Apple Hospitality REIT Acquires Courtyard By Marriott Salt Lake City Downtown For ~$48.1M; Hyatt House Salt Lake City/Downtown For ~$34.3M; 346-Space Parking Garage For ~$9.1M; Two Additional Hotels Under Purchase For ~$55.5M And ~$36.8M
Portfolio Pulse from Benzinga Newsdesk
Apple Hospitality REIT has acquired Courtyard By Marriott Salt Lake City Downtown for approximately $48.1M, Hyatt House Salt Lake City/Downtown for approximately $34.3M, and a 346-space parking garage for approximately $9.1M. The company also has two additional hotels under purchase for approximately $55.5M and $36.8M.
October 12, 2023 | 1:03 pm
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POSITIVE IMPACT
Apple Hospitality REIT's recent acquisitions could potentially increase its asset base and revenue streams, which may positively impact its stock price in the short term.
The acquisition of these properties by Apple Hospitality REIT represents a significant investment in its portfolio. This could potentially increase the company's asset base and provide additional revenue streams, which may positively impact its stock price in the short term. However, the actual impact will depend on the company's ability to effectively manage these new assets and generate a return on its investment.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 100