ATLANTA—Hodges Ward Elliott and Hotel AG advised Apple REIT 6 on its sale of a 66-property portfolio. The hotel portfolio was entirely Hilton and Marriott select service and full service hotels. Financial terms of the deal were not disclosed.
Specifically, there were two full service Marriott hotels, 14 Hilton Garden Inn, 10 Courtyard by Marriott, 10 Residence Inn, seven Springhill Suites, six Homewood Suites, five Fairfield Inn, five TownePlace Suites, four Hampton Inn, and three Hampton Inn & Suites. The 66 hotels were located across major US regions.
The sale is not surprising, given the state of the hotel market. In a March report, PKF Hospitality Research predicts domestic hotels will experience a 6.1% increase in RevPAR for the year, prompting a staggering 10.2% rise of NOI.
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