Apple Hospitality REIT has acquired the new 105-room Hyatt House and 154-room Hyatt Place hotels in Tempe, Arizona, US in a deal valued at about $64.6m.
The properties consist of a dual-branded complex located at 601 East 6th Street on Arizona State University’s (ASU) Tempe campus.
Hyatt House and Hyatt Place are part of the initial phase of the modern, mixed-use development, Novus Innovation Corridor, integrated with ASU’s Tempe campus.
The campus will house offices, residences, retail stores and restaurants across 355 acres.
Apple Hospitality Real Estate and Investments president Nelson Knight said: “We are pleased to enhance the diversification of our portfolio with the acquisition of these newly developed Hotels in the dynamic Tempe market.
“Ideally located on the Tempe campus of ASU near premier athletic facilities and the planned multi-sports arena, the Hotels are well positioned to serve the area’s business and leisure travellers.
“As part of Apple Hospitality’s commitment to sustainability and the intentions of ASU, the Hotels were designed and developed in line with LEED certification requirements.”
In 2018, the company contracted for the development of both the properties and has secured attractive per-key pricing before the start of construction.
With the acquisition of these hotels, the Apple Hospitality portfolio comprises 235 hotels housing more than 30,000 guest rooms located in 87 markets throughout 34 states.
Its portfolio comprises 104 Marriott-branded hotels, 126 Hilton-branded hotels, three Hyatt-branded hotels and two independent hotels.