ORLANDO, FL—Xenia Hotels & Resorts Inc. has acquired two Hyatt Hotel properties in Phoenix and Scottsdale, AZ and the Ritz-Carlton Pentagon City in Arlington, VA in two separate transactions for a total purchase price of $410 million.
Xenia announced on Wednesday that it purchased the Hyatt Regency Scottsdale Resort & Spa at Gainey Ranch, a 493-room upper upscale resort located in Scottsdale and the Royal Palms Resort & Spa, a 119-room luxury resort located in Phoenix for $305 million or approximately $498,350 per key. Both properties were acquired from Hyatt Hotels Corp. and were part of the part of The Unbound Collection by Hyatt. The purchase price represents an estimated 12.6x multiple on 2017 forecasted Hotel EBITDA. Xenia currently forecasts the hotels will generate approximately $6 million of hotel EBITDA for the remainder of 2017.
Xenia also reported on Wednesday it had purchased The Ritz-Carlton Pentagon City, a 365-room luxury hotel in Arlington for $105 million, or approximately $287,670 per key. Xenia did not divulge the seller of the hotel. In 2004, MeriStar Hospitality Corp acquired The Ritz Carlton Pentagon City for $93 million. In February 2006, MeriStar Hospitality was acquired by an affiliate of the Blackstone Group for approximately $2.6 billion.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
