Apple Hospitality REIT reports 7.3% rise in third-quarter comparable hotels RevPAR
APLE•Apple Hospitality REIT reported third-quarter comparable hotel RevPAR growth of 7.3%. Adjusted hotel EBITDA rose 14.7% to $145.86 million, while modified funds from operations per share increased 16.3% to $0.50.
1. Third-quarter results
Apple Hospitality REIT said comparable hotel RevPAR grew 7.3% in the third quarter, exceeding operating expectations. Comparable hotel adjusted EBITDA rose 14.7% to $145.86 million, and its margin expanded 210 basis points to 37.1%; modified funds from operations per share increased 16.3% to $0.50.
2. Sales and credit
Five hotels were under contract for sale at a combined gross price of $71.8 million. The company reported $700 million in available revolving credit capacity and no significant debt maturities until 2029.
