Simpson Thacher represented J.P. Morgan Securities LLC and the other initial purchasers in connection with a Rule 144A/Regulation S offering by XHR LP, a wholly owned subsidiary of Xenia Hotels & Resorts, Inc. (NYSE: XHR) (“Xenia”), of $300 million aggregate principal amount of 6.375% Senior Secured Notes due 2025. Xenia intends to use the net proceeds of the offering, together with cash on hand, to repay borrowings under certain of its credit agreements and for general corporate purposes.
Xenia is a self-advised and self-administered REIT that invests primarily 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. Xenia owns 39 hotels comprising 11,245 rooms across 16 states. Xenia's hotels are primarily in the luxury and upper upscale segments, and operated and/or licensed by industry leaders such as Marriott, Hyatt, Kimpton, Fairmont, Loews and Hilton, as well as leading independent management companies including The Kessler Collection and Sage Hospitality.
The Simpson Thacher team for the transaction included John C. Ericson, Clark Warthen, Matthew Levy, Adriana Estor Restrepo and Lauren Maxfield (Capital Markets); Jonathan Pall (Collateral); Timothy Gallagher (Real Estate); Jonathan Cantor and Kelli Rivers (Tax); Genevieve Dorment (Intellectual Property); Monisha Bhayana (Executive Compensation and Employee Benefits); and Jennie Getsin (Blue Sky).