Xenia Hotels & Resorts, Inc. (XHR)

Industry: REIT - Hotel & Motel Model: Peers Multiples Valuation

Valuation Snapshot

Ticker	Rank	Name	Rev TTM (M)	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
SVC	3	Service Properties	1,874	-	-	0.78	0.84	1.40	1.57
PEB	4	Pebblebrook Hotel	1,464	-	-	14.99	12.84	-	290.90
APLE	5	Apple Hospitality	1,419	16.22	16.22	10.56	8.78	15.61	17.54
RLJ	6	RLJ Lodging Trust	1,351	32.09	32.09	9.25	6.33	35.75	19.63
COVH.PA	7	Covivio Hotels	1,144	12.96	13.21	9.05	7.04	8.72	9.96
DRH	8	DiamondRock Hospit	1,125	25.56	25.56	11.09	11.09	14.91	16.63
AHT	9	Ashford Hospitalit	1,121	-	-	0.42	0.42	1.11	0.73
XHR	10	Xenia Hotels & Res	1,075	23.17	23.17	10.86	10.86	134.71	24.87
SHO	11	Sunstone Hotel Inv	938	97.50	97.50	8.36	8.36	34.92	24.36
INN	12	Summit Hotel Prope	727	367.00	367.00	2.56	1.98	15.73	9.14
BHR-PB	13	Braemar Hotels & R	712	-	-	0.38	0.29	0.59	0.79
8963.T	14	Invincible Investm	639	8.87	5.02	9.27	5.88	10.89	7.63
8985.T	15	Japan Hotel REIT I	466	9.88	7.66	11.12	9.11	10.79	11.46
CPLG	16	CorePoint Lodging	463	-	-	8.85	8.85	14.39	-
HT	17	Hersha Hospitality	361	12.28	12.28	7.69	7.90	25.41	23.94
FIHO12.MX	18	FibraHotel	304	17.27	17.27	7.87	7.87	15.05	13.24

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	16.22	16.22	8.36	7.04	12.64	10.71
Full Range Median Multiple	16.74	16.74	8.85	7.87	14.65	12.35
Industry Multiple	59.96	59.38	7.48	6.51	14.66	31.97
Market Implied Multiple	24.78	24.78	11.25	11.25	139.51	25.75
Company (XHR) Multiple	23.17	23.17	10.86	10.86	134.71	24.87
(*) Net Income / EBITDA / Revenue	56	56	234	234	19	102
Winsorized Enterprise Value	N/A	N/A	1,957	1,647	238	1,094
Full Range Median Enterprise Value	N/A	N/A	2,072	1,843	276	1,262
(-) Net Debt	1,235	1,235	1,235	1,235	1,235	1,235
Winsorized Equity Value	914	914	722	412	-997	-141
Full Range Median Equity Value	944	944	837	608	-959	27
(/) Shares Outstanding	95	95	95	95	95	95
Winsorized Fair Value	$9.60	$9.60	$7.59	$4.32	$-10.47	$-1.48
Full Range Median Fair Value	$9.91	$9.91	$8.79	$6.38	$-10.07	$0.28
Current Price	$14.67	$14.67	$14.67	$14.67	$14.67	$14.67
Upside / Downside	-34.55%	-34.55%	-48.28%	-70.52%	-171.35%	-110.09%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$6.72	$6.72	$5.31	$3.03	$-7.33	$-1.04
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy