RICHMOND, Va.--(BUSINESS WIRE)--
Apple Hospitality REIT, Inc. (NYSE: APLE) (“Apple Hospitality” or the
“Company”) today announced that it acquired the 119-room Hampton Inn &
Suites by Hilton® Atlanta-Downtown and the 144-room Hampton Inn & Suites
by Hilton® Memphis-Beale Street for a combined purchase price of $63
million, or approximately $240,000 per key.
“Memphis and Atlanta are dynamic cities with tremendous appeal for both
business and leisure travelers, and we are pleased to strengthen our
presence within each market,” said Nelson Knight, Executive Vice
President and Chief Investment Officer of Apple Hospitality REIT. “Each
of these hotels is well located within the business district and in
close proximity to a multitude of amenities and attractions including
restaurants, shops, museums and entertainment venues.”
The Hampton Inn & Suites by Hilton® Atlanta-Downtown, located at 161 Ted
Turner Drive NW in Atlanta, Georgia, is convenient to Centennial Olympic
Park, the CNN Center, the World of Coca-Cola, the College Football Hall
of Fame, the Georgia Aquarium, Philips Arena, Georgia State University,
Georgia Institute of Technology, the Mercedes-Benz Stadium, federal and
state government offices, and various corporate headquarters and
healthcare facilities. According to data provided by STR for the year
ended December 31, 2017, RevPAR for the Atlanta market improved by
approximately 4 percent, as compared to the previous year.
The Hampton Inn & Suites by Hilton® Memphis-Beale Street, located at 175
Peabody Place in Memphis, Tennessee, is ideally located in downtown
Memphis near numerous corporate offices, healthcare facilities and
colleges. The hotel also benefits from a variety of area attractions
including the Beale Street Entertainment District, FedExForum, AutoZone
Park, the Memphis Cook Convention Center, the Orpheum Theatre, the
National Civil Rights Museum and Graceland. According to data provided
by STR for the year ended December 31, 2017, RevPAR for the Memphis
market improved by approximately 5 percent, as compared to the previous
year.
Following these acquisitions, the Apple Hospitality portfolio includes
241 hotels, with more than 30,500 guest rooms, geographically
diversified throughout 34 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 241 hotels, with more than 30,500 guest rooms,
diversified across the Hilton® and Marriott® families of brands with
locations in urban, high-end suburban and developing markets throughout
34 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, 2016. Any forward-looking
statement that Apple Hospitality makes speaks only as of the date of
such statement. 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/20180206005712/en/
Apple Hospitality REIT, Inc.
Kelly Clarke, Vice President, Investor
Relations, 804‐727‐6321
kclarke@applereit.com
Source: Apple Hospitality REIT, Inc.