Apple Hospitality REIT, Inc. Acquires Courtyard by Marriott in Burbank, CA for $54 Million

Apple Hospitality REIT, Inc. | August 13, 2015

RICHMOND, Va.--August 13, 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 190-room Courtyard® by Marriott® in Burbank, CA for a purchase price of $54 million, or approximately $284,000 per key. "As we continue to refine our portfolio of high quality hotels, we are pleased to have the Courtyard Burbank hotel under our ownership and expand Apple Hospitality's presence within the Burbank market," said Nelson Knight, Executive Vice President and Chief Investment Officer for Apple Hospitality REIT. "With 190 rooms, a recen...