RICHMOND–Apple Hospitality REIT continues its pace of acquiring new hotels every few months with two new purchases: the 119-room Hampton Inn & Suites by Hilton Atlanta-Downtown and the 144-room Hampton Inn & Suites by Hilton Memphis-Beale Street. The properties traded for a combined purchase price of $63 million, or approximately $240,000 per key.
Both markets are doing well for the hotel asset class. According to data provided by STR for the year ended December 31, 2017, RevPAR for the Atlanta market improved by approximately 4%, as compared to the previous year. RevPAR for the Memphis market improved by approximately 5%, in the same time period.
“Memphis and Atlanta are dynamic cities with tremendous appeal for both business and leisure travelers, and we are pleased to strengthen our presence within each market,” said Nelson Knight, EVP and chief investment officer of Apple Hospitality REIT in a prepared statement.
In December Apple Hospitality REIT acquired the 135-room Home2 Suites by Hilton in Anchorage, Alaska, for a purchase price of approximately $24 million, or $178,000 per key.
In October of 2017, Apple Hospitality made two acquisitions: the Residence Inn by Marriott Portland Downtown/Waterfront in Maine, for $55.8 million, or $311,500 per key and the Residence Inn by Marriott Salt Lake City Murray, in Murray, Utah, for $25.5 million, or $187,500 per key.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 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.
Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
