RICHMOND, Va.--(BUSINESS WIRE)--
Apple Hospitality REIT, Inc. (NYSE: APLE) (the “Company” or “Apple
Hospitality”) today announced that it acquired the 132-room Hampton Inn
& Suites by Hilton Atlanta Perimeter Dunwoody (the “Hotel”) for a
purchase price of approximately $29.5 million, or $223,000 per key.
“We are pleased to strengthen our presence in Atlanta with the
acquisition of this Hampton Inn & Suites,” said Nelson Knight, Executive
Vice President and Chief Investment Officer of Apple Hospitality. “The
Hotel opened in May 2016 and is situated in the heart of the Perimeter
Center area, one of Atlanta’s largest business districts, where it will
benefit from the area’s wide variety of corporate demand generators and
convenience to an array of dining and shopping options.”
The Hotel is located at 4565 Ashford Dunwoody Road in Atlanta, Georgia,
in proximity to numerous well-known corporate operations including,
among many others, State Farm, Mercedes-Benz USA, Cox Enterprises, UPS,
First Data and Cisco Systems. The Hotel is also near Perimeter Mall,
Northside Hospital Atlanta, Emory Saint Joseph’s Hospital, Children’s
Healthcare of Atlanta at Scottish Rite hospital, and four Metropolitan
Atlanta Rapid Transit Authority (MARTA) stations, which provide
convenient rail service to downtown Atlanta and Hartsfield-JacksonAtlanta International Airport. According to data provided by STR for the
trailing 12 months ended May 31, 2018, RevPAR for the Atlanta market
improved by approximately 5 percent, as compared to the prior 12-month
period.
Following this acquisition, the Apple Hospitality portfolio includes 243
hotels with more than 30,900 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 and most
diverse portfolios of upscale, select-service hotels in the United
States. Apple Hospitality’s portfolio consists of 243 hotels with more
than 30,900 guest rooms located in 88 markets throughout 34 states.
Franchised with industry-leading brands, the Company’s portfolio
comprises 117 Marriott-branded hotels and 126 Hilton-branded hotels. 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; litigation risks; 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, 2017. 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: https://www.businesswire.com/news/home/20180629005086/en/
Apple Hospitality REIT, Inc.
Kelly Clarke, Vice President, Investor
Relations
804-727-6321
kclarke@applereit.com
Source: Apple Hospitality REIT, Inc.