Apple Hospitality Real Estate and Investments (REIT) has acquired a Homewood Suites by Hilton hotel in Brandon, Florida, US, for a total purchase price of $18.8m, equating to approximately $149,000 per room.
The 126-room hotel is positioned a short drive from downtown Tampa.
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The acquisition price reflects a 12% capitalisation rate on the trailing twelve-month financial results up to April of the current year and is expected to yield a high single-digit cap rate post-anticipated capital expenditure.
Apple Hospitality REIT president Nelson Knight said: “Our acquisition of this hotel represents a unique opportunity to expand our ownership in a submarket that continues to perform well for us at a purchase price below replacement cost.
“We anticipate that additional upside from operational synergies and improved market positioning following our planned renovation will further enhance returns on our investment. Our execution of this transaction in the current environment illustrates the underlying strength of our platform and our ability to effectively and efficiently deploy capital to maximise total shareholder returns over the long term.”
Tampa’s market is evidenced by a 15% year-over-year increase in revenue per available room (RevPAR) for the Tampa East, Florida submarket, as reported by STR for the 12 months ending 30 April 2025.
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By GlobalDataThe hotel is expected to undergo renovation.
In addition to the Homewood Suites acquisition, Apple Hospitality has one more hotel under contract for purchase and another for sale.
The company is set to acquire a Motto by Hilton in downtown Nashville for an anticipated $98.2m upon its expected completion of construction in late 2025.
Additionally, the sale of the 206-room Houston Marriott Energy Corridor is projected to generate approximately $16m, with the transaction expected to be completed in the third quarter of 2025.
However, the finalisation of these deals is subject to various conditions that are yet to be met.
With the latest acquisition of the Homewood Suites property, Apple Hospitality’s portfolio has expanded to include 221 hotels with 29,893 guest rooms across 37 states and the District of Columbia.
This follows a previous acquisition in June 2024, when the company added the Embassy Suites by Hilton property in Downtown, Madison, Wisconsin, to its collection for around $79.5m.
