ORLANDO, FL—Due to the severe downturn in lodging demand resulting from the COVID-19 pandemic, Xenia Hotels & Resorts Inc. has further streamlined its operations and reduced its ongoing corporate expenses by eliminating the role of chief investment officer.
As a result, Philip A. Wade, who served as the company’s SVP/chief investment officer, has left the company. With this change, the company’s corporate office headcount has been reduced by more than 20% since the company’s operations have been impacted by the COVID-19 pandemic.
“Due to the unprecedented impact of COVID-19, we have made the difficult decision to streamline our corporate functions,” said Marcel Verbaas, chairman/CEO, Xenia Hotels & Resorts. “I want to thank Phil for his contributions to the company over the last 13 years. Phil has been a valued member of our executive team throughout the company’s evolution into a leading owner of luxury and upper-upscale hotels and resorts. He has been a great partner to me as we have transformed the company’s portfolio by completing over $7 billion of transactions. Our transaction function remains a strength of ours and will remain under my direct supervision. On behalf of the entire Xenia team and our board of directors, I wish Phil the best in his future endeavors. ”
Last week, the company revealed that an agreement to sell the 492-room Renaissance Austin Hotel had been terminated. The company has retained the $2 million deposit that was previously released from escrow.
Since the company last issued an update on operating performance, it has temporarily suspended operations at an additional seven hotels bringing the total number to 31 properties. Its remaining eight properties are currently operating at reduced levels; however, the company continues to work with its operators to evaluate the demand and operations at these hotels and may elect to suspend operations in the future as a result of the COVID-19 pandemic. The company continues to monitor all governmental directives and other factors impacting operations as it evaluates potential future reopening dates for its properties that have temporarily suspended operations.