Justin Knight, CEO of Apple Hospitality REIT, Inc. (NYSE: APLE), participated in a video interview during Nareit’s REITworld: 2023 Annual Conference held Nov. 14-16 in Los Angeles.
Apple Hospitality has been active on the acquisition front over the last few months. “The market has been such that we’ve been able to find and pursue assets that are a perfect fit for our portfolio,” Knight said. In large part, the assets are high-quality, select service hotels branded with “some of the best names in the industry,” and are similar to assets Apple already owns, he added.
Knight said the assets have expanded Apple’s presence in markets where it wanted greater concentration and where it’s confident it can achieve strong growth rates on a go-forward basis.
Meanwhile, Knight said leisure and business travel have been “impressively resilient.” Momentum that built up post pandemic has continued, he noted. Growth in 2024 will likely come from a continued improvement in business travel, boosting and building mid-week occupancy, and additional acquisitions, he noted.