Xenia Hotels & Resorts (XHR) will suspend its quarterly dividend in 2020 because of the COVID-19 pandemic. The lodging REIT had became a public company in 2015 and last hiked its dividend in 2016.

In today's press release the company states that its previously declared first quarter dividend will be paid on April 15, 2020 to shareholders of record as of March 31, 2020.  Xenia expects to suspend its dividend through the balance of the year until it determines the required dividend amount to cover its taxable income for 2020.

Xenia Hotels & Resorts, Inc. is a self-advised and self-administered REIT that invests primarily in luxury and upper upscale hotels and resorts, with a focus on the top 25 U.S. lodging markets as well as key leisure destinations in the United States. The company owns 39 hotels comprising 11,245 rooms across 16 states. Xenia's hotels are primarily in the luxury and upper upscale segments, and operated and/or licensed by industry leaders such as Marriott, Hyatt, Kimpton, Fairmont, Loews, and Hilton, as well as leading independent management companies including The Kessler Collection and Sage Hospitality. Xenia Hotels & Resorts, Inc. had been paying a dividend since 2015 when it became publicly traded.