Richmond-based Apple Hospitality closes on deal to buy California Courtyard Marriott for $54 million
Richmond-based Apple Hospitality REIT said Thursday that it has closed its acquisition of a 190-room Courtyard by Marriott hotel in Burbank, Calif., for $54 million, or about $284,000 per room.
“As we continue to refine our portfolio of high quality hotels, we are pleased to have the Courtyard Burbank hotel under our ownership and expand Apple Hospitality’s presence within the Burbank market,” Nelson Knight, the company’s executive vice president and chief investment officer, said in a statement.
“With 190 rooms, a recent renovation, and a multitude of diverse demand generators, this hotel acquisition aligns with our overall strategy and complements our existing portfolio.”
The hotel is located in the San Fernando Valley and is close to many entertainment, media, health-care and technology companies, including Walt Disney Studios, Universal Studios Hollywood and Warner Bros. Studios.
With this acquisition, the Apple Hospitality portfolio includes 176 hotels, with about 22,500 guestrooms in 32 states. The company is a publicly traded real estate investment trust.