XHR - Xenia Hotels & Resorts sells select service asset for $107.5M

Xenia Hotels & Resorts (XHR) sold the 221-room Residence Inn Boston Cambridge in Cambridge, Massachusetts for $107.5M, or ~$486,500/key.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.For the transaction, the buyer assumed the $60.3Mmortgage collateralized by the hotel.Net proceeds of $46M were generated from the transaction which will be used to repay borrowings under the company's credit facilities and for general corporate purposes.Quick look at company's liquidity and debt maturity profile as of its latest investor presentation: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.

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Xenia Hotels & Resorts sells select service asset for $107.5M