Xenia Hotels & Resorts provides update on Hyatt Centric Key West Resort & Spa
Xenia Hotels & Resorts provided an update regarding the impact of Hurricane Irma on its 120-room Hyatt Centric Key West Resort & Spa. The resort closed on September 6, 2017 following the mandatory evacuation order. The property sustained limited wind damage and water intrusion from the storm and was partially re-opened on September 22, 2017. The Company is working closely with the hotel manager and other professionals to fully assess storm-related damage and complete the necessary restoration. Xenia currently believes the hotel will fully re-open in the next few weeks. As previously disclosed, Xenia holds property and business interruption insurance at its hotels. Hyatt Centric Key West Resort & Spa is subject to an insurance deductible of approximately $3M for named storms. The Company is still assessing the financial impact of both Hurricane Harvey and Hurricane Irma, and expects to provide an update to full-year 2017 guidance during its third quarter earnings call.