Apple REIT Nine Buys Hampton Inn

MIAMI-Richmond-based Apple REIT Nine, one of the Apple Real Estate Investment Trust Companies, purchased the 121-room Hampton Inn & Suites Miami-West for $9.8 million on April 12, 2010 from GFII DVI Cardel Doral, LLC. The hotel is located near the Florida Turnpike and about seven miles west of Miami International Airport.

An Apple REIT Companies’ spokeswoman says that her company has no comment on the sale of the hotel and Atlanta-based Mark Fair, managing director of Jones Lang LaSalle Hotels, which represented the seller, did not respond to a request for comment before press time.

The transaction appears to be an arms-length sale which is a rarity today, says Guy Trusty, president of Lodging & Hospitality Realty, based in Coral Gables, a Miami suburb. The way hotels are changing hands today, he says, “usually they are taken through a foreclosure or someone buys the note from the lender.”