Apple Hospitality REIT Acquires Hampton Inn & Suites by Hilton Phoenix Downtown for $44 Million, or $210,000 Per Key

Apple Hospitality REIT, Inc. | May 3, 2018

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 th...