$XHR
Xenia Hotels & Resorts, Inc.

2018 Q1 Form 10-Q Financial Statement

#000161600018000062 Filed on May 03, 2018

View on sec.gov

Income Statement

Concept 2018 Q1 2017 Q1
Revenue $264.5M $218.5M
YoY Change 21.07% -7.05%
Cost Of Revenue $171.4M $140.5M
YoY Change 22.0% -8.3%
Gross Profit $93.12M $77.99M
YoY Change 19.4% -4.71%
Gross Profit Margin 35.21% 35.7%
Selling, General & Admin $82.90M $73.00M
YoY Change 13.56% -9.65%
% of Gross Profit 89.03% 93.6%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $37.97M $36.28M
YoY Change 4.64% -5.02%
% of Gross Profit 40.77% 46.52%
Operating Expenses $121.7M $109.5M
YoY Change 11.14% -8.52%
Operating Profit $32.83M $20.39M
YoY Change 61.02% 82.85%
Interest Expense $13.72M $10.15M
YoY Change 35.14% -20.95%
% of Operating Profit 41.78% 49.78%
Other Income/Expense, Net $387.0K $152.0K
YoY Change 154.61% 80.95%
Pretax Income $61.71M $10.39M
YoY Change 493.74% -290.21%
Income Tax $4.664M $2.166M
% Of Pretax Income 7.56% 20.84%
Net Earnings $55.66M $8.227M
YoY Change 576.5% -192.28%
Net Earnings / Revenue 21.04% 3.77%
Basic Earnings Per Share $0.52
Diluted Earnings Per Share $0.52 $75.70K
COMMON SHARES
Basic Shares Outstanding 106.8M shares 106.8M shares
Diluted Shares Outstanding 107.0M shares 107.1M shares

Balance Sheet

Concept 2018 Q1 2017 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $255.5M $202.4M
YoY Change 26.24% 26.82%
Cash & Equivalents $255.5M $202.4M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $49.50M $32.30M
Other Receivables $0.00 $0.00
Total Short-Term Assets $305.0M $234.7M
YoY Change 29.95% 22.49%
LONG-TERM ASSETS
Property, Plant & Equipment $2.684B $2.405B
YoY Change 11.62% -8.67%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $62.30M $85.90M
YoY Change -27.47% -46.88%
Total Long-Term Assets $2.863B $2.600B
YoY Change 10.11% -10.29%
TOTAL ASSETS
Total Short-Term Assets $305.0M $234.7M
Total Long-Term Assets $2.863B $2.600B
Total Assets $3.168B $2.834B
YoY Change 11.75% -8.25%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $79.80M $65.50M
YoY Change 21.83% -12.55%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $109.7M $95.40M
YoY Change 14.99% -8.97%
LONG-TERM LIABILITIES
Long-Term Debt $1.328B $1.077B
YoY Change 23.31% -16.51%
Other Long-Term Liabilities $47.30M $29.80M
YoY Change 58.72% -33.03%
Total Long-Term Liabilities $1.375B $1.107B
YoY Change 24.27% -17.06%
TOTAL LIABILITIES
Total Short-Term Liabilities $109.7M $95.40M
Total Long-Term Liabilities $1.375B $1.107B
Total Liabilities $1.485B $1.202B
YoY Change 23.54% -16.48%
SHAREHOLDERS EQUITY
Retained Earnings -$294.8M -$323.4M
YoY Change -8.85% 5.1%
Common Stock $1.069M $1.069M
YoY Change 0.0% -1.38%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.649B $1.609B
YoY Change
Total Liabilities & Shareholders Equity $3.168B $2.834B
YoY Change 11.75% -8.25%

Cashflow Statement

Concept 2018 Q1 2017 Q1
OPERATING ACTIVITIES
Net Income $55.66M $8.227M
YoY Change 576.5% -192.28%
Depreciation, Depletion And Amortization $37.97M $36.28M
YoY Change 4.64% -5.02%
Cash From Operating Activities $42.76M $34.22M
YoY Change 24.98% 0.96%
INVESTING ACTIVITIES
Capital Expenditures -$23.90M -$13.20M
YoY Change 81.06% -89.29%
Acquisitions
YoY Change
Other Investing Activities $196.9M $0.00
YoY Change
Cash From Investing Activities $173.0M -$13.21M
YoY Change -1409.56% -85.01%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00 $1.787M
YoY Change -100.0% -96.37%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$28.38M -$36.46M
YoY Change -22.17% -139.75%
NET CHANGE
Cash From Operating Activities $42.76M $34.22M
Cash From Investing Activities $173.0M -$13.21M
Cash From Financing Activities -$28.38M -$36.46M
Net Change In Cash $187.4M -$15.46M
YoY Change -1312.58% -141.3%
FREE CASH FLOW
Cash From Operating Activities $42.76M $34.22M
Capital Expenditures -$23.90M -$13.20M
Free Cash Flow $66.66M $47.42M
YoY Change 40.59% -69.84%

Facts In Submission

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OtherDirectCostsOfHotels
4474000 USD
CY2017Q1 us-gaap Other Hotel Operating Revenue
OtherHotelOperatingRevenue
12184000 USD
CY2018Q1 us-gaap Other Hotel Operating Revenue
OtherHotelOperatingRevenue
15501000 USD
CY2017Q4 us-gaap Other Liabilities
OtherLiabilities
40694000 USD
CY2018Q1 us-gaap Other Liabilities
OtherLiabilities
47278000 USD
CY2017Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
152000 USD
CY2018Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
387000 USD
CY2017Q1 us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
13214000 USD
CY2018Q1 us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
23875000 USD
CY2017Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
1787000 USD
CY2018Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
0 USD
CY2017Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
29854000 USD
CY2018Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
29737000 USD
CY2017Q1 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
2415000 USD
CY2018Q1 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
3661000 USD
CY2017Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
1760000 USD
CY2018Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
1021000 USD
CY2017Q1 us-gaap Proceeds From Issuance Of Secured Debt
ProceedsFromIssuanceOfSecuredDebt
0 USD
CY2018Q1 us-gaap Proceeds From Issuance Of Secured Debt
ProceedsFromIssuanceOfSecuredDebt
65000000 USD
CY2017Q1 us-gaap Proceeds From Minority Shareholders
ProceedsFromMinorityShareholders
0 USD
CY2018Q1 us-gaap Proceeds From Minority Shareholders
ProceedsFromMinorityShareholders
79000 USD
CY2017Q1 us-gaap Proceeds From Sales Of Assets Investing Activities
ProceedsFromSalesOfAssetsInvestingActivities
0 USD
CY2018Q1 us-gaap Proceeds From Sales Of Assets Investing Activities
ProceedsFromSalesOfAssetsInvestingActivities
196920000 USD
CY2017Q1 us-gaap Profit Loss
ProfitLoss
8227000 USD
CY2018Q1 us-gaap Profit Loss
ProfitLoss
57043000 USD
CY2017Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
628450000 USD
CY2018Q1 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
666116000 USD
CY2017Q4 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
3319305000 USD
CY2018Q1 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
3350096000 USD
CY2017Q4 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
2690855000 USD
CY2018Q1 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
2683980000 USD
CY2017Q1 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
0 USD
CY2018Q1 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
40000000 USD
CY2017Q1 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
69200000 USD
CY2017Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
58520000 USD
CY2018Q1 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
62320000 USD
CY2017Q1 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
0 USD
CY2018Q1 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
37000 USD
CY2017Q1 us-gaap Undistributed Earnings Loss Available To Common Shareholders Basic
UndistributedEarningsLossAvailableToCommonShareholdersBasic
7973000 USD
CY2017Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-320964000 USD
CY2018Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-294766000 USD
CY2017Q1 us-gaap Revenue From Leased And Owned Hotels
RevenueFromLeasedAndOwnedHotels
218460000 USD
CY2018Q1 us-gaap Revenue From Leased And Owned Hotels
RevenueFromLeasedAndOwnedHotels
264498000 USD
CY2017Q4 us-gaap Secured Debt
SecuredDebt
1322593000 USD
CY2018Q1 us-gaap Secured Debt
SecuredDebt
1328086000 USD
CY2017Q1 us-gaap Service Management Costs
ServiceManagementCosts
11378000 USD
CY2018Q1 us-gaap Service Management Costs
ServiceManagementCosts
11560000 USD
CY2017Q1 us-gaap Share Based Compensation
ShareBasedCompensation
2230000 USD
CY2018Q1 us-gaap Share Based Compensation
ShareBasedCompensation
2070000 USD
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeited In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod
0 shares
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
935641 shares
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
1975057 shares
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
2670696 shares
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
8.88
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
237461 shares
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
1614905000 USD
CY2018Q1 us-gaap Stockholders Equity
StockholdersEquity
1649274000 USD
CY2017Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1645086000 USD
CY2018Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1682437000 USD
CY2018Q1 us-gaap Undistributed Earnings Loss Available To Common Shareholders Basic
UndistributedEarningsLossAvailableToCommonShareholdersBasic
55467000 USD
CY2017Q4 us-gaap Variable Interest Entity Consolidated Carrying Amount Assets
VariableInterestEntityConsolidatedCarryingAmountAssets
70269000 USD
CY2018Q1 us-gaap Variable Interest Entity Consolidated Carrying Amount Assets
VariableInterestEntityConsolidatedCarryingAmountAssets
69284000 USD
CY2017Q4 us-gaap Variable Interest Entity Consolidated Carrying Amount Liabilities
VariableInterestEntityConsolidatedCarryingAmountLiabilities
46637000 USD
CY2018Q1 us-gaap Variable Interest Entity Consolidated Carrying Amount Liabilities
VariableInterestEntityConsolidatedCarryingAmountLiabilities
46050000 USD
CY2017Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
216784 shares
CY2018Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
217993 shares
CY2017Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
107061056 shares
CY2018Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
107010343 shares
CY2017Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
106844272 shares
CY2018Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
106792350 shares
CY2017Q1 xhr Amortizationof Market Leasesand Other Leasetangibles
AmortizationofMarketLeasesandOtherLeasetangibles
354000 USD
CY2018Q1 xhr Amortizationof Market Leasesand Other Leasetangibles
AmortizationofMarketLeasesandOtherLeasetangibles
876000 USD
CY2018Q1 xhr Common Stock Maximum Authorized Pursuant To At The Market Agreements Value
CommonStockMaximumAuthorizedPursuantToAtTheMarketAgreementsValue
200000000 USD
CY2018Q1 xhr Common Stock Remaining Available Pursuant To At The Market Agreements Value
CommonStockRemainingAvailablePursuantToAtTheMarketAgreementsValue
200000000 USD
CY2017Q1 xhr Effective Income Tax Rate Reconciliation At Combined Federaland State Statutory Rate
EffectiveIncomeTaxRateReconciliationAtCombinedFederalandStateStatutoryRate
0.4238
CY2018Q1 xhr Effective Income Tax Rate Reconciliation At Combined Federaland State Statutory Rate
EffectiveIncomeTaxRateReconciliationAtCombinedFederalandStateStatutoryRate
0.2811
CY2018Q1 xhr Longterm Debt Maturities Repaymentsof Principal After Year Five Weighted Average Interest Rate
LongtermDebtMaturitiesRepaymentsofPrincipalAfterYearFiveWeightedAverageInterestRate
0.0417
CY2018Q1 xhr Longterm Debt Maturities Repaymentsof Principal Remainder Of Fiscal Year Weighted Average Interest Rate
LongtermDebtMaturitiesRepaymentsofPrincipalRemainderOfFiscalYearWeightedAverageInterestRate
0.0432
CY2018Q1 xhr Longterm Debt Maturities Repaymentsof Principalin Year Five Weighted Average Interest Rate
LongtermDebtMaturitiesRepaymentsofPrincipalinYearFiveWeightedAverageInterestRate
0.0362
CY2018Q1 xhr Longterm Debt Maturities Repaymentsof Principalin Year Four Weighted Average Interest Rate
LongtermDebtMaturitiesRepaymentsofPrincipalinYearFourWeightedAverageInterestRate
0.0284
CY2018Q1 xhr Longterm Debt Maturities Repaymentsof Principalin Year Three Weighted Average Interest Rate
LongtermDebtMaturitiesRepaymentsofPrincipalinYearThreeWeightedAverageInterestRate
0.0426
CY2018Q1 xhr Longterm Debt Maturities Repaymentsof Principalin Year Two Weighted Average Interest Rate
LongtermDebtMaturitiesRepaymentsofPrincipalinYearTwoWeightedAverageInterestRate
0.0388
CY2017Q1 xhr Net Income Loss Attributableto Noncontrolling Interestin Consolidated Real Estate Entities
NetIncomeLossAttributabletoNoncontrollingInterestinConsolidatedRealEstateEntities
-72000 USD
CY2018Q1 xhr Net Income Loss Attributableto Noncontrolling Interestin Consolidated Real Estate Entities
NetIncomeLossAttributabletoNoncontrollingInterestinConsolidatedRealEstateEntities
-179000 USD
CY2017Q1 xhr Net Income Loss Attributableto Noncontrolling Interestof Common Unitsin Operating Partnership
NetIncomeLossAttributabletoNoncontrollingInterestofCommonUnitsinOperatingPartnership
186000 USD
CY2018Q1 xhr Net Income Loss Attributableto Noncontrolling Interestof Common Unitsin Operating Partnership
NetIncomeLossAttributabletoNoncontrollingInterestofCommonUnitsinOperatingPartnership
1566000 USD
CY2017Q1 xhr Real Estate Taxes Personal Property Taxesand Insurance
RealEstateTaxesPersonalPropertyTaxesandInsurance
11360000 USD
CY2018Q1 xhr Real Estate Taxes Personal Property Taxesand Insurance
RealEstateTaxesPersonalPropertyTaxesandInsurance
11859000 USD
CY2018Q1 xhr Recourse Debt
RecourseDebt
0 USD
CY2017Q1 xhr Repaymentsof Secured Debt Payoffs
RepaymentsofSecuredDebtPayoffs
0 USD
CY2018Q1 xhr Repaymentsof Secured Debt Payoffs
RepaymentsofSecuredDebtPayoffs
18344000 USD
CY2017Q1 xhr Repaymentsof Secured Debt Principal Payments
RepaymentsofSecuredDebtPrincipalPayments
642000 USD
CY2018Q1 xhr Repaymentsof Secured Debt Principal Payments
RepaymentsofSecuredDebtPrincipalPayments
693000 USD
CY2018Q1 xhr Sharebased Compensation Arrangementby Sharebased Payment Award Equity Instruments Otherthan Options Expiredin Period
SharebasedCompensationArrangementbySharebasedPaymentAwardEquityInstrumentsOtherthanOptionsExpiredinPeriod
2541 shares
CY2018Q1 xhr Sharebased Compensation Arrangementby Sharebased Payment Award Equity Instruments Otherthan Options Vested Number
SharebasedCompensationArrangementbySharebasedPaymentAwardEquityInstrumentsOtherthanOptionsVestedNumber
1150301 shares
CY2018Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:12px;padding-top:12px;text-align:start;font-size:10pt;"><font style="font-family:Times New Roman;font-size:10pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:underline;">Risks and Uncertainties</font></div><div style="line-height:120%;padding-bottom:12px;padding-top:0px;text-align:left;padding-left:0px;text-indent:0px;font-size:10pt;"><font style="font-family:Times New Roman;font-size:10pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">For the </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">three months ended</font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"> </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">March&#160;31, 2018</font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">, the Company had a geographical concentration of revenues generated from hotels in the Orlando, Florida and Phoenix, Arizona markets that each exceeded 10% of total revenues for the period. For the </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">three months ended</font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"> March&#160;31, 2017, the Company had a geographical concentration of revenues generated from hotels in Houston, Texas that exceeded 10% of total revenues for the period. </font></div><div style="line-height:120%;padding-bottom:12px;padding-top:0px;text-align:left;padding-left:0px;text-indent:0px;font-size:10pt;"><font style="font-family:Times New Roman;font-size:10pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">To the extent that there are adverse changes in these markets, or the industry sectors that operate in these markets, our business and operating results could be negatively impacted. The state of the overall economy can significantly impact hotel operational performance and thus, impact the Company's financial position. Should any of our hotels experience a significant decline in operational performance, it may affect the Company's ability to make distributions to our stockholders and service debt or meet other financial obligations.</font></div></div>
CY2018Q1 us-gaap Nature Of Operations
NatureOfOperations
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:12px;padding-top:12px;padding-left:0px;text-indent:0px;font-size:10pt;"><font style="font-family:Times New Roman;font-size:10pt;color:#000000;font-style:normal;font-weight:bold;text-decoration:none;"></font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;font-style:normal;font-weight:bold;text-decoration:none;">Organization</font></div><div style="line-height:120%;padding-bottom:12px;padding-top:0px;text-align:left;padding-left:0px;text-indent:0px;font-size:10pt;"><font style="font-family:Times New Roman;font-size:10pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Xenia Hotels &amp; Resorts, Inc. (the "Company" or "Xenia") is a Maryland corporation that invests primarily in premium full service and lifestyle hotels, with a focus on the top 25 lodging markets as well as key leisure destinations in the United States ("U.S."). </font></div><div style="line-height:120%;padding-bottom:12px;padding-top:0px;text-align:left;padding-left:0px;text-indent:0px;font-size:10pt;"><font style="font-family:Times New Roman;font-size:10pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Substantially all of the Company's assets are held by, and all the operations are conducted through XHR LP (the "Operating Partnership"). XHR GP, Inc. is the sole general partner of XHR LP and is wholly owned by the Company. As of </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">March&#160;31, 2018</font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">, the Company collectively owned </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">97.3%</font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"> of the common limited partnership units issued by the Operating Partnership ("Common Units"). The remaining </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2.7%</font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"> of the Common Units are owned by the other limited partners. To qualify as a real estate investment trust ("REIT"), the Company cannot operate or manage its hotels. Therefore, the Operating Partnership and its subsidiaries lease the hotel properties to XHR Holding, Inc. and its subsidiaries (collectively with its subsidiaries, "XHR Holding"), the Company's taxable REIT subsidiary ("TRS"), which engages third-party eligible independent contractors to manage the hotels. </font></div><div style="line-height:120%;padding-bottom:12px;padding-top:0px;text-align:left;padding-left:0px;text-indent:0px;font-size:10pt;"><font style="font-family:Times New Roman;font-size:10pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">As of </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">March&#160;31, 2018</font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">, the Company owned </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">38</font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"> lodging properties, </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">36</font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"> of which were wholly owned. The remaining </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">two</font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"> hotels are owned through individual investments in real estate entities, in which the Company has a </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">75%</font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"> ownership interest in each investment.</font></div></div>
CY2018Q1 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:12px;padding-top:12px;text-align:start;font-size:10pt;"><font style="font-family:Times New Roman;font-size:10pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:underline;">Reclassifications</font></div><div style="line-height:120%;padding-bottom:12px;padding-top:0px;text-align:left;padding-left:0px;text-indent:0px;font-size:10pt;"><font style="font-family:Times New Roman;font-size:10pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Certain prior year amounts in these financial statements have been reclassified to conform to the presentation for the </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">three months ended</font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"> </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">March&#160;31, 2018</font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">.</font></div></div>
CY2018Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:12px;padding-top:12px;text-align:start;font-size:10pt;"><font style="font-family:Times New Roman;font-size:10pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:underline;">Use of Estimates</font></div><div style="line-height:120%;padding-bottom:12px;padding-top:0px;text-align:left;padding-left:0px;text-indent:0px;font-size:10pt;"><font style="font-family:Times New Roman;font-size:10pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities, and revenues and expenses. These estimates are prepared using management's best judgment, after considering past, current and expected economic conditions. Actual results could differ from these estimates.</font></div></div>

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