Apple Hospitality Divests from National Hotel Portfolio for $211M
Publicly-traded hotel REIT Apple Hospitality has divested from a portfolio of 20 select-service hotels for $211 million.
The portfolio consists of 11 Marriott-branded hotels and nine Hilton-branded hotels located throughout the Sun Belt, Northeast, Pacific Northwest and Midwest.
The buyer was a joint venture between San Francisco-based Flynn Properties Inc. and Minneapolis-based Värde Partners. Flynn Properties will assume property management of the portfolio as well as overseeing capital improvements over the next several years. With the acquisition, Flynn Properties’ hotel portfolio has increased to 26 properties.
David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector.
Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA.
David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.
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