Richmond, Virginia-based Apple Hospitality REIT Inc. (NYSE: APLE) 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 adjacent to the newly expanded Las Vegas Convention Center. The hotel includes 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 hotel is also within easy reach of major venues including Allegiant Stadium, T-Mobile Arena, MGM Grand Garden Arena and Las Vegas Ballpark.
Nelson Knight, president of real estate and investments of Apple Hospitality, stated, “The attractive purchase price is just under a 10.7x multiple on trailing twelve-month Hotel EBITDA. With a strong recovery in overall demand, positive supply dynamics, the recent development and expansion of large-scale entertainment and convention venues, and the upcoming Super Bowl LVIII, we expect performance for Las Vegas and for this Hotel to continue to strengthen.”
