Apple Hospitality REIT, Inc. (NYSE: APLE) (the “Company” or
“Apple Hospitality”) today announced the acquisition of the newly
renovated Courtyard by Marriott Cleveland University Circle (the
“Hotel”) for $31 million, or approximately $201,000 per key.
“We are pleased to grow our portfolio with the acquisition of
this custom-designed, recently renovated Courtyard by Marriott in
the heart of Cleveland’s University Circle district,” said Nelson
Knight, President, Real Estate and Investments of Apple
Hospitality. “Cleveland offers a wide variety of demand generators
from business and leisure to academic, health care and medical
research. As a business-friendly city with a favorable cost of
living, a wealth of amenities, beautiful outdoor spaces, robust
leisure activities and premier health care facilities, Cleveland is
well positioned for continued growth. 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.”
The 154-room Courtyard Cleveland University Circle is located at
2021 Cornell Road, Cleveland, Ohio. The 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. The Hotel is ideally located
within University Circle, a premier educational, medical and social
district on the east side of Cleveland, home to Case Western
Reserve University, University Hospitals Cleveland Medical Center
and numerous cultural attractions and performing arts venues. The
Hotel is also convenient to Cleveland’s major league sports
stadiums, including Progressive Field, Cleveland Browns Stadium and
Rocket Mortgage FieldHouse. Numerous corporations across multiple
industries, including aerospace and aviation, health care and bio
health, manufacturing, automotive, information technology, and
polymers and materials, drive additional demand to the Cleveland
area. According to data provided by STR for the trailing three
months ended May 31, 2023, as compared to the same period of 2022,
revenue per available room (“RevPAR”) for the Willoughby/Beachwood,
OH submarket improved by more than 14%.
Following this acquisition, the Apple Hospitality portfolio
includes 221 hotels with 29,138 guest rooms geographically
diversified throughout 37 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
and most diverse portfolios of upscale, rooms-focused hotels in the
United States. Apple Hospitality’s portfolio consists of 221 hotels
with more than 29,100 guest rooms located in 88 markets throughout
37 states. Concentrated with industry-leading brands, the Company’s
portfolio consists of 97 Marriott-branded hotels, 119
Hilton-branded hotels, four Hyatt-branded hotels and one
independent hotel. For more information, please visit
www.applehospitalityreit.com.
Forward-Looking Statements
Disclaimer
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. Forward-looking statements are typically 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 the
Company 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 the
Company to effectively acquire and dispose of properties and
redeploy proceeds; the anticipated timing and frequency of
shareholder distributions; the ability of the Company to fund
capital obligations; the ability of the Company to successfully
integrate pending transactions and implement its operating
strategy; changes in general political, economic and competitive
conditions and specific market conditions (including the potential
effects of inflation or a recessionary environment); reduced
business and leisure travel due to geopolitical uncertainty,
including terrorism, travel-related health concerns, including
COVID-19 or other widespread outbreaks of infectious or contagious
diseases in the U.S.; inclement weather conditions, including
natural disasters such as hurricanes, earthquakes and wildfires;
government shutdowns, airline strikes or other disruptions; adverse
changes in the real estate and real estate capital markets;
financing risks; changes in interest rates; litigation risks;
regulatory proceedings or inquiries; and changes in laws or
regulations or interpretations of current laws and regulations that
impact the Company’s business, assets or classification as a REIT.
Although the Company 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 the Company or any other person that the results
or conditions described in such statements or the objectives and
plans of the Company will be achieved. In addition, the Company’s
qualification as a REIT involves the application of highly
technical and complex provisions of the Internal Revenue Code of
1986, as amended. Readers should carefully review the risk factors
described in the Company’s filings with the Securities and Exchange
Commission, including but not limited to those discussed in the
section titled “Risk Factors” in the Company’s Annual Report on
Form 10-K for the fiscal year ended December 31, 2022. Any
forward-looking statement that the Company makes speaks only as of
the date of this press release. The Company 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: https://www.businesswire.com/news/home/20230705115906/en/
Apple Hospitality REIT, Inc. Kelly Clarke, Vice President,
Investor Relations 804‐727‐6321 kclarke@applereit.com
Apple Hospitality REIT (NYSE:APLE)
Gráfica de Acción Histórica
De May 2024 a Jun 2024
Apple Hospitality REIT (NYSE:APLE)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024