Xenia Hotels & Resorts, Inc.
For the period ended Jun 30, 2026. Filed Jul 30, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2026 · Filed Jul 30, 2026
XHR$21.39+0.8%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-03-31; filed 2026-05-01.
0001628280-26-029383
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-07-30.
0001628280-26-051092
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 124 previous paragraphs and 146 current paragraphs.
88 unchanged; 35 reworded; 20 added; 1 removed; 0 previous and 3 current paragraphs rearranged.
Tables are not compared: 8 previous and 8 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (20)
Current report
Second Quarter 2026 Overview
Current report
Net income was $0.5 million for the six months ended June 30, 2026, a 99.4% decreased compared to net income of $75.1 million for the six months ended June 30, 2025. The decrease was primarily attributed to a $40.0 million gain on the sale of Fairmont Dallas in April 2025, a $39.0 million increase in impairment and other losses primarily attributed to Kimpton RiverPlace Hotel, a $5.6 million reduction in hotel operating income attributed to the sale of Fairmont Dallas in April 2025, a $5.3 million increase in other operating expenses, a $1.9 million reduction in other income and a $0.6 million increase in general and administrative expenses. These amounts were partially offset by a $13.9 million increase in hotel operating income for our 30-comparable hotels, a $2.1 million reduction in depreciation and amortization expense, a $1.6 million reduction in interest expense and a $0.2 million reduction in income tax expense.
Current report
(2) During the six months ended June 30, 2025, the Company sold one hotel with 545 rooms.
Current report
Rooms revenues increased $12.7 million, or 4.0%, to $331.0 million for the six months ended June 30, 2026 from $318.4 million for the six months ended June 30, 2025 primarily driven by increases in occupancy and average daily rate as well as year over year growth at Grand Hyatt Scottsdale Resort due to continued ramp up in performance following the renovation. This increase is net of a reduction of $7.5 million attributed to the sale of Fairmont Dallas in April 2025.
Current report
Other revenues decreased $0.5 million, or 1.9%, to $26.4 million for the three months ended June 30, 2026 from $26.9 million for the three months ended June 30, 2025 primarily due to a $0.4 million reduction in other revenues from cancellations and attrition for our comparable hotels as well as a $0.1 million reduction attributed to the sale of Fairmont Dallas in April 2025.
Current report
Total hotel operating expenses increased $7.3 million, or 1.9%, to $393.8 million for the six months ended June 30, 2026 from $386.5 million for the six months ended June 30, 2025 due to an increase in occupancy as well as year over year growth at Grand Hyatt Scottsdale Resort due to continued ramp up in performance following the renovation partially offset by a reduction of $8.7 million attributed to the sale of Fairmont Dallas in April 2025.
Current report
Real estate taxes, personal property taxes and insurance expense increased $0.7 million, or 6.1%, to $12.7 million for the three months ended June 30, 2026 from $11.9 million for the three months ended June 30, 2025. The increase was primarily attributed to a $1.0 million decrease in real estate tax refunds, partially offset by a $0.2 million reduction in insurance expense.
Current report
General and administrative expenses
Current report
General and administrative expenses increased $0.4 million, or 3.5%, and $0.6 million, or 2.9%, to $11.2 million and $20.3 million for the three and six months ended June 30, 2026 from $10.8 million and $19.7 million for the three and six months ended June 30, 2025, respectively. The increases were primarily attributed to an increase in employee related costs.
Current report
Gain on sale of investment properties
Current report
The gain on sale of investment properties for the three and six months ended June 30, 2025 was attributed to the sale of Fairmont Dallas in April 2025.
Current report
Other income decreased $0.8 million, or 50.0%, to $0.8 million for the three months ended June 30, 2026 from $1.7 million for the three months ended June 30, 2025 primarily attributed to a reduction in interest income.
Current report
Interest expense
Current report
Interest expense decreased $1.4 million, or 6.4%, and $1.6 million, or 3.6%, to $20.5 million and $41.4 million for the three and six months ended June 30, 2026 from $21.9 million and $43.0 million for the three and six months ended June 30, 2025, respectively. The decreases were primarily due to lower average outstanding mortgage loan debt and lower interest rates on variable debt.
Current report
Income tax expense
Current report
Income tax expense decreased $0.3 million, or 23.0%, and $0.2 million, or 6.9%, to $1.1 million and $2.1 million for the three and six months ended June 30, 2026 from $1.4 million and $2.2 million for the three and six months ended June 30, 2025, respectively. The decreases are primarily attributed to lower projected state margins taxes when compared to the prior periods and the use of federal and state net operating loss carryforwards.
Current report
(1) During the three and six months ended June 30, 2026, we entered into an agreement to sell Kimpton RiverPlace Hotel. As of June 30, 2026, the property was classified as held for sale and we recorded an impairment loss of approximately $38.8 million as the carrying value exceeded the fair value net of selling costs.
Current report
(1) During the three and six months ended June 30, 2026, we entered into an agreement to sell Kimpton RiverPlace Hotel. As of June 30, 2026, the property was classified as held for sale and we recorded an impairment loss of approximately $38.8 million as the carrying value exceeded the fair value net of selling costs.
Current report
Subsequent Event
Current report
During the three and six months ended June 30, 2026, we entered into an agreement to sell the 85-room Kimpton RiverPlace Hotel, located in Portland, Oregon, for a sale price of $11.0 million. As of June 30, 2026, the property was classified as held for sale and we recorded an impairment loss of approximately $38.8 million as the carrying value exceeded the fair value net of selling costs. The sale closed on July 21, 2026. Net cash proceeds from the sale, after transaction closing costs, were $10.3 million.
Removed paragraphs (1)
Previous report
First Quarter 2026 Overview
Reworded paragraphs (35)
Previous wording
The accompanying condensed consolidated financial statements include the accounts of the Company, XHR LP (the "Operating Partnership"), and XHR Holding, Inc. and its subsidiaries. The Company's subsidiaries generally consist of limited liability companies, limited partnerships and the TRS. The effects of all inter-company transactions have been eliminated. Corporate costs directly associated with our executive offices, personnel and other administrative costs are reflected as general and administrative expenses on the condensed consolidated statements of operations and comprehensive income.
Current wording
The accompanying condensed consolidated financial statements include the accounts of the Company, XHR LP (the "Operating Partnership"), and XHR Holding, Inc. and its subsidiaries. The Company's subsidiaries generally consist of limited liability companies, limited partnerships and the TRS. The effects of all inter-company transactions have been eliminated. Corporate costs directly associated with our executive offices, personnel and other administrative costs are reflected as general and administrative expenses on the condensed consolidated statements of operations and comprehensive income (loss).
Previous wording
The U.S. lodging industry historically exhibits a strong correlation to U.S. GDP, which increased at an estimated annual rate of approximately 2.0% during the first quarter of 2026, according to the U.S. Department of Commerce, compared to the increase in annual rate growth trend from the third and fourth quarters of 2025 of 4.4% and 1.4%, respectively. The increase during the first quarter reflected upturns in government spending and exports, and an acceleration in investment that were partly offset by a deceleration in consumer spending. In addition, the unemployment rate remained flat at 4.3% in March 2026 compared to 4.4% in December 2025 and September 2025. We continue to monitor and evaluate the challenges associated with consumer confidence, inflationary pressures, changing interest rates, a potential domestic and/or global recession, global conflicts, trade disputes, and the evolving workforce and wage landscape. The impact of these potential challenges could negatively impact the Company’s operating results as well as its ability to consummate acquisitions and dispositions of hotel properties in the near term.
Current wording
The U.S. lodging industry historically exhibits a strong correlation to U.S. GDP, which increased at an estimated annual rate of approximately 1.5% during the second quarter of 2026, according to the U.S. Department of Commerce, compared an increase in the annual rate of approximately 2.1% during the first quarter of 2026. The increase during the second quarter of 2026 reflected increases in consumer spending, investment and exports, that were partially offset by a decrease in government spending and an increase in imports. In addition, the unemployment rate fell slightly to 4.2% in June 2026 compared to 4.3% in March 2026 and 4.4% in December 2025. We continue to monitor and evaluate the challenges associated with consumer confidence, inflationary pressures, changing interest rates, a potential domestic and/or global recession, global conflicts, trade disputes, and the evolving workforce and wage landscape. The impact of these potential challenges could negatively impact the Company’s operating results as well as its ability to consummate acquisitions and dispositions of hotel properties in the near term.
Previous wording
Demand increased 2.0% during the three months ended March 31, 2026 while new hotel supply increased 0.6% during the same period. An increase in ADR of 2.4% coupled with an increase in occupancy of 1.4% led to an increase in industry RevPAR of 3.8% for the three months ended March 31, 2026 compared to 2025.
Current wording
Demand increased 1.7% and 1.8% during the three and six months ended June 30, 2026, respectively. New hotel supply increased 0.4% and 0.5% during the same periods. An increase in ADR of 4.4% coupled with a 1.2% increase in occupancy led to an increase in industry RevPAR of 5.7% for the three months ended June 30, 2026 compared to the same period in 2025. An increase in ADR of 3.5% coupled with a 1.3% increase in occupancy led to an increase in industry RevPAR of 4.8% for the six months ended June 30, 2026 compared to the same period in 2025.
Previous wording
RevPAR, which includes the results of hotels sold or acquired for the period of ownership by the Company, increased 9.1% to $205.93 for the three months ended March 31, 2026 compared to $188.73 for the three months ended March 31, 2025. The increase in RevPAR for the three months ended March 31, 2026 compared to the same period in 2025 was driven primarily by increases in occupancy and average daily rate as well as year over year growth at Grand Hyatt Scottsdale Resort due to continued ramp up in performance following the renovation. Further, demand has continued to shift to a more traditional mix of leisure, business transient and group within our portfolio.
Current wording
RevPAR, which includes the results of hotels sold or acquired for the period of ownership by the Company, increased 7.3% and 8.2% to $206.54 and $206.24 for the three and six months ended June 30, 2026 compared to $192.51 and $190.59 for the three and six months ended June 30, 2025, respectively. The increase in RevPAR for the three and six months ended June 30, 2026 compared to the same periods in 2025 was driven primarily by increases in occupancy and average daily rate as well as year over year growth at Grand Hyatt Scottsdale Resort due to continued ramp up in performance following the renovation. Further, demand has continued to shift to a more traditional mix of leisure, business transient and group within our portfolio.
Previous wording
Net income increased 28.5% for the three months ended March 31, 2026 compared to the three months ended March 31, 2025, which was primarily attributed to a $13.2 million increase in hotel operating income for our 30-comparable hotels, a $1.3 million reduction in depreciation and amortization expense and a $0.2 million reduction in interest expense. These increases were partially offset by a $4.8 million reduction in hotel operating income attributed to the sale of Fairmont Dallas in April 2025, a $3.3 million increase in other operating expenses, a $1.0 million reduction in other income, a $0.5 million increase in impairment and other losses, $0.2 million increase in general and administrative expenses and a $0.2 million increase in income tax expense.
Current wording
Net loss was $20.7 million for the three months ended June 30, 2026, a 135.4% decrease compared to net income of $58.6 million the three months ended June 30, 2025. The decrease was primarily attributed a $40.0 million gain on the sale of Fairmont Dallas in April 2025, a $38.5 million increase in impairment and other losses primarily attributed to Kimpton RiverPlace Hotel, a $2.1 million increase in other operating expenses, a $0.8 million reduction in other income, a $0.7 million reduction in hotel operating income attributed to the sale of Fairmont Dallas in April 2025 and a $0.4 million increase in general and administrative expenses. These amounts were partially offset by a $1.4 million reduction in interest expense, $0.8 million reduction in depreciation and amortization expense, a $0.7 million increase in hotel operating income for our 30-comparable hotels and a $0.3 million reduction in income tax expense.
Previous wording
Adjusted EBITDAre and Adjusted FFO attributable to common stock and unit holders for the three months ended March 31, 2026 increased 11.6% and 16.3%, respectively, compared to the three months ended March 31, 2025. Refer to "Non-GAAP Financial Measures" for the definition of these financial measures, a description of the reasons we believe they are useful to investors as key supplemental measures of our operating performance and the reconciliation of these non-GAAP financial measures to net income attributable to common stock and unit holders.
Current wording
Adjusted EBITDAre attributable to common stock and unit holders for the three and six months ended June 30, 2026 decreased 1.8% and increased 4.6%, respectively, compared to the three and six months ended June 30, 2025, and Adjusted FFO attributable to common stock and unit holders increased 0.5% and 8.0% for the same periods. Refer to "Non-GAAP Financial Measures" for the definition of these financial measures, a description of the reasons we believe they are useful to investors as key supplemental measures of our operating performance and the reconciliation of these non-GAAP financial measures to net income attributable to common stock and unit holders.
Previous wording
The following table sets forth certain operating information for the three months ended March 31, 2026 and 2025:
Current wording
The following table sets forth certain operating information for the three and six months ended June 30, 2026 and 2025:
Previous wording
Rooms revenues increased $4.5 million, or 2.8%, to $164.4 million for the three months ended March 31, 2026 from $159.9 million for the three months ended March 31, 2025 primarily driven by increases in occupancy and average daily rate as well as year over year growth at Grand Hyatt Scottsdale Resort due to continued ramp up in performance following the renovation. This increase is net of a reduction of $6.8 million attributed to the sale of Fairmont Dallas in April 2025.
Current wording
Rooms revenues increased $8.2 million, or 5.2%, to $166.7 million for the three months ended June 30, 2026 from $158.5 million for the three months ended June 30, 2025 primarily driven by increases in occupancy and average daily rate as well as year over year growth at Grand Hyatt Scottsdale Resort due to continued ramp up in performance following the renovation. This increase is net of a reduction of $0.7 million attributed to the sale of Fairmont Dallas in April 2025.
Previous wording
Food and beverage revenues increased $0.3 million, or 0.3%, to $105.0 million for the three months ended March 31, 2026 from $104.7 million for the three months ended March 31, 2025 primarily driven by an increase in occupancy, year over year growth at Grand Hyatt Scottsdale Resort due to continued ramp up in performance following the renovation and growth in banquets and catering resulting from strong group business demand. This increase is net of a reduction of $5.8 million attributed to the sale of Fairmont Dallas in April 2025.
Current wording
Food and beverage revenues increased $0.6 million, or 0.3%, to $207.5 million for the six months ended June 30, 2026 from $206.9 million for the six months ended June 30, 2025 primarily driven by an increase in occupancy, year over year growth at Grand Hyatt Scottsdale Resort due to continued ramp up in performance following the renovation and growth in banquets and catering resulting from strong group business demand. This increase is net of a reduction of $6.5 million attributed to the sale of Fairmont Dallas in April 2025.
Previous wording
Other revenues increased $1.7 million, or 6.9%, to $26.0 million for the three months ended March 31, 2026 from $24.4 million for the three months ended March 31, 2025 primarily due to increases in occupancy and ancillary fees as well as year over year growth at Grand Hyatt Scottsdale Resort due to continued ramp up in performance following the renovation. This increase is net of a reduction of $0.9 million attributed to the sale Fairmont Dallas in April 2025.
Current wording
Other revenues increased $1.2 million, or 2.3%, to $52.4 million for the six months ended June 30, 2026 from $51.3 million for the six months ended June 30, 2025 primarily due to increases in occupancy and ancillary fees as well as year over year growth at Grand Hyatt Scottsdale Resort due to continued ramp up in performance following the renovation. This increase is net of a reduction of $0.9 million attributed to the sale of Fairmont Dallas in April 2025.
Previous wording
Total hotel operating expenses increased slightly to $195.6 million for the three months ended March 31, 2026 from $195.5 million for the three months ended March 31, 2025 due to an increase in occupancy as well as year over year growth at Grand Hyatt Scottsdale Resort due to continued ramp up in performance following the renovation partially offset by a reduction of $8.0 million attributed to the sale of Fairmont Dallas in April 2025.
Current wording
Total hotel operating expenses increased $7.3 million, or 3.8%, to $198.2 million for the three months ended June 30, 2026 from $191.0 million for the three months ended June 30, 2025 due to an increase in occupancy as well as year over year growth at Grand Hyatt Scottsdale Resort due to continued ramp up in performance following the renovation partially offset by a reduction of $0.7 million attributed to the sale of Fairmont Dallas in April 2025.
Previous wording
Depreciation and amortization expense decreased $1.3 million, or 3.9%, to $31.9 million for the three months ended March 31, 2026 from $33.2 million for the three months ended March 31, 2025. The decrease was primarily attributed to the sale of Fairmont Dallas in April 2025 and fully depreciated assets during the comparable periods partially offset by the timing of new assets being placed into service.
Current wording
Depreciation and amortization expense decreased $2.1 million, or 3.2%, to $63.7 million for the six months ended June 30, 2026 from $65.8 million for the six months ended June 30, 2025. The decrease was primarily attributed to fully depreciated assets during the comparable period partially offset by the timing of new assets being placed into service as well as the sale of Fairmont Dallas in April 2025.
Previous wording
Real estate taxes, personal property taxes and insurance expense decreased $1.5 million, or 10.8%, to $12.2 million for the three months ended March 31, 2026 from $13.7 million for the three months ended March 31, 2025. The decrease was primarily attributed to a reduction of $0.7 million attributed to the sale of Fairmont Dallas in April 2025, a $0.5 million reduction in real estate taxes and a $0.3 million reduction in insurance expense.
Current wording
Real estate taxes, personal property taxes and insurance expense decreased $0.8 million, or 2.9%, to $24.9 million for the six months ended June 30, 2026 from $25.7 million for the six months ended June 30, 2025. The decrease was primarily attributed to a reduction of $0.7 million attributed to the sale of Fairmont Dallas in April 2025 and a $0.5 million reduction in insurance expense, partially offset by a $0.6 million decrease in real estate tax refunds.
Previous wording
Ground lease expense decreased $0.5 million, or 54.3%, to $0.4 million for thethree months ended March 31, 2026 from $0.8 million for thethree months ended March 31, 2025. The decrease was primarily attributed to the purchase of the fee simple interest in the land associated with the ground lease at Hyatt Regency Santa Clara in March 2025.
Current wording
Ground lease expense decreased $0.5 million, or 35.6%, to $0.9 million for thesix months ended June 30, 2026 from $1.4 million forsix months ended June 30, 2025. The decrease was primarily attributed to the purchase of the fee simple interest in the land associated with the ground lease at Hyatt Regency Santa Clara in March 2025.
Previous wording
Other operating expenses increased $3.3 million, or 382.2%, to $4.1 million for the three months ended March 31, 2026 from $0.9 million compared to the three months ended March 31, 2025 primarily due to non-recurring costs associated with an operator transition at four hotels and an increase in pre-opening expenses.
Current wording
Other operating expenses increased $2.1 million, or 922.8%, and $5.3 million, or 494.6%, to $2.3 million and $6.4 million for the three and six months ended June 30, 2026 from $0.2 million and $1.1 million compared to the three and six months ended June 30, 2025, respectively. The increases were primarily due to non-recurring costs associated with an operator transition at four hotels and an increase in pre-opening expenses.
Previous wording
For the three months ended March 31, 2026, the Company expensed $0.5 million of repair and clean up costs related to property damage sustained at certain properties.
Current wording
During the three and six months ended June 30, 2026, we entered into an agreement to sell the 85-room Kimpton RiverPlace Hotel for a sale price of $11.0 million. As of June 30, 2026, the property was classified as held for sale and we recorded an impairment loss of approximately $38.8 million as the carrying value exceeded the fair value net of selling costs. Additionally, for the six months ended June 30, 2026, the Company expensed $0.5 million of repair and clean up costs related to property damage sustained at certain properties.
Previous wording
Other income decreased $1.0 million, or 40.6%, to $1.5 million for the three months ended March 31, 2026 from $2.6 million for the three months ended March 31, 2025 primarily attributed to the prior year recognition of a $1.1 million net gain related to the write off of the right-of-use asset and lease liability resulting from the purchase of the fee simple interest in the land associated with the ground lease at Hyatt Regency Santa Clara as well as $0.5 million of insurance proceeds in excess of recognized losses in the prior year related to a casualty loss at one property. These decreases were partially offset by a $0.6 million non-recurring gain at one property.
Current wording
Other income decreased $1.9 million, or 44.4%, to $2.4 million for the six months ended June 30, 2026 from $4.3 million for the six months ended June 30, 2025 primarily attributed to the prior year recognition of a $1.1 million net gain related to the write off of the right-of-use asset and lease liability resulting from the purchase of the fee simple interest in the land associated with the ground lease at Hyatt Regency Santa Clara, a $1.1 million reduction interest income and $0.5 million of insurance proceeds in excess of recognized losses in the prior year related to a casualty loss at one property. These amounts were partially offset by a $0.6 million non-recurring gain at one property.
Previous wording
As of March 31, 2026, we had $101.1 million of consolidated cash and cash equivalents and $78.5 million of restricted cash and escrows. The restricted cash as of March 31, 2026 primarily consisted of $73.5 million related to FF&E reserves as required per the terms of our management and franchise agreements, $4.2 million in deposits made for capital projects and cash held in restricted escrows of $0.7 million primarily for real estate taxes and mortgage escrows.
Current wording
As of June 30, 2026, we had $112.4 million of consolidated cash and cash equivalents and $83.7 million of restricted cash and escrows. The restricted cash as of June 30, 2026 primarily consisted of $77.6 million related to FF&E reserves as required per the terms of our management and franchise agreements, $5.8 million in deposits made for capital projects and cash held in restricted escrows of $0.4 million primarily for real estate taxes and mortgage escrows.
Previous wording
As of March 31, 2026, our outstanding total debt was $1.4 billion and had a weighted-average interest rate of 5.53%.
Current wording
As of June 30, 2026, our outstanding total debt was $1.4 billion and had a weighted-average interest rate of 5.49%.
Previous wording
In March 2026, the Company repaid with cash on hand $6.3 million of outstanding balance on the mortgage loan collateralized by Andaz Napa.
Current wording
In March 2026 and June 2026, the Company repaid with cash on hand $6.3 million and $5.2 million, respectively, of the outstanding balance on the mortgage loan collateralized by Andaz Napa.
Previous wording
In March 2026, the Company reduced the notional amount on the interest rate swap in connection with the paydown of the mortgage loan collateralized by Andaz Napa and, as a result, we had one interest rate swap with an aggregate notional amount of $47.5 million as of March 31, 2026. This swap fixes the variable interest rate on one mortgage loan for a portion of the term.
Current wording
In March 2026 and June 2026, the Company reduced the notional amount on the interest rate swap in connection with the paydowns of the mortgage loan collateralized by Andaz Napa and, as a result, we had one interest rate swap with an aggregate notional amount of $42.0 million as of June 30, 2026. This swap fixes the variable interest rate on one mortgage loan for a portion of the term.
Previous wording
We maintain an ATM program pursuant to the ATM Agreement. In accordance with the terms of the ATM Agreement, the Company may from time to time offer and sell shares of its common stock having an aggregate gross offering price of up to $200 million. No shares were sold under the ATM Agreement during the three months ended March 31, 2026. As of March 31, 2026, we had $200 million available for sale under the ATM Agreement.
Current wording
We maintain an ATM program pursuant to the ATM Agreement. In accordance with the terms of the ATM Agreement, the Company may from time to time offer and sell shares of its common stock having an aggregate gross offering price of up to $200 million. No shares were sold under the ATM Agreement during the three and six months ended June 30, 2026. As of June 30, 2026, we had $200 million available for sale under the ATM Agreement.
Previous wording
No shares were purchased as part of the Repurchase Program during the three months ended March 31, 2026. During the three months ended March 31, 2025, 2,733,149 shares were repurchased under the Repurchase Program, at a weighted-average price of $13.09 per share for an aggregate purchase price of $35.8 million. As of March 31, 2026, the Company had approximately $97.5 million remaining under its share repurchase authorization.
Current wording
No shares were purchased as part of the Repurchase Program during the six months ended June 30, 2026. During the three and six months ended June 30, 2025, 2,948,912 and 5,682,061 shares were repurchased under the Repurchase Program, at a weighted-average price of $12.10 and $12.58 per share for an aggregate purchase price of $35.7 million and $71.5 million, respectively. As of June 30, 2026, the Company had approximately $97.5 million remaining under its share repurchase authorization.
Previous wording
As of March 31, 2026 and December 31, 2025, we had a total of $73.5 million and $70.3 million, respectively, of FF&E reserves. During the three months ended March 31, 2026 and March 31, 2025, we made total capital expenditures of $15.2 million and $32.4 million, respectively.
Current wording
As of June 30, 2026 and December 31, 2025, we had a total of $77.6 million and $70.3 million, respectively, of FF&E reserves. During the three and six months ended June 30, 2026, we made total capital expenditures of $15.4 million and $30.6 million, respectively, and during three and six months ended June 30, 2025, we made total capital expenditures of $18.5 million and $50.8 million, respectively.
Previous wording
As of March 31, 2026, we had various contracts outstanding with third-parties in connection with the renovation of certain of our hotel properties. The remaining commitments under these contracts as of March 31, 2026 totaled $10.1 million.
Current wording
As of June 30, 2026, we had various contracts outstanding with third-parties in connection with the renovation of certain of our hotel properties. The remaining commitments under these contracts as of June 30, 2026 totaled $12.1 million.
Previous wording
Comparison of the Three Months Ended March 31, 2026 to the Three Months Ended March 31, 2025
Current wording
Comparison of the Six Months Ended June 30, 2026 to the Six Months Ended June 30, 2025
Previous wording
•Cash provided by operating activities was $45.0 million and $54.8 million for the three months ended March 31, 2026 and 2025, respectively. Cash flows from operating activities generally consist of the net cash generated by our hotel operations, partially offset by the cash paid for interest, corporate expenses and other working capital changes. Our cash flows from operating activities may also be affected by changes in our portfolio resulting from hotel acquisitions, dispositions or from disruption and subsequent improvements resulting from renovations. The net decrease to cash provided by operating activities during the three months ended March 31, 2026 was primarily due to the timing of working capital transactions, partially offset by an increase in operating income. Refer to the "Results of Operations" section for further discussion of our operating results for the three months ended March 31, 2026 and 2025.
Current wording
•Cash provided by operating activities was $96.5 million and $91.1 million for the six months ended June 30, 2026 and 2025, respectively. Cash flows from operating activities generally consist of the net cash generated by our hotel operations, partially offset by the cash paid for interest, corporate expenses and other working capital changes. Our cash flows from operating activities may also be affected by changes in our portfolio resulting from hotel acquisitions, dispositions or from disruption and subsequent improvements resulting from renovations. The net increase to cash provided by operating activities during the six months ended June 30, 2026 was primarily due to the timing of working capital transactions. Refer to the "Results of Operations" section for further discussion of our operating results for the three and six months ended June 30, 2026 and 2025.
Previous wording
•Cash used in investing activities was $15.2 million and $56.2 million for the three months ended March 31, 2026 and 2025, respectively. Cash used in investing activities for the three months ended March 31, 2026 was attributed to $15.2 million in capital improvements at our hotel properties. Cash used in investing activities for the three months ended March 31, 2025 was attributed to $32.4 million in capital improvements at our hotel properties and $25.4 million for the purchase of the fee simple interest in the land associated with the ground lease at Hyatt Regency Santa Clara, which was partially offset by $1.6 million of proceeds from property insurance.
Current wording
•Cash provided by investing activities was $27.5 million for the six months ended June 30, 2025 and was attributed to net proceeds of $101.4 million from the sale of Fairmont Dallas and $2.4 million of proceeds from property insurance, partially offset by $50.8 million in capital improvements at our hotel properties and $25.4 million for the purchase of the fee simple interest in the land associated with the ground lease at Hyatt Regency Santa Clara.
Previous wording
•Cash used in financing activities was $73.3 million for the three months ended March 31, 2026 and was attributed to (i) the payoff of mortgage debt totaling $58.1 million, (ii) the payment of $13.4 million in dividends, (iii) principal payments of mortgage debt totaling $1.0 million and (iv) shares redeemed to satisfy tax withholding on vested share-based compensation of $0.8 million.
Current wording
•Cash used in financing activities was $92.9 million for the six months ended June 30, 2026 and was attributed to (i) the payoff of mortgage debt totaling $63.4 million, (ii) the payment of $26.8 million in dividends and dividend equivalents, (iii) principal payments of mortgage debt totaling $1.9 million and (iv) shares redeemed to satisfy tax withholding on vested share-based compensation of $0.8 million.
Previous wording
•Cash provided by financing activities was $39.9 million for the three months ended March 31, 2025 and was attributed to the proceeds from the 2024 Delayed Draw Term Loan of $100.0 million and proceeds from a $10.0 million draw on the Revolving Credit Facility, which was partially offset by (i) the repurchase of common stock totaling $35.8 million, (ii) the repayment of the Revolving Credit Facility of $20.0 million, (iii) the payment of $12.4 million in dividends, (iv) principal payments of mortgage debt totaling $1.0 million, (v) shares redeemed to satisfy tax withholding on vested share-based compensation of $0.5 million and (vi) the redemption of Operating Partnership Units for cash of $0.3 million.
Current wording
•Cash used in financing activities was $11.2 million for the six months ended June 30, 2025 and was attributed to (i) the repurchase of common stock totaling $71.5 million, (ii) the payment of $26.7 million in dividends and dividend equivalents, (iii) the repayment of the Revolving Credit Facility of $20.0 million, (iv) principal payments of mortgage debt totaling $2.2 million, (v) shares redeemed to satisfy tax withholding on vested share-based compensation of $0.6 million and (vi) the redemption of Operating Partnership Units for cash of $0.3 million, partially offset by the proceeds from the 2024 Delayed Draw Term Loan of $100.0 million and proceeds from a $10.0 million draw on the Revolving Credit Facility.
Previous wording
The following is a reconciliation of net income to EBITDA, EBITDAre and Adjusted EBITDAre attributable to common stock and unit holders for the three months ended March 31, 2026 and 2025 (in thousands):
Current wording
The following is a reconciliation of net income (loss) to EBITDA, EBITDAre and Adjusted EBITDAre attributable to common stock and unit holders for the three and six months ended June 30, 2026 and 2025 (in thousands):
Previous wording
(1) During the three months ended March 31, 2025, we recorded $0.5 million of insurance proceeds in excess of recognized losses related to a casualty loss at one property. This amount is included in other income on the condensed consolidated statement of operations and comprehensive income for the period then ended.
Current wording
(2) During the six months ended June 30, 2025, we recorded $0.5 million of insurance proceeds in excess of recognized losses related to a casualty loss at one property. This amount is included in other income on the condensed consolidated statement of operations and comprehensive income for the period then ended.
Previous wording
The following is a reconciliation of net income to FFO and Adjusted FFO attributable to common stock and unit holders for the three months ended March 31, 2026 and 2025 (in thousands):
Current wording
The following is a reconciliation of net income (loss) to FFO and Adjusted FFO attributable to common stock and unit holders for the three and six months ended June 30, 2026 and 2025 (in thousands):
Previous wording
(1) During the three months ended March 31, 2025, we recorded $0.5 million of insurance proceeds in excess of recognized losses related to a casualty loss at one property. This amount is included in other income on the condensed consolidated statement of operations and comprehensive income for the period then ended.
Current wording
(2) During the six months ended June 30, 2025, we recorded $0.5 million of insurance proceeds in excess of recognized losses related to a casualty loss at one property. This amount is included in other income on the condensed consolidated statement of operations and comprehensive income for the period then ended.
Previous wording
(2) Loan related costs included amortization of debt premiums, discounts and deferred loan origination costs.
Current wording
(3) Loan related costs include amortization of debt premiums, discounts and deferred loan origination costs.
Rearranged current paragraphs (3)
Current report — wording carried from elsewhere
Food and beverage revenues increased $0.3 million, or 0.3%, to $102.4 million for the three months ended June 30, 2026 from $102.2 million for the three months ended June 30, 2025 primarily driven by an increase in occupancy and year over year growth at Grand Hyatt Scottsdale Resort due to continued ramp up in performance following the renovation. This increase is net of a reduction of $0.7 million attributed to the sale of Fairmont Dallas in April 2025.
Current report — wording carried from elsewhere
Depreciation and amortization expense decreased $0.8 million, or 2.5%, to $31.8 million for the three months ended June 30, 2026 from $32.6 million for the three months ended June 30, 2025. The decrease was primarily attributed to fully depreciated assets during the comparable period partially offset by the timing of new assets being placed into service.
Current report — wording carried from elsewhere
•Cash used in investing activities was $30.6 million for the six months ended June 30, 2026 and was attributed to capital improvements at our hotel properties.