Apple Hospitality REIT Acquires Hyatt Place Jacksonville Airport $15.4 Million, or $121,000 per Key
December 11, 2018 1:03pm
RICHMOND, Va.--December 11, 2018 --Apple Hospitality REIT, Inc. (NYSE: APLE) (the “Company” or “Apple Hospitality”) today announced that it acquired the 127-room Hyatt Place Jacksonville Airport (the “Hotel”) for a purchase price of approximately $15.4 million, or $121,000 per key.
“We are excited to begin our expansion into the Hyatt family of brands and strengthen our presence in the vibrant Jacksonville market with this acquisition,” said Nelson Knight, Executive Vice President and Chief Investment Officer of Apple Hospitality. “Hyatt’s loyalty program and superior-quality, rooms-focused hotels, such as Hyatt Place, have generated broad consumer appeal and established Hyatt as an industry-leading brand. We are confident this acquisition will complement our existing portfolio of hotels, and we look forward to increasing our relationship with Hyatt in the future.”
The Hotel is located at 14565 Duval Road in Jacksonville, Florida, near Jacksonville International Tradeport, three miles from Jacksonville International Airport, and a short drive from downtown Jacksonville, TIAA Bank Field and the beaches of northeast Florida. The Hotel will benefit from the wide variety of demand generators in the Jacksonville area including leisure attractions, corporate offices, healthcare services, educational institutions and military facilities. According to data provided by STR for the trailing 12 months ended October 31, 2018, RevPAR for the Jacksonville, Florida market improved by more than 7 percent, as compared to the prior 12-month period.
Apple Hospitality acquired the Hotel from a subsidiary of BPR Properties. Following this acquisition, the Apple Hospitality portfolio includes 241 hotels with more than 30,800 guest rooms geographically diversified throughout 34 states.
apple hospitality reit,
hyatt place jacksonville airport,
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 241 hotels with more than 30,800 guest rooms located in 88 markets throughout 34 states. Franchised with industry-leading brands, the Company’s portfolio comprises 114 Marriott-branded hotels, 126 Hilton-branded hotels and one Hyatt-branded hotel. For more information, please visit www.applehospitalityreit.com.
Contact: Kelly Clarke
Forward-Looking Statements Disclaimer
Certain statements contained in this press release other than historical facts may be considered forward-looking statements. These forward-looking statements are predictions and generally can be 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 Apple Hospitality 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 Apple Hospitality to effectively acquire and dispose of properties; the ability of Apple Hospitality to implement its operating strategy; changes in general political, economic and competitive conditions and specific market conditions; adverse changes in the real estate and real estate capital markets; financing risks; litigation risks; regulatory proceedings or inquiries; and changes in laws or regulations or interpretations of current laws and regulations that impact Apple Hospitality’s business, assets or classification as a real estate investment trust. Although Apple Hospitality 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 Apple Hospitality or any other person that the results or conditions described in such statements or the objectives and plans of Apple Hospitality will be achieved. In addition, Apple Hospitality’s qualification as a real estate investment trust involves the application of highly technical and complex provisions of the Internal Revenue Code. Readers should carefully review Apple Hospitality’s financial statements and the notes thereto, as well as the risk factors described in Apple Hospitality’s filings with the Securities and Exchange Commission, including, but not limited to, in the section titled “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017. Any forward-looking statement that Apple Hospitality makes speaks only as of the date of such statement. Apple Hospitality 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.
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