Xenia Hotels & Resorts has closed on the disposition of a five-property hotel portfolio totaling 812 rooms. The buyer, an affiliate of Summit Hotel Properties, paid $163 million or just under $200,740 per room key. The sale includes the 203 room Courtyard by Marriott Fort Worth Downtown/Blackstone Hotel, the Courtyard by Marriott Kansas City/Country Club Plaza, the Courtyard by Marriott Pittsburgh Downtown, the Hampton Inn & Suites Baltimore/Inner Harbor and the 188 room Residence Inn Baltimore/Inner Harbor. Summit plans to invest approximately $13 million – $16 million in capital improvements over the next two years to the properties. CBRE Hotels’ Arpit Shah, Ron Danko and Andy Wimsatt exclusively represented seller.
“Strong interest in the portfolio was driven by the ability to purchase institutional-quality, boutique-oriented assets affiliated with some of the industry’s most premium brands. In addition, the hotels offer distinctive historic architectual elements, dynamic locations within urban settings in geographically-diverse primary markets across the U.S. and meaningful revenue growth opportunity through capital investment,” stated Shah.
