Apple Hospitality acquires South Carolina Hyatt Place for $30M

Apple Hospitality REIT has acquired the 130-room Hyatt Place in downtown Greenville, S.C., for a total purchase price of approximately $30 million, or approximately $231,000 per key.

“Greenville has benefited from the recent shift of companies to smaller, more business-friendly cities and is home to numerous corporations and startups that span a variety of industries,” said Nelson Knight, Apple Hospitality's president, real estate and investments. “We are pleased to grow our portfolio with the acquisition of this recently built hotel in the heart of Greenville’s charming downtown where visitors and residents can enjoy a wealth of amenities, beautiful outdoor spaces, and a thriving arts and entertainment community. The Hyatt Place Greenville Downtown is a great addition to our portfolio, and we are confident in the ongoing strength of business and leisure travel throughout the Greenville area.”

The hotel opened in December 2018, close to Falls Park on the Reedy, the Peace Center, Bon Secours Wellness Arena, the Greenville Zoo and multiple restaurants, entertainment venues, museums and art galleries. With several companies and new ventures in the Greenville area that cover a range of industries, including manufacturing, technology, financial services, health care, bioscience and distribution and logistics, the hotel is positioned to benefit from a broad range of demand generators. 

According to data provided by STR, results for the Hyatt Place Greenville Downtown exceeded the company’s full portfolio averages in June 2021, with occupancy of 79 percent, average daily rate of $153 and revenue per available room of $121 for the month.

Following this acquisition, the Apple Hospitality portfolio includes 214 hotels with more than 27,900 guestrooms across 35 states.