Apple Hospitality REIT buys $ 126 million portfolio; more transactions

Apple Hospitality REIT acquired two hotels in Texas and one in Oregon for $ 126 million, while other properties changed hands across the country.

Apple Hospitality REIT acquires a portfolio of three hotels
Apple Hospitality REIT Inc. has acquired a portfolio of three hotels for a total purchase price of $ 126 million.

The portfolio includes the existing 157-room Hilton Garden Inn Fort Worth Medical Center in Fort Worth, TX, for a total purchase price of $ 29.5 million, or approximately $ 188,000 per key; the existing 112-room Homewood Suites by Hilton Fort Worth Medical Center for a total purchase price of $ 21.5 million, or approximately $ 192,000 per key; and the current 243-room Hampton Inn & Suites by Hilton Portland Pearl District in Portland, OR, for a total purchase price of $ 75 million, or approximately $ 309,000 per key.

The Hilton Garden Inn Fort Worth Medical Center opened in April 2012 and the Homewood Suites Fort Worth Medical Center opened in June 2013. The hotels are adjacent to each other and benefit from a variety of operational synergies and demand generators, including healthcare, aerospace and defense, manufacturing, education, and business and leisure travel.

The Hampton Inn & Suites Portland Pearl District opened in September 2017 and is located in the Pearl District neighborhood near Washington Park, Forest Park and Portland State University and within walking distance of a variety of restaurants, galleries, art, shops and outdoor spaces.

For the third quarter, the Hampton Inn & Suites Portland Pearl District achieved an occupancy rate of over 60% and generated RevPAR of approximately $ 105.

Following these acquisitions, the Apple Hospitality portfolio includes 219 hotels with 28,747 geographically diverse rooms in 36 states.

Dreamscape Companies acquires the Saint Hotel Charleston
Dreamscape Companies, founded by real estate industry veteran Eric Birnbaum, has acquired the Saint Hotel Charleston, a boutique hotel in the city’s French Quarter.

The purchase of The Saint Hotel Charleston follows several recent acquisitions in key regional markets and illustrates the company’s commitment to meeting its $ 1 billion acquisition target over the next 24 months, the company reports . This acquisition also signifies Dreamscape’s first entry point to Charleston, a market that has continued to explode and develop in recent years as well as garner national attention.

Aimbridge Hospitality will oversee and manage the operations of the 45-room hotel. Dining options include live music and Lowcountry fare at High Cotton and Slightly North of Broad. The property has 1,350 square feet of land. penthouse suite featuring an outdoor terrace overlooking East Bay Street, which will be one of the most luxurious single rooms in town.

Highline Hospitality purchases Salt Lake City Marriott University Park
Highline Hospitality Partners (HHP), the hotel investment platform launched by Highline Real Estate Partners (HREP), added its fifth property with the off-market acquisition of the 218-room Salt Lake City Marriott University Park and brought in Stepstone Hospitality to manage the property.

The 218-room property is close to downtown, the University of Utah, and Rice-Eccles Stadium. HHP is planning a complete renovation of the rooms and public space over the next 24 months.

The hotel has two on-site dining options, as well as the M Club Lounge, free parking, Starbucks, a fitness center, and 11 event spaces with business services and A / Customizable V.

Innisfree Hotels adds Surfside Beach Hotel
Hotel developer and management company Innisfree Hotels, in partnership with RREAF Holdings, have acquired the Holiday Inn Oceanfront, located in Surfside Beach, SC.

The six-story, 133-room full-service hotel features 4,500 square feet of meeting space, an outdoor pool, on-site bar, and fitness center. The property recently underwent a $ 7 million renovation.