Apple Hospitality REIT completed the acquisition of Residence Inn by Marriott Seattle South/Renton for $56m.

Apple Hospitality REIT, a publicly traded real estate investment trust, completed the acquisition of Residence Inn by Marriott Seattle South/Renton, an extended-stay, for $56m. “We are pleased to further diversify and enhance our portfolio with the acquisition of this recently-built, extended-stay hotel in Renton. Renton is well known for its strong business environment that spans aviation, aerospace, manufacturing, technology, life science and medical. Located in close proximity to downtown Seattle and downtown Bellevue, Renton provides easy access to sporting events and to the area’s many outdoor activities. The Residence Inn is ideally located near a variety of guest amenities and benefits from the diversity of Renton’s business and leisure demand generators. Given the strength of our operating performance and the flexibility of our balance sheet, we are uniquely positioned within the current transaction environment to be acquisitive and to meaningfully enhance long-term shareholder value. We have three additional hotels under contract for purchase and continue to underwrite numerous opportunities,” Nelson Knight, Apple Hospitality President of Real Estate and Investments.