Hilton Sells Two

Hilton Hotels Corporation announced this week that the company has sold two Homewood Suites by Hilton properties to Apple REIT Six, Inc., for $17.2 million. Hilton will retain long-term management agreements for both extended-stay properties, which are located in Fort Worth, Texas (137 rooms) and Nashville, Tennessee (121 rooms). Including this transaction, Hilton manages 23 Homewood Suites properties for Apple REIT Companies. “We are pleased to have been able to sell these assets at an attractive price and to a franchisee that we hold in high regard,” said Robert M. La Forgia, chief financial officer for Hilton Hotels Corporation. “Hilton and Apple have had a strong relationship since the purchase of their first Homewood Suites in 1999. We value the relationship we have with Apple and look forward to building on that relationship in the future.”

“The Fort Worth and Nashville Homewood Suites are valuable additions to our portfolio,” said Glade M. Knight, founder and chief executive officer of Apple REIT Six, Inc. “Apple REIT Companies have a long-standing, successful relationship with Hilton; our first 13 acquisitions were Homewood Suites properties. It has been an honor to work with such a reputable leader in the hotel industry and I look forward to our future together.”
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