WASHINGTON, DC–Xenia Hotels & Resorts has acquired The Ritz-Carlton Pentagon City for $105 million, or approximately $287,670 per key. The REIT funded the acquisition with cash that was available on its balance sheet and its senior unsecured credit facility.
The purchase price represents an estimated 11.3x multiple on 2017 forecasted Hotel EBITDA and the company expects that the hotel will generate approximately $2 million of Hotel EBITDA for the remainder of 2017.
The 18-story luxury hotel has 365 rooms and 19,000 square feet of meeting space, and has recently completed an $11 million renovation of its guestrooms and club lounge.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
