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AC Lodge by Marriott in Portland, Maine Sold for $66.8 Million

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Apple Hospitality REIT, Inc. (NYSE: APLE currently announced the acquisition of the 178-room AC Lodge by Marriott in Portland, Maine, for a complete buy price tag of roughly $66.8 million, or roughly $375,000 for each vital.

AC Hotel by Marriott in Portland, Maine

Apple Hospitality REIT, Inc. (NYSE: APLE now announced the acquisition of the 178-space AC Hotel by Marriott in Portland, Maine, for a full obtain selling price of approximately $66.8 million, or approximately $375,000 for every crucial.

“We are pleased to expand our presence in the lively Portland market place, which rewards from a wide range of demand turbines, which includes leisure, corporate, overall health care, government and training,” explained Nelson Knight, President, Actual Estate and Investments of Apple Hospitality. “With the acquisition of the AC Lodge and the close by Aloft Lodge that we assume to purchase adhering to completion of design in the third quarter of this 12 months, we will have a few lodges together Portland’s dynamic waterfront. The 3 lodges will be operated by the exact administration enterprise which, blended with our outstanding asset administration, will generate additional operational synergies. Via our the latest and pending transactional exercise, we are refining, enhancing and growing our present portfolio when growing our publicity to marketplaces with potent relative progress trajectories. We are confident the put together effects of these endeavours will optimize extensive-time period value for our shareholders.”

The AC Hotel Portland Downtown Waterfront opened in July 2018 and is positioned at 158 Fore Avenue in Portland, Maine, with unobstructed views of Casco Bay. The Hotel is just a small stroll from Portland’s historic Previous Port district, Casco Bay Traces, East Conclusion Beach, Portland’s cruise ship terminals, the green house of the Portland Trails, and a variety of dining establishments, art galleries and amusement venues. In addition to its perfect site for leisure travelers, the Hotel is also practical to the University of Southern Maine, Maine Health care Middle and numerous corporate offices. In accordance to knowledge delivered by STR, income for every out there place (“RevPAR”) for the Portland Downtown/Worldwide Jetport, Maine submarket improved by about 10% for the thirty day period of June 2021, as in comparison to the thirty day period of June 2019. With benefits exceeding the Company’s total portfolio averages in June 2021, the AC Lodge reported occupancy of 85%, common day-to-day fee of $256 and RevPar of $217 for the thirty day period.

Adhering to this acquisition, the Apple Hospitality portfolio involves 213 resorts with around 27,800 guest rooms geographically diversified through 35 states.

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