XHR offers discounted premium lodging exposure with accelerating renovated-asset earnings, scarce competitive supply, and a probability-weighted 2030 value of $26.85.
Overview
Xenia Hotels & Resorts (NYSE: XHR) is a self-advised REIT owning 30 luxury and upper-upscale hotels with 8,868 rooms in top U.S. lodging markets and leisure destinations. Revenue is diversified across rooms, food and beverage, and other resort services, while business transient and group demand together represent more than 75% of the mix. Brand affiliations with Marriott, Hyatt, Hilton, Fairmont, Kimpton, and Loews provide distribution and loyalty-program advantages, and 44% non-rooms revenue gives Xenia broader wallet share than many lodging REIT peers. **Q1 2026 materially exceeded expectations:** revenue increased 2.24% year over year to $295.41 million, GAAP EPS rose to $0.21, Adjusted FFO per diluted share increased 23.5% to $0.63, and same-property Hotel EBITDA rose 17.9% to $87.8 million as margins expanded 270 basis points to 29.7%. Management raised 2026 guidance, including a $1.94 midpoint for Adjusted FFO per share and a $266 million midpoint for Adjusted EBITDAre. At $20.17 on July 10, 2026, XHR trades at approximately 10.4x 2026 FFO, below normalized lodging REIT multiples. The key near-term catalyst is Q2 earnings on July 30, 2026, alongside continued Scottsdale ramp-up and renovation execution.