MCR — the country’s fourth-largest hotel owner-operator — has acquired a portfolio of six premium-branded hotels in Texas and New Mexico, several of them in or near Fort Worth.
Totaling 603 rooms, the acquisition includes two Marriott hotels (a TownePlace Suites and a Fairfield Inn & Suites) and four Hilton hotels (two Hamptons, a Home2 Suites and a Tru). All were built in the last four years and nearly 40% of the portfolio (by room count) is specifically an extended stay, all-suite product designed to cater to longer-term guests.
The Fairfield Inn & Suites by Marriott Fort Worth Downtown/Convention Center is located at 1010 Houston Street and features:
- 120 guestrooms and suites
- A 24-hour sundry shop
- Complimentary hot breakfast
- Free, fast Wi-Fi
- An on-site fitness center
- A 24-hour business center
- On-site laundry
- Valet parking
.
The TownePlace Suites by Marriott Fort Worth University Area/Medical Center is located at 3450 West Vickery Boulevard and features:
- 128 guestrooms and suites with kitchenettes
- A 24-hour sundry shop
- Complimentary hot breakfast
- An outdoor pool
- Free, fast Wi-Fi
- An on-site fitness center
- A 24-hour business center
- On-site laundry
- On-site parking
- A BBQ and picnic area
The Home2 Suites by Hilton Euless DFW West is located at 2570 State Highway 121 and features:
- 94 guestrooms and suites with kitchenettes
- A 24-hour sundry shop
- Complimentary hot breakfast
- An outdoor pool
- Free, fast Wi-Fi
- A fitness center
- A 24-hour business center
- On-site parking
- 1,400 square feet of event space
The Tru by Hilton Euless DFW West is located at 2570 State Highway 121 and features:
- 79 guestrooms and suites
- A 24-hour sundry shop
- Complimentary hot breakfast
- An outdoor pool
- Free, fast Wi-Fi
- A fitness center
- A 24-hour business center
- On-site parking
- 1,400 square feet of event space
.
The Hampton Inn & Suites Colleyville DFW Airport West is located at 5300 State Hwy 121 and features:
- 91 guestrooms and suites
- A 24-hour sundry shop
- Complimentary hot breakfast
- An indoor pool
- Free, fast Wi-Fi
- A fitness center
- A 24-hour business center
- On-site parking
- On-site laundry
- 1,099 square feet of event space
.
The Hampton Inn Santa Fe South is located at 3430 Cerrillos Road and features:
- 91 guestrooms and suites
- A 24-hour sundry shop
- Complimentary hot breakfast
- Free, fast Wi-Fi
- A fitness center
In November, Apple Hospitality REIT Inc. (NYSE: APLE) announced the acquisition of a portfolio of three hotels for a total purchase price of $126 million. As previously announced, the portfolio consists of the existing 157-room Hilton Garden Inn Fort Worth Medical Center in Fort Worth, for a total purchase price of $29.5 million, or approximately $188,000 per key; the existing and recently renovated 112-room Homewood Suites by Hilton Fort Worth Medical Center in Fort Worth, for a total purchase price of $21.5 million, or approximately $192,000 per key; and the existing 243-room Hampton Inn & Suites by Hilton Portland Pearl District in Portland, Oregon, for a total purchase price of $75 million, or approximately $309,000 per key.
“These off-market transactions highlight the strength of our relationships with best-in-class hotel owner-operators and our ability to drive value in a highly competitive marketplace through attractive acquisitions,” said Nelson Knight, President, Real Estate and Investments of Apple Hospitality. “We are pleased to increase our presence in the dynamic Fort Worth, Texas market and expand into Portland, Oregon, with these high-quality, attractively-priced, well-positioned assets that align with our core ownership strategy. While the recovery of travel has been swift in Fort Worth, the pace has been slower in Portland, which provided us the unique opportunity to enter Portland, a market we believe will be strong over the long term, below replacement value and at a significant discount to recent comparable trades in market. Maximizing long-term value for our shareholders continues to be our top priority, and we are actively exploring additional opportunities, like these, that optimize our portfolio in ways that will elevate our future performance.”
The Hilton Garden Inn Fort Worth Medical Center opened in April 2012 and is located at 912 Northton Street, Fort Worth and the Homewood Suites Fort Worth Medical Center opened in June 2013 and is located at 2200 Charlie Lane, Fort Worth. The hotels are adjacent to one another and benefit from a variety of operational synergies and demand generators, including health care, aerospace and defense, manufacturing, education, and business and leisure travel. According to data provided by STR, the Fort Worth CBD/I-820 West, Texas submarket is recovering quickly from pandemic-related declines, with revenue per available room for the third quarter of 2021 down only 3% as compared to the same period of 2019, according to a news release from Apple Hospitality.