Inland Plans Spinoff of Hotel Business

OAK BROOK, IL—Inland American Real Estate Trust Inc. on Monday filed SEC paperwork in preparation for a potential spinoff of Inland American Lodging Group into a standalone, publicly traded company. Operating as Xenia Hotels & Resorts, the company would be a self-managed REIT trading on the New York Stock Exchange under the symbol XHR.

With Inland Lodging CEO Marcel Verbaas filling the same role at Xenia, the new company is expected to own 46 hotels comprising 12,636 keys across 19 states and the District of Columbia, along with a majority interest in two properties under development, when the spinoff is completed. Its portfolio will focus on the top 25 US lodging markets and key leisure destinations, with an emphasis on premium full service, lifestyle and urban upscale hotels. Inland American is also currently marketing for sale its remaining suburban select service hotels that currently are overseen by the Xenia team.