Aloft Hotel in Old Port sold to a familiar hotel buyer
Courtesy / Holliday Fenoglio Fowler
Norwich Partners developed part of the former Rufus Deering Lumber Co. site in Portland as the Aloft Hotel.
Portland’s Aloft Hotel has a new owner, but one familiar with this market.
Apple Hospitality REIT Inc. (NYSE: APLE) said Monday it will pay $51.2 million for the 157-room Aloft Hotel in the Old Port. That works out to $326,000 per key.
The hotel is at 379 Commercial St., on the site of the former Rufus Deering Lumber Co.
Late last month, Mainebiz reported that Apple Hospitality paid $67 million for the AC Hotel by Marriott at 158 Fore St. on Portland’s East End. (Apple Hospitality also owns the Residence Inn Portland Downtown/Waterfront on the diagonal corner, at 145 Fore St.)
The Aloft and AC Hotel were each developed by Norwich Partners.
In addition to the leisure travel market, Apple Hospitality said the Aloft is expected to generate business from corporate, government, trade, health care and educational travelers.
“We are pleased to expand our portfolio with the acquisition of the newly constructed Aloft Portland, Maine, and increase our exposure to the unique and vibrant Portland market,” said Nelson Knight, president of real estate and investments at Apple Hospitality.
Despite all the hospitality industry’s challenges of the past 18 months, Apple Hospitality cited the Portland market’s 19% increase in revenue per available room for July, as compared to July 2019, before the pandemic.
With this deal, Apple Hospitality, which is based in Richmond, Va., now has 215 hotels, a total of 28,100 guest rooms, in 35 states.
Its portfolio includes 94 Marriott-branded hotels, 115 Hilton-branded hotels, four Hyatt-branded hotels and two independent hotels.
Knight indicated that other deals could follow.
“We remain focused on maximizing long-term value for our shareholders and are actively exploring additional acquisition opportunities, like this one, that enhance our portfolio, align with our core ownership strategy and are well positioned for outperformance,” he said.
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