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Apple REIT Closes on Miramar's Courtyard


Apple Hospitality REIT has closed on its multimillion-dollar Courtyard by Marriott San Diego buy. The firm paid $56M, or $229k/room, for the 245-key hotel off Spectrum Center Boulevard. In a filing with the SEC, Apple REIT EVP Nelson Knight crowed about San Diego's market: The area “provides a wealth of diverse demand generators with an economy marked by a strong military concentration, technology industries and innovative life science research and healthcare organizations.” As for the hotel's trade area, which Nelson notes is near Qualcomm Stadium, SDSU, UCSD and the Marine Corps Air Station Miramar, RevPAR jumped more than 10% for the first half of the year.