The new hotel was developed by Mortenson and will be managed by North Central Group.
RICHMOND, Va.–Apple Hospitality REIT, Inc. (NYSE: APLE) (the “Company” or “Apple Hospitality”) today announced that it acquired the newly constructed 210-room Hampton Inn & Suites by Hilton® Phoenix Downtown for a purchase price of approximately $44 million, or $210,000 per key.
“The new Hampton Inn & Suites Phoenix Downtown is a great addition to our portfolio of select-service hotels,” said Nelson Knight, Executive Vice President and Chief Investment Officer of Apple Hospitality. “The hotel is sure to benefit from its prime location in the vibrant downtown Phoenix market. Our attractive per-key purchase price for this hotel is another example of the benefits we achieve from our ability to enter into a fixed-price contract with the developer prior to construction.”
The new Hampton Inn & Suites by Hilton®, located at 77 East Polk Street in Phoenix, Arizona, is in the heart of downtown Phoenix, with exposure to a wide variety of corporate, academic, medical, government and leisure demand generators. The hotel is adjacent to Arizona State University’s Downtown Phoenix campus and less than one mile from the University of Arizona College of Medicine – Phoenix and Northern Arizona University’s Phoenix Biomedical Campus. The hotel is also in close proximity to numerous corporate offices and attractions including the Phoenix Convention Center, Symphony Hall, Talking Stick Resort Arena and Chase Field. According to data provided by STR for the trailing 12 months ended March 31, 2018, RevPAR for the Phoenix market improved by approximately 4 percent, as compared to the prior 12-month period.
Following this acquisition, the Apple Hospitality portfolio includes 242 hotels with more than 30,700 guest rooms geographically diversified throughout 34 states.
