Xenia Hotels & Resorts, Inc. (NYSE: XHR), also known as Xenia or the Company, announced on July 9, 2024, that it has finalized the sale of the 107-room Lorien Hotel & Spa in Alexandria, VA. The property was sold for $30 million, which equates to approximately $280,000 per key. This sale price represents a 21.3x multiple and a 3.1% capitalization rate on Hotel EBITDA and Net Operating Income for the trailing twelve months ending May 31, 2024.
The proceeds from the sale will be used for general corporate purposes. These may include share repurchases, debt repayment, capital expenditures, and acquisitions that align with the Company’s long-term strategy.
Xenia Hotels & Resorts, Inc. is a self-advised and self-administered REIT that invests in luxury and upper upscale hotels and resorts. The company focuses on the top 25 lodging markets as well as key leisure destinations in the United States. Xenia owns 31 hotels, which comprise 9,408 rooms across 14 states. The hotels are in the luxury and upper upscale segments and are operated and/or licensed by industry leaders such as Marriott, Hyatt, Kimpton, Fairmont, Loews, Hilton, and The Kessler Collection. More information about Xenia’s business can be found on the Company’s website at www.xeniareit.com.
For additional information or to receive press releases via email, please visit www.xeniareit.com.
SOURCE: Xenia Hotels & Resorts, Inc.
Source: prnewswire.com