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October 27, 2022

Apple Hospitality expands US portfolio with two acquisitions

With these acquisitions, the company’s portfolio in the US increased to 220 hotels across 37 states.

Apple Hospitality has expanded its portfolio with the acquisition of AC Hotel by Marriott Louisville Downtown and AC Hotel by Marriott Pittsburgh Downtown.

The publicly traded real estate investment trust acquired 156-room AC Hotel by Marriott Louisville Downtown for $51m or approximately $327,000 per key.

AC Hotel by Marriott Louisville Downtown hotel, which opened in April 2018, is located at 727 East Market Street, Louisville, Kentucky within the East Market District, which houses numbers of upscale restaurants, shops, art galleries and entertainment venues.

The company purchased the 134-room AC Hotel by Marriott Pittsburgh Downtown for $34m or approximately $254,000 per key.

Opened in July 2018, the hotel is located at 1126 Smallman Street, Pittsburgh, Pennsylvania.

The property is adjacent to the David L. Lawrence Convention Centre and has restaurants, shops, art galleries, theatres and parks nearby.

Apple Hospitality Real Estate and Investments president Nelson Knight said: “We are pleased to enhance our portfolio with these attractive acquisitions that highlight the strength of our relationships with best-in-class hotel owner-operators and our ability to drive value in a highly competitive marketplace.

“These thoughtfully designed hotels offer guests modern accommodations, comfortable meeting spaces and distinctive lounge areas, and are well positioned within their markets to benefit from a variety of business and leisure demand generators.

“We continue to actively explore additional opportunities, like these, that will optimise our portfolio in ways that will elevate our future performance and maximise long-term value for our shareholders.”

The two acquisitions increased the company’s portfolio in the US to 220 hotels comprising of 28,983 rooms across 37 states.

In November last year, Apple Hospitality acquired three hotels to its portfolio, expanding its presence in the Texas and Oregon, US.

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