Apple Hospitality REIT Acquires Courtyard by Marriott and Hyatt House in Downtown Salt Lake City and Announces Two Additional Hotels Under Contract for Purchase
Summary
“ While overall industry transaction volume remains muted, the strength of our operating performance and our relative liquidity position have provided us with unique opportunities to pursue accretive acquisitions and to grow our portfolio,” said Nelson Knight, President, Real Estate and Investments of Apple Hospitality. By leveraging the strength of our industry relationships and our deep transaction experience, we are expanding our portfolio in ways that we believe will meaningfully enhance shareholder value over the long term. Salt Lake City’s diversified economy offers a wide variety of business and leisure demand generators and includes software development, hardware manufacturing and information technology firms, as well as defense, oil and gas, transportation, tourism, health care, and financial service industries, among others. According to data provided by STR for the trailing twelve months ended August 31, 2023, as compared to the same period of 2022, revenue per available room (“RevPAR”) for the Salt Lake CBD/Airport, UT submarket improved by more than 14%. The Company undertakes 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.