Apple Hospitality REIT Inc Acquires 262-Room Hotel In Madison, WI For $79.5M

The hotel property at 231 South Pinckney Street in Madison, WI, was sold on 06/21/2024. This 262-room asset, known as the Embassy Suites by Hilton Madison Downtown, was acquired by Justin G. Knight of Apple Hospitality REIT Inc for $79.5 million. The price per key for this property was $303,435, and it is situated near Lake Monona and the Wisconsin State Capitol.

Summary of transaction details:

• Property Type: Hotel
• Transaction Amount: $79,500,000
• Keys: 262
• Buyer: Justin G. Knight - Apple Hospitality REIT Inc
• Market: Madison, WI

Apple Hospitality REIT Inc made the purchase from Mortenson Development for the Embassy Suites by Hilton Madison Downtown. The transaction, initiated under a pre-completion deal, allowed Apple Hospitality REIT Inc to secure a favorable price despite rising construction costs.