ING Clarion Partners Acquires Apple Hospitality Two, Inc. For $877 Million

Formerly a public real estate investment trust, Apple Two owns 63 upscale extended-stay hotels in 24 states. The properties operate under Hilton’s Homewood Suites brand and Marriott’s Residence Inn brand. An additional $128 million will be invested as part of a renovation program to significantly enhance the appeal of the hotels to business and leisure travelers.

“We believe the hospitality sector offers significant investment opportunities for our clients,” said Stephen J. Furnary, Chairman and Chief Executive Officer of ING Clarion. “The extended stay segment is particularly attractive. This transaction gives us the ability to enter that market on a large scale with very attractive economics. By investing to improve the properties, we are confident we can add significant value for our clients.”