Xenia Hotels & Resorts Acquires 185-Room Fairmont Pittsburgh for $30 Million or $162K Per Key

Xenia Hotels & Resorts, Inc. | September 27, 2018

ORLANDO, Fla., Sept. 27, 2018 -- Xenia Hotels & Resorts, Inc. (NYSE: XHR) ("Xenia" or the "Company") today announced it has acquired Fairmont Pittsburgh, a 185-room luxury hotel located in Pittsburgh, Pennsylvania for a purchase price of $30 million, or approximately $162,000 per key. The acquisition was funded with cash available on the Company's balance sheet. The purchase price represents an estimated 11.0x multiple on 2018 forecasted Hotel EBITDA. Xenia currently forecasts that the hotel will generate approximately $0.9 million of Hotel EBITDA during the remainder of 2018. "We are excited to acquire ...