Hotels Change Hands in the South

NATIONAL REPORT—Sandpiper Lodging Trust, Apple Hospitality REIT and Crystal Investment Property have recently completed hotel transactions. Here’s more on the recent sales in the South:

Sandpiper Lodging Trust Acquires Two Candlewood Suites Hotels in South Carolina
Sandpiper Lodging Trust (SLT) has acquired two Candlewood Suites hotels located in North Charleston and Bluffton, SC, from DC Hospitality. Both properties are midscale extended-stay hotels. Terms of the transaction were not disclosed. SLT now owns 15 properties located in six states from the Mid-Atlantic region to Texas.

Apple Hospitality REIT Acquires Hyatt House and Hyatt Place in Tempe, AZ
Apple Hospitality REIT Inc. has acquired the new 105-room Hyatt House and 154-room Hyatt Place in Tempe, AZ, for a gross purchase price of approximately $64.6 million, or approximately $249,000 per key. The hotels comprise a dual-branded complex on Arizona State University’s (ASU) Tempe campus. The hotels are part of the initial phase of the Novus Innovation Corridor, a mixed-use development integrated with ASU’s Tempe campus that will house offices, residences, retail stores and restaurants throughout 355 acres.

CIP Brokers the Sale of Homewood Suites by Hilton New Braunfels, TX
Crystal Investment Property LLC, (CIP) a member of Hotel Brokers International, has sold the Homewood Suites by Hilton New Braunfels in New Braunfels, TX. CIP represented the buyer in the sale. Joseph P. Kennedy, president of CIP, worked closely with the seller and buyer, as well as the parties’ other professionals, to negotiate a mutually acceptable sale. The final sale price is confidential.