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Blackstone Affiliate Buys Apple REIT Six for $1.2B

From GlobeSt.com
Blackstone Affiliate Buys Apple REIT Six for $1.2B
BRE Select Hotels Corp., an affiliate of Blackstone Real Estate Partners VII, has agreed to acquire locally-based Apple REIT Six for $1.2 billion. The transaction costs include the assumption of the company's debt. BRE Select Hotels was formed specifically to make this acquisition.

Apple REIT Six is one of several funds established by the company. This particular fund was formed in 2004, according to a statement by Glade M. Knight, chairman and CEO, on the firm's website. "Since that we have reached our fundraising goal of $1 billion," he said. The REIT has built a portfolio of 66 hotels located in markets across 18 states with the capital. The Marriott and Hilton brands are part of the portfolio, Knight also said. Click here for the full story.

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