Apple Hospitality REIT, Inc. (NYSE: APLE today announced that it acquired the 179-room Residence Inn by Marriott Portland Downtown/Waterfront and the 136-room Residence Inn by Marriott Salt Lake City Murray.
“We are pleased to enter the Portland, Maine market and to strengthen our exposure to Salt Lake City through the acquisition of these hotels, further diversifying the range of corporate and leisure demand generators for our portfolio,” said Nelson Knight, Executive Vice President and Chief Investment Officer of Apple Hospitality REIT. “In addition to completing the sale of three of our six full-service hotels in the past year, these acquisitions enhance our portfolio and highlight our focus on high-quality select-service and extended-stay hotels.”
On October 13, 2017, Apple Hospitality acquired the Residence Inn by Marriott Portland Downtown/Waterfront, located at 145 Fore Street in Portland, Maine, for a purchase price of approximately $55.8 million, or $311,500 per key. The hotel is located on Portland’s waterfront within walking distance of Portland’s Historic Old Port District, Portland’s cruise ship terminals, and a variety of restaurants, art galleries and entertainment venues. The hotel is also convenient to the University of Southern Maine, Maine Medical Center and numerous corporate offices. According to data provided by STR for the 12-month period ending September 30, 2017, RevPAR for the Portland, Maine submarket improved by approximately 5 percent, as compared to the previous 12-month period.
On October 20, 2017, the Company acquired the Residence Inn by Marriott Salt Lake City Murray, located at 171 East 5300 South in Murray, Utah, for a purchase price of approximately $25.5 million, or $187,500 per key. In addition to its close proximity to downtown Salt Lake City and numerous ski resorts, the hotel is ideally located near Intermountain Medical Center and a variety of shopping and dining options. According to data provided by STR for the 12-month period ending September 30, 2017, RevPAR for the Salt Lake City South submarket improved by approximately 9 percent, as compared to the previous 12-month period.
Following these acquisitions, the Apple Hospitality portfolio includes 238 hotels, with more than 30,000 guestrooms, geographically diversified throughout 34 states.
Apple Hospitality REIT, Inc. (NYSE: APLE) is a publicly traded real estate investment trust (REIT) that owns one of the largest portfolios of upscale, select-service hotels in the United States. The Company’s portfolio consists of 238 hotels, with more than 30,000 guestrooms, diversified across the Hilton and Marriott families of brands with locations in urban, high-end suburban and developing markets throughout 34 states.
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