View all newsletters
Receive our newsletter – data, insights and analysis delivered to you
  1. News
November 19, 2021

Apple Hospitality acquires three hotels in $126m deal

Following the off-market transactions, Apple Hospitality has 219 hotels in its portfolio.

Real estate investment trust Apple Hospitality REIT has added three hotels to its portfolio, expanding its presence in the Texas and Oregon, US.

Free Report
img

What’s missing from your IPO industry assessment?

IPO activity all but stopped in 2020, as the investment community grew wary of the effects of COVID-19 on economies. No matter how deserving a business was of flotation, momentum was halted by concerns of when a ‘new normal’ of working patterns and trade would set in. Recently, sentiment has changed. Flotations picked up again during the second half of 2021, and now in 2022 the mood is decidedly optimistic. Business leaders have their eyes on fast rebounding economies, buoyant market indices and the opportunity once again to take their businesses public. As a result, global IPOs are expected to hit back this year. With GlobalData’s new whitepaper, ‘IPOs in Consumer and Retail: 5 must-include elements for your prospectus industry report’, you can explore exactly what is needed in the essential literature. GlobalData’s focus lies in the critical areas to get right:
  • Macroeconomic and demographic environment
  • Consumer context
  • Industry environment
  • Competitive environment
  • Route to market
Interested to learn more about what to include in your IPO Industry Assessment report? Download our free whitepaper.
by GlobalData
Enter your details here to receive your free Report.

The three properties are Hilton Garden Inn Fort Worth Medical Center, Homewood Suites by Hilton Fort Worth Medical Center and Hampton Inn & Suites by Hilton Portland Pearl District.

Total purchase price of the hotels is $126m.

Apple Hospitality real estate and investment president Nelson Knight said: “These off-market transactions highlight the strength of our relationships with best-in-class hotel owner-operators and our ability to drive value in a highly competitive marketplace through attractive acquisitions.

“We are pleased to increase our presence in the dynamic Fort Worth, Texas market and expand into Portland, Oregon, with these high-quality, attractively-priced, well-positioned assets that align with our core ownership strategy.

“While the recovery of travel has been swift in Fort Worth, the pace has been slower in Portland, which provided us the unique opportunity to enter Portland, a market we believe will be strong over the long term, below replacement value and at a significant discount to recent comparable trades in market.”

Located at 912 Northton Street, Fort Worth, Texas, Hilton Garden Inn Fort Worth Medical Center has 157 rooms and was launched in April 2012.

The 112-room Homewood Suites by Hilton Fort Worth Medical Center was renovated recently. It opened in June 2013.

Hampton Inn & Suites by Hilton Portland Pearl District in Portland, Oregon has 243 rooms.

Opened in September 2017, this hotel is within walking distance to various destinations including restaurants, art galleries, shops, and outdoor spaces.

The new additions take the company’s portfolio to 219 hotels across 36 states.

In September, the company acquired Aloft Hotel on the waterfront in downtown Portland, Maine, US for $51.2m.

Related Companies

Free Report
img

What’s missing from your IPO industry assessment?

IPO activity all but stopped in 2020, as the investment community grew wary of the effects of COVID-19 on economies. No matter how deserving a business was of flotation, momentum was halted by concerns of when a ‘new normal’ of working patterns and trade would set in. Recently, sentiment has changed. Flotations picked up again during the second half of 2021, and now in 2022 the mood is decidedly optimistic. Business leaders have their eyes on fast rebounding economies, buoyant market indices and the opportunity once again to take their businesses public. As a result, global IPOs are expected to hit back this year. With GlobalData’s new whitepaper, ‘IPOs in Consumer and Retail: 5 must-include elements for your prospectus industry report’, you can explore exactly what is needed in the essential literature. GlobalData’s focus lies in the critical areas to get right:
  • Macroeconomic and demographic environment
  • Consumer context
  • Industry environment
  • Competitive environment
  • Route to market
Interested to learn more about what to include in your IPO Industry Assessment report? Download our free whitepaper.
by GlobalData
Enter your details here to receive your free Report.

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. The top stories of the day delivered to you every weekday.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU