Apple Hospitality REIT acquires SpringHill Suites in Las Vegas for $75M

Apple Hospitality REIT announced the acquisition of the 299-room SpringHill Suites by Marriott Las Vegas Convention Center for approximately $75M, or $251,000 per key. The SpringHill Suites Las Vegas Convention center opened in October 2009 and is located at 2989 Paradise Road, Las Vegas, Nevada. Adjacent to the newly expanded Las Vegas Convention Center, the Hotel features amenities including spacious guest rooms, more than 10,000 square feet of flexible indoor and outdoor meeting space, a rooftop pool with views of the Las Vegas Strip, and a seven-story parking garage and surface lot with a combined total of 244 spaces. The surface lot is zoned and master planned for future development of additional hotel rooms. There are many conditions to closing on each of these hotels that have not yet been satisfied, and there can be no assurance that closings on these hotels will occur under the outstanding purchase contracts.