RICHMOND, Va.--(BUSINESS WIRE)--
Apple Hospitality REIT, Inc. (NYSE: APLE) (the “Company” or “Apple
Hospitality”) today announced that it acquired the 127-room Hyatt Place
Jacksonville Airport (the “Hotel”) for a purchase price of approximately
$15.4 million, or $121,000 per key.
“We are excited to begin our expansion into the Hyatt family of brands
and strengthen our presence in the vibrant Jacksonville market with this
acquisition,” said Nelson Knight, Executive Vice President and Chief
Investment Officer of Apple Hospitality. “Hyatt’s loyalty program and
superior-quality, rooms-focused hotels, such as Hyatt Place, have
generated broad consumer appeal and established Hyatt as an
industry-leading brand. We are confident this acquisition will
complement our existing portfolio of hotels, and we look forward to
increasing our relationship with Hyatt in the future.”
The Hotel is located at 14565 Duval Road in Jacksonville, Florida, near
Jacksonville International Tradeport, three miles from Jacksonville
International Airport, and a short drive from downtown Jacksonville,
TIAA Bank Field and the beaches of northeast Florida. The Hotel will
benefit from the wide variety of demand generators in the Jacksonville
area including leisure attractions, corporate offices, healthcare
services, educational institutions and military facilities. According to
data provided by STR for the trailing 12 months ended October 31, 2018,
RevPAR for the Jacksonville, Florida market improved by more than 7
percent, as compared to the prior 12-month period.
Apple Hospitality acquired the Hotel from a subsidiary of BPR
Properties. Following this acquisition, the Apple Hospitality portfolio
includes 241 hotels with more than 30,800 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, rooms-focused hotels in the United
States. Apple Hospitality’s portfolio consists of 241 hotels with more
than 30,800 guest rooms located in 88 markets throughout 34 states.
Franchised with industry-leading brands, the Company’s portfolio
comprises 114 Marriott-branded hotels, 126 Hilton-branded hotels and one
Hyatt-branded hotel. 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 titled “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/20181210005454/en/
Apple Hospitality REIT, Inc.
Kelly Clarke, Vice President, Investor
Relations
804‐727‐6321
kclarke@applereit.com
Source: Apple Hospitality REIT, Inc.