Apple Hospitality REIT Acquires Hampton Inn & Suites by Hilton Downtown St. Paul $31.7 million, or Approximately $198,000 Per Key
Apple Hospitality REIT, Inc. (NYSE: APLE) (the "Company" or "Apple Hospitality") today announced the acquisition of the 160-room Hampton Inn & Suites by Hilton Downtown St. Paul (the "Hotel") for a purchase price of $31.7 million, or approximately $198,000 per key.
"The Hampton Inn & Suites is ideally located in downtown St. Paul and benefits from the area's wide variety of corporate, leisure and healthcare demand generators," said Nelson Knight, Executive Vice President and Chief Investment Officer of Apple Hospitality. "St. Paul is a vibrant city with a diversified economy, home to numerous corporate offices including 3M, Ecolab, The Travelers Companies and Securian Financial Group. The Hotel, which opened in November of 2016, complements our existing portfolio and is consistent with our strategy of investing in rooms-focused hotels that are aligned with industry-leading brands and located in markets that provide a wealth of business drivers and strengthen the geographic diversification of our portfolio."
The Hotel is located at 200 7th Street West in St. Paul, Minnesota, across the street from Xcel Energy Center, Saint Paul RiverCentre, the Legendary Roy Wilkins Auditorium and Ordway Center for the Performing Arts, and within five miles of the recently opened Allianz Field. The Hotel is within walking distance of the Mississippi River and St. Paul's wide variety of dining options, entertainment venues and recreational activities. In addition, four major healthcare facilities are near the Hotel including Children's Minnesota St. Paul Hospital, United Hospital, Regions Hospital and HealthEast St. Joseph's Hospital. According to data provided by STR for the trailing 12 months ended January 31, 2019, RevPAR for the Minneapolis/St. Paul market improved by 4.5 percent, as compared to the prior 12-month period.
Apple Hospitality acquired the Hotel from a subsidiary of Vista Host. Following this acquisition, the Apple Hospitality portfolio includes 242 hotels with more than 30,900 guest rooms geographically diversified throughout 34 states.