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Xenia Hotels & Resorts Reports Fourth Quarter And Full Year 2020 Results
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ORLANDO, Fla., March 1, 2021 /PRNewswire/ Xenia Hotels & Resorts, Inc. (NYSE: XHR) ( Xenia or the Company ) today announced results for the quarter and full year ended December 31, 2020.
Fourth Quarter 2020 Highlights
Adjusted EBITDAre: Adjusted EBITDAre was $(10.1) million.
Adjusted FFO per Diluted Share: Adjusted FFO per diluted share was $(0.24).
Same-Property RevPAR: The Company had its entire Same-Property portfolio (34 properties) open and operating during the entire fourth quarter. These properties achieved RevPAR of $50.82, as a result of occupancy of 27.8% and an ADR of $182.64.
Transaction Activity: The Company sold four hotels for a total sales price of approximately $391 million.
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Carlsbad approved an “urgency ordinance” Tuesday effective immediately that requires the city’s largest hotels to keep jobs available when business returns for their employees who are furloughed or laid off because of the COVID-19 pandemic.
Only the city’s largest hotels with 200 or more guest rooms are affected by the ordinance, including the Omni La Costa Resort and Spa, the Park Hyatt Aviara Resort, and Legoland California. No criminal penalties are provided, but the ordinance gives employees the ability to file lawsuits and helps with their legal expenses if they are passed over when their position is refilled.