trending Market Intelligence /marketintelligence/en/news-insights/trending/FGzXrnyTNinX5xcC1ATSAQ2 content esgSubNav
In This List

Apple Hospitality REIT details $216M of potential hotel purchases

Blog

Gauging Supply Chain Risk In Volatile Times

Blog

The Future of Risk Management Digitization in Credit Risk Management

Blog

Climate Credit Analytics: Diving into the model

Video

How to use ESG Heat Maps in Credit Risk Analysis


Apple Hospitality REIT details $216M of potential hotel purchases

Apple Hospitality REIT Inc. said in its second-quarter earnings release that it has outstanding contracts for the potential acquisition of seven hotels for an expected price of approximately $216 million.

In July, the hotel real estate investment trust agreed to buy a Hilton Garden Inn to be built in Madison, Wis., and an existing boutique hotel in downtown Richmond, Va., for approximately $50 million and $7 million, respectively.

The REIT expects that the Hilton Garden Inn will have 176 guest rooms and that construction will be completed in late 2020 or early 2021. The Richmond hotel, which has 55 rooms, is expected to be bought before the end of 2019.

The company intends to acquire the other five hotels, which are under development, over the next 12 to 24 months from June 30.