BETHESDA, Md. — Crestline Capital Corp. has sold 10 Residence Inn hotels to Apple Hospitality Two Inc., a Richmond, Va.-based REIT. Acquisition of the portfolio, which is expected to close in the third quarter, will cost $119 million, including $54 million of assumed debt.
Washington, D.C.-based Marriott International manages the 10 hotels. Crestline Capital CEO and president Bruce Wardinski said the sale is consistent with Crestline’s strategy of selling hotels it does not manage. Crestline Capital, the parent company of Crestline Hotels & Resorts, owns and manages more than 7,000 rooms in 37 hotels, resorts and convention centers across the U.S.