Apple Hospitality REIT, Inc. (NYSE: APLE) today announced that it has closed on the previously announced acquisition of a 124-room Courtyard by Marriott in Fort Worth, TX for a purchase price of $18 million, or approximately $145,000 per key.
“The new Courtyard, ideally located in the historic Stockyards area of Fort Worth, is sure to benefit from a wide variety of corporate, government and leisure demand generators,” said Nelson Knight, Executive Vice President and Chief Investment Officer for Apple Hospitality. “We are pleased to add this exceptional, custom-designed property to our portfolio and further expand our presence in the dynamic Fort Worth market.”
The new Courtyard, located at 2537 North Main Street in Fort Worth, TX, is situated in the heart of the Fort Worth Stockyards National Historic District with easy access to downtown Fort Worth’s business district, the Fort Worth Convention Center, Will Rogers Memorial Center and a variety of museums, restaurants, entertainment venues and other cultural attractions. The hotel was custom designed to reflect the historic charm of the area while providing guests the array of modern amenities inherent in the Courtyard by Marriott brand. According to data provided by Smith Travel Research (STR) for the year ended December 31, 2016, RevPAR for the Fort Worth/Arlington, TX market improved by more than 5 percent, as compared to the same period of 2015.
Following this acquisition, the Apple Hospitality portfolio includes 236 hotels, with over 30,000 guestrooms, geographically diversified throughout 33 states.
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 236 hotels, with over 30,000 guestrooms, diversified across the Hilton and Marriott families of brands with locations in urban, high-end suburban and developing markets throughout 33 states.
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