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Xenia Hotels & Resorts Provides Business Update

ORLANDO, Fla., Aug. 27, 2020 /PRNewswire/ -- Xenia Hotels & Resorts, Inc. (NYSE:XHR) ("Xenia" or the "Company") today provided an update on its recently amended credit facilities, pending

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ORLANDO, Fla., Aug. 27, 2020 /PRNewswire/ -- Xenia Hotels & Resorts, Inc. (NYSE:XHR) ("Xenia" or the "Company") today provided an update on its recently amended credit facilities, pending transactions, and hotel operations.

On August 11, 2020, in connection with the pricing of its $300 million of senior secured notes due 2025, the Company effectuated amendments to each of its corporate credit agreements, including its $500 million senior revolving credit facility and four term loan facilities totaling $575 million. The amendments included permanent changes to the corporate credit agreements, including changes to the application of mandatory prepayments, as well as enabling the Company to acquire hotels by issuing equity.  The amendments require the Company, in the event that the senior revolving credit facility outstanding balance is less than $350 million, to utilize 45% of net proceeds raised through various actions including debt issuances, equity issuances, and dispositions to prepay the senior revolving credit facility and the Company's two term loans maturing in 2022, with the balance of the proceeds retained by the Company and available to be utilized for general corporate purposes as permitted by the amendments.

The Company primarily utilized net proceeds from its senior secured notes offering to partially repay its senior revolving credit facility and its two term loans maturing in 2022.  The Company's senior revolving credit facility balance is approximately $306 million, and the Company's two term loans maturing February 2022 and October 2022 have approximately $124 million and $89 million outstanding, respectively.

The Company has entered into an agreement to sell the 275-room Marriott Napa Valley Hotel & Spa for a sale price of $100 million with an anticipated closing date before the end of the third quarter.  The transaction is not contingent upon financing and the buyer has a $5 million deposit at-risk.  Closing is subject to customary closing conditions.  Additionally, as anticipated, the Company received the $7.75 million non-refundable deposit that was previously held in escrow following the termination of the sale of the 522-room Renaissance Atlanta Waverly Hotel & Convention Center after the transaction failed to close by July 31, 2020.

As it relates to the operations of the Company's portfolio, 35 of the Company's 39 hotels and resorts are open and operating.  The Company anticipates that Hyatt Regency Santa Clara and Park Hyatt Aviara Resort, Golf Club & Spa will recommence operations on September 8, 2020 and October 1, 2020, respectively.

The following table provides monthly operating information for the Company's portfolio since April. These results include days the hotels and resorts were open and operating during the months presented.