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Apple Hospitality Pays $75M for LV Convention Center Hotel
Apple Hospitality REIT has acquired the 299-room SpringHill Suites by Marriott Las Vegas Convention Center for approximately $75 million, or $251,000 per key.
Apples’s Nelson Knight added, “The attractive purchase price is just under a 10.7x multiple on trailing twelve-month Hotel EBITDA. With a strong recovery in overall demand, positive supply dynamics, the recent development and expansion of large-scale entertainment and convention venues, and the upcoming Super Bowl LVIII, we expect performance for Las Vegas and for this Hotel to continue to strengthen.”
The SpringHill Suites Las Vegas Convention Center opened in October 2009 and is located at 2989 Paradise Road, Las Vegas, Nevada, adjacent to the newly expanded Las Vegas Convention Center. Following the acquisition of the SpringHill Suites Las Vegas Convention Center, the Apple Hospitality hotel portfolio includes 225 hotels with 29,900 guest rooms geographically diversified throughout 38 states.
- ◦Sale/Acquisition
