S&P alters Xenia Hotels view to negative

S&P said it revised the outlook for Xenia Hotels & Resorts Inc. to negative from stable.

“We revised the outlook to negative to reflect a slower recovery path for business and group travel than we assumed, and credit measures that may not be restored in-line with the B- rating until 2022. In our updated base-case forecast, revenue per available room (RevPAR) will decline more in 2020 and recover more slowly in 2021 than we previously assumed,” S&P said in a press release.

S&P affirmed Xenia’s B- issuer rating and the B+ rating on the senior secured notes, incorporating the planned add-on. The 1 recovery rating is unchanged.

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