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 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.
J. Craig Anderson can be contacted at 791-6390 or at:
Twitter: @jcraiganderson
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