Dive Brief:
- Apple Hospitality REIT has acquired the 299-room SpringHill Suites by Marriott Las Vegas Convention Center for approximately $75 million, the real estate investment trust announced last week.
- The hotel includes more than 10,000 square feet of indoor and outdoor meeting space and a rooftop pool with views of the Las Vegas Strip. It is adjacent to the recently expanded Las Vegas Convention Center.
- The acquisition expands Apple Hospitality’s portfolio in Las Vegas amid heightened hotel activity in the city, where RevPAR on the Strip submarket has improved by 18% year on year, according to STR.
Dive Insight:
Nelson Knight, Apple Hospitality’s president of real estate and investments, said recent openings and events in Las Vegas are expected to further boost hotel demand in the city.
“With a strong recovery in overall demand, positive supply dynamics, the recent development and expansion of large-scale entertainment and convention venues, and the upcoming Super Bowl LVIII, we expect performance for Las Vegas and for this Hotel to continue to strengthen,” Knight said in a statement.
Knight is far from the first to express the sentiment. Hospitality leaders have expressed optimism about the city’s hotel performance in the wake of the Sphere’s opening and Formula 1’s Las Vegas Grand Prix, and resort operators expect the forthcoming Super Bowl to further fuel performance growth.
With its latest acquisition, Apple Hospitality’s portfolio includes 225 properties across the U.S. in 38 states.
In the fall, Apple Hospitality expanded its presence in Salt Lake City with acquisitions of Embassy Suites, Courtyard by Marriott and Hyatt House properties for $36.8 million, $48.1 million and $34.3 million, respectively.
