REIT wraps up $103M shopping spree

The Apple REIT Cos. headquarters downtown. (Photo by Lena Price)

The Apple REIT Cos. headquarters downtown. Photo by Lena Price.

Five months after unloading 18 of its properties leading up to its public listing on the New York Stock Exchange in May, a downtown REIT is adding to its portfolio of hotels.

Apple Hospitality REIT announced it has acquired three hotels at a total cost of $103 million.

The real estate investment trust, part of the locally based Apple REIT Cos., purchased a 156-room Hampton Inn in Fort Lauderdale, Florida; a 110-room Hampton Inn in Cypress, California; and a 170-room SpringHill Suites by Marriott in Burbank, California.

The purchase prices for those acquisitions were $23 million, $20 million and $60 million, respectively.

The Fort Lauderdale property was purchased from City Center Hotel Group, according to Florida real estate news site TheRealDeal.com.

With the three additions, Apple Hospitality REIT’s portfolio now consists of 174 hotels in 32 states, including the Richmond Marriott on East Broad Street and the Courtyard Marriott and Residence Inn in Shockoe Slip. The portfolio’s other properties are made up of Marriott and Hilton brand families.

Prior to going public on May 18, Apple Hospitality REIT sold 18 properties for a total of $206 million. The buyer was New York City-based MCR Development LLC. Those properties were located in 11 states, all outside of Virginia.

Apple REIT spokeswoman Kelly Clarke said the company had no comment on the deals beyond what’s in its recent Securities and Exchange Commission filings.

In the first three months of 2015, the company reported earnings of $43 million, compared to a loss of $94 million in the first quarter of 2014. The company is set to report this year’s second quarter earnings in a conference call with investors on Aug. 6.

The company’s stock, which trades under the symbol “APLE,” closed Thursday at $17.83 per share, down $0.40.

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