Apple Hospitality REIT purchases $126M portfolio; more transactions

Apple Hospitality REIT has acquired two hotels in Texas and one in Oregon for $126 million, while other properties have changed hands across the country.

Apple Hospitality REIT acquires three-hotel portfolio
Apple Hospitality REIT Inc. has acquired a portfolio of three hotels for a total purchase price of $126 million.

The portfolio consists of the existing 157-room Hilton Garden Inn Fort Worth Medical Center in Fort Worth, TX, for a total purchase price of $29.5 million, or approximately $188,000 per key; the existing and recently renovated 112-room Homewood Suites by Hilton Fort Worth Medical Center  for a total purchase price of $21.5 million, or approximately $192,000 per key; and the existing 243-room Hampton Inn & Suites by Hilton Portland Pearl District in Portland, OR, for a total purchase price of $75 million, or approximately $309,000 per key.

The Hilton Garden Inn Fort Worth Medical Center opened in April 2012, and the Homewood Suites Fort Worth Medical Center opened in June 2013. The hotels are adjacent to one another and benefit from a variety of operational synergies and demand generators, including healthcare, aerospace and defense, manufacturing, education and business and leisure travel.

The Hampton Inn & Suites Portland Pearl District opened in September 2017 and is located in the Pearl District neighborhood near Washington Park, Forest Park and Portland State University and within walking distance to a variety of restaurants, art galleries, shops and outdoor spaces.

For the third quarter, the Hampton Inn & Suites Portland Pearl District achieved occupancy of over 60% and produced RevPAR of approximately $105.

Following these acquisitions, the Apple Hospitality portfolio includes 219 hotels with 28,747 guestrooms geographically diversified throughout 36 states.

Dreamscape Companies acquires The Saint Hotel Charleston
Dreamscape Companies, founded by real estate industry veteran Eric Birnbaum, has acquired The Saint Hotel Charleston, a boutique hotel in the city’s French Quarter.

The purchase of The Saint Hotel Charleston comes on the heels of several recent acquisitions in key regional markets and illustrates the company’s commitment to its target goal of $1 billion in acquisition over the next 24 months, the company reports. This acquisition also signifies Dreamscape’s first point of entry into Charleston, a market that has continued to boom and expand in recent years as well as garner national attention.

Aimbridge Hospitality will oversee and manage operations of 45-room hotel. F&B options include live music and Lowcountry fare at High Cotton and Slightly North of Broad. The property features a 1,350-sq.-ft. penthouse suite inclusive of an outdoor terrace overlooking East Bay St., which will be one of the most luxurious single guestroom offerings in the city.

Highline Hospitality purchases Salt Lake City Marriott University Park
Highline Hospitality Partners (HHP), the hospitality investment platform launched by Highline Real Estate Partners (HREP), has added its fifth property with the off-market acquisition of the 218-room Salt Lake City Marriott University Park and has tapped Stepstone Hospitality to manage the property.

The 218-room property is near downtown, the University of Utah and Rice-Eccles Stadium. HHP plans a comprehensive renovation of the guestrooms and public space over the next 24 months.

The hotel has two on-site dining options, as well as the M Club lounge, free parking, Starbucks, a fitness center and 11 event spaces with customizable business and A/V services.

Innisfree Hotels adds Surfside Beach Hotel
Hotel developer and management company Innisfree Hotels, in partnership with RREAF Holdings, has acquired the Holiday Inn Oceanfront, located in Surfside Beach, SC.

The six-story, 133-room full-service hotel includes 4,500 sq. ft. of meeting space, an outdoor pool, an on-site bar and a fitness center. The property recently underwent a $7-million renovation.