(DumbMoney)

Apple Hospitality REIT announced the acquisition of the 260-room Motto by Hilton Nashville Downtown for approximately $98.2 million.

The newly built hotel is strategically located in Nashville's vibrant market with strong demand generators like music and entertainment.

This acquisition expands Apple Hospitality's portfolio and enhances its exposure to the dynamic Nashville market.

The strategic acquisition of the innovative Motto by Hilton Nashville Downtown enhances Apple Hospitality's portfolio and increases its exposure to the vibrant Nashville market. The ideal location of the hotel, with close proximity to major attractions and entertainment venues in a business-friendly environment, presents significant revenue potential. The acquisition is expected to drive strong operating performance with RevPAR well above industry averages.

• The acquisition of Motto Nashville Downtown adds to Apple Hospitality's hotel portfolio, totaling 217 hotels with 29,580 guest rooms across 37 states and the District of Columbia.
• This strategic move aligns with the Company's focus on upscale, rooms-focused hotels and diversification across leading hotel brands like Marriott, Hilton, and Hyatt. The acquisition strategically positions Apple Hospitality REIT to benefit from the increasing demand in Nashville's hospitality market and strengthens its competitive edge through diversification and upscale offerings.