RICHMOND, Va.--(BUSINESS WIRE)--
Apple Hospitality REIT, Inc. (NYSE: APLE) (“Apple Hospitality” or the
“Company”) today announced that it has closed on the previously
announced acquisition of a 190-room Courtyard® by Marriott® in Burbank,
CA for a purchase price of $54 million, or approximately $284,000 per
key.
“As we continue to refine our portfolio of high quality hotels, we are
pleased to have the Courtyard Burbank hotel under our ownership and
expand Apple Hospitality’s presence within the Burbank market,” said
Nelson Knight, Executive Vice President and Chief Investment Officer for
Apple Hospitality REIT. “With 190 rooms, a recent renovation, and a
multitude of diverse demand generators, this hotel acquisition aligns
with our overall strategy and complements our existing portfolio.”
Nestled in the San Fernando Valley and within close proximity to
numerous entertainment, media, healthcare and technology companies, the
Courtyard® Los Angeles Burbank Airport hotel is poised to benefit from
multiple business and leisure demand generators. The property is
convenient to the Burbank Bob Hope Airport and a variety of attractions
including Walt Disney Studios, Universal Studios Hollywood and Warner
Bros. Studios. The hotel is a short drive from the broader Los Angeles
area with easy access to downtown Los Angeles, Beverly Hills, Hollywood,
Griffith Park, popular sports arenas and various beaches. Smith Travel
Research (STR) has reported positive demand and rate trends for the
Burbank market with RevPAR growth of 7.2 percent for the first six
months of 2015 as compared to the same period of 2014.
Following this acquisition, the Apple Hospitality portfolio includes 176
hotels, with approximately 22,500 guestrooms, geographically diversified
across 32 states.
About Apple Hospitality REIT, Inc.
Apple Hospitality REIT, Inc. (NYSE: APLE) is a publicly traded real
estate investment trust (REIT) that owns one of the largest portfolios
of upscale, select service hotels in the United States. The Company’s
portfolio consists of 176 hotels, with approximately 22,500 guestrooms,
diversified across the Hilton® and Marriott® families of brands with
locations in urban, high-end suburban and developing markets across 32
states. For more information, please visit www.applehospitalityreit.com.
Forward-Looking Statements Disclaimer
Certain statements contained in this press release other than historical
facts may be considered forward-looking statements. These
forward-looking statements are predictions and generally can be
identified by use of statements that include phrases such as “may,”
“believe,” “expect,” “anticipate,” “intend,” “estimate,” “project,”
“target,” “goal,” “plan,” “should,” “will,” “predict,” “potential,” and
similar expressions that convey the uncertainty of future events or
outcomes. Such statements, involve known and unknown risks,
uncertainties, and other factors which may cause the actual results,
performance, or achievements of Apple Hospitality to be materially
different from future results, performance or achievements expressed or
implied by such forward-looking statements. Such factors include, but
are not limited to, the ability of Apple Hospitality to effectively
acquire and dispose of properties; the ability of Apple Hospitality to
implement its operating strategy; changes in general political, economic
and competitive conditions and specific market conditions; adverse
changes in the real estate and real estate capital markets; financing
risks; the outcome of current and future litigation; regulatory
proceedings or inquiries; and changes in laws or regulations or
interpretations of current laws and regulations that impact Apple
Hospitality’s business, assets or classification as a real estate
investment trust. Although Apple Hospitality believes that the
assumptions underlying the forward-looking statements contained herein
are reasonable, any of the assumptions could be inaccurate, and
therefore there can be no assurance that such statements included in
this press release will prove to be accurate. In light of the
significant uncertainties inherent in the forward-looking statements
included herein, the inclusion of such information should not be
regarded as a representation by Apple Hospitality or any other person
that the results or conditions described in such statements or the
objectives and plans of Apple Hospitality will be achieved. In addition,
Apple Hospitality’s qualification as a real estate investment trust
involves the application of highly technical and complex provisions of
the Internal Revenue Code. Readers should carefully review Apple
Hospitality’s financial statements and the notes thereto, as well as the
risk factors described in Apple Hospitality’s filings with the
Securities and Exchange Commission, including, but not limited to, in
the section entitled “Risk Factors” in the Company’s Annual Report on
Form 10-K for the year ended December 31, 2014 and Quarterly Report on
Form 10-Q for the periods ended June 30, 2015. Any forward-looking
statement that Apple Hospitality makes speaks only as of the date of
this press release. Apple Hospitality undertakes no obligation to
publicly update or revise any forward-looking statements or cautionary
factors, as a result of new information, future events, or otherwise,
except as required by law.
For additional information or to receive press releases by email,
visit www.applehospitalityreit.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20150812006304/en/
Apple Hospitality REIT, Inc.
Kelly Clarke, Director of Investor
Services
804-727-6321
kclarke@applereit.com
Source: Apple Hospitality REIT, Inc.