RICHMOND, Va.– Apple Hospitality REIT, Inc. (NYSE: APLE) (“Apple Hospitality” or the “Company”) today announced that it acquired the 119-room Hampton Inn & Suites by Hilton® Atlanta-Downtown and the 144-room Hampton Inn & Suites by Hilton® Memphis-Beale Street for a combined purchase price of $63 million, or approximately $240,000 per key.
“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, Executive Vice President and Chief Investment Officer of Apple Hospitality REIT. “Each of these hotels is well located within the business district and in close proximity to a multitude of amenities and attractions including restaurants, shops, museums and entertainment venues.”
The Hampton Inn & Suites by Hilton® Atlanta-Downtown, located at 161 Ted Turner Drive NW in Atlanta, Georgia, is convenient to Centennial Olympic Park, the CNN Center, the World of Coca-Cola, the College Football Hall of Fame, the Georgia Aquarium, Philips Arena, Georgia State University, Georgia Institute of Technology, the Mercedes-Benz Stadium, federal and state government offices, and various corporate headquarters and healthcare facilities. According to data provided by STR for the year ended December 31, 2017, RevPAR for the Atlanta market improved by approximately 4 percent, as compared to the previous year.
The Hampton Inn & Suites by Hilton® Memphis-Beale Street, located at 175 Peabody Place in Memphis, Tennessee, is ideally located in downtown Memphis near numerous corporate offices, healthcare facilities and colleges. The hotel also benefits from a variety of area attractions including the Beale Street Entertainment District, FedExForum, AutoZone Park, the Memphis Cook Convention Center, the Orpheum Theatre, the National Civil Rights Museum and Graceland. According to data provided by STR for the year ended December 31, 2017, RevPAR for the Memphis market improved by approximately 5 percent, as compared to the previous year.
Following these acquisitions, the Apple Hospitality portfolio includes 241 hotels, with more than 30,500 guest rooms, geographically diversified throughout 34 states.
