Apple Hospitality REIT, Inc. (NYSE: APLE) said April 14 that it plans to acquire public non-listed REIT Apple REIT Ten, Inc. in a deal valued at $ 1.3 billion.
Apple Hospitality’s portfolio consists of 179 hotels operating exclusively under the Hilton and Marriot brands, with locations in urban, high-end suburban and developing markets. Apple REIT Ten was formed by Glade Knight, who previously served as chairman and CEO of Apple Hospitality REIT. Apple REIT Ten’s portfolio contains 55 Marriott- and Hilton-branded hotels.