RICHMOND, Va.--(BUSINESS WIRE)--Apple Hospitality REIT, Inc. (NYSE: APLE) (the “Company” or “Apple Hospitality”) today announced that it acquired the 132-room Hampton Inn & Suites by Hilton Atlanta Perimeter Dunwoody (the “Hotel”) for a purchase price of approximately $29.5 million, or $223,000 per key.
“We are pleased to strengthen our presence in Atlanta with the acquisition of this Hampton Inn & Suites,” said Nelson Knight, Executive Vice President and Chief Investment Officer of Apple Hospitality. “The Hotel opened in May 2016 and is situated in the heart of the Perimeter Center area, one of Atlanta’s largest business districts, where it will benefit from the area’s wide variety of corporate demand generators and convenience to an array of dining and shopping options.”
The Hotel is located at 4565 Ashford Dunwoody Road in Atlanta, Georgia, in proximity to numerous well-known corporate operations including, among many others, State Farm, Mercedes-Benz USA, Cox Enterprises, UPS, First Data and Cisco Systems. The Hotel is also near Perimeter Mall, Northside Hospital Atlanta, Emory Saint Joseph’s Hospital, Children’s Healthcare of Atlanta at Scottish Rite hospital, and four Metropolitan Atlanta Rapid Transit Authority (MARTA) stations, which provide convenient rail service to downtown Atlanta and Hartsfield-Jackson Atlanta International Airport. According to data provided by STR for the trailing 12 months ended May 31, 2018, RevPAR for the Atlanta market improved by approximately 5 percent, as compared to the prior 12-month period.
Following this acquisition, the Apple Hospitality portfolio includes 243 hotels with more than 30,900 guest rooms geographically diversified throughout 34 states.
About Apple Hospitality REIT, Inc.
Apple Hospitality REIT, Inc. (NYSE: APLE) is a publicly traded real estate investment trust (REIT) that owns one of the largest and most diverse portfolios of upscale, select-service hotels in the United States. Apple Hospitality’s portfolio consists of 243 hotels with more than 30,900 guest rooms located in 88 markets throughout 34 states. Franchised with industry-leading brands, the Company’s portfolio comprises 117 Marriott-branded hotels and 126 Hilton-branded hotels. For more information, please visit www.applehospitalityreit.com.
Forward-Looking Statements Disclaimer
Certain statements contained in this press release, other than historical facts, may be considered forward-looking statements. These forward-looking statements are predictions and generally can be identified by use of statements that include phrases such as “may,” “believe,” “expect,” “anticipate,” “intend,” “estimate,” “project,” “target,” “goal,” “plan,” “should,” “will,” “predict,” “potential,” “outlook,” “strategy,” and similar expressions that convey the uncertainty of future events or outcomes. Such statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of Apple Hospitality to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, but are not limited to, the ability of Apple Hospitality to effectively acquire and dispose of properties; the ability of Apple Hospitality to implement its operating strategy; changes in general political, economic and competitive conditions and specific market conditions; adverse changes in the real estate and real estate capital markets; financing risks; litigation risks; regulatory proceedings or inquiries; and changes in laws or regulations or interpretations of current laws and regulations that impact Apple Hospitality’s business, assets or classification as a real estate investment trust. Although Apple Hospitality believes that the assumptions underlying the forward-looking statements contained herein are reasonable, any of the assumptions could be inaccurate, and therefore there can be no assurance that such statements included in this press release will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by Apple Hospitality or any other person that the results or conditions described in such statements or the objectives and plans of Apple Hospitality will be achieved. In addition, Apple Hospitality’s qualification as a real estate investment trust involves the application of highly technical and complex provisions of the Internal Revenue Code. Readers should carefully review Apple Hospitality’s financial statements and the notes thereto, as well as the risk factors described in Apple Hospitality’s filings with the Securities and Exchange Commission, including, but not limited to, in the section entitled “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017. Any forward-looking statement that Apple Hospitality makes speaks only as of the date of such statement. Apple Hospitality undertakes no obligation to publicly update or revise any forward-looking statements or cautionary factors, as a result of new information, future events, or otherwise, except as required by law.
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