Apple Hospitality REIT has recently acquired the SpringHill Suites by Marriott Las Vegas Convention Center for $75 million, equating to a price of $251,000 per room. According to Nelson Knight of Apple Hospitality, this purchase was made at an attractive price point with a multiple of 10.7x on the hotel’s trailing twelve-month EBITDA. With strong demand and positive supply dynamics in Las Vegas, as well as upcoming events such as Super Bowl LVIII and new entertainment venues, it is expected that both the city and this particular hotel will continue to see growth.
The SpringHill Suites Las Vegas Convention Center opened in October 2009 and is situated at 2989 Paradise Road in Nevada’s bustling city. It is conveniently located near the newly expanded convention center which makes it an ideal choice for business travelers or those attending conferences or events there. This acquisition adds another property to Apple Hospitality’s portfolio which now includes a total of 225 hotels with over 29,900 guest rooms spread across 38 states throughout the country.
This news marks yet another successful investment by Apple Hospitality REIT who continues to expand their presence within various markets across America.
