Apple Hospitality REIT said it has acquired the new 105-room Hyatt House and 154-room Hyatt Place in Tempe, Arizona for $64.6 million.
“We are pleased to enhance the diversification of our portfolio with the acquisition of these newly developed Hotels in the dynamic Tempe market,” said Nelson Knight, President, Real Estate and Investments of Apple Hospitality.
“Ideally located on the Tempe campus of Arizona State University near premier athletic facilities and the planned multi-sports arena, the Hotels are well positioned to serve the area’s business and leisure travelers. As part of Apple Hospitality’s commitment to sustainability and the intentions of ASU, the Hotels were designed and developed in line with LEED certification requirements. We contracted for the development of the Hotels in 2018 and are pleased to have secured attractive per-key pricing prior to the start of construction, which we believe adds meaningful value and speaks to the strength of our relationship with the developer.”
The hotels comprise a dual-branded complex that is located at 601 East 6th Street in Tempe, Arizona, on Arizona State University’s Tempe campus, across from Desert Financial Arena, within walking distance of Sun Devil Stadium, a short drive from Phoenix Sky Harbor International Airport, and in close proximity to a Valley Metro Rail stop.