What Xenia Hotels & Resorts, Inc. told the SEC could break it.

Xenia's luxury/upper-upscale hotel portfolio is concentrated by geography, market and individual asset. As of December 31, 2025, approximately 22%, 18% and 13% of total rooms were in California, Texas and Florida (≈53% combined); the Orlando, Florida and Houston, Texas markets each individually exceeded 10% of total revenues; and over 30% of total revenues came from just its five largest hotels (2023–2025). Adverse economic, regulatory, weather/natural-disaster (e.g., hurricanes in FL/TX), or sector-demand developments in these markets — or an event at a top hotel — would disproportionately hit results. A quantified geographic, single-market and single-asset concentration.

“for the years ended December 31, 2025, 2024 and 2023, over 30 % of the Company's total revenues were concentrated in its five largest hotels. In addition, as of December 31, 2025, approximately 22 %, 18 % and 13 % of total rooms were located in California, Texas and Florida, respectively (unaudited).”

Xenia's capital-intensive hotel renovation and project spend is exposed to trade policy: it flags increases in the cost of imported goods and materials — including those used for hotel renovations and other projects (furniture, fixtures and equipment) — due to changes in international tariffs, supply-chain disruptions, and shortages from reduced international imports. Higher tariffs/FF&E costs raise renovation capex (it invested ~$86.6M in portfolio improvements in 2025) and could delay projects, indirectly pressuring its TRS lessees' operating costs and the rents that support REIT income. A trade-policy exposure on its renovation supply chain.

“increases in the cost of imported goods and materials, including those used for hotel renovations and other projects, due to changes in international tariffs and/or supply chain disruptions and/or shortages due to reductions in international imports”