DAVENPORT, Iowa—The Hampton Inn & Suites Davenport looks to be on the verge of changing hands.
Apple REIT Ten entered into a purchase agreement with Sajni to acquire the 103-room hotel for US$13 million, real-estate investment trust Apple said in a 7 April U.S. Securities and Exchange Commission filing.
A deed on file with the Assessor’s Office in Scott County, Iowa, shows the hotel last sold for US$1 million on 19 August 2005. An Apple spokeswoman declined comment, saying the transaction has not closed. Representatives of Sajni could not be reached for comment.
The Hampton trade would represent one of the biggest transactions Apple REIT has brewing. Also in the filing, the REIT disclosed it also entered into purchase agreements to buy the 95-room Homewood Suites by Hilton Cedar Rapids (Iowa)-North for US$13 million from Five Seasons Hospitality; the Hampton Inn & Suites Cedar Rapids (Iowa)-North for US$13 million from Collins Hospitality; and the Hilton Garden Inn Hoffman Estates (Illinois) for US$10 million from Windy City Lodging.
Sajni, Five Seasons, Collins and Windy City are affiliates. If all the transactions go through, the deals would be valued at US$49 million and comprise 485 rooms.
Hampton Davenport details
The hotel has a 2011 assessed value of US$5.34 million, unchanged from 2010, property records show. The building for each year was valued at US$4.64 million, while the assessed value of the land is listed as US$697,800.
Records also show the owners paid separate property tax bills of US$94,698 on 29 September 2010 and 4 January 2011. The taxes paid are up slightly from 2008 property tax payments of US$92,132 made on 29 September 2009 and 31 March 2010.
Contact:
Apple REIT
Phone: 804-344-8121
Email: info@applereitcompanies.com.