LOS ANGELES--(BUSINESS WIRE)--UNITE HERE has issued the following letter to Xenia Hotels & Resorts (NYSE: XHR) director Keith Bass. Xenia Investors should weigh in with their thoughts about the company’s future by filling out a new survey here.
Dear Mr. Bass,
I write to congratulate you regarding the pending sale of WCI Communities (NYSE: WCIC) to Lennar Corporation (NYSE: LEN). Lauded by Builder Online as a “master stroke,” the transaction will net WCI shareholders $23.50 per share - a 37% premium over WCI’s closing share price the day before the announcement. Bloomberg even speculated a bidding war might drive the price higher.
Investors in Xenia Hotels & Resorts (NYSE: XHR) deserve a similar exit. As you know, Xenia shares traded at $21 at its IPO but have since fallen to $15.12 as of October 18.
“…[M]ost industry real-estate followers think the peak is past. The prevailing message: If you’re going to sell, now is the time to get serious about it,” according to Hotel News Now article from earlier this month. Since September 2015, three lodging REITs have been taken private at share prices higher than market value.
The pending WCI transaction has credentialed you as a leader that can unlock shareholder value. Xenia investors would benefit from your expertise.
Senior Research Analyst
Phone: (312) 576-5048
CC: Xenia Hotels & Resorts Board of Directors