Welcome to the Xenia Hotels & Resorts Fourth Quarter Earnings Conference Call. [Operator Instructions]. I would now like to turn the conference over to Lisa Ramsey, please go ahead.

Thank you, Austin. Good afternoon everyone and welcome to the fourth quarter and year-end 2015 earnings call and webcast for Xenia Hotels & Resorts. I am here with Marcel Verbaas, our President and Chief Executive Officer; Barry Bloom, our Chief Operating Officer; and Andy Welch, our Chief Financial Officer. Marcel will provide you with an update on the industry and discuss fourth quarter and 2015 results and recent activities and details on our 2016 guidance and outlook for the year. Barry will follow with additional information on our operating performance and specific market detail. Andy will conclude our remarks with a discussion on our financials, recent capital markets activity and balance sheet. We will then open up the call for Q&A. Before we get started, let me remind everyone that certain statements made on this call are not historical facts and are considered forward-looking statements. These statements are subject to numerous risks and uncertainties as described in our annual report on form 10-K and other SEC filings which could cause our actual results to differ materially from those expressed in or implied by our comments. Forward-looking statements in the earnings release that we issued earlier this morning, along with the comments on this call, are made only as of today, February 23, 2016. And we undertake no obligation to publicly update any of these forward-looking statements as actual events unfold. You can find a reconciliation of non-GAAP financial measures referred to in our remarks in this morning's earnings release. An archive of this call will be available on our website for 90 days. With that, I'll turn it over to Marcel to get started.

Thanks, Lisa. Welcome and good afternoon everyone. 2015 was a momentous year for our Company, as we completed our separation from our prior parents and emerged as a standalone publicly-traded company. It was an active year, both on the acquisition and disposition front, as well as with capital market initiatives to solidify our already strong balance sheet. We added five hotels to our portfolio, including two brand-new development projects and completed significant renovations at two of our largest hotels. In addition, we sold one hotel and completed nearly $900 million of financings. Before getting into the detailed operating results for our portfolio and Company, I first would like to give you a brief update on the overall lodging industry performance in 2015. In the fourth quarter the lodging industry posted a RevPAR increase of 4.8% which consisted of an increase of 3.6% in ADR and 1.2% occupancy growth. For the full year 2015 industry RevPAR increased by 6.3% which was primarily driven by ADR growth of 4.4% while occupancy increased 1.7%. While it appeared RevPAR increases are slowing, overall fundamentals between supply and demand remain favorable. And supply growth remains below the long term historical average. Our strategy of targeting primarily top 25 markets and key leader destinations has proven to be beneficial, as the majority of our markets do not see the same impact of the strengthening dollar and alternative rental accommodations as you see in the gateway markets. We remain cautiously optimistic about where we're in the cycle and look forward to 2016. Now turning to our portfolio, same-property RevPAR for the fourth quarter increased 5.3% due to a 3.9% increase in average rates and 1.4% increase in occupancy. We were pleased with our fourth quarter top-line increases, although we should note that our results were aided by…

Thanks Marcel and good afternoon. Before discussing our fourth quarter results in greater detail, I want to remind you that there have been reclassifications of revenue and expense line items to other categories, both due to changes in USALI as well as other internal reclassifications related to our separation. The combination of these items, in addition to the carved-out financial statements for the first quarter and 2014, makes it difficult to compare our line item operating results. In our ongoing effort to provide further disclosure and transparency, we've included a schedule in our earnings release that includes property-level RevPAR and EBITDA for 2015 as well as 2014 RevPAR in addition to the 2014 EBITDA we have previously disclosed. We hope this is useful to you in better understanding our property-level performance year over year. Our fourth quarter RevPAR and EBITDA margin data are presented on a same-property pro forma basis and include 48 hotels as if they were owned for all periods presented. This date excludes the Grand Bohemian Hotel Charleston and Grand Bohemian Hotel Mountain Brook which opened in the second half of 2015 and the Hyatt Regency Orange County which was sold in October. We had solid performance in a number of markets, with eight of our hotels achieving double-digit RevPAR growth for the fourth quarter. Our top-performing markets, excluding Napa, were San Diego, up 20.6%; Dallas, up 14.4%; Santa Clara, up 13.2%; San Francisco, up 12.3%; Philadelphia, up 11.5%; and Atlanta, up 11%. In addition to Houston which was down 11.2%, our weakest markets were New Orleans, down 9% and Pittsburgh down 5.8%. For the full year, 15 or nearly half of our markets, grew RevPAR by over 7%, with our largest growth markets, again excluding Napa, being Santa Clara, up 11.1%; San Diego, up 10.8%; Phoenix,…

Thanks Barry and good afternoon. As Marcel mentioned, our fourth quarter results were positively impacted by a substantial reduction in corporate G&A expense. Our recurring cash corporate G&A for the fourth quarter total $4.8 million, representing a decline of $9.8 million or 67% compared to the prior year. Our total G&A for the quarter was $6.1 million which included $1.3 million of non-cash amortization of share-based compensation. As we discussed on prior calls, our 2014 G&A was an allocation commitment trust and a part of our carved-out financial statements. And to be fair, included certain costs related to our separation and preparation for our listing. Our total recurring G&A for the year was $25.6 million, including $6.1 million of non-cash compensation. The recurring cash G&A for the year was $19.5 million which is slightly less than our previously provided guidance of $20 million to $21 million. As we transition to an independent publicly-traded Company, we incurred nearly $27 million of one-time expenses during the first nine months of 2015. These non-recurring expenses included costs related to our separation from our former parent and our listing on the New York Stock Exchange, as well as other startup costs incurred while transitioning to a standalone publicly-traded company. No other transition expenses were incurred in the fourth quarter and we do not expect to have any going forward. In addition to the positive G&A variance, the acquisition of three hotels in the quarter, in the third quarter, the earthquake impact in Napa in 2014 and as Barry addressed in his comments, continued margin expansion led to significant year-over-year growth in adjusted EBITDA and adjusted FFO. In addition, adjusted FFO was positively impacted by a quarter -- for the quarter by a $2 million reduction in income taxes compared to the prior year. The…

[Operator Instructions]. Our first question comes from Thomas Allen with Morgan Stanley. Please go ahead.

Can you give some color on how year-to-date trends are running? A lot of your peers have talked about either how January RevPAR went or how the first six weeks are going. Then separately, can you just talk about the Super Bowl and how it impacted your properties? Thanks.

Yes. We can -- I'll let Barry talk a little bit more specifically about the results around the Super Bowl. I think as you know we did benefit in the area there from Super Bowl. In our particular portfolio had some disruption last year. So we clearly benefited year-over-year comparisons there. I think we, so far with the results that we've seen the first six weeks of the year, are very much consistent with what our guidance is and what our expectations were budget-wise going in for the year. But I'll let Barry go into a little bit more detail specifically as it relates to the Super Bowl impact.

We can look at Super Bowl 50 as a modest success for both of our properties in the Bay Area, specifically Hyatt Regency Santa Clara and Marriott SFO. Obviously Hyatt Regency Santa Clara was at the event venue, but it was nearly 40 miles away from the majority of the weekend's events. And that made the full weekend stays a little more difficult than we thought they might be. Having said that, we recognize that when the NFL booked the Super Bowl there and focused our strategy on longer term business from NFL affiliates that were actually spread out over the entire two-week period surrounding the event. And we based on Star Reports, certainly had a clear win over our competitors in that market. The San Francisco Airport Marriott was a little bit betwixt and between in terms of where activities took place. But they did a very good job of finding non-Super Bowl related business both prior to and after the Super Bowl. And again, that was very evident in their outperformance of their comp set over that period.

And in general, kind of turned back to your first part of the question. I think the trends that we were seeing so far in our portfolio are very much consistent with some of the remarks that we had today as far as where we're seeing some strength and some weaknesses overall within the portfolio. Clearly Houston is continuing to be a tough market for us and it will continue throughout particularly the first half of the year. But we're seeing general strength in the rest of the portfolio.

And then just in terms of your 2016 RevPAR guidance, I mean you do mention that you are forecasting 9% to 13% declines in the Houston area but 3.5% to 5.5% growth in RevPAR in -- for the rest of your properties. I think if we think about your peers, Matt's guide to 3% to 5%, Starwood, 2% to 4% and then a lot of the REITs have been coming the 2% to 4%, 3% to 5% range. That kind of you core business ex-Houston, you seem a little bit more optimistic than others. What's driving that optimism? Thanks.

Well, I think it's particularly some of the markets that Barry spoke about in his comments, particularly we're expecting good strength in the West Coast, particularly in our portfolio when you look at year-over-year comparisons due to some of the renovations we did last year. We're also expecting strength in some of those leisure markets that we have on the West Coast. And markets like Atlanta, San Diego are looking very strong for us as well this year. So I think kind of going back to the earlier comments, we do believe that the overall portfolio mix and diversification that we have in the mix is helping us out somewhat with what we believe to be our RevPAR trends in the remainder of the portfolio.

And just final question. I know Baltimore's a small market for you guys. But on a prior call one of the other REITs mentioned that that market seemed to be getting better. Are you seeing similar trends or not really?

Yes, I think it's certainly improved from the challenges we had in that market last April and May. And it's literally gotten better every month since then. So yes, certainly improving. But again, very small market for us with two urban upscale hotels.

[Operator Instructions]. At this time we're showing no further questions. I will turn the call back to Marcel Verbaas for any closing remarks.

Thank you. We appreciate everyone joining us today. And we were pleased to be able to share our performance as a first-year Company with you today. We're pleased with all the progress we've made over the last year. And we look forward to sharing additional information with you on future quarterly calls. Thank you for your participation and interest today.

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.