Apple Hospitality REIT to acquire AC Hotel by Marriott Washington DC Convention Center for $117m.

Apple Hospitality REIT, a real estate investment trust, agreed to acquire AC Hotel by Marriott Washington DC Convention Center for $117m. “We are pleased to expand our portfolio with the acquisition of the AC Hotel Washington DC Convention Center and are thrilled to establish a presence in downtown Washington, D.C., a market we have tracked and wanted to have a presence in for some time. With a wide variety of demand generators, including government, corporate, conventions, sporting events and concerts as well as both domestic and inbound international leisure, we are confident Washington, D.C. is well positioned for continued growth. As we look for and continue to underwrite acquisition opportunities, we are dedicated to pursuing transactions that meaningfully enhance our portfolio and maximize long-term value for our shareholders,” Nelson Knight, Apple Hospitality President, Real Estate and Investments.