Apple Hospitality REIT acquires AC Hotel Washington DC for $116.8M

Apple Hospitality REIT, Inc.

Acquired 234-room AC Hotel by Marriott in Washington DC for $116.8M ($499,000 per key).
Hotel opened Oct 2020, LEED Certified, one block from Walter E. Washington Convention Center.
Two other hotels under contract: Embassy Suites Madison (~$79.3M, 262 rooms) and Motto Nashville (~$98.2M, 260 rooms).
Post-acquisition portfolio totals 224 hotels with 29,886 rooms across 37 states and DC.
Washington DC CBD RevPAR improved ~21% for trailing twelve months ended Dec 2023 vs prior year.

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