Blackstone affiliate to buy Apple REIT in $1.2 billion deal
By Bloomberg | November 30, 2012 12:31 pm
A Blackstone Group affiliate agreed to buy Apple REIT Six, a real estate investment trust focused on hotels, in a $1.2 billion deal.
The price includes transaction costs and debt, Apple REIT Six said in a statement Friday. The acquirer is BRE Select Hotels, an affiliate of Blackstone Real Estate Partners VII.
Blackstone has been buying lodging properties from lower-priced chains to luxury hotels. Earlier this year, it agreed to purchase the Motel 6 chain from Accor for about $1.9 billion, adding to investments such as Hilton Worldwide and a stake in Extended Stay America.
Apple REIT Six, which focuses on upscale, extended-stay and select-service hotels, owns 66 hotels with 7,658 guest rooms across 18 states. The properties operate under brands including Courtyard by Marriott, Fairfield Inn and Hilton Garden Inn, according to its website.
The deal is expected to be completed in the first half of 2013, subject to shareholder approval, Apple REIT Six said.