Off-Strip hotel sells for $75M
The SpringHill Suites by Marriott Las Vegas Convention Center, located just off the Strip, has sold for $75 million, according to Clark County property records.
Richmond-Virginia-based Apple Hospitality REIT, bought the 299-room hotel, which sits on 1.6 acres. The hotel originally opened in 2009 and is adjacent to the Las Vegas Convention Center.
Nelson Knight, president of real estate and investments for Apple Hospitality, said the 2024 Super Bowl Feb. 11) was one of many driving factors for the purchase of the hotel.
“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 a statement.
The average room rate at the SpringHill Suites is currently around $152, according to Expedia.
Some Las Vegas hotels are currently offering heavily discounted rates during the winter off-season, but the Super Bowl is expected to bring approximately 330,000 people into the city.
Apple Hospitality owns 225 hotels in 38 states.
Contact Patrick Blennerhassett at pblennerhassett@reviewjournal.com.
