xenia
Xenia Hotels & Resorts Sells Residence Inn Boston Cambridge for $107.5 Million
Xenia Hotels & Resorts, Inc. | October 5, 2020
ORLANDO, Fla., Oct. 5, 2020 -- Xenia Hotels & Resorts, Inc. (NYSE: XHR) ("Xenia" or the "Company") today announced it has sold the 221-room Residence Inn Boston Cambridge in Cambridge, Massachusetts for a price of $107.5 million, or approximately $486,500 per key. The sale price represents a 11.6x multiple and a 7.8% capitalization rate on the hotel's 2019 Hotel EBITDA and net operating income, respectively. In connection with the transaction, the buyer assumed the $60.3 million mortgage collateralized by the hotel. The transaction generated approximately $46.0 million in net proceeds for the Company after transaction costs. P...
Xenia Hotels & Resorts Reports Second Quarter 2020 Results
Xenia Hotels & Resorts, Inc. | July 31, 2020
ORLANDO, Fla., July 31, 2020 -- Xenia Hotels & Resorts, Inc. (NYSE: XHR) ("Xenia" or the "Company") today announced results for the quarter ended June 30, 2020. Second Quarter and Year to Date 2020 Highlights Hotel Status: The Company had 8 hotels open and operating for the entire month of April. Having temporarily suspended operations at 31 hotels between late March and early April, the Company recommenced operations at 5 hotels in May and 13 hotels in June. Therefore, at the end of the second quarter, 26 hotels were open and operating. By July 31, 2020, the Company will have recommenced operations at 9 additional hotel...
Xenia Hotels & Resorts Announces Departure of Chief Investment Officer
Xenia Hotels & Resorts, Inc. | April 22, 2020
ORLANDO, Fla., April 22, 2020 - Xenia Hotels & Resorts, Inc. (NYSE: XHR) ("Xenia" or the "Company") today announced that, due to the severe downturn in lodging 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 A. Wade, who served as the Company's Senior Vice President and Chief Investment Officer, has left the Company. With this change, the Company's corporate office headcount has been reduced by over 20% since the Company's operations have been impacted by the COVID-19 pan...
Xenia Hotels & Resorts Provides Update on Transactions and Operations
Xenia Hotels & Resorts, Inc. | April 1, 2020
ORLANDO, Fla., April 1, 2020 -- Xenia Hotels & Resorts, Inc. (NYSE: XHR) ("Xenia" or the "Company") today provided an update on pending transactions, as well as an update on the impact of COVID-19 on its operations. On February 24, 2020, Xenia announced that it had entered into an agreement to sell the 492-room Renaissance Austin Hotel for $100.5 million, with an anticipated closing date during the first quarter of 2020. Subsequent to the announcement, the parties entered into an amendment to the agreement that extended the closing until April 16, 2020 and authorized the release of the $2 million deposit held in escrow to the Compan...
Xenia Hotels & Resorts Sells Marriott Griffin Gate Resort & Spa and Marriott Chicago at Medical District/UIC
Xenia Hotels & Resorts, Inc. | December 19, 2019
ORLANDO, Fla., Dec. 19, 2019 -- Xenia Hotels & Resorts, Inc. (NYSE: XHR) ("Xenia" or the "Company") today announced it has completed the sale of the 409-room Marriott Griffin Gate Resort & Spa in Lexington, Kentucky for $51.5 million. The sale price represents a 7.1x multiple on the resort's trailing twelve month Hotel EBITDA as of November 30, 2019. Inclusive of estimated required capital expenditures of approximately $30 million, the price reflects an 11.2x trailing twelve month Hotel EBITDA multiple. Additionally, the Company also announced that it has sold the 113-room Marriott Chicago at Medical District/UIC in Chicago, Illinois...
Xenia Hotels & Resorts Acquires Hyatt Regency Portland at The Oregon Convention Center for $190 Million
Xenia Hotels & Resorts, Inc. | December 19, 2019
ORLANDO, Fla., Dec. 19, 2019 -- Xenia Hotels & Resorts, Inc. (NYSE: XHR) ("Xenia" or the "Company") today announced it has acquired the newly developed 600-room Hyatt Regency Portland at the Oregon Convention Center located in Portland, Oregon for a purchase price of $190 million, or approximately $317,000 per key. The purchase price includes the complete development cost of the hotel, as well as pre-opening and startup costs, working capital, and all supplies to ensure the hotel was fully operational upon opening. The acquisition was funded with cash available on the Company's balance sheet and its senior unsecured credit facility. Â...
Xenia Hotels & Resorts Acquires The Ritz-Carlton, Denver for Approximately $100 Million
Xenia Hotels & Resorts, Inc. | August 27, 2018
ORLANDO, Fla., Aug. 27, 2018 -- Xenia Hotels & Resorts, Inc. (NYSE: XHR) ("Xenia" or the "Company") today announced its acquisition of The Ritz-Carlton, Denver, a 202-room luxury hotel located in Denver, Colorado for a purchase price of $100.25 million, or approximately $496,000 per key. The acquisition was funded with cash available on the Company's balance sheet. The purchase price represents an estimated 14.6x multiple on 2018 forecasted Hotel EBITDA. Xenia currently forecasts that the hotel will generate approximately $2.5 million of Hotel EBITDA during the remainder of 2018. "We are excited to have ...
Xenia Hotels & Resorts Sells Aston Waikiki Beach Hotel for $200 Million ($310K per Key)
Xenia Hotels & Resorts, Inc. | March 14, 2018
ORLANDO, Fla., March 14, 2018 -- Xenia Hotels & Resorts, Inc. (NYSE: XHR) ("Xenia" or the "Company") today announced that it has completed the previously announced sale of the leasehold interest in the 693-room Aston Waikiki Beach Hotel ("Hotel" or "Aston Waikiki") in Oahu, HI for a sale price of $200 million, or approximately $310,000 per key. The price represented a 12.6x multiple on the Hotel's 2017 EBITDA. "We are pleased to have completed the sale of the Aston Waikiki at an attractive price," commented Marcel Verbaas, Xenia's Chairman and Chief Executive Officer. "A...
