Apple Hospitality REIT, Inc. (NYSE: APLE) (the “Company” or
“Apple Hospitality”) today announced the acquisition of the
299-room SpringHill Suites by Marriott Las Vegas Convention Center
(the “Hotel”) for approximately $75 million, or $251,000 per
key.
“Las Vegas, well known as a premier gaming and entertainment
destination, has dynamically expanded in recent years with the
arrival of major league sports teams, the Sphere and Formula 1
racing, to capture an even larger segment of leisure travel
demand,” said Nelson Knight, President, Real Estate and Investments
of Apple Hospitality. “In addition to robust leisure demand, the
Hotel benefits from its proximity to the newly expanded Las Vegas
Convention Center, one of the largest and busiest convention
centers in the world, and its own indoor/outdoor function space.
The attractive purchase price is just under a 10.7x multiple on
trailing twelve-month Hotel EBITDA. With a strong recovery in
overall demand, positive supply dynamics, the recent development
and expansion of large-scale entertainment and convention venues,
and the upcoming Super Bowl LVIII, we expect performance for Las
Vegas and for this Hotel to continue to strengthen.”
The SpringHill Suites Las Vegas Convention center opened in
October 2009 and is located at 2989 Paradise Road, Las Vegas,
Nevada. Adjacent to the newly expanded Las Vegas Convention Center,
the Hotel features premium amenities including spacious guest
rooms, more than 10,000 square feet of flexible indoor and outdoor
meeting space, a rooftop pool with views of the Las Vegas Strip,
and a seven-story parking garage and surface lot with a combined
total of 244 spaces. The surface lot is zoned and master planned
for future development of additional hotel rooms. The Hotel is
steps away from the gaming, dining and entertainment venues of the
Las Vegas Strip and convenient to Allegiant Stadium, T-Mobile
Arena, MGM Grand Garden Arena and Las Vegas Ballpark. According to
data provided by STR for the trailing twelve months ended November
30, 2023, as compared to the same period of 2022, revenue per
available room (“RevPAR”) for the Las Vegas Strip, NV submarket
improved by more than 18%.
As previously announced, the Company continues to have two
additional hotels under contract for purchase:
- An Embassy Suites by Hilton currently under development in
downtown Madison, Wisconsin, for an anticipated total purchase
price of approximately $78.6 million with an expected 260 rooms,
which the Company anticipates acquiring in mid-2024 following
completion of construction.
- A Motto by Hilton to be developed in downtown Nashville,
Tennessee, for an anticipated total purchase price of approximately
$96.7 million with an expected 256 rooms, which the Company
anticipates acquiring in 2025 following completion of
construction.
There are many conditions to closing on each of these hotels
that have not yet been satisfied, and there can be no assurance
that closings on these hotels will occur under the outstanding
purchase contracts.
Following the acquisition of the SpringHill Suites Las Vegas
Convention Center, the Apple Hospitality hotel portfolio includes
225 hotels with 29,900 guest rooms geographically diversified
throughout 38 states.
About Apple Hospitality REIT,
Inc.
Apple Hospitality REIT, Inc. (NYSE: APLE) is a publicly traded
real estate investment trust (“REIT”) that owns one of the largest
and most diverse portfolios of upscale, rooms-focused hotels in the
United States. Apple Hospitality’s portfolio consists of 225 hotels
with 29,900 guest rooms located in 88 markets throughout 38 states
as well as one property leased to third parties. Concentrated with
industry-leading brands, the Company’s hotel portfolio consists of
100 Marriott-branded hotels, 120 Hilton-branded hotels and five
Hyatt-branded hotels. For more information, please visit
www.applehospitalityreit.com.
Forward-Looking Statements
Disclaimer
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. Forward-looking statements are typically identified by use
of statements that include phrases such as “may,” “believe,”
“expect,” “anticipate,” “intend,” “estimate,” “project,” “target,”
“goal,” “plan,” “should,” “will,” “predict,” “potential,”
“outlook,” “strategy,” and similar expressions that convey the
uncertainty of future events or outcomes. Such statements involve
known and unknown risks, uncertainties, and other factors which may
cause the actual results, performance, or achievements of the
Company to be materially different from future results, performance
or achievements expressed or implied by such forward-looking
statements.
Such factors include, but are not limited to, the ability of the
Company to effectively acquire and dispose of properties and
redeploy proceeds; the anticipated timing and frequency of
shareholder distributions; the ability of the Company to fund
capital obligations; the ability of the Company to successfully
integrate pending transactions and implement its operating
strategy; changes in general political, economic and competitive
conditions and specific market conditions (including the potential
effects of inflation or a recessionary environment); reduced
business and leisure travel due to geopolitical uncertainty,
including terrorism, travel-related health concerns, including
COVID-19 or other widespread outbreaks of infectious or contagious
diseases in the U.S.; inclement weather conditions, including
natural disasters such as hurricanes, earthquakes and wildfires;
government shutdowns, airline strikes or other disruptions; adverse
changes in the real estate and real estate capital markets;
financing risks; changes in interest rates; litigation risks;
regulatory proceedings or inquiries; and changes in laws or
regulations or interpretations of current laws and regulations that
impact the Company’s business, assets or classification as a REIT.
Although the Company believes that the assumptions underlying the
forward-looking statements contained herein are reasonable, any of
the assumptions could be inaccurate, and therefore there can be no
assurance that such statements included in this press release will
prove to be accurate. In light of the significant uncertainties
inherent in the forward-looking statements included herein, the
inclusion of such information should not be regarded as a
representation by the Company or any other person that the results
or conditions described in such statements or the objectives and
plans of the Company will be achieved. In addition, the Company’s
qualification as a REIT involves the application of highly
technical and complex provisions of the Internal Revenue Code of
1986, as amended. Readers should carefully review the risk factors
described in the Company’s filings with the Securities and Exchange
Commission, including but not limited to those discussed in the
section titled “Risk Factors” in the Company’s Annual Report on
Form 10-K for the fiscal year ended December 31, 2022. Any
forward-looking statement that the Company makes speaks only as of
the date of this press release. The Company undertakes no
obligation to publicly update or revise any forward-looking
statements or cautionary factors, as a result of new information,
future events, or otherwise, except as required by law.
For additional information or to receive press releases by
email, visit www.applehospitalityreit.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20231227167183/en/
Apple Hospitality REIT, Inc. Kelly Clarke, Vice President,
Investor Relations 804‐727‐6321 kclarke@applereit.com
Apple Hospitality REIT (NYSE:APLE)
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