Latest news: Apple buys in Tampa; 2 SF hotels file for bankruptcy; Ryman completes deal

Apple acquires in Tampa. Richmond, Virginia-based Apple Hospitality REIT has acquired the 126-key Homewood Suites by Hilton Tampa-Brandon for $18.8 million, or approximately $149,000 per key, from an undisclosed seller. CEO Nelson Knight said the hotel was offered for sale by the loan servicer, and the $18.8 million purchase price represents a 12% cap rate on trailing 12-month results through April of this year and a high single-digit cap rate after all anticipated capital expenditures. Apple continues to have one additional hotel under contract for purchase, a 260-key Motto by Hilton under development in downtown Nashville, which it expects to acquire in late 2025 when construction is done. Apple has one hotel under contract for a $16 million sale, the 206-key Houston Marriott Energy Corridor, which it expects to complete in 3Q25. After the Tampa acquisition, Apple’s portfolio includes 221 hotels and 29,893 rooms in 37 states and the District of Columbia.

Two SF hotels file for bankruptcy. Two hotels in the East Bay area of San Francisco have filed for bankruptcy. The 102-key Super 8 by Wyndham hotel in Livermore has defaulted on a $7.7 million loan provided by State Bank of Texas in 2022. The 113-key University Inn & Suites has defaulted on a $10.5 million loan that JPMorgan Chase provided in 2019. The loan default was filed on February 11. D Lassen, owner of the Super 8 property, filed for bankruptcy on May 21. Kubera Hotel Properties owns the University Inn property.

Ryman completes Phoenix acquisition. Nashville-based Ryman Hospitality Properties has closed the previously announced $865 million acquisition of the 950-key JW Marriott Phoenix Desert Ridge Resort & Spa in Arizona from Honolulu-based Trinity Investments. CEO Mark Fioravanti said, “We are excited to begin integrating this premier resort into our differentiated, group-focused portfolio, and we look forward to pursuing compelling value creation opportunities at this beautiful property.” The property recently had $100 million in renovations.

INNIN acquires in Tennessee. San Diego-based INNIN Hotel Partners has acquired the 126-key Hyatt Place Nashville/Franklin/Cool Springs in Tennessee from an institutional seller on June 4 for an undisclosed amount. INNIN plans to convert the property to a Hyatt Select. Hunter Hotel Advisors facilitated the purchase.

Hilton Garden Inn China rollout. Hilton has opened several of its “Hilton Garden Inn · Gen A” hotels in multiple cities across China, including Chongqing, Sanya and Harbin. The company also announced 19 new signings of the brand across Greater China. Unveiled last year, the Hilton Garden Inn · Gen A prototype was developed specifically for China. There are already more than 130 Hilton Garden Inns operating in APAC.

$190M loan for Cipriani. Cipriani has secured a $190 million loan to support the growth and expansion of its luxury hospitality platform, including one of its newest projects, Cipriani Resort, Residences, featuring a 64-key hotel in its first phase, an additional 120 rooms to follow, 68 branded residence rooms and the first-ever Cipriani Casino. London-based Sparta Capital Management Ltd. and alternative asset manager Beach Point Capital Management LP provided the funding.

SM Prime plans Philippines expansion. SM Hotels and Convention Corp. (SMHCC), the hospitality arm of Philippines-based SM Prime Holdings, is expanding its footprint in the Philippines with seven new hotels targeted for completion by the end of 2029. In a stock exchange filing, the company said the expansion, which will be self-funded, will increase SMHCC’s hotel count from 10 to 17 and its rooms by 51% to 3,953. Of the additional rooms, 969 are expected to be completed by 2028. Six hotels will be branded as Park Inn by Radisson, while one will be developed under Radisson.

Wyndham launches new ad campaign. Wyndham Hotels & Resorts is launching a new ad campaign, Where There’s a Wyndham, There’s a Way. Wyndham said it positions the company as a trusted travel partner while uniting its 25 brands and rewards program under a single, cohesive voice and tagline for the first time in company history. The campaign was created in partnership with Havas New York and produced by Annex 88.

Extended Stay America research. A new national survey commissioned by Charlotte-based Extended Stay America and conducted by Wakefield Research reveals that extended-stay hotels outperform vacation rentals or apartments in terms of comfort, value, and feeling at home. According to the research, 79% of respondents said extended-stay hotels feel like a home away from home, and a strong majority (82%) agreed they feel more like home than vacation rentals or apartments. Among available options, respondents preferred extended-stay hotels, citing amenities (34%), comfort and familiarity (33%), and personalization (30%) as top reasons. 43% of respondents said they find extended-stay hotels more affordable and better value than rentals or apartments.