As previously reported, Wells Fargo downgraded Xenia Hotels to Equal Weight from Overweight with a price target of $13, down from $18, citing the firm’s analysis that takes into account the lodging REITs’ historical spread to the 10yr Treasury, liquidity, maturities, and its 2023/2024 estimates. Xenia Hotels was in the lower 1/2 of Wells’ liquidity analysis versus peers, has near-term renovation headwinds, and greater than the average of 2024 maturities as % of its market cap.
Published first on TheFly
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