Inland American Board of Directors Approves Spin-off of Xenia Hotels & Resorts, Inc.

Inland American Real Estate Trust, Inc. ("Inland American") today announced that its Board of Directors has formally authorized the distribution of 95% of the shares of common stock of Xenia Hotels & Resorts, Inc. ("Xenia"), a wholly owned subsidiary of Inland American, to its stockholders. Following the distribution, Xenia will be a self-managed, publicly traded real estate investment trust ("REIT") listed on the New York Stock Exchange ("NYSE") under the symbol ("XHR") focused on investing in premium full service, lifestyle and urban upscale hotels in the top 25 U.S. lodging markets and key leisure destinations throughout the United States.

The distribution of shares of Xenia common stock is expected to occur on February 3, 2015 (the "Distribution Date") by way of a taxable, pro rata distribution to Inland American stockholders. Each Inland American stockholder will be entitled to receive one Xenia common share for every eight shares of Inland American common stock held as of the close of business on January 20, 2015 (the "Record Date"). Fractional shares of Xenia will not be delivered, and instead Inland American stockholders will receive cash in lieu of any fractional shares they would otherwise be entitled to receive in the distribution. Inland American stockholders are not required to take any action to receive the shares of Xenia common stock in the distribution, and they will not be required to surrender or exchange their Inland American shares.

The completion of the distribution remains subject to certain conditions, as set forth in the Separation and Distribution Agreement filed as an exhibit to Xenia's Registration Statement on Form 10 (as amended, the "Registration Statement"), including the Securities and Exchange Commission declaring effective the Registration Statement, which occurred today, and the ability of the Inland American Board of Directors to modify or abandon the distribution.

Shares of Xenia common stock distributed in the distribution will be issued in book-entry form. No physical share certificates of Xenia will be issued. An information statement containing the details of the separation and important information about Xenia will be mailed to Inland American stockholders prior to the Distribution Date. Inland American stockholders are encouraged to consult their financial advisors and tax advisors regarding the particular consequences of the distribution in their situation, including, without limitation, the implication of selling Inland American common stock on or prior to the Distribution Date and the applicability and effect of any U.S. federal, state, local and foreign tax laws.

Advisors

Goldman, Sachs & Co. and Morgan Stanley & Co. LLC are acting as financial advisors to Inland American in relation to the spin-off and Latham & Watkins LLP is acting as legal counsel and Hunton & Williams LLP is acting as special tax counsel to Inland American.