AAM 15 Management Buys Embassy Suites in Maine
- Apr 01, 2019
AAM 15 Management of Burlington, Mass., has acquired the 119-key Embassy Suites by Hilton Portland Maine. The property features a full-service restaurant, lobby bar and nearly 2,000 square feet of meeting and special event space.
The hotel also provides a fitness facility, heated indoor pool, jacuzzi and outdoor patio. Embassy Suites by Hilton Portland Maine is just outside of Portland’s International Airport and 1 mile from Interstate 95.
David R. Masse, founder & CEO of AAM 15, said in a prepared statement that the property “is a top performing hotel in its competitive set, with a near-unprecedented RevPAR Index (RGI) nearing 200.” He added that the hotel will undergo extensive improvements. AAM 15 did not reply to Commercial Property Executive’s request for additional information.
AAM 15 already owned six hotels in suburban Boston, Colchester and Burlington, Vt., Freeport, Maine, and Roanoke, Va. In addition, a 123-suite Residence Inn by Marriott is currently underway in Manchester, N.H. The company bought the Freeport property, a 99-key Hilton Garden Inn, just a year ago.
Not oversupply, just finally enough
The number of domestic passengers at Portland International Airport grew by 37 percent from 2012 to 2018, when it hit 19 million, according to a February report from Travel Portland. The number of international arrivals soared even higher over the same period, by 94 percent, to a total of more than 860,000 in 2018.
In terms of hotel occupancy percentage, Portland was ranked ninth nationally, beating out Boston, Seattle, Tampa/St. Petersburg, Fla., and Washington, D.C., according to Travel Portland. Even in RevPAR, Portland ranked 10th last year, besting Washington, D.C., Chicago and Orlando, Fla.
In January, the Portland Press Herald noted that even in the middle of a hotel-building boom in the city, average daily rates and RevPAR both continue to climb. Portland’s waterfront alone could have up to 700 rooms in the pipeline, depending on zoning approvals. And though some are sounding cautionary notes, for now—with much expansion still only on paper—the market remains strong.