Apple Hospitality REIT Inc. revealed that it acquired the 127-room Hyatt Place Jacksonville for a purchase price of approximately $15.4 million, or $121,000 per key.
“We are excited to begin our expansion into the Hyatt family of brands and strengthen our presence in the vibrant Jacksonville market with this acquisition,” said Nelson Knight, Executive Vice President and Chief Investment Officer of Apple Hospitality. “Hyatt’s loyalty program and superior-quality, rooms-focused hotels, such as Hyatt Place, have generated broad consumer appeal and established Hyatt as an industry-leading brand. We are confident this acquisition will complement our existing portfolio of hotels, and we look forward to increasing our relationship with Hyatt in the future.”
The Hotel is located at 14565 Duval Road in Jacksonville, FL, near Jacksonville International Tradeport, three miles from Jacksonville International Airport, and a short drive from downtown Jacksonville, TIAA Bank Field and the beaches of northeast Florida. The hotel will benefit from the wide variety of demand generators in the Jacksonville area including leisure attractions, corporate offices, healthcare services, educational institutions and military facilities. According to data provided by STR for the trailing 12 months ended October 31, 2018, RevPAR for the Jacksonville, Florida market improved by more than 7 percent, as compared to the prior 12-month period.
Apple Hospitality acquired the Hotel from a subsidiary of BPR Properties. Following this acquisition, the Apple Hospitality portfolio includes 241 hotels with more than 30,800 guest rooms geographically diversified throughout 34 states.