Xenia Hotels completes disposition of Lorien Hotel & Spa for $30M

Xenia Hotels & Resorts announced it has completed the disposition of the 107-room Lorien Hotel & Spa in Alexandria, VA, for $30M, or approximately $280,000 per key. The sale price represents a 21.3x multiple and a 3.1% capitalization rate on Hotel EBITDA and Net Operating Income for the trailing twelve months ended May 31 respectively. Proceeds will be utilized for general corporate purposes, which may include share repurchases, debt repayment, capital expenditures and acquisitions consistent with the Company’s long-term strategy.