XHR - Xenia Hotels & Resorts offloads its last select service asset

Xenia Hotels & Resorts ([[XHR]] -0.7%) sold the 221-room Residence Inn Boston Cambridge in Cambridge, Massachusetts for $107.5M or ~$486,500/key.Transaction generated ~$46M in net proceeds; to be utilized to repay borrowings under the company's credit facilities and for general corporate purposes.Sale price represents a 11.6x multiple and a 7.8% capitalization rate on the hotel's 2019 Hotel EBITDA and net operating income, respectively.With regards the transaction, the buyer assumed the $60.3M mortgage collateralized by the hotel.Xenia retained ~$3.8M balance in the FF&E reserve.Earlier announced sale of Marriott Napa Valley Hotel & Spa is expected to close before the end of October.

For further details see:

Xenia Hotels & Resorts offloads its last select service asset