299-Room Las Vegas SpringHill Suites Sold to Apple Hospitality for $75 Million
LAS VEGAS, NV – The 299-room SpringHill Suites by Marriott Las Vegas Convention Center has been sold for approximately $75 million to real estate investment trust (REIT) Apple Hospitality, as per a joint announcement issued by the two parties.
Located next to the Las Vegas Convention Center at 2989 Paradise Road, Springhill Suites Las Vegas originally opened in October 2009 and boasts over 10,000 square-feet of flexible indoor and outdoor meeting space, in addition to a pool located on the rooftop, a full fitness center, an onsite market and restaurant that is open 24 hours a day, seven days a week, and a massive carpark that comes in at a full seven stories.
The $75 million paid by Apple Hospitality translates to approximately $251,000 per each of the hotel’s 299 rooms.
Apple Hospitality’s President of Real Estate and Investments, Nelson Knight, said that the acquisition of Springhill Suites was part of his firm’s ongoing plan to further entrench themselves in the ever-evolving and growing tourism trade in Las Vegas, citing recent hot new editions to the city’s entertainment and sporting scenes.
Las Vegas, well known as a premier gaming and entertainment destination, has dynamically expanded in recent years with the arrival of major league sports teams, the Sphere and Formula 1 racing, to capture an even larger segment of leisure travel demand,” he said. “In addition to robust leisure demand, the hotel benefits from its proximity to the newly expanded Las Vegas Convention Center, one of the largest and busiest convention centers in the world, and its own indoor/outdoor function space.”
Knight also noted that the $75 million that Apple Hospitality paid to acquire SpringHill Suites was a bargain considering the significant return on their investment that is expected.
The attractive purchase price is just under a 10.7x multiple on trailing twelve-month hotel EBITDA,” he said. “With a strong recovery in overall demand, positive supply dynamics, the recent development and expansion of large-scale entertainment and convention venues, and the upcoming Super Bowl LVIII, we expect performance for Las Vegas and for this hotel to continue to strengthen.”
Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.
About the Author
Christopher Boyle is an investigative journalist for SEARCHEN NETWORKS® and reports for independent news and media organizations in the United States. Christopher helps keep a keen-eye on what's happening in the Las Vegas Nevada community on behalf of Shelter Realty Inc.