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Sale of Oklahoma's Bricktown Hampton Inn for $32 million to Apple REIT
a Reflection of Strong Market Performance Since Opening in 2008

By Steve Lackmeyer, The Oklahoman, Oklahoma CityMcClatchy-Tribune Regional News

Jun. 9, 2010--The Bricktown Hampton Inn, built two years ago for $25 million, sold recently for $32 million to Richmond, Va.-based Apple REIT.

The sale doesn't include the neighboring garage, which, along with the hotel, will continue to be operated by the sellers, Madison, Wi.-based Raymond Management and local developer Marsh Pittman.

Pittman said the sale of the property reflects the hotel's strong performance since its opening in 2008.

"We've been really pleasantly surprised," Pittman said. "The Oklahoma City market has been strong, especially in Bricktown. The hotel has been one of the highest performers in the state."

Even so, Pittman is uncertain whether more hotels will be built in Bricktown in the foreseeable future.

"I think Bricktown is a highly desirable location for tourists and convention travelers," Pittman said. "And if Oklahoma city develops in the right direction, there is definitely room for more hotel rooms in Bricktown. But a decision has yet to be made on the site for a new convention center, and in my opinion that will determine whether we will see any new hotels in Bricktown."

Pittman said he hopes the city will consider the sale as it considers the convention center site.

"Interest from people outside the state in downtown's hotels is good for the city," Pittman said. "And that shows the mayor and chamber and Bricktown need to continue to work together to move forward."


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