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Apple Hospitality Acquires Dual-Branded Hyatt Properties in Tempe for $65M
Richmond, VA-based Apple Hospitality REIT, Inc. acquired and opened the new 105-room Hyatt House and 154-room Hyatt Place in Tempe for roughly $64.6 million, or about $249,000-per-key. Apple contracted for the development of the properties in 2018 and was able to secure attractive per-key pricing prior to the start of construction.
Apple Hospitality’s Nelson Knight says, “Ideally located on the Tempe campus of Arizona State University near premier athletic facilities and the planned multi-sports arena, the hotels are well positioned to serve the area’s business and leisure travelers.”
The hotels comprise a dual-branded complex located at 601 East 6th St. on ASU’s Tempe campus. It is near Desert Financial Arena, Sun Devil Stadium, Phoenix Sky Harbor International Airport, and a Valley Metro Rail stop. The hotels are part of the initial phase of the Novus Innovation Corridor, a mixed-use development integrated with ASU’s Tempe campus that will house offices, residences, retail stores and restaurants across 355 acres.
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