Xenia Highlights Andaz Progress Since 2013 Purchase
Just how has Xenia Hotels & Resorts done with Andaz San Diego since it purchased it back in 2013? The hotel operator gave us a glimpse of its takeover of the 159-room property in the Gaslamp Quarter in recent SEC filings. Xenia bought the hotel in 2013 (under the Inland American banner before Xenia was spun off earlier this year), for $53M, or $333,300/key. It also shuttered a nightclub there, and made changes to its food and beverage venues, which prompted an 11.7% revenue decline from 2012 to 2014 (or $2.2M), according to documents. It most recently inked a deal for a new STK Rebel restaurant that will open in 2016, as well has just refinanced its debt on the property.