ORLANDO, Fla., Dec. 3, 2018 — Xenia Hotels & Resorts, Inc. (NYSE: XHR) ("Xenia" or the "Company") today announced it has sold the 300-room Hilton Garden Inn Washington D.C. Downtown for $128 million, or approximately $427,000 per key. The sale price represents a 15.2x multiple and a 5.8% capitalization rate on the hotel's trailing twelve month Hotel EBITDA and net operating income as of October 31, 2018, respectively.
"We are pleased to have completed the sale of Hilton Garden Inn Washington D.C. Downtown," commented Marcel Verbaas, Xenia's Chairman and Chief Executive Officer. "The sale of this select-service hotel at an attractive valuation further exemplifies our dedication to upgrading the quality of our portfolio by making targeted investments and completing selective dispositions consistent with our long-term investment strategy of primarily owning high-quality luxury and upper upscale hotels in top 25 U.S. lodging markets and key leisure destinations."
After the completion of this disposit