Apple Hospitality REIT, Inc. (NYSE: APLE) has announced the acquisition of the 262-room Embassy Suites by Hilton Madison Downtown for approximately $79.5 million, at a cost of $303,000 per key. This acquisition has expanded the company's portfolio and increased its presence in the Madison market. The hotel is ideally located in downtown Madison, close to various attractions and business centers.
In addition to this acquisition, the company has also recently disposed of the 82-room SpringHill Suites by Marriott Greensboro in Greensboro, North Carolina, for approximately $7.1 million.
With the addition of the Embassy Suites Madison Downtown and the disposition of the SpringHill Suites Greensboro, the Apple Hospitality hotel portfolio now includes 224 hotels with 30,066 guest rooms spread across 37 states and the District of Columbia.
The company has also provided financial insights, stating that the revenue per available room (RevPAR) for the Madison CBD, WI submarket has improved by approximately 7% year over year, according to data provided by STR for the trailing twelve months ended May 31, 2024.
Furthermore, Apple Hospitality REIT, Inc. has one additional hotel under contract for purchase, a Motto by Hilton in downtown Nashville, Tennessee, for an anticipated total purchase price of approximately $98.2 million with an expected 260 rooms, which the company anticipates acquiring in late 2025 following completion of construction.
Today the company's shares have moved 0.3% to a price of $14.58. Check out the company's full 8-K submission here.
