Good morning and welcome to the Xenia Hotels & Resorts’ Third Quarter Earnings Conference Call. All participants will be in listen-only mode. [Operator Instructions] After today’s presentation there will be an opportunity to ask questions. [Operator Instructions] Please note this event is being recorded. I would now like to turn the conference over to Lisa Ramey, Vice President of Finance. Please go ahead.

[Audio Dip] I am here with Marcel Verbaas, our President and Chief Executive Officer; Andy Welch, our Chief Financial Officer; and Barry Bloom, our Chief Operating Officer. Marcel will provide you with an update on the industry, a discussion of our third quarter results, some recent activities and an update on our near-term outlook. Andy will provide additional details on our third quarter performance and our 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 and/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 November 12, 2015 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 refer to in our remarks on this morning’s earnings release. An archive of this call will be available on our website for 90 days. With that, I will turn it over to Marcel to get started.

Thanks, Lisa. Good morning, everyone. As always we appreciate you taking the time to participate in our earnings call this morning. As you are all aware at this point the third quarter represented the challenges for the Lodging Industry. Do in part to a late Labor Day holiday which negatively impacted late August and early September lodging demand and the shift in the Jewish holidays. However, despite the calendar disruption we are pleased with our portfolios third quarter results. During the third quarter, our hotels delivered strong bottom line results which increased our adjusted EBITDA to $74.9 million, a 25.5% growth year-over-year and resulted in adjusted FFO per share of $0.57 up 46.2% over last year. These results were positively impacted by a substantial reduction in G&A compared to last year and we are a subsidiary of InvenTrust. Andy will provide further detail on this later on. Same property RevPAR for the portfolio increased 4.6% do almost entirely to an increase in average rates as occupancy remained virtually flat year-over-year. Keep in mind that this RevPAR growth is based on adjusting 2014 results for the adoption of the Eleventh Edition of the Uniform System of Accounts for the Lodging Industry or USALI as we have previously discussed. We are also pleased with our same property hotel EBITDA margin of 31.8% in the quarter, a 60 basis point increase over the last year. Despite the fact that real estate taxes for the quarter increased 18% on a portfolio wide basis. While the third quarter was not impacted by large-scale renovations such as the ones we completed in the first and second quarter of this year. Our portfolio results continue to feel the impact of lower demand in the Houston market resulting from the persistently lower oil prices. Excluding our Houston area…

Thanks Marcel, and good morning. Before discussing our third quarter results in greater detail, let me 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. The combination of these items in addition to the carved out financial statements in the first quarter and 2014 means our line item operating results for this quarter and this year are difficult from a year-over-year comparison standpoint. Our third quarter RevPAR and EBITDA margin data are presented on a same property pro forma basis and includes 49 hotels as if they were owned for all periods presented, but exclude the Grand Bohemian Hotel Charleston which opened in late August. We had solid performance in a number of markets with 10 of our hotels growing RevPAR by double-digits. Our top performing markets included Napa due largely to an easy year-over-year comp, San Francisco up 13.5%, Orlando up 12.3%, Birmingham up 12 and Salt Lake City up 11.3%. In addition to Houston, our weakest market Fort Worth down 7.7%, Charleston West Virginia down 6.2% and Baltimore down 5.5%. 2015 group booking revenue pace is ahead of same time last year by over 6%. Our strongest performing markets in terms of 2015 group pace compared to 2014include Atlanta, Santa Clara, Orlando and Philadelphia. Group revenue pace for the fourth quarter is strong up 12% over this time last year. We are pleased with our flow-through and margin expansion with same property hotel EBITDA margin expanding 60 basis points for the quarter and 90 basis points for the year. We had good expense control during the quarter with hotel level expenses increasing only 2.9% despite the anticipated increase in real estate taxes. Our third quarter real estate taxes increased…

We will now begin the question-and-answer session. [Operator Instructions] The first question comes from Thomas Allen of Morgan Stanley. Please go ahead.

Hi guys, how are you?

Good morning Thomas or good night for you.

So two questions on RevPAR. In terms of the 6.7% growth you had in October, how is that compared to what your expectations for the month, when you announce on October, so I thought where it was. And then second question is anyway to think about how gives-and-take in November and December in terms of whether accelerated, decelerate versus our October growth number. Thanks.

Sure. The expectations that we had on the RevPAR side for October were very similar to where we actually came in for the month. So as you saw when we look at our RevPAR projection that we had at the end of September basically when we talk about our guidance on October 5. It did come in very much in line with where we expect the things to shape up. The remaining months of the quarter are still relatively in line to I think we’ve seen a little bit more strength in November and what we anticipated at the end of September and probably a little bit more down in December, but overall the expectations for the fourth quarter or in line on the RevPAR side.

Okay helpful, thank you. And then in terms of – I noticed you switched I think those four hotels managers to Sage, my guess that’s because of why that they drove that was - in the sale of – then actually selling the Commonwealth to you, just want to understand or could you give a little bit more color on how do that contract close was put together and then we’ve heard from a couple of your peers recently about manager changes that have created a better disruption anything that you could give us – we can get some color on whether you expect that to happen here? Thanks.

Sure. Yes, happy to answer that as well. As we pointed out, it’s a change that we initiated at the end of the third quarter and frankly was really driven by two things. As you know we have a fair number of third-party operators in our portfolio and in a long way as we like having a large number of different operators in our portfolio, because we think it creates a lot of opportunities for us to look at best practices and apply those throughout the portfolio and also frankly provide some opportunities when we are looking at making investment decisions on acquisition or even potentially dispositions. That being said, we did like having the opportunity to reduce that stable by a few players that just weren't quite that's significant in our portfolio at this time. So the opportunity to kind of consolidate particularly some of these urban upscale hotels under Sage’s management, we thought it was great opportunity particularly in light of obviously adding the Commonwealth to. I would say that it wasn't necessarily a matter of tying things together between the Commonwealth acquisition and this change, this change really kind of stood on its own in lot of ways, but clearly Sage became a more attractive long-term partner for us as we added the Commonwealth going forward too. The other part of your question as it relates to disruptions I think the thing to keep in mind here is that you're dealing with weather transition where the brand is staying in place, you are not changing anything on reservation systems or any of those type of things and many of the employees that exist at the properties actually transferred over as part of the switch to Sage at these properties. So you clearly – this is not the type of situation where you should expect any kind of significant disruption or downside from that change in short term.

Okay, very helpful. Thank you. End of Q&A

This concludes our question-and-answer session. I would now like to turn the conference back over to Mr. Verbaas for closing remarks.

Thanks. As I said at the beginning of the call we appreciate everyone joining us on this call. As you'll know we spun-off from InvenTrust on February 3, we are about nine months into our life as an independent public company and we are very pleased with the progress that we've been able to make this year. So I'll leave with that and I’d like to thank you again for joining us today.

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