Xenia Hotels says 37 of 38 hotels and resorts are open

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Xenia Hotels & Resorts Inc. offered an update of its business Wednesday during the pandemic, while also announcing new amendments to some of its borrowing and unveiling a $150 million five-year bond deal. The Orlando, Fla.-based REIT said 37 of its 38 hotels and resorts are open, after being closed during the pandemic, and it is continuing to review the timing of reopening its Hyatt Regency Portland at the Oregon Convention Center. The company’s revenue per available room is expected to come to $48.41 for all properties that were operating for some or all of the third quarter. The company entered further amendments on its corporate credit facilities and has increased commitments among other changes. The company is expecting to have about $450 million of liquidity once a proposed debt financing and debt payoff are completed, not including proceeds from the sale of the Marriott Napa Valley Hotel & Spa which is expected to close before the end of October. Separately, it announced plans to offer $150 million of 6.375% notes that mature in 2025. Shares were down 0.8% premarket and have fallen 60% in the year to date, while the S&P 500 has gained 8.7%.
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