Inland American Real Estate to spin off 46 hotels into public REIT

The spun off company will be called Xenia and its stock will trade on the NYSE. The 46 hotels with 12,636 rooms are in 19 states and D.C. and come with $1.8B in mortgage debt carrying a blended interest rate of 4.62%.

The portfolio was 77.3% occupied in Q1 and generated $2.3M of NOI. Revenue per available room was $136.35.

SEC filings

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