Welcome to our dedicated page for Apple Hospitality REIT news (Ticker: APLE), a resource for investors and traders seeking the latest updates and insights on Apple Hospitality REIT stock.
Apple Hospitality REIT, Inc. (NYSE: APLE) is a publicly traded real estate investment trust (REIT) that owns and manages one of the largest and most diverse portfolios of upscale, rooms-focused hotels in the United States. The company's portfolio consists of 224 hotels with approximately 29,900 guest rooms situated across 87 markets in 37 states and the District of Columbia. Apple Hospitality's portfolio is heavily concentrated with industry-leading brands, including 101 Marriott-branded hotels, 118 Hilton-branded hotels, and five Hyatt-branded hotels.
The company operates through wholly-owned taxable REIT subsidiaries, which lease all of its hotels from wholly-owned qualified REIT subsidiaries. The properties are managed under separate agreements with various hotel management companies that are unaffiliated with Apple Hospitality. This strategic setup allows the company to generate income primarily from hotel revenue, its sole segment.
Apple Hospitality has demonstrated strong financial performance, achieving significant operating income and maintaining a robust balance sheet. Recent strategic moves include the acquisition of the AC Hotel by Marriott Washington DC Convention Center for approximately $116.8 million and the sale of two hotels in Rogers, Arkansas, for a combined gross sales price of approximately $33.5 million. The company continues to reinvest in its properties, with plans to spend between $75 million and $85 million on capital improvements in 2024.
Apple Hospitality's commitment to providing value to its shareholders is evident in its regular monthly cash distributions. The company's Board of Directors recently declared a monthly distribution of $0.08 per common share, representing an annualized yield of approximately 6.6% based on the current stock price.
The company also maintains a strong focus on sustainability, with initiatives such as the LEED-certified AC Hotel Washington DC Convention Center, which features a green roof system. Apple Hospitality is well-positioned for future growth with a strategic focus on expanding its portfolio through acquisitions in high-demand markets and maintaining financial flexibility.
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