Xenia Hotels & Resorts is a real estate investment trust that owns and invests in luxury and upper upscale hotels and resorts located in top U.S. lodging markets and key leisure destinations. Rather than operating its hotels directly, the company leases its properties to a taxable REIT subsidiary, which engages third-party management companies to operate each property under management agreements, enabling Xenia to qualify as a REIT while generating rental income from real property. The company generates value through active asset management, in-house capital planning and project execution, and strategic capital reinvestment in its portfolio, pursuing properties with distinctive brand affiliations, competitive advantages, and potential for operational improvements or value-add opportunities.