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| SpringHill Suites by Marriott in Burbank, CA |
RICHMOND, VA—Apple Hospitality REIT, Inc., has closed on the previously announced acquisition of a 128-room Home2 Suites by Hilton in Atlanta for a purchase price of $24.6 million, or approximately $192,000 per key.
The Home2 Suites by Hilton Atlanta Downtown is situated near 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 and Georgia Institute of Technology, as well as federal and state government offices, various corporate headquarters and the soon-to-be completed Mercedes-Benz Stadium.
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%, as compared to the same time period in 2015.
Following this acquisition, the Apple Hospitality portfolio will include 180 hotels, with over 23,000 guestrooms, geographically diversified throughout 32 states.
