Apple REIT Nine Closes First Area Buy

AUSTIN, TX-Apple REIT Nine has entered the area with a $47.2 million acquisition of three-asset limited service hotel portfolio. The Richmond, VA company bought the 314 units from Vista Host Inc. of Houston.

Justin Knight, Apple REIT Nine’s president says plans call for upgrades to the approximately 10-year-old portfolio, which consists of two Hampton Inns and a Homewood Suites. He tells GlobeSt.com that all three assets will continue operating under the same brand.

The hotels are the 93-room Hampton Inn-Austin-Round Rock at 110 Dell Center Blvd. in Round Rock, TX and the 124-room Hampton Inn-Austin/NW Arboretum at 3908 W. Braker Lane and the 97-unit Homewood Suites at 10925 Stonelake Blvd., both of which are in northwest Austin. The portfolio’s occupancy is in the mid-to-high 70s. Hodges Ward Elliott brokered the transaction.