Hotel AG Completes Sale of 7 Select Service Properties
ATLANTA, GA, October 6, 2008. Hotel AG announces today that it has officially completed the sale of a 7 property upscale select service hotel portfolio to Apple REIT. The seller was Newport Hospitality Group. The transactions include the following hotels:
162 - Room Courtyard by Marriott, Somerset, NJ
125 - Room Courtyard by Marriott, Harrisonburg, VA
101 Room Hampton Inn Concord, NC
131 - Room Hampton Inn, Bowling Green, KY
106 - Room Hampton Inn, Port Wentworth, GA
143 - Room Hilton Garden Inn Columbia, SC
82 - Room SpringHill Suites, Greensboro, NC
H. Keith Thompson said: "These transactions represent a very desirable well located portfolio of select service hotels. Additionally, these hotels are in the top tier of their respective fill patterns and operated very well within each market's competitive set. The sale would have been competed earlier in the 2008 year; however several assets were based on existing loan assumptions. The sale represented a timely portfolio transaction for Newport Hospitality Group and Apple REIT."
Hotel AG is a specialized hotel brokerage firm with a market specialty in select service hotels with a per property market value under $25,000,000 such as the market segment these transactions represent. The partnership between Hotel AG and Cassidy & Pinkard Colliers gives Hotel AG access to 16 top US markets where Cassidy Pinkard Colliers' has regional offices. Currently, Hotel AG has approximately 60 hotels totaling $650 million on the market.
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
