RICHMOND, Va.--(BUSINESS WIRE)--
Apple Hospitality REIT, Inc. (NYSE: APLE) (“Apple Hospitality” or the
“Company”) today announced that it recently completed the acquisition of
three hotels: a Hampton Inn® in Ft. Lauderdale, FL; a Hampton Inn® in
Cypress, CA; and a SpringHill Suites® by Marriott® in Burbank, CA.
The Company closed on the acquisition of the 156-room Hampton Inn® in
the Las Olas area of downtown Ft. Lauderdale, FL, on June 23, 2015, for
a purchase price of approximately $23 million. The property, convenient
to Port Everglades and the Ft. Lauderdale-Hollywood International
Airport, is located in the heart of downtown Ft. Lauderdale near
multiple guest attractions and amenities.
Effective June 29, 2015, the Company acquired a 110-room Hampton Inn® in
Cypress, CA, for approximately $20 million. The property is located two
miles from downtown Cypress, convenient to a variety of national and
international corporate headquarters and less than seven miles from
Disneyland® Park.
The Company also purchased a new 170-room SpringHill Suites® by
Marriott® in Burbank, CA, effective July 13, 2015, for a purchase price
of approximately $60 million. The boutique-style hotel is located within
walking distance of downtown Burbank and convenient to the numerous
attractions in the Hollywood area.
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. As of June 30,
2015, the Company’s portfolio consisted of 174 hotels, with 22,177
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 quarter ended March 31, 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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20150716005715/en/
Apple Hospitality REIT, Inc.
Kelly Clarke, Director of Investor
Services
804-727-6321
kclarke@applereit.com
Source: Apple Hospitality REIT, Inc.