Xenia Hotels & Resorts, Inc. announced that, due to the severe downturn in demand resulting from the COVID-19 pandemic, the company has further streamlined its operations and reduced its ongoing corporate expenses by eliminating the role of chief investment officer. As a result, Philip Wade, who served as senior vice president and chief investment officer, has left the company. With this change, the corporate office headcount has been reduced by over 20 percent since operations have been affected by the pandemic.
“Phil has been a valued member of our executive team throughout the Company’s evolution into a leading owner of luxury and upper-upscale hotels and resorts. He has been a great partner to me as we have transformed the company’s portfolio by completing over $7 billion of transactions,” says Marcel Verbaas, chairman and CEO of Xenia Hotels & Resorts. “Our transaction function remains a strength of ours and will remain under my direct supervision.”
Photo: Courtesy of Xenia Hotels & Resorts
