Apple Hospitality REIT, Inc. (NYSE:APLE) today announced that it has closed on the previously announced acquisition of a 128-room Home2 Suites by Hilton® in Atlanta, GA for a purchase price of $24.6 million, or approximately $192,000 per key.
“We are pleased to add the new Home2 Suites in downtown Atlanta to our portfolio of select service hotels and expand our geographic diversity with entrance into the vibrant downtown Atlanta market,” said Nelson Knight, Executive Vice President and Chief Investment Officer for Apple Hospitality. “The hotel is ideally located within Atlanta and well positioned to benefit from the market’s wealth of diverse corporate, leisure, government and education-related demand generators.”
The Home2 Suites by Hilton Atlanta Downtown, located at 87 Walton Street in downtown Atlanta, GA, is convenient to a variety of demand generators including Centennial Olympic Park, the CNN Center, the World of Coca-Cola, the College Football Hall of Fame, the Georgia Aquarium, Philips Arena, the Georgia Dome, Georgia State University, Georgia Institute of Technology, federal and state government offices, various corporate headquarters and the soon-to-be completed Mercedes-Benz Stadium. Downtown Atlanta continues to be a popular destination and whether traveling for business or leisure, guests will enjoy the hotel’s close proximity to a multitude of amenities including restaurants, shopping and tourist attractions. According to data provided by Smith Travel Research (STR) for the five-month period ended May 31, 2016, RevPAR for the Atlanta market improved over 7 percent, as compared to the same period of 2015.
Following this acquisition, the Apple Hospitality portfolio includes 180 hotels, with over 23,000 guestrooms, geographically diversified throughout 32 states.
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