Xenia Hotels & Resorts, the current owner of the property, announced it has entered into an agreement to sell the 275-room Marriott for $100 million.

The deal should close “before the end of the third quarter,” said a Xenia news release. “The transaction is not contingent upon financing and the buyer has a $5 million deposit at-risk.”

A buyer was not named.

Alan X. Reay, president of Atlas Hospitality Group in Irvine, said he thinks the sale is an example of how publicly-traded companies are now selling such properties to try and reduce their debt levels.

Before COVID-19, “this hotel would have sold for around $147 million,” said Reay.

The $100 million price — or a 32% discount, “is in line with other transactions we are seeing selling,” during the COVID-19 pandemic, he said.

Might other Napa hotels also change hands in the coming months?

Probably not, said Reay.

“Most owners are not looking to sell in this market as they do not want to take such a big hit to values, so we do not expect to see any other Napa County hotels for sale in the coming months.”

Xenia Hotels & Resorts, Inc. was formerly known as Inland American Lodging Group, Inc.

In 2011, Inland American Lodging Group, Inc., of Oak Brook, Ill., bought the Solano Avenue hotel — one of Napa’s largest — for $72 million.

The 9-acre hotel was built in 1979 or 1980 and has been remodeled a number of times. It is located at 3425 Solano Ave.

According to Xenia’s most recent financial report, 35 of the company’s 39 hotels and resorts are open and operating. The company anticipates that Hyatt Regency Santa Clara and Park Hyatt Aviara Resort, Golf Club & Spa will reopen on September 8 and October 1, respectively.

Of all Xenia properties open in July, average occupancy totaled 23.9% with an average daily rate of $170.

According to Visit Napa Valley and STR, average occupancy for a Napa Valley hotel in July was 42.9% with an average daily room rate of $340.86.

Xenia Hotels & Resorts also owns the Andaz Napa hotel.