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Apple Hospitality REIT Lands Pair of Hampton Inn & Suites' in $63 Million Deal

Richmond Firm Adds Hilton Atlanta-Downtown, Hilton Memphis-Beale Street to Holdings
February 7, 2018
Apple Hospitality REIT (NYSE: APLE) expanded its Southern holdings with the purchase of a pair of Hampton Inn & Suites by Hilton hotels in Atlanta and Memphis, TN from Watermark Capital Partners (NYSE: WPC) for $63 million, or about $240,000 per key.

Completed in 1937, the 119-room, eight-story Hampton Inn & Suites by Hilton Atlanta-Downtown is located at 161 Spring St. NW across from the Westin-Peachtree Plaza and near the Georgia Dome, Georgia World Congress Center, CNN Center, Georgia State University and the MARTA-Peachtree Center in Downtown Atlanta.

The 144-room, seven-story Hampton Inn & Suites by Hilton Memphis-Beale Street delivered in 1999 at 175 Peabody Pl., and is located in close proximity to the Beale Street Entertainment District, FedEx Forum, AutoZone Park, the Memphis Cook Convention Center, the Orpheum Theatre, the National Civil Rights Museum and Graceland.

With the acquisition, Richmond, VA-based Apple Hospitality REIT now owns 241 hotels, totaling more than 30,500 rooms, in 34 states.

Please see CoStar COMP #4127842 for more information on this transaction.
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