Justin Knight, Apple REIT Nine's president says plans call for upgrades to the approximately 10-year-old portfolio, which consists of two Hampton Inns and a Homewood Suites. He tells GlobeSt.com that all three assets will continue operating under the same brand.

The hotels are the 93-room Hampton Inn-Austin-Round Rock at 110 Dell Center Blvd. in Round Rock, TX and the 124-room Hampton Inn-Austin/NW Arboretum at 3908 W. Braker Lane and the 97-unit Homewood Suites at 10925 Stonelake Blvd., both of which are in northwest Austin. The portfolio's occupancy is in the mid-to-high 70s. Hodges Ward Elliott brokered the transaction.

Apple REIT Nine was launched in July 2008 and according to Apple REIT Cos.' website, was formed to invested in hotels, residential apartment complexes and other income-producing real estate in select metropolitan areas of the United States.