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 124-room Courtyard by Marriott® in Fort
Worth, TX for a purchase price of $18 million, or approximately $145,000
per key.
“The new Courtyard, ideally located in the historic Stockyards area of
Fort Worth, is sure to benefit from a wide variety of corporate,
government and leisure demand generators,” said Nelson Knight, Executive
Vice President and Chief Investment Officer for Apple Hospitality. “We
are pleased to add this exceptional, custom-designed property to our
portfolio and further expand our presence in the dynamic Fort Worth
market.”
The new Courtyard, located at 2537 North Main Street in Fort Worth, TX,
is situated in the heart of the Fort Worth Stockyards National Historic
District with easy access to downtown Fort Worth’s business district,
the Fort Worth Convention Center, Will Rogers Memorial Center and a
variety of museums, restaurants, entertainment venues and other cultural
attractions. The hotel was custom designed to reflect the historic charm
of the area while providing guests the array of modern amenities
inherent in the Courtyard by Marriott® brand. According to data provided
by Smith Travel Research (STR) for the year ended December 31, 2016,
RevPAR for the Fort Worth/Arlington, TX market improved by more than 5
percent, as compared to the same period of 2015.
Following this acquisition, the Apple Hospitality portfolio includes 236
hotels, with over 30,000 guestrooms, geographically diversified
throughout 33 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 236 hotels, with over 30,000 guestrooms,
diversified across the Hilton® and Marriott® families of brands with
locations in urban, high-end suburban and developing markets throughout
33 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,”
“outlook,” “strategy,” 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 periods ended September 30, 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/20170203005061/en/
Apple Hospitality REIT, Inc.
Kelly Clarke, Vice President, Investor
Relations
804-727-6321
kclarke@applereit.com
Source: Apple Hospitality REIT, Inc.