Apple Hospitality REIT, Inc. Acquires the Springhill Suites by Marriott Las Vegas Convention Center
December 28, 2023 at 07:45 pm IST
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Apple Hospitality REIT, Inc. announced the acquisition of the 299-room SpringHill Suites by Marriott Las Vegas Convention Center for approximately $75 million, or $251,000 per key. The SpringHill Suites Las Vegas Convention center opened in October 2009 and is located at 2989 Paradise Road, Las Vegas, Nevada. Adjacent to the newly expanded Las Vegas Convention Center, the Hotel features premium amenities including spacious guest rooms, more than 10,000 square feet of flexible indoor and outdoor meeting space, a rooftop pool with views of the Las Vegas Strip, and a seven-story parking garage and surface lot with a combined total of 244 spaces.
The surface lot is zoned and master planned for future development of additional hotel rooms. The Hotel is steps away from the gaming, dining and entertainment venues of the Las Vegas Strip and convenient to Allegiant Stadium, T-Mobile Arena, MGM Grand Garden Arena and Las Vegas Ballpark. According to data provided by STR for the trailing twelve months ended November 30, 2023, as compared to the same period of 2022, revenue per available room (?RevPAR?) for the Las Vegas Strip, NV submarket improved by more than 18%. As previously announced, the Company continues to have two additional hotels under contract for purchase: An Embassy Suites by Hilton currently under development in downtown Madison, Wisconsin, for an anticipated total purchase price of approximately $78.6 million with an expected 260 rooms, which the Company anticipates acquiring in mid-2024 following completion of construction.
A Motto by Hilton to be developed in downtown Nashville, Tennessee, for an anticipated total purchase price of approximately $96.7 million with an expected 256 rooms, which the Company anticipates acquiring in 2025 following completion of construction. There are many conditions to closing on each of these hotels that have not yet been satisfied, and there can be no assurance that closings on these hotels will occur under the outstanding purchase contracts. Following the acquisition of the SpringHill Suites Las Vegas Convention Center, the Apple Hospitality hotel portfolio includes 225 hotels with 29,900 guest rooms geographically diversified throughout 38 states.
Apple Hospitality REIT, Inc. is a real estate investment trust (REIT) that owns a diverse portfolio of upscale, room-focused hotels in the United States. The Company's portfolio consists of about 224 hotels with more than 29,886 guest rooms located in 87 markets throughout 37 states as well as one property leased to third parties. Its hotel portfolio consists of 100 Marriott-branded hotels, 118 Hilton-branded hotels and five Hyatt-branded hotels. Its hotels operate under Marriott or Hilton brands. The hotels are operated and managed under separate management agreements with 16 hotel management companies, consisting of Hilton Garden Inn, Hampton, Courtyard, Residence Inn, Homewood Suites, SpringHill Suites, Fairfield, Home2 Suites, TownePlace Suites, AC Hotels, Hyatt Place, Marriott, Embassy Suites, Aloft, and Hyatt House. Its hotels are located in various states, including Alaska, Arizona, California, Colorado, Florida, Georgia, Idaho, Illinois, Kansas, Louisiana, Michigan, and others.