RICHMOND, Virginia—Apple Hospitality REIT, Inc. introduced the acquisition of the 234-room AC Resort by Marriott Washington DC Conference Middle for roughly $116.8 million, or $499,000 per key.
“We’re happy to develop our portfolio with the acquisition of the AC Resort Washington DC Conference Middle and are thrilled to determine a presence in downtown Washington, D.C., a market we’ve got tracked and wished to have a presence in for a while,” stated Nelson Knight, president, actual property and investments of Apple Hospitality. “With all kinds of demand mills, together with authorities, company, conventions, sporting occasions, and concert events in addition to each home and inbound worldwide leisure, we’re assured Washington, D.C,. is effectively positioned for continued progress. As we search for and proceed to underwrite acquisition alternatives, we’re devoted to pursuing transactions that meaningfully improve our portfolio and maximize long-term worth for our shareholders.”
The AC Resort Washington DC Conference Middle opened in October 2020. Located downtown, the lodge presents facilities together with fashionable guestrooms; a 1,500 square-foot health heart; a rooftop bar and restaurant; and floor flooring retail house. Along with being LEED Licensed, the lodge was constructed with a inexperienced roof system. The lodge is one block from the Walter E. Washington Conference Middle and close to quite a few points of interest, together with Capital One Enviornment, the U.S. Capitol Complicated, performing arts venues, historic monuments and memorials, and the Smithsonian museums and galleries.
As beforehand introduced, the corporate continues to have two extra inns underneath contract for buy:
- An Embassy Suites by Hilton is at present underneath improvement in downtown Madison, Wisconsin, for an anticipated whole buy worth of roughly $79.3 million with an anticipated 262 rooms, which the corporate anticipates buying in mid-2024 following completion of development.
- A Motto by Hilton is to be developed in downtown Nashville, Tennessee, for an anticipated whole buy worth of roughly $98.2 million with an anticipated 260 rooms, which the corporate anticipates buying in late 2025 following the completion of development.
- There are lots of situations to closing on every of those inns that haven’t but been glad, and there may be no assurance that closings on these inns will happen underneath the excellent buy contracts.
Following the acquisition of the AC Resort Washington DC Conference Middle, the Apple Hospitality lodge portfolio consists of 224 inns with 29,886 guestrooms geographically all through 37 states and the District of Columbia.
