Hotel Lotte Co., Ltd. along with Korea Overseas Infrastructure & Urban Development Corporation entered into an agreement to acquire Kimpton Hotel Monaco Chicago from Xenia Hotels & Resorts, Inc. for approximately $36 million.

Hotel Lotte Co., Ltd. along with Korea Overseas Infrastructure & Urban Development Corporation entered into an agreement to acquire Kimpton Hotel Monaco Chicago from Xenia Hotels & Resorts, Inc. (NYSE:XHR) for approximately $36 million in November 2021. As reported, the purchase price was approximately $188,500 per key for 191 room Kimpton Hotel. Xenia Hotels & Resorts, Inc. has received a substantial non-refundable deposit.

The transaction is subject to customary closing conditions. The transaction is not subject to a financing contingency. The closing is expected to occur by the end of the first quarter of 2022.