Apple Hospitality REIT reports Q1 EPS 34c, consensus 34c

Reports Q1 revenue $329.5M, consensus $326.41M. Justin Knight, Chief Executive Officer of Apple Hospitality, commented, “In line with our expectations, Comparable Hotels RevPAR remained seasonally stable during the first quarter 2024, despite challenging year-over-year comparisons related to the Super Bowl and the unfavorable shift in timing of the Easter holiday, which was consistent with the industry overall and ahead of our blended chain scales for the quarter. Bolstered in part by the Easter holiday shift, and with growth in both weekday and weekend occupancies, preliminary results for our portfolio show Comparable Hotels RevPAR growth for the month of April 2024 above the high end of our full year guidance range. With continued strength in leisure demand, additional recovery in corporate demand and limited near-term supply growth, we believe operations will further strengthen throughout the year. Our revenue and asset management teams, together with our third-party operators, continue to work to maximize efficiencies and drive profitability across our hotels, achieving strong margins despite the current inflationary environment and ongoing wage pressures.”