Apple REIT Acquires 16-Hotel Portfolio for $291M

Apple REIT Nine Inc. has acquired 16 Marriott and Hilton branded hotels from White Lodging Services Corp. for $291.5 million.   The transaction includes hotels in seven states totaling 2,240 rooms. The properties include the SpringHill Suites, Residence Inns, Courtyard by Marriott, Hilton Garden Inn, Fairfield Inn & Suites and Embassy Suites brands.  All properties will remain with Merrillville, IN-based White Lodging under long-term management agreements. White Lodging’s managed portfolio includes 151 hotels in 18 states and includes the Marriott International, Hilton  Worldwide, Hyatt Global, Starwood Hotels and Resorts, InterContinental Hotel Group and Carlson Hotels Worldwide brands.

The sale includes these properties:

Location, Franchise, Rooms, Price , Price per Room

• Indianapolis, SpringHill Suites, 130, $12.8 mil. , $98,461
• Mishawaka, IN, Residence Inn, 106, $13.7 mil.,  $129,245
• Phoenix, Courtyard, 164, $16 mil., $97,560
• Phoenix, Residence Inn, 129, $14 mil.
• Lake Forest, IL, Residence Inn, 130, $23.5 mil.
• Lake Forest, IL, Hilton Garden Inn, 170, $30.5 mil.
• Austin, TX, Hilton Garden Inn, 117, $16 mil.
• Novi, MI, Hilton Garden Inn, 148, $16.2 mil.
• Warrenville, IL, Hilton Garden Inn, 135, $22 mil.
• Schaumburg, IL, Hilton Garden Inn, 166, $20.5 mil.
• Salt Lake City, SpringHill Suites, 143, $17.5 mil.
• Austin, Fairfield Inn & Suites, 150, $17.75 mil.
• Austin, Courtyard, 145, $20 mil.
• Chandler, AZ, Courtyard, 150, $17 mil.
• Chandler, AZ, Fairfield Inn & Suites, 110, $12 mil.
• Tampa, FL, Embassy Suites, 147, $21.8 mil.
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• Paid $129,910 average price per room (JLD)