Xenia Hotels & Resorts Inc. closed the $200 million sale of the leasehold interest in the Aston Waikiki Beach Hotel in Oahu, Honololu.
The roughly $310,000-per-key price represents a 12.6x multiple on the asset's 2017 hotel EBITDA.
Xenia will use the proceeds from the disposal for general corporate purposes including debt repayments, potential acquisitions in line with its long-term strategy, and share repurchases under its existing authorization.
