Apple REIT Ten and subsidiaries agree to buy 3 hotels in Dallas area
- November 21, 2011
Citybizlist in Washington, D.C., reports that Richmond-based Apple REIT Ten and its subsidiaries have entered into contracts to buy three hotels in the Dallas area for $69 million. The hotels are under construction.
The first asset is the Hilton Garden Inn in Dallas. It’s expected to have 165 rooms upon completion. Apple REIT Ten has agreed to pay $27.3 million for this asset.
The other two hotels are The Courtyard and TownePlace Suites hotels in Grapevine, Texas. Both are part of an adjoining two-hotel complex that will be located on the same site. The two hotels are covered by the same purchase contract with a total price of $41.7 million.The Courtyard plans to have 180 rooms. The TownePlace Suites hotel is expected to have 120 rooms.