Apple Hospitality REIT, Inc. (NYSE: APLE) (the “Company” or
“Apple Hospitality”) today announced that it has completed the
acquisition of the 146-room Residence Inn by Marriott Seattle
South/Renton (the “Hotel”) for approximately $55.5 million, or
$380,000 per key.
“We are pleased to further diversify and enhance our portfolio
with the acquisition of this recently-built, extended-stay hotel in
Renton,” said Nelson Knight, President, Real Estate and Investments
of Apple Hospitality. “Renton is well known for its strong business
environment that spans aviation, aerospace, manufacturing,
technology, life science and medical. Located in close proximity to
downtown Seattle and downtown Bellevue, Renton provides easy access
to sporting events and to the area’s many outdoor activities. The
Residence Inn is ideally located near a variety of guest amenities
and benefits from the diversity of Renton’s business and leisure
demand generators. Given the strength of our operating performance
and the flexibility of our balance sheet, we are uniquely
positioned within the current transaction environment to be
acquisitive and to meaningfully enhance long-term shareholder
value. We have three additional hotels under contract for purchase
and continue to underwrite numerous opportunities.”
The Residence Inn Seattle South/Renton opened in August 2019 and
is located at 1200 Lake Washington Boulevard North, Renton,
Washington. The Hotel is less than one mile from The Boeing
Company’s Renton production facility, known for its assembly of the
Boeing 737 family of commercial airplanes, and just over one mile
from PACCAR Inc’s Kenworth truck assembly plant in Renton. In
addition, the Hotel is ideally situated across from Gene Coulon
Memorial Beach Park, which provides access to the southeastern
shore of Lake Washington, near a variety of stores and restaurants,
and convenient to the Virginia Mason Athletic Center, home of the
Seattle Seahawks’ headquarters and training facility. Tukwila
Station, serving the Sounder commuter rail, and Seattle-Tacoma
International Airport are each just a short drive from the Hotel.
According to data provided by STR for the trailing twelve months
ended August 31, 2023, as compared to the same period of 2022,
revenue per available room (“RevPAR”) for the Bellevue/East, WA
submarket improved by more than 16%.
As previously announced, the Company continues to have three
additional hotels under contract for purchase:
- The 192-room Embassy Suites by Hilton South Jordan Salt Lake
City for a total purchase price of approximately $36.8 million, or
$191,000 per key, which the Company anticipates acquiring during
the fourth quarter 2023.
- An Embassy Suites by Hilton currently under development in
downtown Madison, Wisconsin, for an anticipated total purchase
price of approximately $78.6 million with an expected 260 rooms,
which the Company anticipates acquiring in mid-2024 following
completion of construction.
- A Motto by Hilton to be developed in downtown Nashville,
Tennessee, for an anticipated total purchase price of approximately
$96.7 million with an expected 256 rooms, which the Company
anticipates acquiring in 2025 following completion of
construction.
There are many conditions to closing on each of these hotels
that have not yet been satisfied, and there can be no assurance
that closings on these hotels will occur under the outstanding
purchase contracts.
Following the acquisition of the Residence Inn Seattle
South/Renton, the Apple Hospitality hotel portfolio includes 223
hotels with 29,409 guest rooms geographically diversified
throughout 37 states.
About Apple Hospitality REIT,
Inc.
Apple Hospitality REIT, Inc. (NYSE: APLE) is a publicly traded
real estate investment trust (“REIT”) that owns one of the largest
and most diverse portfolios of upscale, rooms-focused hotels in the
United States. Apple Hospitality’s portfolio consists of 223 hotels
with more than 29,400 guest rooms located in 87 markets throughout
37 states as well as one property leased to third parties.
Concentrated with industry-leading brands, the Company’s hotel
portfolio consists of 99 Marriott-branded hotels, 119
Hilton-branded hotels and five Hyatt-branded hotels. For more
information, please visit www.applehospitalityreit.com.
Forward-Looking Statements
Disclaimer
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. Forward-looking statements are typically identified by use
of statements that include phrases such as “may,” “believe,”
“expect,” “anticipate,” “intend,” “estimate,” “project,” “target,”
“goal,” “plan,” “should,” “will,” “predict,” “potential,”
“outlook,” “strategy,” and similar expressions that convey the
uncertainty of future events or outcomes. Such statements involve
known and unknown risks, uncertainties, and other factors which may
cause the actual results, performance, or achievements of the
Company to be materially different from future results, performance
or achievements expressed or implied by such forward-looking
statements.
Such factors include, but are not limited to, the ability of the
Company to effectively acquire and dispose of properties and
redeploy proceeds; the anticipated timing and frequency of
shareholder distributions; the ability of the Company to fund
capital obligations; the ability of the Company to successfully
integrate pending transactions and implement its operating
strategy; changes in general political, economic and competitive
conditions and specific market conditions (including the potential
effects of inflation or a recessionary environment); reduced
business and leisure travel due to geopolitical uncertainty,
including terrorism, travel-related health concerns, including
COVID-19 or other widespread outbreaks of infectious or contagious
diseases in the U.S.; inclement weather conditions, including
natural disasters such as hurricanes, earthquakes and wildfires;
government shutdowns, airline strikes or other disruptions; adverse
changes in the real estate and real estate capital markets;
financing risks; changes in interest rates; litigation risks;
regulatory proceedings or inquiries; and changes in laws or
regulations or interpretations of current laws and regulations that
impact the Company’s business, assets or classification as a REIT.
Although the Company believes that the assumptions underlying the
forward-looking statements contained herein are reasonable, any of
the assumptions could be inaccurate, and therefore there can be no
assurance that such statements included in this press release will
prove to be accurate. In light of the significant uncertainties
inherent in the forward-looking statements included herein, the
inclusion of such information should not be regarded as a
representation by the Company or any other person that the results
or conditions described in such statements or the objectives and
plans of the Company will be achieved. In addition, the Company’s
qualification as a REIT involves the application of highly
technical and complex provisions of the Internal Revenue Code of
1986, as amended. Readers should carefully review the risk factors
described in the Company’s filings with the Securities and Exchange
Commission, including but not limited to those discussed in the
section titled “Risk Factors” in the Company’s Annual Report on
Form 10-K for the fiscal year ended December 31, 2022. Any
forward-looking statement that the Company makes speaks only as of
the date of this press release. The Company undertakes no
obligation to publicly update or revise any forward-looking
statements or cautionary factors, as a result of new information,
future events, or otherwise, except as required by law.
For additional information or to receive press
releases by email, visit www.applehospitalityreit.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20231019813376/en/
Apple Hospitality REIT, Inc. Kelly Clarke, Vice President,
Investor Relations 804‐727‐6321 kclarke@applereit.com
Apple Hospitality REIT (NYSE:APLE)
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