Apple Hospitality REIT buys new Hampton Inn & Suites in Phoenix for $44 million
Richmond-based Apple Hospitality Inc. said Thursday that it has acquired the newly constructed 210-room Hampton Inn & Suites by Hilton Phoenix Downtown for a about $44 million, or $210,000 per room.
“The new Hampton Inn & Suites Phoenix Downtown is a great addition to our portfolio of select-service hotels,” Nelson Knight, executive vice president and chief investment officer of Apple Hospitality, said in a statement. “The hotel is sure to benefit from its prime location … Our attractive [per room] purchase price for this hotel is another example of the benefits we achieve from our ability to enter into a fixed-price contract with the developer prior to construction.”
The Hampton Inn & Suites by Hilton located at 77 East Polk St. is adjacent to Arizona State University’s Downtown Phoenix campus and is less than a mile from the University of Arizona College of Medicine – Phoenix and Northern Arizona University’s Phoenix Biomedical Campus. The hotel is also close to many corporate offices and attractions including the Phoenix Convention Center, Symphony Hall, Talking Stick Resort Arena and Chase Field.
Following this acquisition, Apple Hospitality said its portfolio includes 242 hotels with more than 30,700 guest rooms throughout 34 states.