Real estate investment trust Apple Hospitality REIT is continuing to grow its existing portfolio with the acquisition of Aloft Hotel on the waterfront in downtown Portland, Maine, US.
The acquisition is valued at $51.2m or around $326,000 per key.
Located at 379 Commercial Street, Portland, the property is within walking distance from various restaurants, shops, art galleries, museums, and entertainment destination.
Furthermore, the newly built 157-room Aloft Portland, Maine hotel is located at a convenient distance to the Maine Medical Center, the University of Southern Maine, manufacturing companies and other corporate offices.
Apple Hospitality real estate and investment president Nelson Knight said: “We are pleased to expand our portfolio with the acquisition of the newly constructed Aloft Portland, Maine and increase our exposure to the unique and vibrant Portland market.
“In addition to Portland’s tremendous appeal for leisure travel, the market is also home to a variety of corporate, government, trade, health care and educational demand generators, among others, and we are confident this stylish, urban-inspired Hotel is well positioned to benefit.
“We remain focused on maximising long-term value for our shareholders and are actively exploring additional acquisition opportunities, like this one, that enhance our portfolio, align with our core ownership strategy and are well positioned for outperformance.”
With this acquisition, the number of hotels within Apple Hospitality’s portfolio increases to 215 with approximately 28,100 guest rooms across 35 US states.
Earlier this month, Apple Hospitality bought Hyatt Place in downtown Greenville, South Carolina, US for approximately $30m.
The company also acquired AC Hotel Portland Downtown Waterfront in Maine, US for approximately $66.8m last month.