RICHMOND, VA—Apple Hospitality REIT, Inc. reports it has closed on the acquisition of one hotel in Florida and two hotels in California for a combined purchase price of approximately $103 million.
The Richmond, VA-based real estate investment firm's largest purchase was for the new 170-room SpringHill Suites by Marriott in Burbank, CA. The company, which added the property to its portfolio on July 13, paid approximately $60 million for the asset that is located within walking distance of downtown Burbank.
In addition, the company has closed on the acquisition of the 156-room Hampton Inn in the Las Olas area of downtown Ft. Lauderdale, FL for approximately $23 million. The transaction closed on June 23.
Apple Hospitality REIT also purchased the 110-room Hampton Inn in Cypress, CA, for approximately $20 million. The property is located two miles from downtown Cypress and less than seven miles from Disneyland Park.
The firm's portfolio as of June 30 consisted of 174 hotels, with 22,177 guestrooms across the Hilton and Marriott brands with locations in urban, high-end suburban and developing markets in 32 states.
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