APLE - Apple Hospitality CEO Justin Knight talks occupancy balance sheet AI
2023-06-06 10:11:16 ET
Apple Hospitality REIT ( NYSE: APLE ) CEO Justin Knight discussed the lodging REIT's occupancy rebound from Covid lows, as well as its balance sheet strength and the potential industry-wide impacts of AI, at the Nareit REITweek conference Tuesday.
At the onset of the pandemic, APLE saw occupancy hit "the teens," but it's since bounced back to relatively strong levels (72.0% as of March 31) on an absolute basis after taking steps to build efficiencies for the long-term, including pricing adjustments and food and beverage offerings in hotels.
For the first quarter, the hotel owner saw its earnings climb from the year before, citing “continued strength in leisure demand and increased business travel," and reaffirmed its guidance for the full year.
At the conference, Knight took note of the company's low debt and leverage, saying it's well-positioned to fare well during rising interest-rate environments. And with its outsized dry powder, Apple Hospitality ( APLE ) has underwritten hundreds of properties over the last year and will continue to do so.
Asked about how AI will impact the lodging industry, the emerging technology has "potential to help us become more efficient on an operating standpoint," Knight said. refi construction
More on Apple Hospitality REIT
For further details see:
Apple Hospitality CEO Justin Knight talks occupancy, balance sheet, AI