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AUSTIN, TX-Apple REIT Nine has entered the area with a $47.2 million acquisition of three-asset limited service hotel portfolio. The Richmond, VA company bought the 314 units from Vista Host Inc. of Houston.

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.

“This REIT is part of a partnership with Vista Host, which is the developer,” Knight explains. He says the three Austin area hotels represented a slightly different deal from the ground-up construction and purchase arrangement the REIT has with Vista Host, however.

Knight said there were a couple of other hotels in other areas the REIT has under contract, though he declined to elaborate. “We’re not targeting specific properties in Austin or the area right now, but if something great came in, we’d take a look at it,” he adds.

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