Xenia Hotels posted a 4.5% RevPAR gain in Q4, and most outlets stopped there. The number worth staring at is the 214 basis points of EBITDA margin expansion underneath it... because that tells you something about flow-through discipline that most hotel owners should be measuring themselves against right now.
Xenia Hotels beat Q4 estimates with a 7.5% jump in Adjusted EBITDAre, but the real story isn't the earnings beat... it's a revenue mix that most lodging REITs can't replicate and a 2026 guide that prices in margin compression nobody's talking about.
Xenia Hotels says renovation disruptions will cost $1 million in adjusted EBITDA this year against $70-80 million in capital spending. That ratio tells a story about guidance construction that every REIT investor should decompose before taking it at face value.
Xenia's Q4 numbers look clean on the surface... EPS beat, RevPAR up 3.9%, aggressive buybacks at $12.59 a share. But decompose the Fairmont Dallas disposition and the 2026 CapEx guidance, and you start seeing a REIT that's quietly choosing which assets to feed and which to starve.
Xenia Hotels posted a quarter that looked strong on every line investors care about. The 2026 expense guidance tells a different story for anyone calculating owner returns.
