RICHMOND, Va.--(BUSINESS WIRE)--Apple Hospitality REIT, Inc. (NYSE: APLE) (the “Company” or “Apple Hospitality”) today announced the acquisition of a portfolio of three hotels for a total purchase price of $126 million. As previously announced, the portfolio consists of the existing 157-room Hilton Garden Inn Fort Worth Medical Center in Fort Worth, Texas, 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 in Fort Worth, Texas, 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, Oregon, for a total purchase price of $75 million, or approximately $309,000 per key.
“These off-market transactions highlight the strength of our relationships with best-in-class hotel owner-operators and our ability to drive value in a highly competitive marketplace through attractive acquisitions,” said Nelson Knight, President, Real Estate and Investments of Apple Hospitality. “We are pleased to increase our presence in the dynamic Fort Worth, Texas market and expand into Portland, Oregon, with these high-quality, attractively-priced, well-positioned assets that align with our core ownership strategy. While the recovery of travel has been swift in Fort Worth, the pace has been slower in Portland, which provided us the unique opportunity to enter...
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