RICHMOND, Virginia – (COMMERCIAL THREAD) – Apple Hospitality REIT, Inc. (NYSE: APLE) (the “Company” or “Apple Hospitality”) today announced the acquisition of the 157-room Aloft Hotel on the downtown waterfront of Portland, Maine (the “Hotel”) for a total purchase price of $ 51.2 million, or approximately $ 326,000 per key.
“We are delighted to expand our portfolio with the acquisition of the newly constructed Aloft Portland, Maine, and to increase our exposure to the unique and dynamic Portland market, ”said Nelson Knight, President, Real Estate and Investments at Apple Hospitality. “In addition to Portland’s huge attraction for leisure travel, the market is also home to a variety of business, government, commerce, healthcare and education demand generators, among others, and we are convinced that this elegant city-inspired hotel is well positioned. benefit. We remain focused on maximizing long-term value for our shareholders and actively explore other acquisition opportunities, like this one, that enhance our portfolio, align with our core ownership strategy and are well positioned. to outperform. ”
The newly constructed Aloft Portland, Maine is located at 379 Commercial Street, in the middle of Portland’s working waterfront and within walking distance of a variety of restaurants, shops, art galleries, museums and venues. entertainment. Hotel guests will enjoy coastal views and convenient access to Portland’s range of outdoor activities with boat tours, ferry service, historic landmarks, and hiking trails near. The hotel is also close to the Maine Medical Center, the University of Southern Maine, manufacturing companies, and many corporate offices. According to data provided by STR, Revenue Per Available Room (“RevPAR”) for the Portland Downtown / International Jetport, Maine submarket improved by approximately 19% for the month of July 2021, compared to July. 2019.
Following this acquisition, the Apple Hospitality portfolio includes 215 hotels with approximately 28,100 geographically diverse rooms in 35 states.
About Apple Hospitality REIT, Inc.
Apple Hospitality REIT, Inc. (NYSE: APLE) is a publicly traded real estate investment trust (“REIT”) with one of the largest and most diverse portfolios of upscale, room-focused hotels in United States. Apple Hospitality’s portfolio consists of 215 hotels with approximately 28,100 rooms located in 85 markets in 35 states. Focused on industry-leading brands, the company’s portfolio consists of 94 Marriott brand hotels, 115 Hilton brand hotels, four Hyatt brand hotels and two independent hotels. For more information, please visit www.applehospitalityreit.com.
Disclaimer Regarding Forward-Looking Statements
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 generally identified by the use of statements that include phrases such as “may”, “believe”, “expect”, “anticipate”, “intend”, “estimate”, ” plan ”,“ target ”,“ objective ”,“ objective, ”“ plan ”,“ should ”,“ will ”,“ foresee ”,“ potential ”,“ prospect ”,“ strategy ”and similar expressions which reflect the uncertainty of future events or results. 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 the results, performance or future achievements expressed or implied by these forward-looking statements.
Currently, one of the most important factors that could cause actual results to differ materially from the Company’s forward-looking statements continues to be the negative effect of COVID-19, including resurgences and variants, on The Company’s activities, financial performance and condition, its operations, results and cash flow, the real estate market and the hospitality industry in particular, and the global economy and financial markets in general. The significance, extent and duration of the continued impacts caused by the COVID-19 outbreak on Society will depend on future developments, which are highly uncertain and cannot be predicted with confidence at this time, including the scope, the severity and duration of the pandemic. , the extent and effectiveness of the measures taken to contain the pandemic or mitigate its impact, the timeliness of vaccine distribution, the effectiveness, acceptance and availability of vaccines, the duration of associated immunity and the ‘effectiveness of COVID-19 variant vaccines, the potential for additional hotel closures / consolidations that may be mandatory or desirable, whether based on increased COVID-19 cases, new variants, or other factors, the potential slowdown or decline in “reopenings” in some states, and the direct and indirect economic conditions effects of the pandemic and containment measures, among others. In addition, investors are urged to interpret many of the risks identified in the section titled “Risk Factors” in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020 as being increased due to of the adverse effects of COVID-19. These additional factors include, but are not limited to, the Company’s ability to effectively acquire and dispose of properties and to redeploy product; the Company’s ability to finance its capital obligations; the Company’s ability to successfully integrate ongoing transactions and implement its operating strategy; changes in general political, economic and competitive conditions and specific market conditions; reduction in business and leisure travel due to travel-related health issues, including the widespread outbreak of COVID-19 or an increase in cases of COVID-19 or any other infectious or contagious disease in the United States United or abroad; adverse changes in the real estate and real estate capital markets; financing risks; changes in interest rates; the risk of litigation; regulatory proceedings or investigations; and changes in laws or regulations or interpretations of applicable laws and regulations that affect the business, assets or classification of the Company as a REIT. Although the Company believes that the assumptions underlying the forward-looking statements contained in this document are reasonable, any of the assumptions could be inaccurate and, therefore, there can be no assurance that any such statements included in this press release. press will prove to be accurate. In light of the material uncertainties inherent in the forward-looking statements included herein, the inclusion of this information should not be construed as a representation by the Company or any person other than the results or conditions described in such statements or the objectives and Company plans will be achieved. In addition, the qualification of the Company as a REIT involves the application of highly technical and complex provisions of the Internal Revenue Code of 1986, as amended. Readers should carefully consider 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 entitled “Risk Factors” in the Annual Report. of the Company on Form 10-K for the year ended December. December 31, 2020. Any forward-looking statement by the Company speaks only as of the date of this press release. The Company assumes 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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