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