Segment Reporting

The Company invests in uniquely positioned luxury and upper upscale hotels and resorts with a focus on the top 25 lodging markets as well as key leisure destinations in the United States and manages its business activities on a consolidated basis. The Company has identified its Chief Executive Officer as its Chief Operating Decision Maker ("CODM"). The CODM evaluates performance, allocates capital resources and manages the overall investing strategy of each hotel individually. Further, the Company considers each hotel to be an operating segment and aggregates each operating segment into one reportable segment. Each hotel in this reportable segment derives revenues from the sale of room nights at hotel properties, food and beverage revenues and ancillary revenue such as parking, resort or destination amenity fees, golf, spa services and other guest services and tenant leases. Further, each operating segment follows the same accounting policies as those described in Note 2. The measure of segment assets is reported on the balance sheet as total consolidated assets.

The CODM uses Hotel Earnings Before Interest, Taxes, Depreciation and Amortization (“Hotel EBITDA”) to evaluate income generated from segment assets (return on assets) in deciding whether to reinvest profits into the reportable segment or into other areas, such as for acquisitions, share repurchases, payment of dividends and other corporate expenditures. The CODM also uses Hotel EBITDA to monitor budgeted versus actual operating results and to facilitate comparisons of operating performance between periods and between competitors.

The following table presents Segment Hotel EBITDA for the years ended December 31, 2025, 2024 and 2023 (in thousands):


	Year Ended December 31,
	2025			2024			2023
Revenues:
Rooms revenues	$	596,536		$	597,097		$	588,278
Food and beverage revenues	380,269			350,738			354,114
Other revenues	101,695			91,212			83,051
Total revenues	$	1,078,500		$	1,039,047		$	1,025,443
Expenses:
Rooms expenses	153,646			152,133			145,274
Food and beverage expenses	254,305			241,186			235,961
Other direct expenses	27,500			25,009			23,467
Undistributed expenses(1)	264,382			266,216			255,487
Management and franchise fees	38,900			36,507			35,235
Real estate taxes, personal property taxes and insurance	50,823			53,140			50,491
Lease/rent expense	1,194			1,157			1,183
Ground lease expense	1,757			3,232			3,069
Owner repairs & maintenance	182			140			281
Other fixed expenses	6,485			6,338			3,676
Gain on business interruption insurance	(510)			(2,338)			(218)
Segment Hotel EBITDA	$	279,836		$	256,327		$	271,537
Segment Hotel EBITDA Margin	25.9		%	24.7		%	26.5		%

(1)Primarily includes costs related to general and administrative, sales and marketing, repairs and maintenance, utilities and information technology.

The following table presents Segment Hotel EBITDA reconciled to net income before income taxes for the years ended December 31, 2025, 2024 and 2023 (in thousands):


	Year Ended December 31,
	2025		2024		2023
Segment Hotel EBITDA	$	279,836	$	256,327	$	271,537
Adjustments and reconciling items:
Depreciation and amortization	(130,721)		(128,749)		(132,023)
General and administrative expenses	(36,792)		(36,245)		(37,219)
Other operating expenses	(4,507)		(3,830)		(3,088)
Impairment and other losses	(279)		(520)		—
Gain on sale of investment properties	39,953		1,628		—
Other income	7,522		9,251		8,300
Interest expense	(86,722)		(80,882)		(84,997)
Loss on extinguishment of debt	—		(3,850)		(1,189)
Net income before income taxes	$	68,290	$	13,130	$	21,321

Historical Timeline

Fiscal Year	Filed
2025	Feb 24, 2026	Showing above
2024	Feb 25, 2025

About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.

Xenia Hotels & Resorts, Inc. Segments Disclosure

Historical Timeline

About Segments Disclosures

Other Available Disclosures