Inland American Real Estate is spinning off its lodging subsidiary into a separate and publicly traded company.

The lodging business, now called Inland American Lodging Group Inc., will be renamed as Xenia Hotels & Resorts Inc.

Xenia will become a self-managed real estate investment trust based in Orlando, Florida, with 46 hotels in 19 states and the District of Columbia. The company will also have a majority interest in two hotels under development. Hotel brands under its control will include Marriott, Hilton, Hyatt, Starwood, Kimpton, Aston, Fairmont and Loews.

Xenia will apply to list its stock on the New York Stock Exchange under the ticker symbol "XHR."

The spinoff is expected to be completed in the next four to eight months. It still needs approval from Inland's board.

Inland American Real Estate Trust Inc. is based in Oakbrook, just outside of Chicago.