Apple Hospitality expands portfolio with Motto by Hilton Nashville hotel

Apple Hospitality existent property concern spot (REIT) has expanded its portfolio with the acquisition of the 260-key Motto by Hilton edifice successful downtown Nashville, US.

The acquisition terms stands astatine astir $98.2m, which equates to astir $378,000 per room.

The transaction brings Apple Hospitality’s full portfolio to 217 hotels with 29,580 impermanent rooms crossed 37 states and Washington, DC.

The acquisition adds different downtown Nashville determination to Apple Hospitality's diversified portfolio during a play of sustained tourism and event-driven request successful the market.

The spot offers connecting rooms that tin nexus up to six rooms for impermanent groups.

Apple Hospitality Real Estate and Investments president Nelson Knight said: “We are pleased to grow our portfolio with the acquisition of the recently constructed, innovative Motto by Hilton Nashville Downtown and summation our vulnerability to the dynamic and vibrant Nashville market.

“Through our longstanding narration with 1 of the industry’s starring and astir trusted developers, we secured a fixed-price, take-out declaration up of development, enabling america to get this Hotel astatine an charismatic per-key terms wrong market.”

The recently opened Motto by Hilton Nashville Downtown is situated astatine 311 3rd Avenue South successful cardinal Nashville. The hotel’s determination provides entree to respective section destinations.

According to the company, Nashville’s divers economical scenery attracts visitors for purposes ranging from leisure and amusement to conventions, healthcare, manufacturing and technology.

Knight added: “The overarching request trends successful Nashville proceed to beryllium strong, with resilient leisure request supported by a wealthiness of amusement and sporting venues and strengthening concern request bolstered by the continued question of some ample and tiny corporates into Nashville’s business-friendly environment.

“This acquisition represents a new, complementary marque for our existing rooms-focused portfolio, and we are assured its entreaty volition further heighten its perfect determination conscionable a fewer blocks disconnected Broadway and our quality to thrust beardown operating show implicit the agelong term.”

"Apple Hospitality expands portfolio with Motto by Hilton Nashville hotel" was primitively created and published by Hotel Management Network, a GlobalData owned brand.

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