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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.