XHR - Xenia Hotels & Resorts disposes two hotel properties

Xenia Hotels & Resorts (XHR) completed the earlier announced dispositions of the 245-room Hotel Commonwealth in Boston, Massachusetts for $113M (represented an 11.8x multiple on the hotel's 2019 Hotel EBITDA) and the 492-room Renaissance Austin Hotel in Austin, Texas for $70M (represented a 6.8x multiple on its 2019 Hotel EBITDA).Besides the sale proceeds, the company retained $6.6M in cash that was held in the properties' FF&E reserves; sale proceeds to be used for repaying borrowings under the line of credit and for general corporate purposes.YTD, the company has now sold four hotels for ~$400M.Including the dispositions of Residence Inn Boston Cambridge and Marriott Napa Valley Hotel & Spa, which were both completed in October, the combined sale prices of the four properties sold by the company in 2020 represented an ~10x multiple on 2019 Hotel EBITDA.

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Xenia Hotels & Resorts disposes two hotel properties