APLE - Apple Hospitality buys Courtyard by Marriott Cleveland University Circle for $31M
2023-07-05 16:49:18 ET
Apple Hospitality REIT ( NYSE: APLE ) expanded its portfolio with the acquisition of the newly renovated Courtyard by Marriott Cleveland University Circle for $31M, or about $201K per key, it said Wednesday.
The 154-room Cleveland, Ohio-based Hotel opened in April 2013 and recently underwent a complete renovation of its guest rooms and interior public spaces, including new signage, an elevated bar experience, enhanced meeting facilities, an expanded fitness center and the addition of one guest room.
"We will continue to actively explore transactions that refine, enhance and grow our existing portfolio while increasing our exposure to markets like Cleveland with strong growth trajectories and attractive cost structures,” said Nelson Knight, president, Real Estate and Investments of Apple Hospitality.
Following this deal, APLE's portfolio consisted of 221 hotels with 29,138 guest rooms located across 37 states.
APLE edged up 1% in after-hours trading.
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Apple Hospitality buys Courtyard by Marriott Cleveland University Circle for $31M