ORLANDO, FL—Shares of Xenia Hotels & Resorts Inc. began trading Wednesday on the New York Stock Exchange under the XHR symbol, and members of its management team rang the opening bell at the NYSE. The newly independent lodging REIT was spun off from Inland American Real Estate Trust, which continues to own about 5% of its outstanding shares.

Inland American completed the spin-off via a pro rata taxable distribution of 95% of the shares of XHR common stock to its own shareholders. In connection with the spin-off and listing, XHR on Wednesday commenced a modified "Dutch auction" self-tender offer to buy back up to $125 million of its common stock.

This past August, Inland American filed with the SEC for a possible spin-off of what was then known as Inland American Lodging Group. The separation of the two companies will further Inland American's strategy ofconcentrating on its student housing and multi-tenant retail platforms. The student housing platform will continue to be managed out of the Inland American Communities head office in Dallas, while the multi-tenant retail platform will be managed out of Inland American's corporate headquarters in Oak Brook, IL.

Marcel Verbaas, who served as president and CEO of Inland American Lodging, now fills the same roles for Orlando, FL-based XHR. He says the standalone REIT will invest in premium hotels, “with a focus on the top 25 lodging markets and key leisure destinations in the United States.”

Already, the new company owns 46 hotels comprising 12,636 keys across 19 states and the District of Columbia, along with a majority interest in two properties under development. Its brands include Andaz, Hampton Inn, Hilton, Hotel Monaco, Hyatt, Marriott, Renaissance and Westin.