At a glance
Xenia Hotels & Resorts Inc is worth $1.91B, about 32 times its fiscal 2025 earnings. Revenue grew 3.8% to $1.08B in fiscal 2025, with 5.8% kept as profit; over 5 years it has grown 23.9% a year. It pays a 2.71% dividend yield, raised every year for at least 4 years, and returned $299.3M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +66.6% over the past year with dividends reinvested and +6.0% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 64.5% in the 2020 crash (S&P 500: 33.7%) and 31.8% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 11 months and 47 months after the lows.
The business in plain English
Xenia Hotels & Resorts owns high-end hotels and resorts in the US. It focuses on luxury and upper upscale properties (upper upscale is the tier just below luxury) in the top 25 US lodging markets and in key leisure destinations. As of December 31, 2025, it owned 30 hotels with 8,868 rooms. Its guests are business and leisure travelers, both individuals and groups such as conferences and meetings. The company is based in Orlando, Florida.
Xenia is a real estate investment trust (REIT). A REIT is a company that owns property and passes most of its taxable income to shareholders as dividends. REIT rules bar Xenia from running its own hotels. Instead, it leases them to a taxable subsidiary, which hires outside management companies to operate them. Most of the hotels carry Marriott or Hyatt brands. So Xenia earns each hotel's operating profit rather than a fixed rent, and its income rises and falls with travel demand.
Revenue was $1.08 billion in fiscal 2025, up 3.8%. Room rentals brought in 55% of it, food and beverage (restaurants, bars and catering) 35%, and other sources 9%. Orlando was the largest market at 13.6% of revenue. Next came Houston (10.3%), San Diego (10.2%) and Phoenix (10.2%).
Price history
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XHR +66.6% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Rooms expenses | $596.5M | 55.3% |
| Food and beverage expenses | $380.3M | 35.3% |
| Other revenues | $101.7M | 9.4% |
By geography
| Other | $277.4M | 25.7% |
| Orlando, FL | $146.2M | 13.6% |
| Houston, TX | $110.8M | 10.3% |
| San Diego, CA | $110.3M | 10.2% |
| Phoenix, AZ | $109.7M | 10.2% |
| Atlanta, GA | $72.1M | 6.7% |
| San Francisco/San Mateo, CA | $61.4M | 5.7% |
| Nashville, TN | $54.6M | 5.1% |
| Portland, OR | $47.4M | 4.4% |
| Dallas, TX | $44.5M | 4.1% |
| San Jose-Santa Cruz, CA | $44.1M | 4.1% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $295.5M, up 2.8% from a year earlier, and net income was $-19.3M (-135.1%).
- For fiscal 2025, revenue was $1.08B (+3.8% year over year; +23.9% a year from FY2020 to FY2025) with a 5.8% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +23.9% good |
|---|---|
| Operating margin | 10% watch |
| Free cash flow margin | 8.3% watch |
| Return on equity (FY2025) | 5.6% weak |
| Return on assets (FY2025) | 2.2% weak |
| Net cash (cash minus debt) | $-1.25B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $369.8M | $-163.3M | $-146.9M |
| FY2021 | $616.2M | $-143.5M | $8.9M |
| FY2022 | $997.6M | $55.9M | $116.8M |
| FY2023 | $1.03B | $19.1M | $77.2M |
| FY2024 | $1.04B | $16.1M | $23.2M |
| FY2025 | $1.08B | $63.1M | $89.9M |
Valuation snapshot
| Market value | $1.91B |
|---|---|
| P/E ratio | 32.3 |
| Dividend yield | 2.71% |
Rank among 1514 US companies
Market value at each year end
Xenia Hotels & Resorts’s market value went from $2.08B at the end of 2016 to $1.91B on Oct 28, 2026, down 8%; since the end of 2025 it is up 42%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $1.91B | +42.4% |
| 2025 | $1.34B | -11.4% |
| 2024 | $1.51B | +5.6% |
| 2023 | $1.43B | -4.5% |
| 2022 | $1.50B | -27.5% |
| 2021 | $2.07B | +19.6% |
| 2020 | $1.73B | -29.0% |
| 2019 | $2.43B | +25.7% |
| 2018 | $1.94B | -16.0% |
| 2017 | $2.30B | +11.0% |
| 2016 | $2.08B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| XHR price data to Oct 28, 2026 | +49.9% | +66.6% | +26.9% | +6.0% | +6.6% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +49.9% |
| 2025 | -0.7% |
| 2024 | +12.7% |
| 2023 | +6.7% |
| 2022 | -26.1% |
| 2021 | +19.1% |
| 2020 | -27.7% |
| 2019 | +32.3% |
| 2018 | -16.0% |
| 2017 | +17.6% |
| 2016 | +35.6% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 55.3% over that stretch · deepest drop along the way 64.5%, back to its old high 11.2 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 21.7% over that stretch · deepest drop along the way 31.8%, back to its old high 47.3 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (19 read): 0 open-market purchases and 4 sales ($5.6M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Feb 26, 2026 | Barry A N Bloom See Remarks | sell | $2.4M |
| May 7, 2026 | Atish Shah See remarks | sell | $2.0M |
| Feb 25, 2026 | Barry A N Bloom See Remarks | sell | $791K |
| May 6, 2026 | Joseph T Johnson See Remarks | sell | $416K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 18.2% | Mar 31, 2025 |
| Vanguard Portfolio Management | 13.03% | Jan 30, 2026 |
| Vanguard Capital Management | 5.43% | Mar 31, 2026 |
| Wellington Management Group LLP | 4.4% | Jun 30, 2026 |
ETFs with the most weight in XHR
| RZG Invesco S&P SmallCap 600® Pure Growth ETF | 0.72% |
| XSLV Invesco S&P SmallCap Low Volatility ETF | 0.57% |
| XSVM Invesco S&P SmallCap Value with Momentum ETF | 0.5% |
| USVM VictoryShares US Small Mid Cap Value Momentum ETF | 0.35% |
| PSCF Invesco S&P SmallCap Financials ETF | 0.33% |
| ETHO Amplify Etho Climate Leadership U.S. ETF | 0.29% |
| GQRE FlexShares Global Quality Real Estate Index Fund | 0.21% |
| VIOG Vanguard S&P Small-Cap 600 Growth ETF | 0.2% |
What could go wrong
- Heavy reliance on Marriott and Hyatt. Most of Xenia's hotels operate under the Marriott and Hyatt brand families. Trouble at either company, a dispute with one, or the loss of a brand license could hurt bookings and hotel values.
- Concentration in California, Texas and Florida. Xenia has a concentration of hotels in California, Texas and Florida, and Orlando alone produced 13.6% of 2025 revenue. A regional slowdown, severe weather or other local event could hit results hard.
- Outside companies run every hotel. REIT rules bar Xenia from operating its hotels, so third-party managers do, and Xenia has limited say in daily decisions. Weak management, or contract terms that restrict the sale of hotels, could hurt profits.
- Debt and refinancing pressure. Xenia owed $1.36 billion and held $112.4 million in cash and investments as of June 30, 2026. Its mortgage loans averaged 1.2 years to maturity at year-end 2025. Refinancing at higher rates could squeeze dividends.
- Rising labor and operating costs. Hotels need many workers, and some employ union labor. Higher wages and other operating costs can shrink margins. Union contracts can also limit how fast managers cut staff when demand drops.
- Travel demand swings with the economy. Lodging is highly cyclical. Hotel revenue can drop fast in a recession, pandemic or travel slump, while many costs stay fixed. Xenia's shares fell 64.5% in early 2020.
Recent events
- Investor presentation or announcement
- Other company announcement
- Quarterly results released
- Shareholder vote results
- Quarterly results released
- Quarterly results released; Investor presentation or announcement
- Investor presentation or announcement
- Quarterly results released
For income and retirement investors
Xenia pays a dividend, but its record is short and uneven. Dividends per share fell to a fraction of a cent in 2021, during the pandemic, then rose four years in a row to $0.56 for 2025. That equaled about 90% of 2025 earnings and about 60% of free cash flow (cash left after capital spending). The yield was 2.71% as of October 28, 2026. Xenia also spent $297 million repurchasing shares from 2021 through 2025, and its share count fell 19% between August 2021 and July 2026.
The shares have fallen hard in downturns. In the 2020 COVID crash they dropped 64.5% and took about 11 months to recover. In the 2022 bear market they fell 31.8% and did not regain their April 2022 peak until June 2026, about four years later. The price history does not reach back to 2008. A single stock carries more risk than a diversified fund.
Questions investors ask
How does Xenia Hotels & Resorts make money?
Mostly by renting hotel rooms. In fiscal 2025, rooms brought in about 55% of Xenia's $1.08 billion in revenue, food and beverage about 35%, and other sources about 9%. As a real estate investment trust (REIT), Xenia owns the hotels but cannot run them. It leases them to a taxable subsidiary that pays outside management companies to operate them. Xenia keeps the hotels' profits and carries their costs.
Is Xenia Hotels & Resorts a REIT?
Yes. Xenia operates as a real estate investment trust for US federal income tax purposes. To keep that status, it must pay out most of its taxable income as dividends, and it generally avoids corporate tax on what it distributes. Its taxable subsidiary that leases the hotels does pay tax. REIT dividends generally don't qualify for the lower tax rates that apply to some other dividends. That is one reason some investors hold REITs in tax-deferred accounts such as IRAs.
Does Xenia Hotels raise its dividend every year?
Not every year, but it has raised it four years in a row. Dividends per share fell from $0.275 in 2020 to a fraction of a cent in 2021, during the pandemic. They then climbed to $0.20 in 2022, $0.40 in 2023, $0.48 in 2024 and $0.56 in 2025. The 2025 dividend equaled about 90% of earnings per share of $0.64 and about 60% of free cash flow. The yield was 2.71% as of October 28, 2026.
How much debt does Xenia Hotels have?
About $1.36 billion as of June 30, 2026, against $112.4 million in cash and investments. At the end of 2025, its debt carried an average interest rate of 5.51% and had an average of 3.2 years left before coming due. It includes $500 million of 4.875% bonds due 2029, $400 million of 6.625% bonds due 2030, bank term loans due November 2028 and mortgages on some hotels. Its revolving credit line had no balance at year-end 2025.
Where are Xenia Hotels' properties located?
In large US cities and leisure destinations, with a concentration in California, Texas and Florida. In fiscal 2025, Orlando produced 13.6% of revenue, Houston 10.3%, San Diego 10.2% and Phoenix 10.2%. Atlanta, San Francisco/San Mateo, Nashville, Portland (Oregon), Dallas and San Jose-Santa Cruz each brought in about 4% to 7%. Xenia owned 30 hotels with 8,868 rooms as of December 31, 2025, and most operate under the Marriott and Hyatt brand families.