RICHMOND, Va.–(BUSINESS WIRE)–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.
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Apple Hospitality REIT, Inc.
Kelly Clarke, Vice President, Investor Relations