Apple Hospitality REIT has acquired the recently renovated Courtyard by Marriott Cleveland University Circle for $31 million, or approximately $201,000 per key. Other terms were not disclosed.
“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,” Nelson Knight, president, real estate and investments at Apple Hospitality, said in a statement. “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 healthcare 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 opened in April 2013 and recently underwent a complete renovation of its guestrooms and interior public spaces, including new signage, an upgraded bar, enhanced meeting facilities, an expanded fitness center and the addition of one guestroom. The hotel is located within University Circle, a educational, medical and social district on the east side of Cleveland, home to Case Western Reserve University and University Hospitals Cleveland Medical Center.
Numerous corporations across multiple industries—including aerospace and aviation, health care, 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, as compared to the same period of 2022, revenue per available room for the Willoughby/Beachwood, Ohio submarket improved more than 14 percent.
Following this acquisition, the Apple Hospitality portfolio includes 221 hotels with 29,138 guestrooms across throughout 37 states.