July 8, 2016
Apple Hospitality REIT Inc. has acquired a 128-key Home2 Suites for $24.6 million. Seller Walton International LLC was also the developer of the property, which opened in late 2015.
The Hilton-branded Home2 Suites, located at 85 Walton St., was the first of its kind to open in downtown Atlanta. Walton International, and its affiliate Arsenal Capital Partners, spent approximately $11 million to transform a more than 100-year-old, nine-story structure into the new hotel.
Following this acquisition, the Apple Hospitality portfolio includes 180 hotels, with over 23,000 guestrooms, geographically diversified throughout 32 states. “The hotel is ideally located within Atlanta and well positioned to benefit from the market’s wealth of diverse corporate, leisure, government and education-related demand generators,” said Nelson Knight, Executive Vice President and Chief Investment Officer for Apple Hospitality.