Daily market intelligence on mortgages, equity raising, investment sales, and CMBS.

Wednesday, 21 July 2010

Apple REIT to Buy 10 Hotels for $150.8Mln

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Apple REIT Nine has struck agreements to acquire 10 hotels with 1,289 rooms, including three properties under construction or development, for $150.8 million.

The Richmond, Va., REIT also signed a ground lease for one acre in downtown Richmond where it plans to build two hotels. The lease runs through 2098 and requires annual rent of $300,000, with payments starting after construction of the hotels begins.

The 10 hotels it agreed to buy consist of Hampton Inn hotels in Rogers, Ark., St. Louis and Kansas City, Mo.; Hilton Garden Inns in Lafayette, La., and West Monroe, La., and a Fairfield Inn & Suites in Jacksonville, N.C.

The other properties are Hilton Garden Inns that are under construction in Silver Spring, Md., and Holly Spring, N.C.; a SpringHill Suites being built in Lafayette, La., and a Courtyard by Marriott in Santa Ana, Calif., which has an application pending for a construction permit.

The three completed Hampton Inn properties have $21 million of debt that Apple Nine has agreed to assume. The loans have interest rates that range from 5.2 percent to 5.5 percent and mature in late 2015.

Each of the hotels under agreement has between 103 and 155 rooms except for the 79-room Jacksonville property and the 190-room Hampton Inn in St Louis

Apple Nine owns 45 hotels with 5,533 rooms that are in 14 states and include a 169-room Embassy Suites in Anchorage, Alaska.

The REIT, whose shares do not trade on any exchange, was launched in 2007 by a group led by Glade M. Knight, a founder of Cornerstone Realty Income Trust, a public apartment REIT that was sold in 2004 to Colonial Properties Trust.

Comments? E-mail John Covaleski or call him at (267) 247-0112, Ext. 208.



Copyright © 2010 Commercial Real Estate Direct www.crenews.com

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“The Weekly” is Commercial Real Estate Direct’s PDF newsletter, sent to subscribers every Friday morning. With over 100 news stories published on Commercial Real Estate Direct each week, “The Weekly” features the top stories in commercial real estate that industry participants need to know first. “The Weekly” also contains:

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Additional Info

  • Syndicate to Realpoint: No
  • Sector: Hotel & Resort
  • Subject: Property Acquisitions (ACQ)
  • Deal Name: Bear Stearns Commercial Mortgage Securities Trust, 2006-PWR12
  • Valuation: More than $150 million
Read 4821 times Last modified on Sunday, 13 February 2011

Data Digest

 

CMBS DELINQUENCY VOLUME

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CMBS SPECIAL SERVICING VOLUME

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Top Bookrunners Domestic, Private-Label CMBS - 2017
Investment Bank #Deals Vol$mln MktShr%
Goldman Sachs 17.59 11,819.34 13.68
JPMorgan Securities 14.52 10,968.11 12.70
Citigroup 12.04 10,012.71 11.59
Wells Fargo Securities 14.02 9,936.06 11.50
Deutsche Bank 12.55 9,879.74 11.44

 

RCA CPPI

 

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CMBS 2.0 Spreads

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Top CMBS Loan Contributors - 2017
Lender #Loans Vol$mln MktShr%
Goldman Sachs 146.89 11,719.34 13.63
JPMorgan Chase Bank 117.68 10,114.14 11.76
Deutsche Bank 198.48 9,689.97 11.27
Morgan Stanley 166.18 8,539.78 9.93
Citigroup 199.05 8,088.24 9.41

 

 

 

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