Apple Hospitality REIT sells 18-property hotel for $206m
Apple Hospitality REIT, part of the Apple REIT Cos., has sold an 18-property hotel portfolio to MCR Development for $206.4 million.
The hotel portfolio totals 1,799 rooms located in Alabama, Arizona, Colorado, Georgia, Kentucky, Louisiana, North Carolina, Ohio, Oklahoma, Tennessee and Texas.
The highest priced hotel is the 106-room Hampton Inn in Port Wentworth, Ga., which sold for $24 million. The largest hotel in the portfolio is the 134-room Hilton Garden Inn – West Monroe in Louisiana with a sales price of $14.5 million.
The lowest priced hotel is the 102-room Hampton Inn & Suites in Tulsa, Okla., which sold for $6.3 million. The smallest hotel is the 76-room Homewood Suites by Cincinnati Milford in Ohio, which had a sales price of $6.7 million.
Apple Hospitality REIT’s portfolio now consists of 173 hotels.
The nontraded REIT has plans to go public, but an official announcement not been made.
REITs have b