Newsletters

Apple Suites REIT Buys 2 Hilton Properties for $22 Mil

RICHMOND, VA-Hilton will continue to manage the stay Homewood Suites hotels. Apple Suites Realty Income Trust now owns 15 of extended-stay properties with Hilton serving as manager.

By Wendy Watkins | Updated on June 18, 2001

RICHMOND, VA-Apple Suites Realty Income Trust purchased two Homewood Suites from Hilton Hotels Corp. for $22 million. Hilton retained franchise agreements on the properties and will continue to manage the extended-stay hotels.

Hilton officials said the sale proceeds represented a cap rate of below 10% on anticipated 2001 results. Hilton plans to use sale proceeds for general corporate purposes, including debt reduction. Apple Suites is a privately held REIT.

The hotels are located in Chesterfield, MO, which has 145 rooms, and Portland OR, which has 123 rooms. Including these two properties, Hilton will manage 15 Homewood Suites properties for Apple Suites. After this sale, Hilton now owns five Homewood Suites properties, and is pursuing opportunities to sell them.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

Unlimited access to GlobeSt and other free ALM publications
Access to 15 years of GlobeSt archives
Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
1 free article* every 30 days across the ALM subscription network
Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account? Sign In Now

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Resource Center

CRE strategies and business decisions are only as strong as the data that powers them, and that data better be correct. This self-assessment will help you gauge your current data management capabilities.

Assessment

Sponsored by Cherre

Data Management Scorecard: A Health Check for Your Data Management Capabilities and Challenges

CRE strategies and business decisions are only as strong as the data that powers them, and that data better be correct. This self-assessment will help you gauge your current data management capabilities.

Browse More Resources ›

CRE strategies and business decisions are only as strong as the data that powers them, and that data better be correct. This self-assessment will help you gauge your current data management capabilities.

Assessment

Sponsored by Cherre

Data Management Scorecard: A Health Check for Your Data Management Capabilities and Challenges

CRE strategies and business decisions are only as strong as the data that powers them, and that data better be correct. This self-assessment will help you gauge your current data management capabilities.

Browse More Resources ›

Does your data inspire confidence or is there a significant lack of trust in its validity? Use this assessment to gauge where your organization’s data practices are at today and what gaps exist.

Assessment

Sponsored by Cherre

Enabling Stakeholder Confidence in Your Data: A Self-Assessment for Real Estate Organizations

Does your data inspire confidence or is there a significant lack of trust in its validity? Use this assessment to gauge where your organization’s data practices are at today and what gaps exist.

Browse More Resources ›

GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
Exclusive discounts on ALM and GlobeSt events.
Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now

Copyright © 2024 ALM Global, LLC. All Rights Reserved.