Xenia Hotels & Resorts to sell-off Chicago business for $36M: Business Update

Xenia Hotels & Resorts (NYSE:XHR) reports 15.5% decline in RevPAR during November 2021 compared to the same month in 2019.
There has been 58.6% occupancy during the month in same-property portfolio.
The company also reveals plans to exit Chicago market in the sale of its 191-room Kimpton Hotel Monaco Chicago for $36M.
In the business update, Xenia says once the sale goes through it will bring a longer cash flow recovery path given the challenging situation in the market, surviving through the outsized expense inflation and new hotel supply growth.
The sale price represents a 16.7x multiple on the hotel's 2019 Hotel EBITDA.
Xenia has already sold 352-room Marriott Charleston Town Center in Charleston, West Virginia for $5M during the month.
As of Nov. 30, 2021, the company had over $1B of liquidity, consisting of ~$500M of cash and cash equivalents.
Previously (Nov. 2): Xenia Hotels FFO beats by $0.03, beats on revenue