Apple Hospitality REIT has acquired two hotels, including the AC Hotel by Marriott Louisville Downtown for $51 million, or approximately $327,000 per key, and the AC Hotel by Marriott Pittsburgh Downtown for $34 million, or approximately $254,000 per key.
The 156-room AC Hotel Louisville Downtown opened in April 2018 and is located at 727 East Market Street, Louisville, Kentucky, within the East Market District, also known as NuLu for New Louisville, which is home to upscale restaurants, shops, art galleries and entertainment venues. The hotel is located near a variety of leisure, academic and sports-related demand generators given its proximity to the KFC Yum! Center, the University of Louisville, the Kentucky International Convention Center, bourbon distilleries, outdoor spaces and parks, and Churchill Downs, home of the Kentucky Derby.
Recent Louisville hotel performance has recovered to pre-pandemic levels.
The 134-room AC Hotel Pittsburgh Downtown opened in July 2018 and is located at 1126 Smallman Street, Pittsburgh, Pennsylvania, adjacent to the David L. Lawrence Convention Center and near restaurants, shops, art galleries, theaters, parks and riverfront walking trails of downtown Pittsburgh’s Cultural District, Market Square and Strip District. The hotel is located near PPG Paints Arena, Acrisure Stadium and PNC Park, which are home to Pittsburgh’s professional sports teams. The hotel also draws from technology, robotics, financial services, manufacturing, automobile and health care companies located in the area as well as the University of Pittsburgh and Carnegie Mellon University.
Following these acquisitions, the Apple Hospitality portfolio includes 220 hotels with 28,983 guest rooms geographically diversified throughout 37 states.