Apple Hospitality REIT has acquired Courtyard by Marriott Salt Lake City Downtown and Hyatt House Salt Lake City/Downtown in the US.
Located at 345 West 100 South, Salt Lake City, Utah, Courtyard by Marriott Salt Lake City Downtown has been purchased for approximately $48.1m.
Hyatt House Salt Lake City/Downtown, which is situated at 140 South 300 West, Salt Lake City, Utah, has been acquired for $34.3m.
The company has also bought a 346-space parking garage for about $9.1m, serving both hotels and the surrounding area.
Apple Hospitality president of real estate and investments Nelson Knight said: “The acquisition of the Courtyard and the Hyatt House in downtown Salt Lake City expands our presence within the vibrant Salt Lake market, an area well known for its business-friendly environment, attractive cost of living, cultural attractions and proximity to outdoor recreational activities, which has seen significant economic growth in recent years and is poised for continued expansion.”
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In October 2015, The Courtyard was opened, while the recently renovated Hyatt House opened in January 2015.
These hotels are adjacent to each other and situated across the Delta Centre, close to the Salt Palace Convention Centre, Utah State Capitol, Temple Square and the University of Utah.
Apple Hospitality also revealed that it has two more hotels under contract lined up for purchase.
One of the hotels is the 146-room Residence Inn by Marriott Seattle South/Renton, priced at approximately $55.5m.
The other hotel is the 192-room Embassy Suites by Hilton South Jordan Salt Lake City, valued at $36.8m.
The Renton and South Jordan hotels will be purchased in the fourth quarter of this year if all closing conditions are met.
The acquisition of the downtown Salt Lake City hotels has brought Apple Hospitality’s portfolio to a total of 222 hotels featuring 29,263 guest rooms across 37 US states.