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Xenia Hotels Terminates Sale of Austin Renaissance

Xenia Hotels & Resorts said it had terminated the sale of the Renaissance Austin. The 492-key lodging property was under contract to sell for $100.5 million, Orlando-based Xenia announced in February.

On March 31, Xenia said it had amended its agreement to sell the Renaissance Austin, extending the closing until April 16.  The transaction didn’t close as contemplated by the amended agreement, and as a result, the agreement was terminated.  The company retained the $2-million deposit that was previously released from escrow.

When the contract to sell the Austin property to an unidentified buyer was first announced, Xenia CEO Marcel Verbaas called the property “a legacy asset with a lower RevPAR and EBITDA per key profile than the remainder of our portfolio, and with significant near-term capital requirements.” The disposition, he added, “further refines the portfolio and is expected to lead to a better earnings profile in the years ahead.”

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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