Apple Hospitality REIT 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. According to data provided by STR for the 12-month period ending September 30, 2017, RevPAR for the Portland, Maine submarket improved by approximately five 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. 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 nine 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 throughout 34 states.
For more information, visit www.applehospitalityreit.com.
Photo courtesy: Residence Inn Portland Downtown/Waterfront via TripAdvisor