Apple Hospitality REIT reports Q4 MFFO 31c, consensus 31c

Reports Q4 revenue $312.5M, consensus $304.17M. Justin Knight, CEO of Apple Hospitality, commented, “With continued strength in leisure demand and steady improvements in business travel, we are pleased to report Comparable Hotels RevPAR growth of more than 2% for the fourth quarter 2023 and 7% for the full year 2023, as compared to the same periods of 2022. Comparable Hotels RevPAR was up approximately 8% relative to both the fourth quarter and full year 2019, with Comparable Hotels Occupancy still below pre-pandemic levels. Our revenue and asset management teams continue to leverage our scale ownership of rooms-focused hotels and the access to performance data that our platform provides to maximize profitability across our hotels, driving strong margins despite continued inflationary and wage pressures. As we look ahead, the fundamentals of our business remain favorable, with continued strength in both business and leisure demand bolstered by limited near-term supply growth.”