Apple Hospitality REIT, Inc. (NYSE: APLE) (the “Company” or
“Apple Hospitality”) today announced the acquisition of the
234-room AC Hotel by Marriott Washington DC Convention Center (the
“Hotel”) for approximately $116.8 million, or $499,000 per key.
“We are pleased to expand our portfolio with the acquisition of
the AC Hotel Washington DC Convention Center and are thrilled to
establish a presence in downtown Washington, D.C., a market we have
tracked and wanted to have a presence in for some time,” said
Nelson Knight, President, Real Estate and Investments of Apple
Hospitality. “With a wide variety of demand generators, including
government, corporate, conventions, sporting events and concerts as
well as both domestic and inbound international leisure, we are
confident Washington, D.C. is well positioned for continued growth.
As we look for and continue to underwrite acquisition
opportunities, we are dedicated to pursuing transactions that
meaningfully enhance our portfolio and maximize long-term value for
our shareholders.”
The AC Hotel Washington DC Convention Center opened in October
2020 and is located at 601 K Street NW, Washington, D.C. Ideally
situated in the heart of downtown, the Hotel offers premium
amenities, including comfortable, modern guest rooms; a 1,500
square-foot, state-of-the-art fitness center; a rooftop bar and
restaurant with stunning views of the city; and ground floor retail
space. In addition to being LEED Certified, the Hotel was
constructed with a green roof system. The Hotel is one block from
the Walter E. Washington Convention Center and convenient to
numerous attractions, including Capital One Arena, the U.S. Capitol
Complex, performing arts venues, historical monuments and
memorials, and the world-renowned Smithsonian museums and
galleries, making it appealing to a wide variety of business,
leisure and group travelers. According to data provided by STR for
the trailing twelve months ended December 31, 2023, as compared to
the same period of 2022, revenue per available room (“RevPAR”) for
the Washington DC CBD submarket improved by approximately 21%.
As previously announced, the Company continues to have two
additional hotels under contract for purchase:
- An Embassy Suites by Hilton currently under development in
downtown Madison, Wisconsin, for an anticipated total purchase
price of approximately $79.3 million with an expected 262 rooms,
which the Company anticipates acquiring in mid-2024 following
completion of construction.
- A Motto by Hilton to be developed 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.
There are many conditions to closing on each of these hotels
that have not yet been satisfied, and there can be no assurance
that closings on these hotels will occur under the outstanding
purchase contracts.
Following the acquisition of the AC Hotel Washington DC
Convention Center, the Apple Hospitality hotel portfolio includes
224 hotels with 29,886 guest rooms geographically diversified
throughout 37 states and the District of Columbia.
About Apple Hospitality REIT,
Inc.
Apple Hospitality REIT, Inc. (NYSE: APLE) is a publicly traded
real estate investment trust (“REIT”) that owns one of the largest
and most diverse portfolios of upscale, rooms-focused hotels in the
United States. Apple Hospitality’s portfolio consists of 224 hotels
with approximately 29,900 guest rooms located in 87 markets in 37
states and the District of Columbia as well as one property leased
to third parties. Concentrated with industry-leading brands, the
Company’s hotel portfolio consists of 101 Marriott-branded hotels,
118 Hilton-branded hotels and five Hyatt-branded hotels. For more
information, please visit www.applehospitalityreit.com.
Forward-Looking Statements
Disclaimer
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. Forward-looking statements are typically identified by use
of statements that include phrases such as “may,” “believe,”
“expect,” “anticipate,” “intend,” “estimate,” “project,” “target,”
“goal,” “plan,” “should,” “will,” “predict,” “potential,”
“outlook,” “strategy,” and similar expressions that convey the
uncertainty of future events or outcomes. Such statements involve
known and unknown risks, uncertainties, and other factors which may
cause the actual results, performance, or achievements of the
Company to be materially different from future results, performance
or achievements expressed or implied by such forward-looking
statements.
Such factors include, but are not limited to, the ability of the
Company to effectively acquire and dispose of properties and
redeploy proceeds; the anticipated timing and frequency of
shareholder distributions; the ability of the Company to fund
capital obligations; the ability of the Company to successfully
integrate pending transactions and implement its operating
strategy; changes in general political, economic and competitive
conditions and specific market conditions (including the potential
effects of inflation or a recessionary environment); reduced
business and leisure travel due to geopolitical uncertainty,
including terrorism and acts of war; travel-related health
concerns, including widespread outbreaks of infectious or
contagious diseases in the U.S.; inclement weather conditions,
including natural disasters such as hurricanes, earthquakes and
wildfires; government shutdowns, airline strikes or equipment
failures or other disruptions; adverse changes in the real estate
and real estate capital markets; financing risks; changes in
interest rates; litigation risks; regulatory proceedings or
inquiries; and changes in laws or regulations or interpretations of
current laws and regulations that impact the Company’s business,
assets or classification as a REIT. Although the Company believes
that the assumptions underlying the forward-looking statements
contained herein are reasonable, any of the assumptions could be
inaccurate, and therefore there can be no assurance that such
statements included in this press release will prove to be
accurate. In light of the significant uncertainties inherent in the
forward-looking statements included herein, the inclusion of such
information should not be regarded as a representation by the
Company or any other person that the results or conditions
described in such statements or the objectives and plans of the
Company will be achieved. In addition, the Company’s qualification
as a REIT involves the application of highly technical and complex
provisions of the Internal Revenue Code of 1986, as amended.
Readers should carefully review the risk factors described in the
Company’s filings with the Securities and Exchange Commission,
including but not limited to those discussed in the section titled
“Risk Factors” in the Company’s Annual Report on Form 10-K for the
fiscal year ended December 31, 2023. Any forward-looking statement
that the Company makes speaks only as of the date of this press
release. The Company undertakes no obligation to publicly update or
revise any forward-looking statements or cautionary factors, as a
result of new information, future events, or otherwise, except as
required by law.
For additional information or to receive press releases by
email, visit www.applehospitalityreit.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20240326452636/en/
Apple Hospitality REIT, Inc. Kelly Clarke, Vice President,
Investor Relations 804‐727‐6321 kclarke@applereit.com
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