Xenia Hotels & Resorts, Inc.

Good afternoon, ladies and gentlemen. Thank you for attending today's Xenia Hotels and Resorts Q3 2022 Earnings Conference Call. My name is Tia, and I will be your moderator for today's call. All lines will be muted during the presentation portion of the call with an opportunity for questions and answers at the end. If you would like to ask a question, please press star 1 on your telephone keypad. I would now like to pass the conference over to your host, Amanda Bryant, VP of Finance. You may proceed.

Thank you, Tia. Good afternoon and welcome to Xenia Hotels and Resorts Third Quarter 2022 Earnings Call and Webcast. I'm here with Marcel Verbas, our Chairman and Chief Executive Officer, Barry Bloom, our President and Chief Operating Officer, and Atisha, our Executive Vice President and Chief Financial Officer. Marcel will begin with a discussion on our quarterly performance and recent transactions. Barry will follow with more details about our operating trends and capital expenditure projects. And to teach, we'll conclude our remarks with an update on guidance and our balance sheet. We will then open the call for Q&A. Before we get started, let me remind everyone that certain statements made on this call are not historical facts or considered forward-looking statements. These statements are subject to numerous risks and uncertainties as described in our annual report on Form 10-K and other SEC filings, which could cause our actual results to differ materially from those expressed in or implied by our comments. Forward-looking statements in the earnings release that we issued this morning, along with the comments on this call, are made only as of today, November 2nd, 2022, and we undertake no obligation to publicly update any of these forward-looking statements as actual events unfold. You can find a reconciliation of non-GAAP financial measures to net loss and definitions of certain items referred to in our remarks this morning's earnings release. The third quarter property level portfolio information will be speaking about today is on a same property basis for 32 hotels. This excludes Hyatt Regency Portland at the Oregon Convention Center and W Nashville. An archive of this call will be available on our website for 90 days. I will now turn it over to Marcel to get started.

Thanks, Amanda. And good afternoon to all of you joining our call today. As we reported this morning, we are seeing further momentum across our portfolio as business transients and group demands continue to recover. Overall business picked up meaningfully in mid-September, providing encouraging evidence of the seasonal transition in our business from primarily leisure demand to a more traditional mix of leisure, corporate transit, and group demand. RepR for the quarter declined 2.6% compared to the same period in 2019. Overall demand accelerated in September with RepR growth of 2.7% as compared to 2019, marking a reversal from modest RepR declines in July and August. driven by improved occupancy that significantly closed the gap to 2019 as compared to prior months. Average daily rate growth in the quarter was a solid 15.6% as compared to 2019, offset partially by about 12 points lower occupancy as compared to the third quarter of 2019.