Oct
09
Xenia Buys Arlington Hotel for $105M
ByThe hotel is situated in one of the busiest upscale segments of Arlington county. The property recently underwent an $11 million renovation.
Xenia Hotels & Resorts acquired The Ritz-Carlton Pentagon City, a luxury hotel in Arlington, Va. The company funded the acquisition with cash available on its balance sheet and its senior unsecured credit facility. The purchase price was $105 million, or approximately $287,670 per key.
Xenia estimates the acquisition price to be an 11.3x multiple of 2017’s forecast of hotel EBITDA and expects to generate around $2 million EBITDA for the remainder of this year. Recently, the hospitality company sold a portfolio of five luxury hotels, across four different cities, obtaining $163 million for the properties…
