Xenia Hotels & Resorts is a hotel REIT that owns 30 luxury and upper upscale hotels and resorts across the U.S., totaling roughly 8,900 rooms. The portfolio is 100% branded, affiliated with Hyatt, Marriott, Ritz-Carlton, Kimpton, and Waldorf Astoria, among others. Properties are concentrated in top-25 U.S. lodging markets and key leisure destinations, including Orlando, Houston, Phoenix/Scottsdale, Nashville, and several coastal markets. Because Xenia is structured as a REIT, it cannot directly operate its hotels; instead, Xenia leases each property to its taxable REIT subsidiary, which contracts third-party hotel management companies to run day-to-day operations. Group meetings and events is Xenia's most important demand segment, representing roughly 37% of rooms revenue, and is particularly valuable because it drives ancillary F&B, banquet, and meeting room spend on top of room nights. Business transient and leisure round out the demand mix. Xenia pursues earnings growth through three levers: organic growth at existing assets (primarily ramping recently renovated properties, led by the Grand Hyatt Scottsdale following a ~$150M renovation), share buybacks when the stock trades below NAV, and selective acquisitions in the $50-200M range. Capital recycling is core to the model — Xenia regularly invests in property improvements and disposes of assets where required CapEx doesn't generate adequate returns. Xenia targets net debt-to-EBITDA in the low 3x to low 4x range and must distribute at least 90% of REIT taxable income to shareholders.