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Stock impact report

Xenia sells Fairmont Dallas for $111M as upcoming challenges loom [Yahoo! Finance]

Xenia Hotels & Resorts, Inc. (XHR) 
Last xenia hotels & resorts, inc. earnings: 2/24 04:30 pm Check Earnings Report
US:NYSE Investor Relations: xeniareit.com
Company Research Source: Yahoo! Finance
Xenia Hotels & Resorts sold the 545-room Fairmont Dallas for $111 million, or approximately $203,670 per key, the real estate investment trust announced in a Friday release. The buyer was undisclosed, and Xenia could not be reached for comment. Xenia acquired the Fairmont Dallas in 2011 for $69 million. Located in the city's arts district, the hotel offers multiple dining options , a Junior Olympics-sized swimming pool, a fitness center and a gift shop. The sale aligns with Xenia's strategy to “maintain balance sheet strength and flexibility” as the Texas hotel approaches “significant and disruptive near-term capital needs” as well as other market challenges, CEO Marcel Verbaas said in a statement. While Fairmont Dallas provided “excellent” returns for Xenia — particularly in light of “the pandemic's significant negative impact on cash flows during 2020 and 2021” — several hurdles make now a desirable time to sell, Verbaas explained in the release. The sale will help Xenia av Show less Read more
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