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Xenia Hotels & Resorts sells hotels for approximately USD119m.

BANKING AND CREDIT NEWS-December 20, 2016-Xenia Hotels & Resorts sells hotels for approximately USD119m

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Xenia Hotels & Resorts, Inc. (NYSE: XHR) has sold the 162-room Homewood Suites by Hilton Houston Near the Galleria, the 148-room Hampton Inn & Suites Denver Downtown, the 178-room Hilton Garden Inn Chicago North Shore/Evanston, and the 195-room Hilton St. Louis Downtown for a combined sale price of approximately USD119 million, the company said.

The total price represents an 11.0x multiple on the hotels' combined 2016 projected EBITDA. In addition to the sale price, the company retained approximately USD1.5 million in capital reserve funds related to the properties.

Proceeds from the sale will be utilized for general corporate purposes which may include debt repayments, potential acquisitions consistent with the company's long-term strategy, and share repurchases under the company's existing authorization.

Xenia Hotels & Resorts is a self-advised and self-administered REIT that invests primarily in premium full service, lifestyle, and urban upscale hotels, with a focus on the top 25 US lodging markets as well as key leisure destinations in the United States. The company owns 42 hotels, including 40 wholly owned hotels, comprising 10,911 rooms, across 20 states and the District of Columbia.

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Publication:M2 Banking & Credit News (BCN)
Date:Dec 20, 2016
Words:216
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