Using circularly polarized synchrotron radiation and spin-resolved photoemission, we have studied the valence and conduction bands of Xe(111) up to about 18 eV above the valence-band maximum. Direct information about the symmetry of bands and their hybridization is provided by photoelectron spin polarization. Our data also prove the existence of a gap in the unoccupied bands above the fundamental gap. A comparison of our data with calculated band structures shows the importance of an energy-dependent self-energy correction.