Washington DC CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Apple Hospitality REIT Spends $85M for Marriott Hotels in Louisville, Pittsburgh
Richmond, VA-based Apple Hospitality REIT, Inc., has acquired the AC Hotel by Marriott Louisville Downtown in Louisville, KY for $51 million ($327,000 per key). The company also acquired the AC Hotel by Marriott Pittsburgh Downtown in Pittsburgh, PA for $34 million ($254,000 per key).
“We continue to actively explore additional opportunities, like these, that will optimize our portfolio in ways that will elevate our future performance and maximize long-term value for our shareholders,” said Nelson Knight, president, real estate and investments of Apple Hospitality.
Following these acquisitions, the Apple Hospitality portfolio includes 220 hotels with 28,983 guest rooms geographically diversified throughout 37 states.
The 156-room AC Hotel Louisville Downtown opened in April 2018 and is located at 727 East Market Street within the vibrant East Market District, which is home to upscale restaurants, shops, art galleries and entertainment venues.
The 134-room AC Hotel Pittsburgh Downtown opened in July 2018 and is located at 1126 Smallman Street adjacent to the David L. Lawrence Convention Center and near the many restaurants, shops, art galleries, theaters, parks and riverfront walking trails of downtown Pittsburgh’s Cultural District, Market Square and Strip District.
- ◦Sale/Acquisition
