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 $200 million aggregate principal amount of 6.375% Senior Secured Notes due 2025 (the “Additional Notes”). The Additional Notes were issued as additional notes under the same indenture governing Xenia’s $300 million aggregate principal amount of 6.375% Senior Secured Notes that were issued on August 18, 2020 (the “Original Notes”). Xenia intends to use the net proceeds of the offering, together with cash on hand, to repay borrowings under certain of its credit agreements.
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 38 hotels comprising 11,024 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 and Adriana Estor Restrepo (Capital Markets); Jon Pall (Collateral); Genevieve Dorment (Intellectual Property); Jonathan Cantor and Kelli Rivers (Tax); Monisha Bhayana (Executive Compensation and Employee Benefits); Timothy Gallagher (Real Estate); and Jennie Getsin (FINRA and Blue Sky).