RICHMOND, VA-Apple REIT Nine has acquired four more hotels this month for approximately $60 million. The properties, two in Philadelphia and two in Texas, bring the company’s total acquisitions for the year to $467.6 million, according to a new filing with the Securities and Exchange Commission.
It acquired a Courtyard in Malvern, PA for $21 million and one in Collegeville, PA for $20 million. It also acquired Hampton Inn & Suites in Texarkana and Arlington, Texas for $9.1 million and $9.9 million, respectively.
Apple REIT Nine has been on an acquisition spree since August, starting with the purchase of an Irving, TX-based Homewood Suites for $10.25 million. It swooped up 23 hotels in one buy, for a total of 3,070 units in the fall, paying roughly $432.8 million. It has also executed a ground lease, according to the filing, here for the potential construction of two hotels.
In general, non-traded REITs are in acquisition mode after accessing the capital markets for funds. Apple Nine REIT is no different. On September 30, it closed on the sale of 150 million units at $11 per share, raising proceeds of approximately $1.7 billion.
Formed by Glade Knight, Apple REIT Nine is one of four non-listed, public REITs in the Apple Real Estate Investment Trust Cos. The others are Apple REIT Six, Apple REIT Seven and Apple REIT Eight. Knight also formed Apple Hospitality Two, which was sold to an affiliate of ING Clarion in 2007, and Apple Hospitality Five, which was sold to Inland American Real Estate Trust, also in 2007.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.