RICHMOND–Apple Hospitality REIT has acquired two hotels in Portland, Maine and Salt Lake City, Utah for a total of $81.3 million: the 179-room Residence Inn by Marriott Portland Downtown/Waterfront and the 136-room Residence Inn by Marriott Salt Lake City Murray.
On October 13, Apple Hospitality acquired the Residence Inn by Marriott Portland Downtown/Waterfront, located at 145 Fore St., for approximately $55.8 million, or $311,500 per key. It is the REIT's first acquisition in this market.
One week later, it acquired the Residence Inn by Marriott Salt Lake City Murray, located at 171 East 5300 South in the Murray submarket, for $25.5 million, or $187,500 per key.
Following these acquisitions, the Apple Hospitality portfolio includes 238 hotels in more than 34 states.
The REIT has made a handful of transactions this year.
In April, it completed the sale of its full-service Hilton Hotel in Dallas, Texas for $56 million, recognizing a gain of approximately $16 million during the second quarter.
In June, it entered into a contract for the sale of its 316-room Marriott Hotel in Fairfax, VA for a gross sales price of $42 million. The sale is expected to close at the end of the year and the REIT will recognize a small gain from it.
It also acquired last month the newly-constructed, dual-branded Hilton Garden Inn and Home2 Suites by Hilton in Birmingham, AL, with a combined total of 210 rooms, for approximately $38.4 million, or $183,000 per key.
In February it closed on a 124-room Courtyard by Marriott in Fort Worth, Texas for $18 million, or approximately $145,000 per key.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
