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March 22, 2019

Apple Hospitality REIT acquires Home2 Suites by Hilton Orlando Airport

Apple Hospitality REIT, has acquired 128-room Home2 Suites by Hilton Orlando Airport for $20.7m.

Apple Hospitality REIT, has acquired 128-room Home2 Suites by Hilton Orlando Airport for $20.7m.

Located at 5445 Hazeltine National Drive in Orlando, Florida, the hotel is less than three miles from Orlando International Airport.

Apple Hospitality executive vice president and chief investment officer Nelson Knight said: “This beautiful, newly constructed Home2 Suites adds a presence for us near Florida’s busiest airport and is a great addition to our portfolio.

“Not only will the Hotel benefit from travelers visiting the many leisure attractions that Orlando and the surrounding areas are known for, the market is also home to a variety of business and educational demand generators. We secured attractive per-key pricing prior to the start of construction of the Hotel, which we believe adds meaningful value at a time when construction costs are rising.”

As per the estimates of the Greater Orlando Aviation Authority, Orlando International Airport welcomed more than 47 million passengers during the year ended 31 December 2018.

Passenger traffic at the airport grew 33% since 2014, leading to an ongoing terminal expansion and facility enhancement project that will increase the airport’s capacity for extra flights.

Besides its proximity to the airport and related businesses, the hotel is near several dining and shopping facilities as well as corporate offices, training facilities and distribution centers.

As per the data provided by STR for the year ended 31 December 2018, RevPAR for the airport area submarket of Orlando grew by 4.5% as against 2017.

After this deal, Apple Hospitality’s portfolio includes 243 hotels with over 31,000 guest rooms across 34 states.

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