Luxury hotels operator Apple Hospitality REIT, Inc. (APLE) recently announced the acquisition of Hyatt Place in downtown Greenville, South Carolina, for $30 million.

The 130-room hotel, which opened its doors in December 2018, is situated near attractive locations like Falls Park on the Reedy, the Peace Center, Bon Secours Wellness Arena and Greenville Zoo. Not only this, the mushrooming of new companies in the Greenville area is expected to boost the demand for the property.

In other operating metrics, the hotel reported occupancy of 79%, the average daily rate of $153 and revenue per available room of $121 for June 2021.

The President of Real Estate and Investments at Apple Hospitality, Nelson Knight, said, "We are pleased to grow our portfolio with the acquisition of this recently built Hotel in the heart of Greenville’s charming downtown where visitors and residents can enjoy a wealth of amenities, beautiful outdoor spaces, and a thriving arts and entertainment community. The Hyatt Place Greenville Downtown is a great addition to our portfolio, and we are confident in the ongoing strength of business and leisure travel throughout the Greenville area." (See Apple Hospitality stock chart on TipRanks)

Recently, Barclays analyst Anthony Powell upgraded the stock to a Buy. The analyst further raised the price target to $19 from $17, which implies upside potential of 24.4% from current levels.

Consensus among analysts is a Moderate Buy based on 2 Buys and 1 Holds. The average Apple Hospitality price target of $18.33 implies upside potential of 20% from current levels.

Apple Hospitality scores a 9 out of 10 from TipRanks’ Smart Score rating system, indicating that the stock has strong potential to outperform market expectations. Shares have gained 42.4% over the past year.

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The post Apple Hospitality Snaps Up Hyatt Place in South Carolina for $30M appeared first on TipRanks Financial Blog.

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By: Pathikrit Bose
Title: Apple Hospitality Snaps Up Hyatt Place in South Carolina for $30M
Sourced From: blog.tipranks.com/apple-hospitality-snaps-up-hyatt-place-in-south-carolina-for-30m/
Published Date: Fri, 03 Sep 2021 06:44:47 +0000

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