Apple Hospitality REIT, Inc. today announced results of operations for the fourth quarter and full year ended December 31, 2023.
Apple Hospitality REIT, Inc.
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Moving past Thanksgiving, U.S. hotel occupancy reached 54.2%, an expected increase of 4.8 percentage points (ppts) compared to the prior week but down 0.9 ppts versus last year. Average daily rate (ADR) increased 0.8% year over year (YoY), which was insufficient to grow RevPAR (-0.8%). Miami had a significant impact on performance this week due to the calendar shift of Art Basel, which resulted in a 50.6% RevPAR decrease for the market.
Article - Weekly Global Hotel Performance Trends from STR: 26 November - 2 December 2023 - Global occupancy, excluding the U.S., reached 66.8%, up 5.5ppts YoY and down slightly week over week (-1.9ppts). ADR reached US$131, up 7.3% YoY with RevPAR at US$87 (+17.0% YoY).
The results from New Jersey’s 2023 general election delivered fascinating insights into the state’s political landscape. All 120 seats in the Legislature were on the ballot, contested.