RICHMOND, Va.--(BUSINESS WIRE)--
Apple Hospitality REIT, Inc. (NYSE: APLE) (the “Company” or “Apple
Hospitality”) today announced that it acquired the newly constructed
210-room Hampton Inn & Suites by Hilton® Phoenix Downtown for a purchase
price of approximately $44 million, or $210,000 per key.
“The new Hampton Inn & Suites Phoenix Downtown is a great addition to
our portfolio of select-service hotels,” said Nelson Knight, Executive
Vice President and Chief Investment Officer of Apple Hospitality. “The
hotel is sure to benefit from its prime location in the vibrant downtown
Phoenix market. Our attractive per-key purchase price for this hotel is
another example of the benefits we achieve from our ability to enter
into a fixed-price contract with the developer prior to construction.”
The new Hampton Inn & Suites by Hilton®, located at 77 East Polk Street
in Phoenix, Arizona, is in the heart of downtown Phoenix, with exposure
to a wide variety of corporate, academic, medical, government and
leisure demand generators. The hotel is adjacent to Arizona State
University’s Downtown Phoenix campus and less than one mile from the
University of Arizona College of Medicine - Phoenix and Northern Arizona
University’s Phoenix Biomedical Campus. The hotel is also in close
proximity to numerous corporate offices and attractions including the
Phoenix Convention Center, Symphony Hall, Talking Stick Resort Arena and
Chase Field. According to data provided by STR for the trailing 12
months ended March 31, 2018, RevPAR for the Phoenix market improved by
approximately 4 percent, as compared to the prior 12-month period.
Following this acquisition, the Apple Hospitality portfolio includes 242
hotels with more than 30,700 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 242 hotels with more
than 30,700 guest rooms located in 88 markets throughout 34 states.
Franchised with industry-leading brands, the Company’s portfolio
comprises 117 Marriott®-branded hotels and 125 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; 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, 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/20180503005179/en/
Apple Hospitality REIT, Inc.
Kelly Clarke, Vice President, Investor
Relations
804-727-6321
kclarke@applereit.com
Source: Apple Hospitality REIT, Inc.