Orlando-based real estate investment trust, Xenia Hotels & Resorts Inc., has announced the disposition of four hotels properties for a combined $119 million. In addition to the proceeds from the transaction, the company retained approximately $1.5 million in capital reserve funds related to the properties. The assets sold in the deal include the 162-room Homewood Suites by Hilton Houston Near the Galleria, the 148-room Hampton Inn & Suites Denver Downtown, the 178-room Hilton Garden Inn Chicago North Shore/Evanston and the 195-room Hilton St. Louis Downtown. Proceeds from the sale will be used to cover debt repayments, potential acquisitions and share repurchases.
“We are pleased with the dispositions of these non-core assets, as well as the pricing we were able to achieve,” said Marcel Verbaas, president and CEO of Xenia, in a prepared statement. “While we remain bullish on the long-term prospects of our remaining higher-quality hotels in Houston, Denver and Chicago, the sale of these select service assets allowed us to reduce our overall exposure in these markets. In addition, we exited the St. Louis market.”
