Justin Knight, CEO Apple Hospitality REIT, Inc., (NYSE: APLE), participated in a video interview during Nareit’s REITworld: 2023 annual conference, held November 14-16 in Los Angeles.
Apple Hospitality has been active on the acquisition front for the past few months. “The market is such that we are able to find and pursue properties that are a perfect fit for our portfolio,” Knight said. He added that, in large part, the properties are high-quality, select service hotels branded by “some of the best names in the industry” and similar to properties Apple already owns.
Knight said the assets expand Apple’s presence in markets where it wanted greater concentration and where it believes it can achieve strong growth rates going forward.
Meanwhile, Knight said leisure and business travel has remained “impressively resilient”. He said that the momentum created after the pandemic is continuing. He said growth in 2024 will likely come from a continued improvement in business travel, a boost to midweek occupancy and construction and additional acquisitions.
