The Residence Inn by Marriott Portland Downtown/Waterfront. Credit: Google Streetview

One of the nation’s largest hospitality firms has bought a hotel in downtown Portland for $55.8 million, the company’s local newspaper reported.

Apple Hospitality REIT Inc. has acquired the 179-room Residence Inn by Marriott Portland Downtown/Waterfront, according to the Richmond Times-Dispatch in Virginia, where Apple Hospitality is based.

With the purchase of the Portland hotel and another recent acquisition in Utah, Apple now owns 238 hotels in 33 states, the Times-Dispatch reported. The Residence Inn by Marriott at 145 Fore St. in Portland is Apple’s only property in Maine, according to the company’s website.

“We are pleased to enter the Portland, Maine, market and to strengthen our exposure to Salt Lake City through the acquisition of these hotels, further diversifying the range of corporate and leisure demand generators for our portfolio,” said Nelson Knight, the firm’s executive vice president and chief investment officer, in a statement released last week.

According to an Apple Hospitality news release, the company’s research indicated that Portland is still a growing market for hotels, with a 5 percent increase in an industry metric known as revenue-per-available room in September 2017 compared to the previous year.

The Portland Press Herald reported that the average occupancy rate — or the rate at which guest rooms are filled — for Portland hotels in 2016 was 63.6 percent, an increase over the prior year by nearly 3 percent, and a jump of more than 4 percent compared to 2012.

Follow BDN Portland on Facebook for the latest news from Portland.

Seth Koenig

Seth has nearly a decade of professional journalism experience and writes about the greater Portland region.