APLE - Apple Hospitality MFFO of $0.45 beats by $0.01 revenue of $341.15M beats by $10.09M
- Apple Hospitality press release ( NYSE: APLE ): Q3 MFFO of $0.45 beats by $0.01 .
- Revenue of $341.15M (+23.1% Y/Y) beats by $10.09M .
- “With continued improvement in business transient demand and the ongoing strength of leisure travel across our markets, we achieved our highest quarterly RevPAR growth over the same period in 2019, with third quarter 2022 RevPAR for our portfolio exceeding third quarter 2019 by approximately 8%. The shift in consumer spending toward experiences and improvements in business travel demand enabled us to build upon second quarter rate growth. Our portfolio ADR was up more than 13% for the third quarter 2022 as compared to the third quarter 2019, despite continued opportunity in occupancy. We believe there is additional upside for our business as corporate travel improves, additional markets fully recover and occupancy across our portfolio further strengthens. In a challenging labor and inflationary environment, we are working with the management teams at our hotels to balance cost controls with guest satisfaction in order to maintain the strong value proposition of our assets and create an environment for sustainable rate improvement." said Justin Knight, Chief Executive Officer of Apple Hospitality.
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Apple Hospitality MFFO of $0.45 beats by $0.01, revenue of $341.15M beats by $10.09M