RICHMOND, VA—Apple Hospitality REIT, Inc. has closed on the 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, EVP and chief investment officer for Apple Hospitality REIT. “With 190 rooms, a recent renovation and a multitude of diverse demand generators, this hotel acquisition aligns with our overall strategy and complements our existing portfolio.”
Nestled in the San Fernando Valley and within close proximity to numerous entertainment, media, healthcare and technology companies, the Courtyard Los Angeles Burbank Airport hotel located near Burbank Bob Hope Airport and a variety of attractions including Walt Disney Studios, Universal Studios Hollywood and Warner Bros. Studios. The hotel is a short drive to downtown Los Angeles, Beverly Hills, Hollywood and Griffith Park.
Following this acquisition, the Apple Hospitality portfolio includes 176 hotels, with approximately 22,500 guestrooms across 32 states.