Apple Hospitality REIT announced the acquisition of the newly renovated Courtyard by Marriott Cleveland University Circle for $31 million.
“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,” said Nelson Knight, president, real estate and investments at Apple Hospitality. “Cleveland offers a wide variety of demand generators from business and leisure to academic, healthcare 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.”
