Apple Hospitality Acquires Courtyard by Marriott in San Diego, CA for $56 Million
RICHMOND, VA. September 7, 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 245-room Courtyard® by Marriott® in San Diego, CA for a purchase price of $56 million, or approximately $229,000 per key.
"We are pleased to add the recently renovated Courtyard San Diego Central to our portfolio of upscale hotels and increase our presence in the dynamic San Diego market," said Nelson Knight, Executive Vice President and Chief Investment Officer for Apple Hospitality REIT. "San Diego's economy is diversified across numerous leisure and corporate demand generators and we believe this hotel is well positioned for future growth."
In addition to popular leisure activities, the San Diego market provides a wealth of diverse demand generators with an economy marked by a strong military concentration, technology industries and innovative life science research and healthcare organizations. The Courtyard® San Diego Central, located at 8651 Spectrum Center Boulevard in San Diego, is convenient to Qualcomm Stadium, San Diego State University, the University of California San Diego, the San Diego Zoo, Marine Corps Air Station Miramar, SeaWorld San Diego, the Gaslamp Quarter, downtown San Diego and San Diego's beaches. Hotel industry fundamentals have continued to accelerate across the San Diego market and according to data provided by Smith Travel Research (STR), RevPAR improved by 10.7 percent for the first six months of 2015 as compared to the same period of 2014.
Following this acquisition, the Apple Hospitality portfolio includes 177 hotels, with approximately 22,750 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 177 hotels, with approximately 22,750 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
kclarke@applereit.com
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 
