Apple Hospitality REIT, Inc. (NYSE: APLE) announced yesterday the acquisition of the 130-room Hyatt Place in downtown Greenville, South Carolina, for a total purchase price of approximately $30 million, or approximately $231,000 per key.
“Greenville has benefited from the recent shift of companies to smaller, more business-friendly cities and is home to numerous corporations and startups that span a variety of industries,” said Nelson Knight, President, Real Estate and Investments of Apple Hospitality. “We are pleased to grow our portfolio with the acquisition of this recently built Hotel in the heart of Greenville’s charming downtown where visitors and residents can enjoy a wealth of amenities, beautiful outdoor spaces, and a thriving arts and entertainment community. The Hyatt Place Greenville Downtown is a great addition to our portfolio, and we are confident in the ongoing strength of business and leisure travel throughout the Greenville area.”
The Hyatt Place Greenville Downtown opened in December 2018 and is located at 128 East Broad Street in Greenville, South Carolina. The Hotel is ideally situated near a variety of attractions, including Falls Park on the Reedy, the Peace Center, Bon Secours Wellness Arena, the Greenville Zoo, and an array of restaurants, entertainment venues, museums and art galleries. With numerous companies and new ventures located in the Greenville area that span a variety of industries, including manufacturing, technology, financial services, health care, bioscience, and distribution and logistics, the Hotel is well positioned to benefit from a broad range of demand generators. According to data provided by STR, results for the Hyatt Place Greenville Downtown exceeded the Company’s full portfolio averages in June 2021, with the Hotel reporting occupancy of 79%, average daily rate of $153 and revenue per available room (“RevPAR”) of $121 for the month.
Following this acquisition, the Apple Hospitality portfolio includes 214 hotels with more than 27,900 guest rooms geographically diversified throughout 35 states.