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August 24, 2021

Apple Hospitality buys AC Hotel by Marriott in Portland for $66.8m

The acquisition will expand Apple Hospitality’s presence in Portland market.

Real estate investment trust Apple Hospitality REIT has purchased AC Hotel Portland Downtown Waterfront in Maine, US for approximately $66.8m.

Located at 158 Fore Street in Portland, the six-story hotel has 169 rooms and nine suites.

Other guest amenities include a fitness centre, complementary internet, four meeting rooms with a total of 2,696ft2 meeting space and others.

The property is suitable for leisure travellers and offers convenient access to the University of Southern Maine, Maine Medical Centre and other corporate offices.

The AC Hotel reported 85% occupancy, average daily rate of $256 and revenue per available room of $217 in June.

Apple Hospitality real estate and investment president Nelson Knight said: “With the acquisition of the AC Hotel and the nearby Aloft Hotel that we expect to acquire following completion of construction in the third quarter of this year, we will own three hotels along Portland’s dynamic waterfront.

“The three hotels will be operated by the same management company which, combined with our exceptional asset management, will create additional operational synergies.

“Through our recent and pending transactional activity, we are refining, enhancing and growing our existing portfolio while increasing our exposure to markets with strong relative growth trajectories. We are confident the combined impact of these efforts will maximise long-term value for our shareholders.”

Apple Hospitality owned 232 hotels in 88 markets throughout 35 US states as of 30 June 2021.

Since the start of the Covid-19 pandemic, Apple Hospitality has acquired five hotels. This year, it completed the acquisition of the newly developed 176-room Hilton Garden Inn in Madison, Wisconsin for $50m.

In July, the company entered contracts for the potential purchase of 130-room Hyatt Place in downtown Greenville, South Carolina, and an Embassy Suites by Hilton to be built in Madison, Wisconsin.

During the same month, it completed the ‘opportunistic’ sale of 20 hotels.

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