Apple Hospitality REIT, Inc. (NYSE: APLE), a real estate investment trust that owns hotels across the US, has acquired the SpringHill Suites by Marriott Las Vegas Convention Center for approximately $75 million.
The 299-room hotel, located near the Las Vegas Strip and the newly expanded Las Vegas Convention Center, offers premium amenities such as a rooftop pool, flexible meeting space, and a parking lot with potential for future development. The purchase price is just under a 10.7x multiple on the hotel’s earnings before interest, taxes, depreciation, and amortization (EBITDA) for the past year.
The company expects the hotel to perform well in the Las Vegas market, which has seen a strong recovery in demand and a positive supply outlook. Las Vegas is a popular destination for leisure and business travelers, with attractions such as major league sports teams, the Sphere, Formula 1 racing, and the upcoming Super Bowl LVIII.
Apple Hospitality also has two other hotels under contract for purchase in Madison, Wisconsin and Nashville, Tennessee, which are expected to be completed in 2024 and 2025, respectively. The company’s portfolio currently consists of 225 hotels with 29,900 guest rooms in 38 states.
PPHE receives consent from Westminster City Council to develop a new hotel in London
Choice Hotels announces $7.8 billion bid for Wyndham Hotels & Resorts