Apple Hospitality sells nine hotels for $95 million
Richmond-based Apple Hospitality REIT Inc. said Monday it has sold nine hotels for $95 million. The buyer was not disclosed.
The transaction was completed on March 28. The company says it used the sale proceeds to reduce the outstanding balance of its revolving credit facility and anticipates recognizing a gain on the sale in the first quarter of 2019.
The deal included the following properties: Courtyard by Marriott hotels in Bristol and Harrisonburg; Homewood Suites by Hilton Sarasota and TownePlace Suites by Marriott Tampa in Florida; SpringHill Suites by Marriott Baton Rouge in Louisiana; Hampton Inn & Suites by Hilton Holly Springs in North Carolina; Courtyard by Marriott Texarkana, Hilton Garden Inn Duncanville and TownePlace Suites by Marriott Texarkana in Texas.
“Through these attractively priced transactions, we adjusted our market exposure in ways that we feel will further enhance the strength and stability of our hospitality platform,” Nelson Knight, the company’s executive vice president and chief investment officer, said in a statement.
Apple Hospitality is a publicly traded real estate investment trust that owns 234 hotels in 34 states.