|Over a week ago|
Jefferies to hold a virtual conference » 08:4406/2306/23/20
HAS, CSPR, PRMW, FRPT, HOME, XHR, PETQ, NDLS, PLNT, CONN, MUSA, NUS, WSM, WYND, BYD, STAY, SYY, GLPI, PBH, VAC, HLT, CORE, MED
Virtual Consumer Conference will be held on June 23-24 at 9 am. Webcast Link
|Over a month ago|
Xenia Hotels downgraded to Equal Weight from Overweight at Wells Fargo » 07:0106/0906/09/20
Wells Fargo analyst Dori…
Wells Fargo analyst Dori Kesten downgraded Xenia Hotels & Resorts to Equal Weight from Overweight with a price target of $14, up from $10. The analyst continues to expect Xenia's hotels, with "outsized" leisure exposure, to do relatively well versus peers in the near term. However, Kesten prefers to retain buy ratings on real estate investment trusts expected to emerge post downturn with relatively low leverage. This could facilitate distressed asset acquisition activity but does not align with expectations of Xenia Hotels, Kesten tells investors in a research note.
Xenia Hotels downgraded to Equal Weight from Overweight at Wells Fargo » 04:5306/0906/09/20
Wells Fargo analyst Dori…
Wells Fargo analyst Dori Kesten downgraded Xenia Hotels to Equal Weight from Overweight with a $14 price target.
Braemar Hotels downgraded to Neutral on valuaton at B. Riley FBR » 08:0606/0506/05/20
BHR, SVC, CLDT, XHR, APLE
B. Riley FBR analyst…
B. Riley FBR analyst Bryan Maher downgraded Braemar Hotels & Resorts (BHR) to Neutral from Buy with a price target of $4.50, down from $5.00. The analyst cites valuation for the downgrade with the shares having nearly quadrupled from their March lows. Maher's top lodging real estate investment trust ideas at current levels are Service Properties (SVC), Chatham Lodging (CLDT), Xenia Hotels (XHR) and Apple Hospitality REIT (APLE).
Xenia Hotels not issuing FY20 guidance at this time » 06:5905/1105/11/20
On March 11, Xenia Hotels…
On March 11, Xenia Hotels withdrew its previously issued full-year 2020 guidance due to increased uncertainty related to the financial impact of COVID-19 to the company. Since that time, the impact of the pandemic on its operations has increased significantly and the uncertainty surrounding the balance of 2020 continues. As a result, apart from the cash G&A and capital expenditure guidance referenced above, the company does not expect to issue guidance until it has more clarity on operating fundamentals.
Xenia Hotels reports Q1 AFFO 17c, consensus 8c » 06:5805/1105/11/20
Reports Q1 revenue…
Reports Q1 revenue $215.35M, consensus $236.02M. Reports Q1 Same-Property RevPAR $126.52. "Our first quarter results are reflective of the rapidly deteriorating operating fundamentals that affected our industry and our portfolio as the quarter progressed. After starting the year with encouraging results compared to our expectations, the unprecedented impact of the COVID-19 pandemic significantly reduced our occupancy throughout the portfolio in the month of March," commented Marcel Verbaas, Chairman and CEO of Xenia. "This impact has further increased in the second quarter as both group and transient demand have been curtailed significantly. In response to the operating conditions throughout our portfolio, we have worked with our operators to adjust operating expenses to reflect demand levels at our hotels and resorts, including temporarily suspending operations at 31 out of our 39 properties. Our primary focus as we manage through this crisis remains on the safety and well-being of our associates, our guests and our operators' associates at our hotels and resorts. These will continue to be guiding principles as we review our strategy regarding temporary closures and potential reopenings of our properties. While we expect the recovery to take time, we anticipate starting to recommence operations at a select number of properties in the weeks ahead. As outlined in our communications over the past two months, we have taken significant steps to reduce operating expenses both at our properties and at the corporate level. This has allowed us to minimize our monthly cash outflows while the majority of our hotels and resorts have temporarily suspended operations. We have also substantially reduced our anticipated capital expenditures for the year, while maintaining a focus on most efficiently completing a few large ongoing projects that we believe are prudent to complete from a cost perspective and will provide appropriate returns when business returns to normalized levels," continued Mr. Verbaas. "Preserving liquidity and maintaining operational flexibility are our primary goals as we navigate through this historically difficult time for our company and the lodging industry as a whole. We believe that our diverse portfolio that appeals to various types of demand, our best in class brands and operators, and our experienced management team that has managed through challenges in the past, will allow us to emerge from this period with a bright future ahead. I would like to hereby recognize the extraordinary efforts put forth by our operators and our corporate employees as they continue to focus on value preservation for our shareholders during this unprecedented time in their personal lives."
Xenia Hotels price target lowered to $14 from $18 at B. Riley FBR » 08:3504/2904/29/20
B. Riley FBR analyst…
B. Riley FBR analyst Bryan Maher lowered the firm's price target on Xenia Hotels to $14 from $18 and keeps a Buy rating on the shares. The analyst cut estimates for Xenia ahead of the company's Q1 results. The numbers to be negatively impacted by March results, which saw industry-wide RevPAR decline 51.9%, Maher tells investors in a research note. However, with the re-opening of some states now beginning, and given Xenia's lack of exposure to material hot spots like New York City, the analyst keeps a Buy rating on the name.
Xenia Hotels eliminates CIO role, Philip Wade departs » 16:3204/2104/21/20
Xenia Hotels announced…
Xenia Hotels announced that, due to the severe downturn in lodging demand resulting from the COVID-19 pandemic, the company has further streamlined its operations and reduced its ongoing corporate expenses by eliminating the role of chief investment officer, or CIO. As a result, Philip Wade, who served as the company's senior VP and CIO, has left the company. With this change, the company's corporate office headcount has been reduced by over 20% since the company's operations have been impacted by the COVID-19 pandemic.
Xenia Hotels' sale of Renaissance Austin Hotel terminated » 07:0304/1704/17/20
Xenia Hotels provided an…
Xenia Hotels provided an update on the pending disposition of Renaissance Austin Hotel, as well as an update on the impact of COVID-19 on its operations. On March 31, Xenia amended its agreement to sell the 492-room Renaissance Austin Hotel to extend the closing until April 16. The transaction did not close as contemplated by the amended agreement and as a result, the agreement has been terminated. The company has retained the $2M deposit that was previously released from escrow. The company has temporarily suspended operations at an additional 7 hotels bringing the total number to 31 properties. The company's remaining 8 properties are currently operating at reduced levels; however, the company may elect to suspend operations in the future as a result of the COVID-19 pandemic.
|Over a quarter ago|
Xenia Hotels price target lowered to $10 from $17 at Wells Fargo » 07:3604/0704/07/20
Wells Fargo analyst Dori…
Wells Fargo analyst Dori Kesten lowered the firm's price target on Xenia Hotels to $10 from $17 and keeps an Overweight rating on the shares.