{"id":1004193003,"date":"2017-10-09T10:06:19","date_gmt":"2017-10-09T18:06:19","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004193003"},"modified":"2022-12-08T09:22:02","modified_gmt":"2022-12-08T17:22:02","slug":"xenia-buys-arlington-hotel-for-105m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/xenia-buys-arlington-hotel-for-105m\/","title":{"rendered":"Xenia Buys Arlington Hotel for $105M"},"content":{"rendered":"

By Tudor Scolca<\/em><\/p>\n

\"The<\/a>

The Ritz-Carlton Pentagon City Hotel<\/p><\/div>\n

Xenia Hotels & Resorts acquired The Ritz-Carlton Pentagon City, a luxury hotel in Arlington, Va. The company funded the acquisition with cash available on its balance sheet and its senior unsecured credit facility. The purchase price was $105 million, or approximately $287,670 per key.<\/p>\n

Xenia estimates the acquisition price to be an 11.3x multiple of 2017\u2019s forecast of hotel EBITDA and expects to generate around $2 million EBITDA for the remainder of this year. Recently, the hospitality company sold a portfolio of five luxury hotels<\/a>, across four different cities, obtaining $163 million for the properties.\u00a0<\/p>\n

Key location\u00a0<\/h2>\n

\u201cThe hotel’s excellent location and exposure to a diverse set of demand generators in the Arlington and Washington D.C. markets, its strong in-place cash flow, and our ability to acquire the hotel at an attractive valuation were key considerations in our decision to acquire this outstanding asset,<\/em>\u201d said Marcel Verbaas, president & chief executive officer of Xenia, in a prepared statement.\u00a0<\/p>\n

The 365-key hotel is located at 1250 S. Hayes St., near multiple shopping malls, high-end retailers, museums, restaurants and the Pentagon, as well as the Crystal City and Rosslyn business districts. Ronald Reagan Washington National Airport is a 10-minute drive from the hotel, and downtown Washington, D.C. can be reached in 15 minutes. The building recently underwent an $11 million renovation of its guestrooms and club lounge. The Ritz-Carlton, Pentagon City boasts guestroom amenities such as feather beds with 400 thread-count linens, in-room gourmet coffee and tea and 24-hour in-room dining. The property also features a full-service business center, valet parking, fitness center with indoor pool, sauna and steam facilities, as well as indoor access to the Metro.<\/p>\n

Image courtesy of Xenia Hotels & Resorts<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The hotel is situated in one of the busiest upscale segments of Arlington county. The property recently underwent an $11 million renovation.<\/p>\n","protected":false},"author":1284,"featured_media":1004193022,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21751,11,21742,1615],"tags":[33877,33329,33225],"class_list":["post-1004193003","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-hotel","category-midatlantic","category-latest","category-washington-dc","tag-marriott","tag-ritz-carlton","tag-xenia-hotels-and-resorts"],"acf":[],"yoast_head":"\nXenia Buys Arlington Hotel for $105M - 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\/xenia-buys-arlington-hotel-for-105m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Xenia Buys Arlington Hotel for $105M\" \/>\n<meta property=\"og:description\" content=\"The hotel is situated in one of the busiest upscale segments of Arlington county. 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