RICHMOND, VIRGINIA Apple REIT Nine has outstanding contracts to purchase 12 hotels for US$209.2 million, the company says. The properties comprise 1,472 guestrooms, making the purchase price approximately US$142,000 per key.
Five of the hotels are under construction and should be completed over the next three to 18 months, while acquisitions of the seven open hotels are expected to close by the end of the second quarter, Citybizlist reports.
The hotels currently operating are:
• Fairfield Inn & Suites Jacksonville, North Carolina
• Hampton Inn & Suites Texarkana, Texas
• Residence Inn by Marriott Manassas/Battle Park, Virginia
• Homewood Suites by Hilton Mt. Laurel, New Jersey
• Residence Inn San Bernardino, California
• Courtyard by Marriott West Orange, New Jersey
• Hilton Dallas Park Cities
The hotels currently under construction are:
• A 155-key Courtyard by Marriott in Santa Ana, California
• A 103-key SpringHill Suites in Lafayette, Louisiana
• A 124-key TownePlace Suites in Tucson, Arizona
• A 145-key Hilton Garden Inn in El Paso, Texas
• A 110-key Home2 Suites by Hilton in Nashville, Tennessee
The company is also constructing a SpringHill Suites hotel in Alexandria, Virginia, which is expected to be completed this month. The 152-key hotel will be managed by Marriott International.