REIT Buying Oceanside Hotel for $30.5 MillionTuesday, November 8, 2011
A subsidiary of Apple REIT 10, a Virginia-based real estate investment trust that holds hotel properties, has agreed to pay $30.5 million for a Courtyard by Marriott under construction in Oceanside.
The company disclosed the transaction in a Nov. 2 filing with the Securities and Exchange Commission. The Apple REIT unit entered into a purchase contract for the 142-room hotel, being sold by Oceanside Seagate SPE LLC, on Oct. 28.
The hotel is expected to be completed and opened before the end of November, according to the filing. The purchase of the property, at 3501 Seagate Way, is subject to closing conditions and is undergoing review by the buyer.
Apple REIT 10 is among several investment trusts led by CEO Glade M. Knight. Another Knight-led REIT previously acquired the 125-room Marriott Residence Inn in Oceanside.
— Lou Hirsh