Justin Knight, CEO of Apple Hospitality REIT, Inc. (NYSE: APLE), participated in a video interview in conjunction with Nareit’s REITweek: 2021 Investor Conference.
Knight noted that the first quarter saw the continuation of trends that were already underway, including strength in leisure demand. Apple Hospitality also saw an improvement in business transient demand, which lifted mid-week occupancy and “helps us to be more optimistic about results for the remainder of the year,” he said.
From the beginning of the pandemic, Apple Hospitality has seen outperformance in its suburban markets, Knight said. He added that the REIT is pleased to see an improvement in its urban markets beyond the first quarter.
Transaction volume continued to be light through the first quarter, Knight said, but has since started to pick up. “We expect to be active participants,” he said, as the company came into the pandemic with a relatively strong balance sheet that it has been able to maintain. “That positions us well and we’re excited about the opportunities.”