50% and San Francisco, Houston and Atlanta each up over 30% as compared to the first quarter of 2022. While leisure demand remains at historically high levels, we are continuing to see a shift to a more traditional mix of demand within our portfolio, with business transient and group demand...