Xenia Set for Sale of 7 Hotels for $483M

Florida’s Xenia Hotels & Resorts is selling a seven-hotel portfolio for $483 million to an undisclosed buyer. The portfolio totals 1,124 guest rooms, trading for approximately $430,000 per key, inclusive of existing FF&E reserves. The closing is expected to occur by early May, with a June extension requiring an additional deposit.

The portfolio consists of seven Kimpton-managed hotels, including the following:
– Canary Hotel, Santa Barbara, CA (Pictured)
– Hotel Monaco, Chicago
– Hotel Monaco, Denver
– Hotel Monaco, Salt Lake City
– Hotel Palomar, Philadelphia
– Lorien Hotel & Spa, in Alexandria, VA
– RiverPlace Hotel, in Portland, OR

According to Xenia’s chairman/CEO Marcel Verbaas, “While these hotels are high-quality assets that are largely consistent with our long-term investment strategy, we believe that this disposition is an illustration of our ability to opportunistically unlock value within our current portfolio and increase shareholder value through portfolio recycling.”