AC hotel in Portland sold to Virginia real estate investment fund for $ 67 million

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The 178-room AC by Marriott Hotel on Portland’s East Waterfront was acquired by a Virginia Real Estate Investment Trust for $ 66.8 million.

In a press release released late Monday night, Apple Hospitality REIT Inc. (NYSE: APL) said it has acquired the hotel, an upscale European-style hotel, “with no extra extras,” according to its website.

The hotel was built in 2018 at 158 ​​Fore St., opposite another hotel under the Marriott International brand – the Residence Inn with 179 rooms. Apple acquired Residence Inn four years ago for $ 55.8 million.

The trust said Monday it plans to acquire the 157-room Aloft hotel, also owned by Marriott, in the third quarter of this year. Aloft is expected to open in September at the other end of the city’s waterfront, at 379 Commercial St.

Apple, headquartered in Richmond, Virginia, did not immediately respond to inquiries from Mainebiz about recent and future transactions. But Apple’s president of real estate and investment, Nelson Knight, said in a press release, “The three hotels will be operated by the same management company, which, combined with our exceptional asset management, will create additional operating synergies.”

Apple’s portfolio of AC Hotel by Marriott Portland consists of 213 hotels offering 27,800 rooms across 84 markets in 35 states.

The Residence Inn and AC Hotel were previously owned by Norwich Partners, a Florida-based commercial real estate developer and investor. Aloft is currently owned by Norwich.

Aloft opening will be the last in a series of hotel openings in Portland, which is currently one of the most expensive hotel markets in New England… With the opening, more than 3400 hotel rooms will be available in the city itself.

Norwich CEO David Leatherwood said to Mainebiz in April that “Portland is going to have a tumultuous summer.” He described Aloft as “a trendy, younger version of AC”. While both brands are owned by Marriott, Aloft targets young families and millennials as “very high tech ahead.”

Photo / William Hall

Apple Hospitality REIT acquired AC Hotel in Portland for $ 66.8 million.

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