Apple Hospitality REIT has purchased the 160-key Hampton Inn & Suites by Hilton in downtown St. Paul, Minn., for $31.7 million, or roughly $198,000 per key. The seller was an entity connected to Vista Host.
Built on the site of the former Seven Corners hardware store, a city landmark since 1933, the hotel opened in November 2016. Located at 200 7th St., the asset includes a business center, fitness room, indoor pool and on-site convenience store.
The hotel is close to Xcel Energy Center, Saint Paul RiverCentre, Roy Wilkins Auditorium and Ordway Center for the Performing Arts. Additionally, the property is within walking distance of a variety of restaurants and retail options.
“St. Paul is a vibrant city with a diversified economy, home to numerous corporate offices, including 3M, Ecolab, The Travelers Cos. and Securian Financial Group,” said Nelson Knight, executive vice president & CIO of Apple Hospitality, in prepared remarks. Last July, the REIT purchased a Hampton Inn & Suites hotel in Atlanta for $29.5 million.
The RevPAR for the Minneapolis/St. Paul market increased by 4.5 percent in the 12 months ending in January, compared to the prior 12-month period, according to STR data.
Image via Google Street View