Apple Hospitality REIT, Inc. Acquires Courtyard by Marriott in Burbank, CA for $54 Million
RICHMOND, VA. August 14, 2015 - Apple Hospitality REIT, Inc. (NYSE: APLE) ("Apple Hospitality" or the "Company") today announced that it has closed on the previously announced acquisition of a 190-room Courtyard® by Marriott® in Burbank, CA for a purchase price of $54 million, or approximately $284,000 per key.
"As we continue to refine our portfolio of high quality hotels, we are pleased to have the Courtyard Burbank hotel under our ownership and expand Apple Hospitality's presence within the Burbank market," said Nelson Knight, Executive Vice President and Chief Investment Officer for Apple Hospitality REIT. "With 190 rooms, a recent renovation, and a multitude of diverse demand generators, this hotel acquisition aligns with our overall strategy and complements our existing portfolio."
Nestled in the San Fernando Valley and within close proximity to numerous entertainment, media, healthcare and technology companies, the Courtyard® Los Angeles Burbank Airport hotel is poised to benefit from multiple business and leisure demand generators. The property is convenient to the Burbank Bob Hope Airport and a variety of attractions including Walt Disney Studios, Universal Studios Hollywood and Warner Bros. Studios. The hotel is a short drive from the broader Los Angeles area with easy access to downtown Los Angeles, Beverly Hills, Hollywood, Griffith Park, popular sports arenas and various beaches. Smith Travel Research (STR) has reported positive demand and rate trends for the Burbank market with RevPAR growth of 7.2 percent for the first six months of 2015 as compared to the same period of 2014.
Following this acquisition, the Apple Hospitality portfolio includes 176 hotels, with approximately 22,500 guestrooms, geographically diversified across 32 states.
About Apple Hospitality REIT, Inc.
Apple Hospitality REIT, Inc. (NYSE: APLE) is a publicly traded real estate investment trust (REIT) that owns one of the largest portfolios of upscale, select service hotels in the United States. The Company's portfolio consists of 176 hotels, with approximately 22,500 guestrooms, diversified across the Hilton® and Marriott® families of brands with locations in urban, high-end suburban and developing markets across 32 states. For more information, please visit www.applehospitalityreit.com.
Contact:
Kelly Clarke, Director of Investor Services
[email protected]
804-727-6321
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
