Apple Hospitality REIT, Inc. (NYSE: APLE) yesterday announced the acquisition of the newly renovated Courtyard by Marriott Cleveland University Circle 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.