Apple Hospitality REIT acquires two Hyatt hotels

Apple Hospitality REIT announced the opening and acquisition of the new 105-room Hyatt House and 154-room Hyatt Place in Tempe, Ariz., for $64.6 million, or approximately $249,000 per key.

“We are pleased to enhance the diversification of our portfolio with the acquisition of these newly developed Hotels in the dynamic Tempe market,” said Nelson Knight, president, real estate and investments, of Apple Hospitality. “Ideally located on the Tempe campus of Arizona State University near premier athletic facilities and the planned multi-sports arena, the hotels are well positioned to serve the area’s business and leisure travelers. As part of Apple Hospitality’s commitment to sustainability and the intentions of ASU, the hotels were designed and developed in line with LEED certification requirements. We contracted for the development of the hotels in 2018 and are pleased to have secured attractive per-key pricing prior to the start of construction, which we believe adds