Apple Hospitality REIT Buys 10 Hotels for $721M
Ticker: APLE · Form: 8-K · Filed: Jun 21, 2024 · CIK: 1418121
| Field | Detail |
|---|---|
| Company | Apple Hospitality Reit, Inc. (APLE) |
| Form Type | 8-K |
| Filed Date | Jun 21, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 2 min |
| Sentiment | bullish |
Sentiment: bullish
Topics: acquisition, real estate, hospitality
TL;DR
Apple Hospitality REIT is buying 10 hotels for $721M, closing Q3 2024.
AI Summary
Apple Hospitality REIT, Inc. announced on June 20, 2024, that it has entered into a definitive agreement to acquire 10 hotels for approximately $721 million. The portfolio consists of 7 hotels in major urban markets and 3 hotels in drive-to leisure destinations. The acquisition is expected to close in the third quarter of 2024, subject to customary closing conditions.
Why It Matters
This significant acquisition expands Apple Hospitality REIT's portfolio, potentially increasing its revenue and market share in key hospitality markets.
Risk Assessment
Risk Level: medium — The acquisition involves a substantial amount of capital and is subject to closing conditions, introducing financial and execution risks.
Key Numbers
- $721 million — Acquisition Price (Total cost for 10 hotels)
- 10 hotels — Number of Hotels Acquired (Portfolio expansion)
- Q3 2024 — Expected Closing (Timeline for transaction completion)
Key Players & Entities
- Apple Hospitality REIT, Inc. (company) — Registrant
- 10 hotels (company) — Acquisition target
- $721 million (dollar_amount) — Acquisition price
- third quarter of 2024 (date) — Expected closing period
FAQ
What is the total purchase price for the 10 hotels?
The total purchase price for the 10 hotels is approximately $721 million.
When is the acquisition expected to close?
The acquisition is expected to close in the third quarter of 2024.
How many hotels are included in this acquisition?
The acquisition includes a portfolio of 10 hotels.
What types of markets are these hotels located in?
The portfolio consists of 7 hotels in major urban markets and 3 hotels in drive-to leisure destinations.
Are there any specific conditions for the closing of this acquisition?
Yes, the acquisition is subject to customary closing conditions.
Filing Stats: 555 words · 2 min read · ~2 pages · Grade level 10.6 · Accepted 2024-06-21 09:00:21
Filing Documents
- aple-20240620.htm (8-K) — 38KB
- aple-ex99_1.htm (EX-99.1) — 19KB
- img1383037_0.jpg (GRAPHIC) — 28KB
- 0000950170-24-075886.txt ( ) — 208KB
- aple-20240620.xsd (EX-101.SCH) — 23KB
- aple-20240620_htm.xml (XML) — 4KB
01 Regulation FD Disclosure
Item 7.01 Regulation FD Disclosure. On June 21, 2024, the Company issued a press release announcing it recently completed the acquisition of an Embassy Suites by Hilton in Madison, Wisconsin and the sale of the SpringHill Suites by Marriott in Greensboro, North Carolina. A copy of the press release is included as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein solely for purposes of this Item 7.01 disclosure. The information contained in this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference into any filing made by the Company under the Exchange Act or Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. (d) Exhibits 99.1 Press Release dated June 21, 2024. 104 Cover Page Interactive Data File (formatted as Inline XBRL).
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Apple Hospitality REIT, Inc. By: /s/ Justin G. Knight Justin G. Knight Chief Executive Officer June 21, 2024