Apple Hospitality REIT obtains Portfolio of three hotels

Apple Hospitality REIT announced the acquisition of a portfolio of three hotels for a total purchase price of $126 million. The portfolio consisted of the existing 157 room Hilton Garden Inn Fort Worth Medical Center in Fort Worth, Texas, for a total purchase price of $29.5 million, around $188,000 per key.

The hotels are adjacent to one another and benefit from a variety of operational synergies and demand generators, including health care, aerospace and defense, manufacturing, education, business, and leisure travel. Hotels are convenient to Fort Worth’s major hospitals, Texas Christian University, Will Rogers Memorial Center, Dickies Arena, numerous corporate offices, and a variety of guest amenities including restaurants, shops, museums, and entertainment venues.

In the month of September 2017, the Hampton Inn & Suites Portland Pearl District opened. It is ideally located at 354 Northwest 9th Avenue, Portland, Oregon, in the radiant Pearl District neighborhood near Washington Park, Forest Park, and Portland State University and within walking distance to a variety of restaurants.

The Apple Hospitality portfolio includes 219 hotels with 28,747 guest rooms geographically diversified throughout 36 states.

Tags: Apple Hospitality REIT, Fort Worth, Portland, Texas, Hotels