RICHMOND, Va.--(BUSINESS WIRE)--Apple Hospitality REIT, Inc. (NYSE: APLE) (“Apple Hospitality” or the “Company”) today announced that it acquired the 135-room Home2 Suites by Hilton® in Anchorage, Alaska, for a purchase price of approximately $24 million, or $178,000 per key.
“We are pleased to add this extended-stay hotel to our portfolio and increase our presence in the dynamic Anchorage market,” said Nelson Knight, Executive Vice President and Chief Investment Officer of Apple Hospitality REIT. “The hotel is located in midtown Anchorage and benefits from a variety of corporate and leisure demand drivers including nearby corporate offices, large education and healthcare facilities, oil and gas exploration and production, and state parks. This is the fifth hotel we have acquired in the last three months, and like our previous acquisitions, this asset highlights our focus on high-quality, select-service hotels that are well located within strong markets.”
The Home2 Suites by Hilton® Anchorage/Midtown is located at 4700 Union Square Drive in Anchorage. The hotel opened in December 2015 and is convenient to Ted Stevens Anchorage International Airport, the University of Alaska Anchorage, the Port of Anchorage, ConocoPhillips Alaska, Providence Alaska Medical Center, Joint Base Elmendorf-Richardson, a variety of corporate offices, and numerous recreational, dining and shopping options.
Following this acquisition, the Apple Hospitality portfolio includes 239 hotels, with approximately 30,300 guest rooms, geographically diversified throughout 34 states.
About Apple Hospitality REIT, Inc.
Apple
Hospitality REIT, Inc. (NYSE: APLE) is a publicly traded real estate
investment trust (REIT) that owns one of the largest portfolios of
upscale, select-service hotels in the United States. The Company’s
portfolio consists of 239 hotels, with approximately 30,300 guest rooms,
diversified across the Hilton® and Marriott®
families of brands with locations in urban, high-end suburban and
developing markets throughout 34 states. For more information, please
visit www.applehospitalityreit.com.
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; the outcome of current and future litigation; 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 entitled “Risk Factors” in the Company’s Annual Report on
Form 10-K for the year ended December 31, 2016. Any forward-looking
statement that Apple Hospitality makes speaks only as of the date of
such statements. 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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