Xenia Hotels Sells Residence Inn Boston Cambridge Hotel for $107.5M
CAMBRIDGE, MASS. — Xenia Hotels & Resorts Inc. (NYSE: XHR), a Florida-based REIT, has sold the 221-room Residence Inn by Marriott Boston Cambridge hotel for $107.5 million, or approximately $486,000 per key. The property is located near Harvard University and Kendall Square. The undisclosed buyer acquired the asset at a capitalization rate of 7.8 percent. Xenia will use the $46 million in net proceeds from the sale to repay outstanding debt and for other general corporate purposes.