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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