Apple Hospitality REIT Inc. is looking to sell the 17-story, 261-room New York Renaissance Hotel at 130 E. 57th St. in Manhattan, N.Y., the hotel real estate investment trust said on an earnings call, noting unfavorable market conditions and continued anticipated new supply.
Apple Hospitality also cited a loss of retail tenants among factors impacting or expected to impact the hotel, which is one of the REIT's three remaining full-service hotels within its portfolio. The REIT is also looking to sell its other two Marriott International Inc.-branded full-service hotels.
CFO Bryan Peery noted that the company recorded a $38 million noncash impairment charge related to the Renaissance hotel in the fourth quarter of 2017.
