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Section 1: 8-K (FORM 8-K)

aple20191009_8k.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 


 

FORM 8-K 

 


 

CURRENT REPORT

 

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): October 10, 2019

 

APPLE HOSPITALITY REIT, INC.

(Exact name of registrant as specified in its charter)

 

Virginia

  

001-37389

  

26-1379210

(State or other jurisdiction

of incorporation)

  

(Commission File Number)

  

(I.R.S. Employer

Identification Number)

 

814 East Main Street, Richmond, Virginia

  

23219

(Address of principal executive offices)

  

(Zip Code)

 

(804) 344-8121

(Registrant’s telephone number, including area code)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

          Title of each class            Trading Symbol(s) Name of each exchange on which registered
Common Shares, no par value APLE New York Stock Exchange 

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company     ☐

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.      ☐

 

 

 

 

 

Apple Hospitality REIT, Inc. (which is referred to below as the “Company”) is filing this report in accordance with Items 8.01 and 9.01 of Form 8-K.

 

Item 8.01. Other Events.

 

On October 10, 2019, the Company issued a press release announcing it recently completed the acquisition of an independent boutique hotel in Richmond, Virginia.

 

A copy of the press release is included as Exhibit 99.1 to this Current Report on Form 8-K.

 

Item 9.01. Financial Statements and Exhibits.

 

(d) Exhibits

 

99.1

Press Release dated October 10, 2019

 

 

 

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

     

Apple Hospitality REIT, Inc.

   

By:

 

/s/ Justin G. Knight

 

 

Justin G. Knight

President and Chief Executive Officer

 

 

 
 

 

 October 10, 2019

 


 

 

 

 

 

false 0001418121 0001418121 2019-10-10 2019-10-10
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Section 2: EX-99.1 (EXHIBIT 99.1)

ex_159889.htm

 

Exhibit 99.1

 

 

Apple Hospitality REIT Acquires Independent Boutique Hotel in Richmond, Virginia

 

RICHMOND, Va. (October 10, 2019) – Apple Hospitality REIT, Inc. (NYSE: APLE) (the “Company” or “Apple Hospitality”) today announced the acquisition of a 55-room independent boutique hotel in Richmond, Virginia (the “Hotel”), for a purchase price of approximately $7 million, or $125,000 per key.

 

“We are pleased to add this unique property to our portfolio and expand our presence in the dynamic downtown Richmond market,” said Nelson Knight, Executive Vice President and Chief Investment Officer of Apple Hospitality. “We plan to renovate and reposition the Hotel, incorporating services and amenities that are consistent with our existing rooms-focused portfolio of hotels. The Hotel is located approximately four blocks from Apple Hospitality’s headquarters and one block from our dual-branded Courtyard and Residence Inn. It is our intention that the Hotel will remain independent, and we will leverage our deep knowledge of the Richmond market to create a compelling product for our guests and maximize property-level performance.”

 

The Hotel, currently known as The Berkeley Hotel, is located at 1200 East Cary Street in Richmond, Virginia, and benefits from the city’s wide-variety of business, education, government, health care and leisure demand generators. Situated within the historic Shockoe Slip area of downtown Richmond, the Hotel is convenient to the Virginia Commonwealth University School of Medicine, the Virginia State Capitol, the Federal Reserve Bank of Richmond, Richmond’s Main Street Station and numerous corporate offices, financial institutions and residential properties. An array of attractions and amenities are near the Hotel including museums, historic sites, restaurants, retail shops and outdoor activities along the James River. According to data provided by STR for the trailing 12 months ended August 31, 2019, revenue per available room (RevPAR) for the Central Business District/Airport submarket of Richmond improved by 4.4 percent, as compared to the prior 12-month period.

 

Following this acquisition, the Apple Hospitality portfolio includes 235 hotels with more than 30,000 guest rooms geographically diversified throughout 34 states.

 

About Apple Hospitality REIT, Inc.

Apple Hospitality REIT, Inc. (NYSE: APLE) is a publicly traded real estate investment trust (REIT) that owns one of the largest and most diverse portfolios of upscale, rooms-focused hotels in the United States. Apple Hospitality’s portfolio consists of 235 hotels with more than 30,000 guest rooms located in 87 markets throughout 34 states. Franchised with industry-leading brands, the Company’s portfolio comprises 108 Marriott-branded hotels, 125 Hilton-branded hotels, one Hyatt-branded hotel and one independent hotel. For more information, please visit www.applehospitalityreit.com.

 

 

 

 

 

Forward-Looking Statements Disclaimer

Certain statements contained in this press release other than historical facts may be considered forward-looking statements. These forward-looking statements are predictions and generally can be identified by use of statements that include phrases such as “may,” “believe,” “expect,” “anticipate,” “intend,” “estimate,” “project,” “target,” “goal,” “plan,” “should,” “will,” “predict,” “potential,” “outlook,” “strategy,” and similar expressions that convey the uncertainty of future events or outcomes. Such statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of Apple Hospitality to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, but are not limited to, the ability of Apple Hospitality to effectively acquire and dispose of properties; the ability of Apple Hospitality to implement its operating strategy; changes in general political, economic and competitive conditions and specific market conditions; adverse changes in the real estate and real estate capital markets; financing risks; litigation risks; regulatory proceedings or inquiries; and changes in laws or regulations or interpretations of current laws and regulations that impact Apple Hospitality’s business, assets or classification as a real estate investment trust. Although Apple Hospitality believes that the assumptions underlying the forward-looking statements contained herein are reasonable, any of the assumptions could be inaccurate, and therefore there can be no assurance that such statements included in this press release will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by Apple Hospitality or any other person that the results or conditions described in such statements or the objectives and plans of Apple Hospitality will be achieved. In addition, Apple Hospitality’s qualification as a real estate investment trust involves the application of highly technical and complex provisions of the Internal Revenue Code. Readers should carefully review Apple Hospitality’s financial statements and the notes thereto, as well as the risk factors described in Apple Hospitality’s filings with the Securities and Exchange Commission, including, but not limited to, in the section titled “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018. Any forward-looking statement that Apple Hospitality makes speaks only as of the date of such statement. Apple Hospitality undertakes no obligation to publicly update or revise any forward-looking statements or cautionary factors, as a result of new information, future events, or otherwise, except as required by law.

 

Contact:

Apple Hospitality REIT, Inc.

Kelly Clarke, Vice President, Investor Relations

804‐727‐6321

[email protected]

 

For additional information or to receive press releases by email, visit www.applehospitalityreit.com.

 

 

 

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