Xenia Hotels & Resorts has executed an agreement to sell a seven-hotel portfolio with a total of 1,124 guest rooms for $483 million, or approximately $430,000 per key. The buyer was not disclosed.
The portfolio consists of seven Kimpton-managed hotels, including Canary Hotel Santa Barbara, Hotel Monaco Chicago, Hotel Monaco Denver, Hotel Monaco Salt Lake City, Hotel Palomar Philadelphia, Lorien Hotel & Spa in Alexandria, Va., and RiverPlace Hotel in Portland, Ore.
"We are pleased to have reached an agreement to sell this portfolio at attractive pricing, both generally and relative to our current trading multiple," said Marcel Verbaas, chairman and CEO of Xenia. "If completed as anticipated, this sale will represent our largest transaction since our listing in early 2015. While these hotels are high-quality assets that are largely consistent with our lon
