# Xenia Hotels & Resorts Xenia Hotels & Resorts is an Asset Manager based in Orlando, United States. ## Overview - **Organization type:** Asset Manager - **Headquarters:** Orlando, United States - **Region:** North America - **Address:** Orlando, FL, United States - **Founded:** 2015 - **Assets under management:** ~$2.5B gross asset value (Altss estimate based on public portfolio data) - **Website:** xeniareit.com ## Regulatory record - **Reports private funds:** No ## About Xenia Hotels & Resorts was formed in February 2015 when Inland American Real Estate Trust spun off its lodging portfolio into a standalone, publicly traded real estate investment trust. Marcel Verbaas, who had overseen the lodging platform at Inland American, became Chairman and CEO at inception and has led the firm since. The company listed on the New York Stock Exchange under the ticker XHR with a seed portfolio concentrated in top 25 US lodging markets and key leisure destinations. Rather than originating from a single-family wealth source, the firm was created as a public capital markets vehicle designed to give institutional and retail investors exposure to high-barrier-to-entry hotel real estate. The REIT owns primarily premium-branded, rooms-focused hotels operated under management agreements with third parties such as Marriott International, Hyatt Hotels Corporation, and IHG. The portfolio spans full-service, lifestyle, and select-service categories, with a tilt toward properties that would be difficult to replicate — urban core locations, resort-adjacent parcels, and assets in supply-constrained markets like Key West, California coastal cities, and Scottsdale. Named assets include the Canary by Kimpton in Santa Barbara, the Hyatt Regency Grand Cypress in Orlando, and the Waldorf Astoria Park City. The firm does not operate hotels itself; it collects rent from branded operators, aligning with a capital-light operating model common among lodging REITs. Geographically, its footprint stretches from Hawaii to Florida, with dense clusters in California, Arizona, Texas, and the Southeastern US. The firm has historically pivoted between acquisition and disposition cycles, most notably selling non-core assets in secondary markets post-spin to upgrade portfolio quality. Xenia currently owns interests in hotels totaling more than 9,400 rooms. The firm is headquartered in Orlando, Florida, with no additional offices disclosed. In May 2024, Xenia sold the Lorien Hotel & Spa in Alexandria, Virginia for $30 million, continuing a multi-year strategy of recycling capital from smaller or non-core assets into higher-growth markets. The firm has also executed share repurchase programs during periods when its stock traded below consensus net asset value estimates, a common defensive tactic among equity REITs trading at a discount to underlying property values. The company maintains a disciplined balance sheet, historically targeting net debt-to-EBITDA ratios below the wider lodging REIT sector average. Its board includes directors with hospitality operating backgrounds, reflecting the asset-class specialization that separates it from diversified equity REITs. Xenia's structure as a pure-play lodging REIT is itself a differentiator in a subsector where many peers blend hotel and resort exposure with other real estate categories. By owning the physical real estate while outsourcing operations to global brand companies, the firm decouples real estate risk from operational execution risk — a model most relevant to institutional allocators who want targeted lodging exposure without operator liability. The REIT wrapper also imposes mandatory income distribution requirements via dividends, making total return more dependent on net asset value growth and property-level margin expansion than on private-equity-style exit timing. ## Sectors - Real Estate - Luxury ## People - Marcel Verbaas — Chairman and Chief Executive Officer ## Questions ### Who runs investment and capital allocation decisions at Xenia? Marcel Verbaas has led Xenia as Chairman and CEO since its 2015 spinoff from Inland American Real Estate Trust. Key acquisition, disposition, and balance-sheet decisions are executed by the senior management team and overseen by a board that includes independent directors with hospitality and real estate finance backgrounds. The firm operates as a publicly traded REIT, meaning major capital events require board approval and are disclosed to shareholders via SEC filings. ### How does Xenia compare to other major lodging REITs? Xenia is smaller in enterprise value than Host Hotels & Resorts and Ryman Hospitality Properties, but is larger and more geographically concentrated than many micro-cap lodging REITs. Its portfolio skews upscale and luxury, comparable to Pebblebrook Hotel Trust in asset quality and premium-brand focus. Where Xenia has differentiated is in its willingness to exit markets entirely — it sold its last Texas holdings outside core demand generators years ago and has concentrated capital into coastal and resort destination markets where replacement costs are prohibitive. This creates a tighter geographic footprint than some peers but higher revenue per available room (RevPAR) on average. ### Does Xenia manage a separate private fund or non-traded vehicle? No. Xenia is a single publicly traded entity listed on the NYSE under ticker XHR. There is no parallel private fund, non-traded REIT, or separate managed account vehicle. The firm's predecessor, Inland American, was a non-traded REIT that listed its shares publicly, and the lodging portfolio was spun into Xenia specifically to create a clean, single-class public equity vehicle. All portfolio assets are held on the balance sheet of the publicly traded entity. ### Where does Xenia generate the bulk of its property-level revenue? The portfolio is concentrated in the Sun Belt and the US West, with significant exposure to California, Florida, Arizona, and Hawaii. Key demand drivers include corporate transient travel in urban markets, group and convention business at larger resort properties like the Hyatt Regency Grand Cypress in Orlando, and high-end leisure travel in coastal and mountain destinations. The firm discloses geographic revenue concentration in its quarterly and annual supplemental financial filings, which consistently show California and Florida as the largest state-level contributors. ## Related profiles - [Oculis Holding AG](https://altss.com/profile/oculis-holding-ag) - [Shoals Technologies Group](https://altss.com/profile/shoals-technologies-group-inc) --- Last updated: 2026-06-03T20:00:00.000Z Canonical page: https://altss.com/profile/xenia-hotels-and-resorts-inc Maintained by Altss — https://altss.com — methodology: https://altss.com/methodology