But Apple had to pay locally based Impact Properties top dollarfor the asset--$12.25 million, or $128.94 per room, the highestper-room price paid for a hotel in the metro area since 1996 andthe 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 dailyroom 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 formany years to come," says Reed.
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