The Residence Inn Portland Downtown/Waterfront Hotel Sold to Apple Hospitality REIT
J. Craig Anderson | Portland Press Herald, Maine | October 19, 2017 3:35pm
Oct. 18--The Residence Inn Portland Downtown/Waterfront hotel has been sold to a large real estate investment trust based in Virginia for an undisclosed sum.
The buyer, Richmond-based Apple Hospitality REIT Inc., is a publicly traded company that owns and operates 236 hotels in 33 states, according to its website.
The seller was New Hampshire- and Florida-based Norwich Partners, which develops and invests in commercial real estate, primarily hotels in New England and Florida, according to Holliday Fenoglio Fowler L.P., a Boston-based commercial real estate broker that represented Norwich in the sale transaction.
Completed in 2009, the Marriott-branded hotel, at 145 Fore St. near Portland's downtown waterfront, has an assessed value for tax purposes of $15.5 million, according to the city Assessor's Office.
The five-story hotel features 179 suites with kitchens, the Shipyard Lounge, 1,235 square feet of event space, an outdoor courtyard, business center, fitness center and indoor pool.
A Norwich representative said Apple Hospitality has retained the hotel's existing management team and does not plan any changes to its branding or operation.