Apple Hospitality real estate investment trust (REIT) has expanded its portfolio with the purchase of the 260-key Motto by Hilton hotel in downtown Nashville, US.
The acquisition price stands at around $98.2m, which equates to approximately $378,000 per room.
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The transaction brings Apple Hospitality’s total portfolio to 217 hotels with 29,580 guest rooms across 37 states and Washington, DC.
The acquisition adds another downtown Nashville location to Apple Hospitality’s diversified portfolio during a period of sustained tourism and event-driven demand in the market.
The property offers connecting rooms that can link up to six rooms for guest groups.
Apple Hospitality Real Estate and Investments president Nelson Knight said: “We are pleased to expand our portfolio with the acquisition of the newly constructed, innovative Motto by Hilton Nashville Downtown and increase our exposure to the dynamic and vibrant Nashville market.
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By GlobalData“Through our longstanding relationship with one of the industry’s leading and most trusted developers, we secured a fixed-price, take-out contract ahead of development, enabling us to acquire this Hotel at an attractive per-key price within market.”
The newly opened Motto by Hilton Nashville Downtown is situated at 311 3rd Avenue South in central Nashville. The hotel’s location provides access to several local destinations.
According to the company, Nashville’s diverse economic landscape attracts visitors for purposes ranging from leisure and entertainment to conventions, healthcare, manufacturing and technology.
Knight added: “The overarching demand trends in Nashville continue to be strong, with resilient leisure demand supported by a wealth of entertainment and sporting venues and strengthening business demand bolstered by the continued movement of both large and small corporates into Nashville’s business-friendly environment.
“This acquisition represents a new, complementary brand for our existing rooms-focused portfolio, and we are confident its appeal will further enhance its ideal location just a few blocks off Broadway and our ability to drive strong operating performance over the long term.”
