Apple Hospitality expands portfolio with Motto by Hilton Nashville hotel

Core Viewpoint - Apple Hospitality has expanded its portfolio by acquiring the Motto by Hilton hotel in downtown Nashville for approximately $98.2 million, enhancing its presence in a market with strong tourism and event-driven demand [1][2][6]. Group 1: Acquisition Details - The acquisition price for the 260-key Motto by Hilton hotel is around $98.2 million, translating to about $378,000 per room [1]. - This transaction increases Apple Hospitality's total portfolio to 217 hotels with 29,580 guest rooms across 37 states and Washington, DC [1]. Group 2: Market Context - The acquisition adds a downtown Nashville location to Apple Hospitality's diversified portfolio during a period of sustained tourism and event-driven demand [2]. - Nashville's diverse economic landscape attracts visitors for various purposes, including leisure, entertainment, conventions, healthcare, manufacturing, and technology [5]. Group 3: Strategic Insights - The president of Apple Hospitality, Nelson Knight, expressed satisfaction with the acquisition, highlighting the innovative nature of the newly constructed hotel and the appeal of the Nashville market [3][6]. - The hotel features connecting rooms that can accommodate guest groups, enhancing its attractiveness for various types of visitors [2]. - Knight noted that demand trends in Nashville remain strong, supported by a wealth of entertainment and sporting venues, as well as a business-friendly environment attracting corporates [6][7].