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Xenia Hotels sells 4 hotels for $119M

Xenia Hotels & Resorts Inc. sold four hotel properties for a total of approximately $119 million.

The sold hotels include the 162-room Homewood Suites by Hilton Houston Near the Galleria in Houston, the 148-room Hampton Inn & Suites Denver Downtown in Denver, the 178-room Hilton Garden Inn Chicago North Shore/Evanston in Evanston, Ill., and the 195-room Hilton St. Louis Downtown in St. Louis.

The sale price reflects an 11.0x multiple on the sold properties' combined 2016 projected EBITDA.

"While we remain bullish on the long-term prospects of our remaining higher-quality hotels in Houston, Denver and Chicago, the sale of these select service assets allowed us to reduce our overall exposure in these markets. In addition, we exited the St. Louis market," President and CEO Marcel Verbaas said in a release.

The company said it plans to use the proceeds from the sale for general corporate purposes including debt repayments, potential acquisitions and share repurchases.