RICHMOND, Va.--(BUSINESS WIRE)--
Apple Hospitality REIT, Inc. (NYSE: APLE) (the “Company” or “Apple
Hospitality”) today provided an update on operations at its hotels in
the path of Hurricane Michael.
“We are deeply saddened by the devastation of Hurricane Michael across
the Florida Panhandle,” said Justin Knight, President and Chief
Executive Officer of Apple Hospitality REIT. “We commend the operating
teams at our hotels for their courage during the storm and their
dedication to the well-being of our guests and associates. As recovery
from this storm moves forward, we will continue to support the ongoing
efforts of our operating teams to care for our guests, associates and
surrounding communities.”
Apple Hospitality’s two hotels in the Panama City, Florida area
sustained considerable wind- and water-related damage, as a result of
Hurricane Michael. Based on initial assessments and remediation efforts,
the Company anticipates its Hampton Inn & Suites by Hilton Panama City
Beach Pier Park Area and TownePlace Suites by Marriott Panama City may
be closed through the end of this year. The properties did not incur
significant structural damage; however, the devastation to the area has
lengthened the lead time for all remediation and repairs necessary for
the properties to reopen. Subject to applicable deductibles, the Company
anticipates coverage of losses from both property damage and business
interruption for these properties. The combined named windstorm
deductible for the two properties is less than $1 million. Preliminary
reports from initial property inspections at the Company’s other hotels
in the path of Hurricane Michael have indicated minor damage and
disruption. The Company remains focused on the welfare of guests and
associates at its hotels and will continue to assess the overall impact
as recovery continues. The Company maintains comprehensive insurance
coverage for property, business interruption and other risks with
respect to all of its hotels, with industry standard deductibles in each
of the locations.
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, select-service hotels in the United
States. Apple Hospitality’s portfolio consists of 241 hotels with more
than 30,700 guest rooms located in 88 markets throughout 34 states.
Franchised with industry-leading brands, the Company’s portfolio
comprises 115 Marriott-branded hotels and 126 Hilton-branded hotels. 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, 2017. 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.
For additional information or to receive press releases by email,
visit www.applehospitalityreit.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20181024005725/en/
Apple Hospitality REIT, Inc.
Kelly Clarke, Vice President, Investor
Relations
804‐727‐6321
kclarke@applereit.com
Source: Apple Hospitality REIT, Inc.