RICHMOND, Va.--(BUSINESS WIRE)--
Apple Hospitality REIT, Inc. (NYSE: APLE) (“Apple Hospitality” or the
“Company”) 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.
About Apple Hospitality REIT, Inc.
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. For more information, please visit www.applehospitalityreit.com.
Forward-Looking Statements Disclaimer
Certain statements contained in this press release other than historical
facts may be considered forward-looking statements. These
forward-looking statements are predictions and generally can be
identified by use of statements that include phrases such as “may,”
“believe,” “expect,” “anticipate,” “intend,” “estimate,” “project,”
“target,” “goal,” “plan,” “should,” “will,” “predict,” “potential,”
“outlook,” “strategy,” and similar expressions that convey the
uncertainty of future events or outcomes. Such statements involve known
and unknown risks, uncertainties, and other factors which may cause the
actual results, performance, or achievements of Apple Hospitality to be
materially different from future results, performance or achievements
expressed or implied by such forward-looking statements. Such factors
include, but are not limited to, the ability of Apple Hospitality to
effectively acquire and dispose of properties; the ability of Apple
Hospitality to implement its operating strategy; changes in general
political, economic and competitive conditions and specific market
conditions; adverse changes in the real estate and real estate capital
markets; financing risks; the outcome of current and future litigation;
regulatory proceedings or inquiries; and changes in laws or regulations
or interpretations of current laws and regulations that impact Apple
Hospitality’s business, assets or classification as a real estate
investment trust. Although Apple Hospitality believes that the
assumptions underlying the forward-looking statements contained herein
are reasonable, any of the assumptions could be inaccurate, and
therefore there can be no assurance that such statements included in
this press release will prove to be accurate. In light of the
significant uncertainties inherent in the forward-looking statements
included herein, the inclusion of such information should not be
regarded as a representation by Apple Hospitality or any other person
that the results or conditions described in such statements or the
objectives and plans of Apple Hospitality will be achieved. In addition,
Apple Hospitality’s qualification as a real estate investment trust
involves the application of highly technical and complex provisions of
the Internal Revenue Code. Readers should carefully review Apple
Hospitality’s financial statements and the notes thereto, as well as the
risk factors described in Apple Hospitality’s filings with the
Securities and Exchange Commission, including, but not limited to, in
the section entitled “Risk Factors” in the Company’s Annual Report on
Form 10-K for the year ended December 31, 2016. Any forward-looking
statement that Apple Hospitality makes speaks only as of the date of
such statements. Apple Hospitality undertakes no obligation to publicly
update or revise any forward-looking statements or cautionary factors,
as a result of new information, future events, or otherwise, except as
required by law.
For additional information or to receive press releases by email,
visit www.applehospitalityreit.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20171023005344/en/
Apple Hospitality REIT, Inc.
Kelly Clarke, Vice President, Investor
Relations
804-727-6321
kclarke@applereit.com
Source: Apple Hospitality REIT, Inc.