RICHMOND, VA--Apple Hospitality REIT, Inc. (NYSE: APLE) (the “Company” or “Apple Hospitality”) today announced that it acquired the 132-room Hampton Inn & Suites by Hilton Atlanta Perimeter Dunwoody (the “Hotel”) for a purchase price of approximately $29.5 million, or $223,000 per key.
“We are pleased to strengthen our presence in Atlanta with the acquisition of this Hampton Inn & Suites,” said Nelson Knight, Executive Vice President and Chief Investment Officer of Apple Hospitality. “The Hotel opened in May 2016 and is situated in the heart of the Perimeter Center area, one of Atlanta’s largest business districts, where it will benefit from the area’s wide variety of corporate demand generators and convenience to an array of dining and shopping options.”
The Hotel is located at 4565 Ashford Dunwoody Road in Atlanta, Georgia, in proximity to numerous well-known corporate operations including, among many others, State Farm, Mercedes-Benz USA, Cox Enterprises, UPS, First Data and Cisco Systems. The Hotel is also near Perimeter Mall, Northside Hospital Atlanta, Emory Saint Joseph’s Hospital, Children’s Healthcare of Atlanta at Scottish Rite hospital, and four Metropolitan Atlanta Rapid Transit Authority (MARTA) stations, which provide convenient rail service to downtown Atlanta and Hartsfield-Jackson Atlanta International Airport. According to data provided by STR for the trailing 12 months ended May 31, 2018, RevPAR for the Atlanta market improved by approximately 5 percent, as compared to the prior 12-month period.
Following this acquisition, the Apple Hospitality portfolio includes 243 hotels with more than 30,900 guest rooms geographically diversified throughout 34 states.