Latham & Watkins Advises Xenia Hotels & Resorts in US$1.225 Billion Bank and Bond Transactions

Xenia Hotels & Resorts, Inc. (NYSE: XHR) announced that its operating partnership, XHR LP, priced its offering of US$400 million aggregate principal amount of 6.625% senior notes due 2030 at a price equal to 100% of face value, and the offering closed on November 25, 2024. The offering was upsized from the previously announced amount of US$365 million.

In addition, on November 4, 2024, XHR LP amended and restated the credit agreement governing its corporate credit facilities. The agreement replaced the credit facilities outstanding thereunder with a new US$825 million senior unsecured credit facility comprising a US$500 million revolving line of credit, a US$225 million term loan, and a US$100 million delayed draw term loan commitment.

An interdisciplinary team from Latham’s market-leading Capital Markets, Finance, and Real Estate Practices, as well as its REIT and Hospitality, Gaming & Leisure Industry Groups, represented Xenia in both the senior notes offering and credit facility transactions. The deal team was led by Chicago partners Cathy Birkeland and Roderick Branch, Los Angeles/New York partner Julian Kleindorfer and counsel Manasi Bhattacharyya, with associates Andrew Rutsky and Caroline Hughes, with assistance from Lisa Carral Flores. Advice was provided on finance matters by Chicago partner Cindy Caillavet Sinclair, with associates Will Martin and Brooke Rubinstein; on real estate matters by Century City partner Meghan Cocci; on executive compensation, employment, and benefits matters by Los Angeles partner David Taub, with corporate governance and executive compensation attorney Mia DiBella and associate Megan Ampe; on sanctions and anti-corruption matters by associate CJ Rydberg; and on investment funds matters by associate Jenn Tian.