RICHMOND, Va.--(BUSINESS WIRE)--
Apple Hospitality REIT, Inc. (NYSE: APLE) (the “Company” or “Apple
Hospitality”) today announced the acquisition of the 160-room Hampton
Inn & Suites by Hilton Downtown St. Paul (the “Hotel”) for a purchase
price of $31.7 million, or approximately $198,000 per key.
“The Hampton Inn & Suites is ideally located in downtown St. Paul and
benefits from the area’s wide variety of corporate, leisure and
healthcare demand generators,” said Nelson Knight, Executive Vice
President and Chief Investment Officer of Apple Hospitality. “St. Paul
is a vibrant city with a diversified economy, home to numerous corporate
offices including 3M, Ecolab, The Travelers Companies and Securian
Financial Group. The Hotel, which opened in November of 2016,
complements our existing portfolio and is consistent with our strategy
of investing in rooms-focused hotels that are aligned with
industry-leading brands and located in markets that provide a wealth of
business drivers and strengthen the geographic diversification of our
portfolio.”
The Hotel is located at 200 7th Street West in St. Paul,
Minnesota, across the street from Xcel Energy Center, Saint Paul
RiverCentre, the Legendary Roy Wilkins Auditorium and Ordway Center for
the Performing Arts, and within five miles of the recently opened
Allianz Field. The Hotel is within walking distance of the Mississippi
River and St. Paul’s wide variety of dining options, entertainment
venues and recreational activities. In addition, four major healthcare
facilities are near the Hotel including Children’s Minnesota St. Paul
Hospital, United Hospital, Regions Hospital and HealthEast St. Joseph’s
Hospital. According to data provided by STR for the trailing 12 months
ended January 31, 2019, RevPAR for the Minneapolis/St. Paul market
improved by 4.5 percent, as compared to the prior 12-month period.
Apple Hospitality acquired the Hotel from a subsidiary of Vista Host.
Following this acquisition, the Apple Hospitality portfolio includes 242
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, rooms-focused hotels in the United
States. Apple Hospitality’s portfolio consists of 242 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 114 Marriott-branded hotels, 127 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, 2018. 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/20190305005313/en/
Apple Hospitality REIT, Inc.
Kelly Clarke, Vice President, Investor
Relations
804-727-6321
kclarke@applereit.com
Source: Apple Hospitality REIT, Inc.