Apple Hospitality REIT’s Buys Drive Value in Highly Competitive Marketplace
Apple Hospitality REIT Inc. recently acquired a portfolio of three hotels for a total purchase price of $126 million. The portfolio consists of the existing 157-room Hilton Garden Inn Fort Worth Medical Center in Fort Worth for $29.5 million or $188,000 per key, the existing and recently renovated 112-room Homewood Suites by Hilton Fort Worth Medical Center in Fort Worth for $21.5 million or $192,000 per key and the existing 243-room Hampton Inn & Suites by Hilton Portland Pearl District in Portland, OR for $75 million or $309,000 per key.
“These off-market transactions highlight the strength of our relationships with best-in-class hotel owner-operators and our ability to drive value in a highly competitive marketplace through attractive acquisitions,” said Nelson Knight, president, real estate and investments of Apple Hospitality. “We are pleased to increase our presence in the dynamic Fort Worth market and expand into Portland with these high-quality, attractively priced, well-positioned assets that align with our core ownership strategy. While the recovery of travel has been swift in Fort Worth, the pace has been slower in Portland, which provided us the unique opportunity to enter Portland, a market we believe will be strong over the long term, below replacement value and at a significant discount to recent comparable trades in market. Maximizing long-term value for our shareholders continues to be our top priority, and we are actively exploring additional opportunities like these that optimize our portfolio in ways that will elevate our future performance.”
Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM.
In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.