Xenia Hotels & Resorts, Inc. (NYSE:XHR) will look for acquisitions. Marcel Verbaas, Chair and Chief Executive Officer said during the Fourth Quarter 2023 Earnings Call and Webcast, "Yes. So on the -- I'll answer that really on both sides of the transaction equation, so both on acquisitions and dispositions.

It really depends on what the opportunity set is on the acquisition side. And as you know, we haven't seen a kind of a wide -- kind of a broad range of good acquisition opportunities over the last couple of years. And we're hopeful that we're starting to see some signs there of improvement as it relates to potential acquisitions that could be appealing to us.

So as you know, going into COVID and even a little bit after coming out of COVID, the transaction side has been an important pillar for how we want to create shareholder value over time. So I would say that we will continue to look at both dispositions and acquisitions to drive future value. And as it relates to the dispositions, a lot of our prior dispositions have really been in light of potential additional capital expenditures, whether that's in -- we see an appropriate ROI in those kind of potential projects.

And I would look at it the same way as what we've done historically. I think what our track record has been there is kind of what you could expect going forward, that we will look at every hotel very carefully and do a very deep analysis, particularly when there is some additional CapEx needs. And to the extent that we don't feel the return will be there, that it might be the right time to sell some of those assets.

I wouldn't expect any wholesale changes as it relates to dispositions. And certainly, we're going to remain very disciplined as it relates to potential acquisitions. And as you saw last year, we clearly felt that there was a very significant value in our own portfolio and in our own stock, which made that a bigger priority for us on the capital allocation front than potential acquisitions that really were too expensive and not really out there enough for us to get excited about".