US-based Apple Hospitality REIT has concluded the purchase of Residence Inn by Marriott Seattle South/Renton in a deal valued at approximately $55.5m.
Located at 1200 Lake Washington Boulevard North, the 146-room hotel was opened to the public in August 2019.
The hotel is in close proximity to The Boeing Company’s Renton production facility and PACCAR’s Kenworth truck assembly plant.
It is also ideally located across from Gene Coulon Memorial Beach Park and provides access to the southeastern shore of Lake Washington, near a variety of stores and restaurants.
Apple Hospitality Real Estate and Investments president Nelson Knight said: “We are pleased to further diversify and enhance our portfolio with the acquisition of this recently-built, extended-stay hotel in Renton.
“Renton is well known for its strong business environment that spans aviation, aerospace, manufacturing, technology, life science and medical. Located near downtown Seattle and downtown Bellevue, Renton provides easy access to sporting events and to the area’s many outdoor activities.”
With the completion of this deal, Apple Hospitality’s hotel portfolio now includes 223 hotels with 29,409 guest rooms, which are geographically diversified across 37 states in the US.
Knight further added: “Given the strength of our operating performance and the flexibility of our balance sheet, we are uniquely positioned within the current transaction environment to be acquisitive and to meaningfully enhance long-term shareholder value.”
Apple Hospitality REIT also plans to buy three additional hotels under contract, which include the 192-room Embassy Suites by Hilton South Jordan Salt Lake City for approximately $36.8m.
The second hotel that the company plans to buy is the 260-room Embassy Suites by Hilton, which is currently under development in downtown Madison, Wisconsin for an anticipated estimated price of nearly $78.6m.
Apple Hospitality expects to acquire this hotel in mid-2024, following the completion of the construction.
The company is also planning to buy A Motto by Hilton in downtown Nashville, Tennessee for around $96.7m.
Featuring 256 rooms, the company expects to buy it in 2025 following the completion of construction.
