Luxury hotels operator Apple Hospitality REIT, Inc. (APLE) recently announced the acquisition of the Aloft Hotel in downtown Portland, Maine, for $51.2 million.
Following the news, shares of the company gained marginally to close at $18.33 in extended trade on Monday.
The 157-room Aloft Hotel is located at 379 Commercial Street. The hotel is attractively placed and gives easy access to restaurants, shops, art galleries, museums and entertainment venues.
The President of Real Estate and Investments at Apple Hospitality, Nelson Knight, said, “We are pleased to expand our portfolio with the acquisition of the newly constructed Aloft Portland, Maine and increase our exposure to the unique and vibrant Portland market. In addition to Portland’s tremendous appeal for leisure travel, the market is also home to a variety of corporate, government, trade, healthcare and educational demand generators, among others, and we are confident this stylish, urban-inspired Hotel is well-positioned to benefit.” (See Apple Hospitality stock chart on TipRanks)
Recently, Barclays analyst Anthony Powell upgraded the stock to a Buy. The analyst, further, raised the price target from $17 to $19, which implies upside potential of 24.8% from current levels.
Consensus among analysts is a Moderate Buy based on 2 Buys and 1 Hold. The average Apple Hospitality price target of $18.33 implies upside potential of 20.4% from current levels.
Apple Hospitality scores a 9 out of 10 from TipRanks’ Smart Score rating system, indicating that the stock has strong potential to outperform market expectations. Shares have gained 43.1% over the past year.
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