Xenia Hotels acquires three boutique hotels for $245M

Xenia Hotels & Resorts acquired three boutique hotels for a combined purchase price of $245 million.

These hotels include:

  • The RiverPlace Hotel Portland next to Tom McCall Waterfront Park in Portland, Ore.
  • The 97-room Canary Hotel in downtown Santa Barbara, Calif.
  • The 230-room Hotel Palomar in Philadelphia's Center City District near Rittenhouse Square.

All three lifestyle hotels will continue to be managed by Kimpton Hotels & Restaurants.

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The three hotels have exhibited consistently strong operating results, as illustrated by the portfolio's average RevPAR of $224.59, comprised of average occupancy of 85.4 percent and an average daily rate of $262.93 during the 12 months ending June 30, 2015. Additionally, the portfolio generated RevPAR growth of 10.1 percent year to date through June 30, 2015.

The RiverPlace Hotel in Portland, Ore., has 84 guestrooms including 36 suites and 10 riverfront one and two bedroom condominiums. Recently renovated, the RiverPlace has the Three Degrees Waterfront Bar & Grill.

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