A portfolio of 16 Marriott- and Hilton-branded properties were sold to Apple REIT, but will remain u

A portfolio of 16 Marriott- and Hilton-branded properties were sold to Apple REIT, but will remain under long-term management contracts with White Lodging. Apple now owns more than 240 hotels in the U.S.
MERRILLVILLE, Indiana -- White Lodging Services Corporation has closed a deal to transfer 16 of the company's Marriott and Hilton affiliated hampton inn hotel hotels in seven states to Apple Real Estate Investment Trust Companies. All properties will remain with White Lodging under long-term hampton inn hotel management agreements.
White Lodging's relationship with Apple REIT began in 2005, with Apple REIT's acquisition of the Marriott Hotel in Boulder, Colorado. This current acquisition of the White Lodging properties boosts Apple REIT's ownership to more than 240 hotels across the country.
The transaction with Apple REIT, one of our industry's most professional and prolific owners of premium branded hotels, provides White Lodging with additional capital to continue executing our strategic growth plan at a time when many of our competitors are merely trying to stay afloat, said Deno Yiankes, president and CEO of investments and development at White Lodging.
Yiankes continued hampton inn hotel by saying, The fact that our managed portfolio for Apple REIT has grown from one hotel initially to 31 hotels within five years is a direct compliment to the nearly 7,000 White Lodging associates hampton inn hotel and leaders who serve as the foundation for our continued growth on a daily basis.
Apple REIT began in 1999 and is exclusively associated with two of the most recognized brands in the hotel industry - Marriott and Hilton. Throughout the years, they have developed a successful formula for owning geographically hampton inn hotel diverse, high-quality hotels.
The hotels included in the Apple REIT/White Lodging transaction are the SpringHill Suites in Fishers, Indiana and Salt Lake City, Utah as well as the Residence Inns in Mishawaka, Indiana; Phoenix, Arizona; and Mettawa, Illinois. The Courtyard by Marriott properties that are included are located in Phoenix and Chandler, Arizona and in Austin, Texas. Also part of the transaction are Hilton Garden Inn hotels in Mettawa, Warrenville and Schaumburg, Illinois; Austin, Texas; and Novi, Michigan. Apple REIT will also acquire Fairfield Inn and Suites in Austin, Texas and Chandler, Arizona and one Embassy Suites hotel in Tampa/Brandon, Florida.
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