01/11/2018 | by
Article Author(s)
Apple Hospitality Continuing to Source Deals in Competitive Environment

Justin Knight, president and CEO of Apple Hospitality REIT, Inc. (NYSE: APLE), joined Nareit for a video interview at REITworld 2017.

Apple Hospitality’s portfolio encompasses the Hilton and Marriott families of brands, with locations in urban, high‐end suburban and developing markets throughout 34 states.

In October 2017, the company purchased Marriott hotels in Portland, Maine and Salt Lake City. Knight noted that the hotels are in markets with growth rates significantly above the national average.

Knight stressed that Apple Hospitality has operated in a variety of different acquisition environments during the last two decades. Despite a more competitive environment at present, “I have a high degree of confidence in our ability to source deals that expand the geographic footprint and give us exposure to a variety of demand generators,” he said.

Looking ahead, Knight observed that hotel brands are continually evolving to adapt to consumer needs. During the next few years, hotels will continue to develop and adopt technology that provides guests with “greater optionality and control over their stay,” he noted.