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Florida hotel company acquires Gainey Ranch Hyatt Regency, Royal Palms for $305M

Steven Totten
American City Business Journals

Orlando-based Xenia Hotels & Resorts Inc. (XHR) has acquired two Hyatt (NYSE: H) properties: the Hyatt Regency Scottsdale Resort & Spa at Gainey Ranch and Royal Palms Resort & Spa. "The acquisition of Hyatt Regency Scottsdale and Royal Palms demonstrates our continued effort to invest in high-quality, uniquely positioned, premium full service and lifestyle hotels in top lodging markets," stated Marcel Verbaas, president and CEO of Xenia. While the hotels are in good physical condition and have strong in-place cash flows, we believe we will be able to drive further growth as we work with Hyatt to continue to optimize operations, reap the benefits of the recent branding of Royal Palms and make targeted capital improvements to further upgrade both properties.