Xenia Hotels & Resorts (XHR -1%) puts up for sale seven Kimpton hotels, which could fetch ~$500M, Bloomberg reports, citing people with knowledge of the matter.

Newmark Knight Frank (NMRK -2%) was chosen to advise on the potential sale, the people said. Management contracts for the hotels, which include Kimpton Hotel Monaco properties in Chicago, Denver, and Salt Lake City may be ended in the event of a sale.

Xenia is a self-advised, self-administered REIT that owns 40 hotels that are primarily in the luxury and upper upscale segments, according to the REIT's website.

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