Strategic Hotels and Resorts in partnership with KSL Capital Partners acquired the Essex House towards the end of 2012. The hotel was reflagged to JW Marriott brand after Marriott International signed a 50-year management deal, in which it provided NOI guarantee to the new owners. Year 2013 is the first full year following the closing of the transaction and, here at OpenComps, we were curious to uncover how the owners and manager fared a year later.
Apple – no, not this Apple – (REIT Six) is raking in cash. And so is it’s top executive.
As announced recently, Blackstone struck a deal to acquire Glade Knight’s Apple REIT Six for $1.15 billion or approximately $150,000 per room. Apple REIT Six is comprised of 66 upscale, extended-stay and select-service hotels or 7,658 rooms of mostly Hilton (Hilton Garden Inn, Hampton Inn and Homewood Suites) and Marriott (Residence Inn, Fairfield Inn and TownPlace Suites) branded properties. We have them all in OpenComps: see the portfolio breakdown! So, after Apple REIT successfully exited its Apple Hospitality Two (sold to ING Clarion in May 2007 for $890 million) and Apple Hospitality Five (sold to Inland American Real Estate Trust in October 2007 for $677 million), Mr. Knight pulls out of The Great Recession unscathed… and actually with quite a few nickels in the pockets of his shareholders and, most importantly, himself.