{"id":1004162378,"date":"2016-12-22T04:24:04","date_gmt":"2016-12-22T12:24:04","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004162378"},"modified":"2022-12-06T21:23:51","modified_gmt":"2022-12-07T05:23:51","slug":"four-hotels-change-hands-in-119m-deal","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/four-hotels-change-hands-in-119m-deal\/","title":{"rendered":"Four Hotels Change Hands in $119M Deal"},"content":{"rendered":"

By Keith Loria, Contributing Editor<\/em><\/p>\n

\"Homewood<\/a>

Homewood Suites by Hilton Houston Near the Galleria<\/p><\/div>\n

Orlando, Fla.<\/strong>\u2014Xenia Hotels & Resorts Inc. has sold four hotels to an undisclosed buyer, for a combined $119 million, which is an 11.0x multiple on the hotels\u2019 combined 2016 projected EBITDA.<\/p>\n

The properties in the transaction consisted of the 162-key Homewood Suites by\u00a0Hilton Houston Near\u00a0the Galleria, the 148-key Hampton Inn & Suites Denver Downtown, the 178-key Hilton Garden Inn Chicago North Shore\/Evanston and the 195-key Hilton St. Louis Downtown.<\/p>\n

Xenia retained nearly $1.5 million\u00a0in capital reserve funds related to the properties.<\/p>\n

\u201cWe are pleased with the dispositions of these non-core assets, as well as the pricing we were able to achieve,\u201d Marcel Verbaas, Xenia\u2019s president & CEO, said in a prepared release. \u201cWhile we remain bullish on the long-term prospects of our remaining higher-quality hotels in\u00a0Houston,\u00a0Denver\u00a0and\u00a0Chicago, the sale of these select service assets allowed us to reduce our overall exposure in these markets.\u201d<\/p>\n

Proceeds from the sale will be utilized for general corporate purposes, which may include debt repayments, potential acquisitions consistent with the company\u2019s long-term strategy, and share repurchases under the Xenia\u2019s existing authorization.<\/p>\n

\u201cThe continued enhancement of our portfolio is exemplified by the fact that these four hotels were projected to achieve a combined RevPAR of approximately\u00a0$115\u00a0and EBITDA per key of approximately\u00a0$16,000\u00a0in 2016, with both measures significantly lagging the remainder of our portfolio,\u201d Verbaas said.<\/p>\n","protected":false},"excerpt":{"rendered":"

The properties formerly owned by Xenia Hotels & Resorts are located in Houston, Denver, Chicago and St. Louis. <\/p>\n","protected":false},"author":451,"featured_media":1004162379,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1491,21743,1587,21808,21751,1589,21783,23891,21742,1611],"tags":[33226,33225],"class_list":["post-1004162378","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-chicago","category-deals","category-denver","category-featured","category-hotel","category-houston","category-investment","category-national","category-latest","category-st-louis","tag-marcel-verbaas","tag-xenia-hotels-and-resorts"],"acf":[],"yoast_head":"\nFour Hotels Change Hands in $119M Deal - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/four-hotels-change-hands-in-119m-deal\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Four Hotels Change Hands in $119M Deal\" \/>\n<meta property=\"og:description\" content=\"The properties formerly owned by Xenia Hotels & Resorts are located in Houston, Denver, Chicago and St. Louis.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/four-hotels-change-hands-in-119m-deal\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2016-12-22T12:24:04+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-07T05:23:51+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/12\/Homewood-Suites-by-Hilton-Houston-Near-the-Galleria.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"828\" \/>\n\t<meta property=\"og:image:height\" content=\"500\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Keith Loria\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/four-hotels-change-hands-in-119m-deal\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/four-hotels-change-hands-in-119m-deal\\\/\"},\"author\":{\"name\":\"Keith Loria\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/aaa29b723dad85f2444ae3cb0c4d735f\"},\"headline\":\"Four Hotels Change Hands in $119M Deal\",\"datePublished\":\"2016-12-22T12:24:04+00:00\",\"dateModified\":\"2022-12-07T05:23:51+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/four-hotels-change-hands-in-119m-deal\\\/\"},\"wordCount\":254,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/four-hotels-change-hands-in-119m-deal\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2016\\\/12\\\/Homewood-Suites-by-Hilton-Houston-Near-the-Galleria.jpg\",\"keywords\":[\"Marcel Verbaas\",\"Xenia Hotels and Resorts\"],\"articleSection\":[\"Chicago\",\"Deals\",\"Denver\",\"Featured\",\"Hotel\",\"Houston\",\"Investment\",\"National\",\"News\",\"St. Louis\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/four-hotels-change-hands-in-119m-deal\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/four-hotels-change-hands-in-119m-deal\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/four-hotels-change-hands-in-119m-deal\\\/\",\"name\":\"Four Hotels Change Hands in $119M Deal - 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