Xenia's FY26 forecast looks bullish against an industry expecting under 1% growth. The gap between XHR's optimism and the macro reality tells you exactly what bet they're making... and what happens to that bet if group demand softens by even 10%.
Xenia's Q4 numbers look clean on the surface... EPS beat, RevPAR up 3.9%, aggressive buybacks at $12.59 a share. But decompose the Fairmont Dallas disposition and the 2026 CapEx guidance, and you start seeing a REIT that's quietly choosing which assets to feed and which to starve.
Sunstone's 2026 proxy drops a $750K CEO salary, a $500M buyback authorization, and $95-115M in CapEx. The numbers look clean. The question is what "clean" means when an activist is at the table and a major holder just walked.
Sunstone beat Q4 earnings by 233%, grew RevPAR nearly 10%, and returned $170M to shareholders in 2025. The market responded by selling the stock. That disconnect tells you everything about where lodging REIT investors think the cycle is heading.
Chatham Lodging Trust just paid $92 million for six Hilton-branded hotels at a 10% cap rate in markets most REITs won't touch. The math tells a story the headline doesn't.
Host Hotels just posted a 4.6% EBITDAre gain and flipped two Four Seasons properties for a $500M taxable gain. The real number worth watching is buried in their CapEx guide.
