Real estate investment trust Apple Hospitality REIT has acquired the AC Hotel by Marriott Washington DC Convention Center in the US for $116.8m, equating to $499,000 per room.
The 234-room hotel, which opened in October 2020, is situated at 601 K Street NW, Washington DC.
It offers a range of amenities, including a 1,500ft² fitness centre, a rooftop bar and restaurant, and ground floor retail space.
The hotel is located a block away from the Walter E Washington Convention Center and several attractions that cater to business, leisure, and group travellers.
This includes the Capital One Arena, the US Capitol Complex, various performing arts venues, historical monuments, and Smithsonian museums and galleries.
The hotel's commitment to sustainability is evident in its LEED Certification and the inclusion of a green roof system.
With the latest acquisition, Apple Hospitality's portfolio now comprises 224 hotels with a total of 29,886 guest rooms across 37 states and the District of Columbia.
Apple Hospitality real estate and investments president Nelson Knight said: “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 DC, a market we have tracked and wanted to have a presence in for some time.
“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 DC 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 maximise long-term value for our shareholders.”
The company is also set to acquire two additional hotels, including Embassy Suites by Hilton in downtown Madison, Wisconsin, with 262 rooms, for an expected consideration of about $79.3m.
The other hotel is the 260-room Motto by Hilton in downtown Nashville, Tennessee, which would be acquired for an estimated $98.2m.
These properties are slated for acquisition in mid-2024 and late 2025, respectively, after their construction is completed.
Earlier this year, Apple Hospitality acquired the SpringHill Suites by Marriott Las Vegas Convention Centre for almost $75m. This property features 299 rooms along with more than 10,000ft² of meeting space.
