
Xenia Hotels & Resorts (XHR) delivered strong portfolio performance, prompting two guidance raises and consistent outperformance in 2026. XHR trades at 9.5x FY26 AFFO guidance, still below sector median, but the valuation gap has narrowed after a 26% share price rally. Balance sheet remains conservative with $612M liquidity and no near-term debt risks; dividend coverage has improved with a 28.6% payout ratio.







