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Apple Hospitality Reit Acquires The Courtyard By Marriott Cleveland University Circle

Jul 05, 2023•over 2 years ago

Acquiring Company

Apple Hospitality REIT

Acquired Company

Courtyard Cleveland University Circle

RichmondTravel and TourismReal Estate

Description

Apple Hospitality REIT, Inc. (NYSE: APLE) (the “Company” or “Apple Hospitality”) today announced the acquisition of the newly renovated Courtyard by Marriott Cleveland University Circle (the “Hotel”) for $31 million, or approximately $201,000 per key.

Company Information

Company

Apple Hospitality REIT

Location

Richmond, California, United States

About

Apple Hospitality REIT, Inc. (NYSE: APLE) is a publicly traded real estate investment trust (“REIT”) that owns one of the largest and most diverse portfolios of upscale, rooms-focused hotels in the United States. Apple Hospitality’s portfolio consists of 215 hotels with approximately 28,100 guest rooms located in 85 markets throughout 35 states. Concentrated with industry-leading brands, the Company’s portfolio consists of 94 Marriott-branded hotels, 115 Hilton-branded hotels, four Hyatt-branded hotels and two independent hotels. For more information, please visit www.applehospitalityreit.com.

M&A Insights

Based on deal data
Integration timeline
70% of M&A integrations take 12-24 months to complete
Tech stack consolidation
83% of merged companies consolidate technology vendors within first year
Post-acquisition investment
Companies increase IT spending by 23% on average after acquisitions
Success factor
M&A deals with strong technology integration plans are 2.5x more likely to succeed