Jul
21
Apple Hospitality Pays $103M for Three Hotels
ByRICHMOND, VA—Apple Hospitality REIT, Inc. reports it has closed on the acquisition of one hotel in Florida and two hotels in California for a combined purchase price of approximately $103 million.
The Richmond, VA-based real estate investment firm’s largest purchase was for the new 170-room SpringHill Suites by Marriott in Burbank, CA. The company, which added the property to its portfolio on July 13, paid approximately $60 million for the asset that is located within walking distance of downtown Burbank.
In addition, the company has closed on the acquisition of the 156-room Hampton Inn in the Las Olas area of downtown Ft. Lauderdale, FL for approximately $23 million. The transaction closed on June 23…
