Apple Hospitality buys two Richmond, Va., hotels

The Inns at Armory Square, which opened with a total of 180 rooms two years ago, have been sold for a combined price of $42 million.

Apple Hospitality REIT, a real estate investment trust based in Richmond, Va., purchased the 102-room Courtyard by Marriott and the 78-room Residence Inn by Marriott from the Inns at Armory Square.

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The two hotels are located in the same building at 300 W. Fayette St. in Armory Square. The location was formerly a warehouse district, and both Marriotts were built by developer Richard Sykes Jr. for $27 million.

As part of an agreement with the Syracuse Industrial Development Agency, the hotels are exempt from property taxes for 15 years, followed by partial exemptions for three years. This does not include the land the hotels are built on, though the agency recently agreed to transfer the agreement from Sykes to Apple Hospitality.

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