ORLANDO, Fla., May 20, 2021
/PRNewswire/ -- Xenia Hotels & Resorts, Inc. (NYSE:
XHR) ("Xenia" or the "Company") today announced that its operating
partnership, XHR LP (the "Issuer"), intends to offer, subject to
market conditions and other factors, $400
million aggregate principal amount of senior secured notes
due 2029 (the "Notes"). The Notes will be senior secured
obligations of the Issuer and will be fully and unconditionally
guaranteed by the Company and certain of the Issuer's subsidiaries
that incur or guarantee the credit facilities or certain other
indebtedness of the Issuer. The Issuer intends to use the net
proceeds of the offering to repay borrowings under certain of the
Company's credit facilities and for general corporate purposes.
The Notes and the related guarantees have not been and will not
be registered under the Securities Act of 1933, as amended (the
"Securities Act"), any state securities laws or the securities laws
of any other jurisdiction. The Notes may not be offered or sold in
the United States absent
registration or pursuant to an exemption from, or in a transaction
not subject to, registration. The Notes will be offered and sold
only to persons reasonably believed to be "qualified institutional
buyers" in accordance with Rule 144A under the Securities Act and
to certain non-U.S. persons in offshore transactions in reliance on
Regulation S under the Securities Act.
This press release is neither an offer to sell nor a
solicitation of an offer to buy the Notes or any other securities
and shall not constitute an offer to sell or a solicitation of an
offer to buy, or a sale of, the Notes or any other securities in
any jurisdiction in which such offer, solicitation or sale would be
unlawful.
About Xenia Hotels & Resorts, Inc.
Xenia Hotels
& Resorts, Inc. is a self-advised and self-administered REIT
that invests in uniquely positioned luxury and upper upscale hotels
and resorts with a focus on the top 25 U.S. lodging markets as well
as key leisure destinations in the United
States. The Company owns 35 hotels and resorts comprising
10,011 rooms across 15 states. Xenia's hotels are in the luxury and
upper upscale segments, and are operated and/or licensed by
industry leaders such as Marriott, Hyatt, Kimpton, Fairmont, Loews,
Hilton, and The Kessler Collection. For more information on Xenia's
business, refer to the Company website at www.xeniareit.com.
This press release contains statements as to the Company's
beliefs and expectations of the outcome of future events that are
forward-looking statements as defined in the Private Securities
Litigation Reform Act of 1995 and within the meaning of Section 27A
of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended . You can identify
these statements by the fact that they do not relate strictly to
historical or current facts. Examples of these statements include,
but are not limited to, statements regarding the status and outcome
of certain asset sale transactions, the suspension of operations at
our hotel properties, the anticipated impact of the COVID-19
pandemic on travel, transient and group demand, the anticipated
impact of such pandemic on our results of operations, and the
resulting amount of cancellation and attrition fees and
cost-containment efforts. These forward-looking statements are
subject to risks and uncertainties that could cause actual results
to differ materially from the statements made. These risks and
uncertainties include, but are not limited to, the effects of the
COVID-19 pandemic, including on the demand for travel, transient
and group business (including, but not limited to,
government-imposed travel or meeting restrictions), and levels of
consumer confidence in the safety of travel as a result of the
pandemic; the length of the COVID-19 pandemic and severity of such
pandemic in the United States; the
pace of economic recovery and the recovering of consumer confidence
following the COVID-19 pandemic; our ability to implement
cost-containment strategies; the adverse effects of the COVID-19
pandemic on our business or the market price of our common stock;
and our ability to service, restructure or refinance our debt; our
ability to be in compliance with our debt covenants; our ability to
access capital on acceptable terms or at all and uncertainty in
both the debt and equity capital markets; and the outcome of legal
proceedings or other disputes. Other factors that could cause
results to differ are described in the filings made from time to
time by the Company with the U.S. Securities and Exchange
Commission and include the risk factors and other risks and
uncertainties described in the Company's Annual Report on Form 10-K
for the year ended December 31, 2020,
its Quarterly Report on Form 10-Q for the quarter ended
March 31, 2021 and its Current
Reports on Form 8-K. Except as required by law, the Company does
not undertake, and hereby disclaims, any obligation to release
publicly any revisions to forward-looking statements made by it to
reflect events or circumstances occurring after the date hereof or
the occurrence of unanticipated events.
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SOURCE Xenia Hotels & Resorts, Inc.