Apple Hospitality REIT Acquires The Courtyard By Marriott Cleveland University Circle For $31M, Or ~$201,000 Per Key
Portfolio Pulse from Happy Mohamed
Apple Hospitality REIT, Inc. (NYSE:APLE) has acquired the Courtyard by Marriott Cleveland University Circle for $31 million. The hotel, located in a prime educational, medical, and social district, recently underwent a complete renovation. The acquisition is part of Apple Hospitality's strategy to refine, enhance, and grow its portfolio in markets with strong growth trajectories and attractive cost structures. Post-acquisition, Apple Hospitality's portfolio includes 221 hotels across 37 states.
July 05, 2023 | 8:15 pm
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NEUTRAL IMPACT
Marriott International, Inc. (NASDAQ:MAR) could potentially benefit from the sale of the Courtyard by Marriott Cleveland University Circle to Apple Hospitality.
While the article does not provide specific details on how Marriott International, Inc. will benefit from the sale, it is possible that the company could use the proceeds from the sale for other strategic initiatives. However, the impact on Marriott's stock price in the short term is uncertain.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 50
POSITIVE IMPACT
Apple Hospitality's acquisition of the Courtyard by Marriott Cleveland University Circle for $31 million could potentially enhance its portfolio and increase its exposure to markets with strong growth trajectories.
The acquisition of the Courtyard by Marriott Cleveland University Circle is a strategic move by Apple Hospitality to expand its portfolio and increase its exposure to markets with strong growth trajectories. This could potentially lead to increased revenues and profitability for the company, positively impacting its stock price in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100