Among
the noteworthy deals of the past week was Apple Hospitality REIT’s acquisition
of the Homewood Suites by Hilton Tampa-Brandon from Trimont Real Estate
Advisors.
TAMPA —
Richmond, Virginia-based Apple Hospitality REIT has acquired the 126-key
Homewood Suites by Hilton Tampa-Brandon in Florida for $18.8 million, or
approximately $149,000 per key, from Atlanta-based Trimont Real Estate
Advisors.
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.
The REIT
also 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.
To download
our list of deals from the past week in Excel format, click here.