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.
