Apple Hospitality REIT acquires Residence Inns by Marriott in Portland and Salt Lake City area

Published October 23, 2017 by Paula C. Squires

Apple Hospitality REIT Inc. announced Monday that it has acquired a 179-room Residence Inn by Marriott in downtown Portland and a 136-room Residence Inn by Marriott in the Salt Lake City area.

“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,” Nelson Knight, the company’s executive vice president and chief investment officer, said in a statement.

Apple Hospitality said it acquired the Residence Inn by Marriott Portland Downtown/Waterfront, located at 145 Fore St., for about $55.8 million, or $311,500 per room. 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 also is convenient to the University of Southern Maine, Maine Medical Center and corporate offices.

The second purchase of about $25.5 million was for the Salt Lake City Murray property, located at 171 East 5300 South in Murray, Utah. That translates into about $187,500 per room. In addition to its proximity to downtown Salt Lake City and numerous ski resorts, the hotel is located near Intermountain Medical Center and a variety of shopping and dining options.

Following these acquisitions, Apple Hospitality, a publicty traded real estate investment trust based in Richmond,  said its portfolio includes 238 hotels, with more than 30,000 guestrooms, geographically diversified throughout 34 states.