REBusinessOnline

APPLE REIT PURCHASES HAMPTON INN FOR $12.5 MILLION

DUNN, N.C. — Richmond, Va.-based Apple REIT has acquired Hampton Inn, a 120-room property in Dunn, from Rylie Properties for $12.5 million. This is the first of a seven-hotel portfolio Apple is acquiring in the southeastern U.S. during the first quarter of 2008. The seller was advised by Josh Williams of Paramount Lodging Advisors’ Richmond office and Joe Ross of its Charleston, S.C. office via Homecourt Hospitality.

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