Apple Hospitality REIT Sells National Portfolio of Select-Service Hotels for $211M
RICHMOND, VA. — Apple Hospitality REIT, a publicly traded hotel REIT based in Richmond, has sold 20 select-service hotels for $211 million. The portfolio includes 11 Marriott-branded hotels and nine Hilton-branded hotels. The buyer is a joint venture between San Francisco-based Flynn Properties Inc. and Minneapolis-based Värde Partners.
The 20 hotel properties are located throughout the Sun Belt, Northeast, Pacific Northwest and Midwest. Flynn Properties will assume property management duties and oversee capital improvements at the hotel over the next few years.
With this acquisition, Flynn Properties’ select-service hotel portfolio increases to 26 properties. Flynn Properties, a division of Flynn Holdings, recently bought six Marriott Courtyards and four luxury resorts. Värde Partners is a global alternative investment firm whose investments span corporate and traded credit, real estate and mortgages, private equity and direct lending.