Xenia Hotels & Resorts, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Xenia Hotels & Resorts, Inc. has filed its 2023 annual report (10-K) detailing its financial performance and operations for the fiscal year ending December 31, 2023.</b>

AI Summary

Xenia Hotels & Resorts, Inc. (XHR) filed a Annual Report (10-K) with the SEC on February 27, 2024. Xenia Hotels & Resorts, Inc. filed its 2023 Form 10-K on February 27, 2024. The filing covers the fiscal year ending December 31, 2023. The company is incorporated in Florida and headquartered in Orlando. The SIC code for Xenia Hotels & Resorts, Inc. is 7011 (Hotels & Motels). The filing includes data for the fiscal years 2021, 2022, and 2023.

Why It Matters

For investors and stakeholders tracking Xenia Hotels & Resorts, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Xenia Hotels & Resorts' financial health, operational performance, and strategic positioning for the fiscal year 2023, which is crucial for investors to assess the company's current standing and future prospects. The detailed financial data, including revenue breakdowns and balance sheet information across multiple years, allows for trend analysis and comparison, enabling stakeholders to make informed investment decisions.

Risk Assessment

Risk Level: medium — Xenia Hotels & Resorts, Inc. shows moderate risk based on this filing. The filing is a standard 10-K, which is a routine annual report. However, the hotel industry is subject to economic fluctuations and competition, which can impact financial performance.

Analyst Insight

Review the detailed financial statements and risk factors in the 10-K to understand Xenia Hotels & Resorts' performance and potential challenges in the current economic climate.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-02-27 — Filing Date (Filed as of date)
• 7011 — SIC Code (Standard Industrial Classification)

Key Players & Entities

• Xenia Hotels & Resorts, Inc. (company) — Filer name
• 200 S. ORANGE AVENUE, SUITE 2700 (address) — Business address
• ORLANDO (location) — Business address city
• FL (location) — Business address state
• 32801 (postal_code) — Business address zip
• 407-246-8100 (phone_number) — Business phone

FAQ

Industry Context

Xenia Hotels & Resorts, Inc. operates within the Hotels & Motels industry (SIC code 7011). This sector is sensitive to economic conditions, travel trends, and consumer spending.

Regulatory Implications

As a publicly traded company, Xenia Hotels & Resorts, Inc. is subject to the regulations of the Securities and Exchange Commission (SEC) and must adhere to reporting requirements like the Form 10-K.

What Investors Should Do

1. Analyze the revenue segments and growth trends reported in the 10-K.
2. Examine the company's balance sheet and debt-to-equity ratio for financial health assessment.
3. Review any disclosed risk factors to understand potential challenges and mitigation strategies.

Key Dates

• 2024-02-27: 10-K Filing — Filing of the annual report for the fiscal year 2023.

Year-Over-Year Comparison

This is the initial filing data extracted for the 2023 10-K. Comparative data from previous filings would be needed for a full 'vs last filing' analysis.

Key Financial Figures

• $0.01 — nge on which registered Common Stock, $0.01 par value per share XHR New York Stoc
• $223.1 million — of December 31, 2023, we had a total of $223.1 million of cash on hand, including $58.4 millio
• $58.4 million — 23.1 million of cash on hand, including $58.4 million of restricted cash primarily set aside

Filing Documents

• xhr-20231231.htm (10-K) — 2776KB
• xeniadecember312023ex1023.htm (EX-10.23) — 37KB
• xeniadecember31202310kex211.htm (EX-21.1) — 70KB
• xeniadecember31202310kex231.htm (EX-23.1) — 2KB
• xeniadecember31202310kex311.htm (EX-31.1) — 10KB
• xeniadecember31202310kex312.htm (EX-31.2) — 10KB
• xeniadecember31202310kex321.htm (EX-32.1) — 6KB
• xeniadecember31202310kex971.htm (EX-97.1) — 36KB
• xhr-20231231_g1.jpg (GRAPHIC) — 92KB
• xhr-20231231_g2.jpg (GRAPHIC) — 112KB
• 0001616000-24-000023.txt (&nbsp;) — 13241KB
• xhr-20231231.xsd (EX-101.SCH) — 88KB
• xhr-20231231_cal.xml (EX-101.CAL) — 103KB
• xhr-20231231_def.xml (EX-101.DEF) — 443KB
• xhr-20231231_lab.xml (EX-101.LAB) — 966KB
• xhr-20231231_pre.xml (EX-101.PRE) — 669KB
• xhr-20231231_htm.xml (XML) — 1958KB

Page

Part I Page Special Note Regarding Forward-Looking Statements ii Market and Industry Data iv Trademarks, Service Marks, and Tradenames iv Disclaimer iv Certain Defined Terms v Item 1.

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 8 Item 1B. Unresolved Staff Comments 37

Cybersecurity 38

Item 1C. Cybersecurity 38 Item 2.

Properties

Properties 40 Item 3.

Legal Proceedings

Legal Proceedings 45 Item 4. Mine Safety Disclosures 45 Part II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 46 Item 6. [Reserved] Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 49 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 68 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 69 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 69 Item 9A.

Controls and Procedures

Controls and Procedures 69 Item 9B. Other Information 70 Part III Item 10. Directors, Executive Officers and Corporate Governance 72 Item 11.

Executive Compensation

Executive Compensation 72 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 72 Item 13. Certain Relationships, Related Transactions, and Director Independence 72 Item 14. Principal Accounting Fees and Services 72 Part IV

Exhibits and Financial Statements Schedules

Item 15. Exhibits and Financial Statements Schedules 73 Item 16. Form 10-K Summary 76

Signatures

Signatures 77 - i - SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS Certain statements in this Annual Report on Form 10-K ("Annual Report"), other than purely historical information, are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). These statements include statements about Xenia Hotels & Resorts, Inc.'s ("Xenia") plans, objectives, strategies, financial performance and outlook, trends, the amount and timing of future cash distributions, prospects or future events and involve known and unknown risks that are difficult to predict. As a result, our actual financial results, performance, achievements or prospects may differ materially from those expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by the use of words such as "may," "could," "expect," "intend," "plan," "seek," "anticipate," "believe," "estimate," "guidance," "predict," "potential," "continue," "likely," "will," "would," "illustrative" and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by Xenia and its management based on their knowledge and understanding of the business and industry, are inherently uncertain. These statements are not guarantees of future performance, and stockholders should not place undue reliance on forward-looking statements. There are a number of risks, uncertainties and other important factors, many of which are beyond our control, that could cause our actual results to differ materially from the forward-looking statements contained in this Annual Report. Such risks, uncertainties and other important factors, incl

Business

Item 1. Business General Xenia Hotels & Resorts, Inc. is a Maryland corporation that primarily invests in uniquely positioned luxury and upper upscale hotels and resorts with a focus on the top 25 lodging markets as well as key leisure destinations in the United States ("U.S."). Substantially all of the Company's assets are held by, and all the operations are conducted through XHR LP (the "Operating Partnership"). XHR GP, Inc. is the sole general partner of the Operating Partnership and is wholly-owned by the Company. As of December 31, 2023, the Company collectively owned 96.4% of the common limited partnership units issued by the Operating Partnership ("Operating Partnership Units"). The remaining 3.6% of the Operating Partnership Units are owned by the other limited partners comprised of certain of our executive officers and current or former members of our Board of Directors and includes vested and unvested long-term incentive plan ("LTIP") partnership units. LTIP partnership units may or may not vest based on the passage of time and meeting certain market-based performance objectives. Xenia operates as a real estate investment trust ("REIT") for U.S. federal income tax purposes. To qualify as a REIT, the Company cannot operate or manage its hotels. Therefore, the Operating Partnership and its subsidiaries lease the hotel properties to XHR Holding, Inc. and its subsidiaries (collectively with its subsidiaries, "XHR Holding"), the Company's taxable REIT subsidiary ("TRS"), which engages third-party eligible independent contractors to manage the hotels. The third-party hotel operators manage each hotel pursuant to a management agreement, the terms of which are discussed in more detail under "Part I-Item 2. Properties - Our Principal Agreements." The Company's consolidated financial statements include the accounts of the Company, the Operating Partnership, and XHR Holding and each of their wholly-owned subsidiaries. The Company's subsidiaries generally consist

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View this 10-K filing on SEC EDGAR