Apple Hospitality REIT Acquires Embassy Suites Madison Downtown (Wisconsin, USA) for $79.5 Million

Apple Hospitality REIT, Inc. (NYSE: APLE) has recently announced the acquisition of the 262-room Embassy Suites by Hilton Madison Downtown for approximately $79.5 million, translating to $303,000 per room.

“We are thrilled to add the newly built Embassy Suites Madison Downtown to our portfolio and strengthen our presence in Madison’s vibrant market,” stated Nelson Knight, President, Real Estate and Investments of Apple Hospitality. “Our strategic partnership with a top developer allowed us to secure this property at a favorable price, even with rising construction costs. Positioned in the heart of downtown Madison, we believe the hotel is perfectly suited to accommodate both business and leisure travelers.”

Located at 231 South Pinckney Street, the hotel is conveniently situated near Monona Terrace Community and Convention Center, the Wisconsin State Capitol, and the University of Wisconsin-Madison. Madison’s economy boasts a diverse range of business demand generators, including government, insurance, biotechnology, manufacturing, and telecommunications, alongside leisure attractions. STR data indicates that the Madison CBD submarket’s revenue per available room (RevPAR) increased by approximately 7% year over year, as of May 31, 2024.

Additionally, Apple Hospitality REIT has announced the sale of the 82-room SpringHill Suites by Marriott Greensboro in Greensboro, North Carolina, for around $7.1 million. The company also has an upcoming acquisition of a Motto by Hilton in downtown Nashville, Tennessee, slated for late 2025 at an expected price of $98.2 million for 260 rooms, pending certain conditions.

Following these transactions, Apple Hospitality’s portfolio now includes 224 hotels with a total of 30,066 guest rooms across 37 states and the District of Columbia.