The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Dori Kesten - Wells Fargo Securities - Analyst
: Thanks, good morning. We appreciate the detail on group pace for, I guess, for Scottsdale and for the remainder of the portfolio. Are you able to
provide a little bit more, guidelines on how the hotel may ramp over the next few years? I guess, rate wise, it looks like you're drafting your peers
for the first few months, but that spread lessens pretty considerably by mid 25?
Question: Dori Kesten - Wells Fargo Securities - Analyst
: Sure. I was just asking if you can provide a little bit more detail on the pace of how you get the low $40 million EBITDA range. And then I was just
noticing, it looks like your rates kind of coming out of the gate are drafting your immediate peers, but they lessen pretty considerably by the time
you get to mid '25.
Question: Dori Kesten - Wells Fargo Securities - Analyst
: Okay. Thank you.
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NOVEMBER 07, 2024 / 4:00PM, XHR.N - Q3 2024 Xenia Hotels & Resorts Inc Earnings Call
Question: Michael Bellisario - Robert W. Baird & Co - Analyst
: Good morning, everyone. I have two questions. Asking them together, the first one is just sort of a follow-up on Scottsdale, the $3 million EBITDA
impact. Does that mean the entire ramp-up as you look out is maybe $3 million behind, and that '25 would be $3 million less than what you would
have thought it maybe would have done a quarter ago? And maybe just help us frame the ramp-up expectations there today versus last quarter
just thinking about '25.
And then for Barry, just on the expenses, thanks for walking through all the line items. Just any geographies that you'd point out that are maybe
affecting the expense pressures that you referenced, and if I understood everything correctly, like the expense pressure is it's really just rate and
occupancy mix, right? It's not -- it's less about the absolute level of like-for-like expense growth.
Question: Michael Bellisario - Robert W. Baird & Co - Analyst
: Thank you.
Question: Aryeh Klein - BMO Capital Markets - Analyst
: Thanks and good morning. Maybe just following up on Scottsdale. What is the EBITDA contribution this year? And in 2019, the hotel did $23 million,
and in '22 it did $30 million. And I appreciate that's going to take a while to get to the stabilized number. But are those -- are either of those realistic
kind of goalposts for 2025?
Question: Aryeh Klein - BMO Capital Markets - Analyst
: And then just on the expenses, I guess what would be helpful is just what caught you by surprise? Is it -- was this occupancy ADR shift, I guess,
unexpected from your point of view? And are those trends expected to continue, I guess, moving forward?
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NOVEMBER 07, 2024 / 4:00PM, XHR.N - Q3 2024 Xenia Hotels & Resorts Inc Earnings Call
Question: Aryeh Klein - BMO Capital Markets - Analyst
: Helpfull. Thank you.
Question: Austin Wurschmidt - KeyBanc Capital - Analyst
: Great, thanks and good morning, everybody. Sticking to the leisure theme overall and the softness that you referenced, what are kind of the early
thoughts for remaining rate normalization within that segment, I think it's 25%, 30% of the portfolio? And then as I think you highlighted, maybe
contributing to some of this margin and weakness you cited, just some early thoughts on kind of how that trend you think goes from here heading
into '25?
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NOVEMBER 07, 2024 / 4:00PM, XHR.N - Q3 2024 Xenia Hotels & Resorts Inc Earnings Call
Question: Tyler Batory - Oppenheimer & Co - Analyst
: Thanks, good morning, everyone. So just thinking a little bit more about the portfolio opportunities to evolve the portfolio in the years ahead.
From a strategic perspective, you got a little bit more liquidity here with the expanded credit facility. Just how are you thinking about the opportunity
for potential acquisitions? I know a lot of moving pieces in the portfolio this year. You just did the asset sale in July, I guess. So how are you thinking
about capital recycling and potential opportunities to look at acquisitions here?
Question: Tyler Batory - Oppenheimer & Co - Analyst
: Okay, great. Thank you.
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