Apple Hospitality REIT Acquires The Berkeley Hotel in Richmond, Virginia for $7 Million

Apple Hospitality REIT, Inc. | October 11, 2019

RICHMOND, Va.--October 11, 2019--Apple Hospitality REIT, Inc. (NYSE: APLE) (the “Company” or “Apple Hospitality”) today announced the acquisition of a 55-room independent boutique hotel in Richmond, Virginia (the “Hotel”), for a purchase price of approximately $7 million, or $125,000 per key. “We are pleased to add this unique property to our portfolio and expand our presence in the dynamic downtown Richmond market,” said Nelson Knight, Executive Vice President and Chief Investment Officer of Apple Hospitality. “We plan to renovate and reposition the Hotel, incorporating services and amenities that are consistent with our...