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 128-room Home2 Suites by Hilton® in Atlanta,
GA for a purchase price of $24.6 million, or approximately $192,000 per
key.
“We are pleased to add the new Home2 Suites in downtown Atlanta to our
portfolio of select service hotels and expand our geographic diversity
with entrance into the vibrant downtown Atlanta market,” said Nelson
Knight, Executive Vice President and Chief Investment Officer for Apple
Hospitality. “The hotel is ideally located within Atlanta and well
positioned to benefit from the market’s wealth of diverse corporate,
leisure, government and education-related demand generators.”
The Home2 Suites by Hilton Atlanta Downtown, located at 87 Walton Street
in downtown Atlanta, GA, is convenient to a variety of demand generators
including Centennial Olympic Park, the CNN Center, the World of
Coca-Cola, the College Football Hall of Fame, the Georgia Aquarium,
Philips Arena, the Georgia Dome, Georgia State University, Georgia
Institute of Technology, federal and state government offices, various
corporate headquarters and the soon-to-be completed Mercedes-Benz
Stadium. Downtown Atlanta continues to be a popular destination and
whether traveling for business or leisure, guests will enjoy the hotel’s
close proximity to a multitude of amenities including restaurants,
shopping and tourist attractions. According to data provided by Smith
Travel Research (STR) for the five-month period ended May 31, 2016,
RevPAR for the Atlanta market improved over 7 percent, as compared to
the same period of 2015.
Following this acquisition, the Apple Hospitality portfolio includes 180
hotels, with over 23,000 guestrooms, geographically diversified
throughout 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 180 hotels, with over 23,000 guestrooms,
diversified across the Hilton® and Marriott® families of brands with
locations in urban, high-end suburban and developing markets throughout
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, 2015 and Quarterly Report on
Form 10-Q for the period ended March 31, 2016. Any forward-looking
statement that Apple Hospitality makes speaks only as of the date of
such statements. 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/20160707005609/en/
Apple Hospitality REIT, Inc.
Kelly Clarke, 804-727-6321
Vice
President, Investor Relations
kclarke@applereit.com
Source: Apple Hospitality REIT, Inc.