But Apple had to pay locally based Impact Properties top dollar for the asset--$12.25 million, or $128.94 per room, the highest per-room price paid for a hotel in the metro area since 1996 and the highest in Florida since late 2002, according to Dennis Reed, vice president at The Plasencia Group Inc. here.

"Apple purchased the market's competitive leader," says Reed. "The hotel is in excellent condition and enjoys a prime location." Average daily occupancy is in the low 80% range with average daily room rates running from $105 to $115.

"The sale price is supported by the hotel's excellent returns, which should provide Apple with steady and significant income for many years to come," says Reed.

The four-story property sits on a 1.4-acre pad at 1700 East Ninth Ave. The acquisition is Apple's sixth hotel in Florida. The company also owns a Residence Inn and a Homewood Suites in nearby Clearwater.

Plasencia regional vice president Dennis Peek says the transaction is "continuing evidence of the resurgence of the West Coast Florida market and the market throughout Florida." Plasencia has closed eight deals this year and is working on "several more," Peek says.