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Apple Hospitality Picks Up ALOFT in Portland, ME for $51M
Apple Hospitality REIT acquired the 157-key, newly built Aloft Hotel on the waterfront in downtown Portland, ME, for a total purchase price of $51.2 million, or approximately $326,000 per key. The acquisition grows Richmond, VA-based Apple Hospitality’s portfolio to 215 hotels with approximately 28,100 guest rooms.
“We are pleased to expand our portfolio with the acquisition of the newly constructed Aloft Portland, Maine and increase our exposure to the unique and vibrant Portland market,” said Nelson Knight, president, real estate and investments of Apple Hospitality.
He continued, “In addition to Portland’s tremendous appeal for leisure travel, the market is also home to a variety of corporate, government, trade, health care and educational demand generators, among others, and we are confident this stylish, urban-inspired Hotel is well positioned to benefit. We remain focused on maximizing long-term value for our shareholders and are actively exploring additional acquisition opportunities.”
- ◦Sale/Acquisition
