Dealmaker: Apple Hospitality REIT Acquires Two Hotels for $63M
Michael Tucker email@example.com
Apple Hospitality REIT, Richmond, Va., acquired two Hampton Inn & Suites hotels in Atlanta and Memphis, Tenn. for $63 million.
The real estate investment trust paid $240,000 per key for the 119-room Hampton Inn & Suites by Hilton Atlanta-Downtown and the 144-room Hampton Inn & Suites by Hilton Memphis-Beale Street.
Nelson Knight, Apple Hospitality REIT Executive Vice President and Chief Investment Officer, said each hotel is within its city's business district close to demand drivers including restaurants, museums and entertainment venues.
The Hampton Inn & Suites by Hilton Atlanta-Downtown at 161 Ted Turner Drive NW in Atlanta is close to Centennial Olympic Park, the CNN Center, the World of Coca-Cola, the Georgia Aquarium, Philips Arena, Georgia Institute of Technology and Mercedes-Benz Stadium.
STR, Hendersonville, Tenn., reported Atlanta hotel revenue per available room grew 4 percent last year.
The Hampton Inn & Suites by Hilton Memphis-Beale Street at 175 Peabody Place in Memphis benefits from proximity to the city's Beale Street Entertainment District, FedExForum, AutoZone Park, the Memphis Cook Convention Center and Graceland.
STR said Memphis market RevPAR improved nearly 5 percent in 2017.
Including these acquisitions, Apple Hospitality's portfolio includes 241 hotels with more than 30,500 guest rooms in 34 states.