RICHMOND, Va. – Apple Hospitality REIT has acquired two hotels in Fort Worth, Texas, for a combined $51 million.
The purchased hotels are the 157-room Hilton Garden Inn Fort Worth Medical Center for a total purchase price of $29.5 million; and recently renovated 112-room Homewood Suites by Hilton Fort Worth Medical Center for a total purchase price of $21.5 million.
“These off-market transactions highlight the strength of our relationships with best-in-class hotel owner-operators and our ability to drive value in a highly competitive marketplace through attractive acquisitions,” said Nelson Knight, president, real estate and investments of Apple Hospitality. “We are pleased to increase our presence in the dynamic Fort Worth market with these high-quality, attractively priced, well-positioned assets that align with our core ownership strategy. Maximizing long-term value for our shareholders continues to be our top priority, and we are actively exploring additional opportunities, like these, that optimize our portfolio in ways that will elevate our future performance.”
The two hotels are adjacent to one another and attract business from many similar sectors including health care, aerospace and defense, manufacturing, education, and business and leisure travel. According to data provided by STR, the Fort Worth submarket is recovering quickly from pandemic-related declines, with revenue per available room for the third quarter of 2021 down only three percent as compared to the same period of 2019.
Following these acquisitions, the Apple Hospitality portfolio includes 219 hotels with 28,747 guest rooms throughout 36 states.