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Xenia Hotels & Resorts sells Denver property for $92M

Orlando-based Xenia Hotels & Resorts Inc. sold a 228-room hotel in Denver for $92 million, or approximately $404,000 per room.

The hotel real estate investment trust registered a 10.4% unlevered internal rate of return on the sale of Residence Inn Denver City Center, which was acquired for $80 million in 2013.

The sale price reflects a 12.8x multiple and a 7.1% capitalization rate on the hotel's trailing 12-month Hotel EBITDA and net operating income as of Nov. 30, respectively.

Xenia will use proceeds from the divestment for general corporate purposes that may include debt repayments, potential acquisitions under its long-term strategy and share repurchases.

Post sale, the REIT's portfolio comprises 40 wholly owned hotels or resorts, including 12 luxury and 27 upper upscale hotels or resorts, as well as one upscale extended-stay hotel.