Xenia buys three Kimpton-managed properties

George Sell George Sell Uploaded 29 July 2015

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

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

The properties are are The 84-room RiverPlace Hotel in Portland, Oregon; the 97-room Canary Hotel in downtown Santa Barbara, California; and the 230-room Hotel Palomar in Philadelphia's Center City District near Rittenhouse Square. All three hotels will continue to be managed by Kimpton Hotels & Restaurants, which has managed both the RiverPlace Hotel and the Canary Hotel since 2012, and the Hotel Palomar since its opening.

Marcel Verbaas, president and CEO of Florida-based Xenia Hotels & Resorts, said: "We are thrilled to have acquired three luxury lifestyle boutique hotels located in high barrier to entry markets with diverse demand generators."

"We are excited to expand our relationship with Kimpton Hotels & Restaurants," continued Verbaas. "Kimpton's exemplary results have established the company as a leading choice for the management of high-quality boutique properties such as these three hotels. Our relationship with Kimpton gives us confidence that we will be able to achieve continued positive results and growth during our ownership of these hotels."

www.xeniareit.com

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