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.”
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).