Xenia Hotels & Resorts Announces Listing Of Its Common Stock On The NYSE
Commences tender offer to purchase up to $125 million in value of its shares of common stock
Xenia Hotels & Resorts, Inc. (NYSE: XHR) ("Xenia" or the "Company") today announced the successful completion of its spin-off from Inland American Real Estate Trust, Inc. Starting today, Xenia common stock will begin trading on the New York Stock Exchange ("NYSE") under the symbol "XHR". In connection with the listing of its shares of common stock on the NYSE, members of Xenia's management team will ring The Opening Bell at 9:30 a.m. EST today at the NYSE to celebrate the first day of trading.
"Today, the board of directors, the executive management team and our employees celebrate the start of a new independent real estate investment trust that invests in premium hotels, with a focus on the top 25 lodging markets and key leisure destinations in the United States," said Marcel Verbaas, President and Chief Executive Officer of Xenia.
In connection with the spin-off and listing, Xenia today commenced a modified "Dutch Auction" self-tender offer (the "Tender Offer") to purchase for cash up to $125 million in value of shares of the Company's common stock. In accordance with the terms of the offer to purchase and letter of transmittal, Xenia will select the lowest price, not greater than $21.00 nor less than $19.00 per share, net to seller in cash, less any applicable withholding taxes and without interest, that will enable Xenia to purchase the maximum number of shares of common stock having an aggregate purchase price not exceeding $125 million. Xenia expects to fund the tender offer with cash on hand.
The Tender Offer will expire at 5:00 P.M., New York City Time, on March 5, 2015, unless the Tender Offer is extended or withdrawn. Upon expiration, payment for the shares of common stock accepted for purchase under the Tender Offer will occur as promptly as practicable in accordance with applicable law. Any questions or requests for assistance may be directed to Xenia Investor Services by telephone toll free at (844) 248-2205.
The Company has posted a copy of a presentation that it has made to the investment community and 2015 financial information guidance on its new Investor Relations page at www.xeniareit.com. Xenia's recorded presentation, when available, will also be posted to the Investor Relations page.
About Xenia Hotels & Resorts, Inc.
Xenia Hotels & Resorts, Inc. is a self-advised and self-administered REIT that invests primarily in uniquely positioned luxury and upper upscale hotels and resorts, with a focus on the top 25 U.S. lodging markets as well as key leisure destinations in the United States. The Company owns 39 hotels comprising 11,245 rooms across 16 states. Xenia's hotels are primarily in the luxury and upper upscale segments, and operated and/or licensed by industry leaders such as Marriott, Hyatt, Kimpton, Fairmont, Loews, and Hilton, as well as leading independent management companies including The Kessler Collection and Sage Hospitality. For more information on Xenia's business, refer to the Company website at www.xeniareit.com.
