Hotels only · No pay-to-rank · Advice first; verified when attested
Midwest · secondary
State-capital and campus demand. Apple’s 2021 Hilton Garden Inn Madison $49.599 million / 176 tape is a rooms-focused new-build take-out — not a Chicago Loop PPK. Apple’s 2024 Embassy Suites Madison Downtown $79.516 million / 262 tape is a named downtown Embassy — not that Garden Inn.
Each house opens a labeled estimate. Defaults are assumptions — not an appraisal.
Madison · Upscale
176 keys · Madison · Hilton Garden Inn
Madison Garden Inn. Apple bought the 176-key house on February 18, 2021 for a $49.599 million gross purchase price (Q3 2021 10-Q table). Construction finished that February. Seller unnamed. Use the table price, not transaction costs and not the $49.6 million MD&A round. Not a Chicago Loop PPK.
Madison · Upper upscale
262 keys · Madison · Embassy Suites
Downtown Madison Embassy. Apple bought the newly built 262-key house on June 20, 2024 for $79.516 million (2024 10-K table). Seller unnamed. Not the Garden Inn $49.599 million tape. The $196.32 million 2024 line is the sum of two named 10-K prices.
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Public tape · 1 events
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Hilton Garden Inn Madison · 176 keys · Upscale
Consideration
$49.6M
$282k / key
Apple Q3 2021 10-Q table: $49.599 million gross purchase price for the 176-room Hilton Garden Inn Madison, excluding transaction costs. Rooms-focused new-build — not a Chicago Loop PPK.
Apple Hospitality REIT Form 10-Q, quarter ended September 30, 2021 (closed February 18)
Apple acquired the 176-room Hilton Garden Inn Madison on February 18, 2021 for a $49.599 million gross purchase price. Harbor PPK is $49.599 million ÷ 176. Use the table price, not transaction costs and not the $49.6 million MD&A round. Construction finished that February. Seller unnamed. Not a Chicago Loop PPK. Older than the 2025–26 blotter cut.