0001564590-21-054504.txt : 20211104 0001564590-21-054504.hdr.sgml : 20211104 20211104161913 ACCESSION NUMBER: 0001564590-21-054504 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 63 CONFORMED PERIOD OF REPORT: 20210930 FILED AS OF DATE: 20211104 DATE AS OF CHANGE: 20211104 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Apple Hospitality REIT, Inc. CENTRAL INDEX KEY: 0001418121 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 261379210 STATE OF INCORPORATION: VA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-37389 FILM NUMBER: 211380271 BUSINESS ADDRESS: STREET 1: 814 EAST MAIN STREET CITY: RICHMOND STATE: VA ZIP: 23219 BUSINESS PHONE: 804.344.8121 MAIL ADDRESS: STREET 1: 814 EAST MAIN STREET CITY: RICHMOND STATE: VA ZIP: 23219 FORMER COMPANY: FORMER CONFORMED NAME: Apple REIT Nine, Inc. DATE OF NAME CHANGE: 20071109 10-Q 1 aple-10q_20210930.htm 10-Q aple-10q_20210930.htm
--12-31 false 0001418121 2021 Q3 1 P1Y P1Y 1 P1Y P1Y 2022-07-27 0.0140 0.0135 0.0135 0.0135 0.0165 0.0130 0.0170 0.0225 0.0220 0.0220 0.0220 0.0250 0.0210 0.0255 0.0360 0.0435 0001418121 2021-01-01 2021-09-30 xbrli:shares 0001418121 2021-11-01 iso4217:USD 0001418121 2021-09-30 0001418121 2020-12-31 0001418121 us-gaap:OccupancyMember 2021-07-01 2021-09-30 0001418121 us-gaap:OccupancyMember 2020-07-01 2020-09-30 0001418121 us-gaap:OccupancyMember 2021-01-01 2021-09-30 0001418121 us-gaap:OccupancyMember 2020-01-01 2020-09-30 0001418121 us-gaap:FoodAndBeverageMember 2021-07-01 2021-09-30 0001418121 us-gaap:FoodAndBeverageMember 2020-07-01 2020-09-30 0001418121 us-gaap:FoodAndBeverageMember 2021-01-01 2021-09-30 0001418121 us-gaap:FoodAndBeverageMember 2020-01-01 2020-09-30 0001418121 us-gaap:HotelOtherMember 2021-07-01 2021-09-30 0001418121 us-gaap:HotelOtherMember 2020-07-01 2020-09-30 0001418121 us-gaap:HotelOtherMember 2021-01-01 2021-09-30 0001418121 us-gaap:HotelOtherMember 2020-01-01 2020-09-30 0001418121 2021-07-01 2021-09-30 0001418121 2020-07-01 2020-09-30 0001418121 2020-01-01 2020-09-30 0001418121 aple:DirectOperatingMember 2021-07-01 2021-09-30 0001418121 aple:DirectOperatingMember 2020-07-01 2020-09-30 0001418121 aple:DirectOperatingMember 2021-01-01 2021-09-30 0001418121 aple:DirectOperatingMember 2020-01-01 2020-09-30 0001418121 aple:HotelAdministrativeMember 2021-07-01 2021-09-30 0001418121 aple:HotelAdministrativeMember 2020-07-01 2020-09-30 0001418121 aple:HotelAdministrativeMember 2021-01-01 2021-09-30 0001418121 aple:HotelAdministrativeMember 2020-01-01 2020-09-30 0001418121 aple:SalesAndMarketingMember 2021-07-01 2021-09-30 0001418121 aple:SalesAndMarketingMember 2020-07-01 2020-09-30 0001418121 aple:SalesAndMarketingMember 2021-01-01 2021-09-30 0001418121 aple:SalesAndMarketingMember 2020-01-01 2020-09-30 0001418121 us-gaap:PublicUtilitiesMember 2021-07-01 2021-09-30 0001418121 us-gaap:PublicUtilitiesMember 2020-07-01 2020-09-30 0001418121 us-gaap:PublicUtilitiesMember 2021-01-01 2021-09-30 0001418121 us-gaap:PublicUtilitiesMember 2020-01-01 2020-09-30 0001418121 aple:RepairAndMaintenanceMember 2021-07-01 2021-09-30 0001418121 aple:RepairAndMaintenanceMember 2020-07-01 2020-09-30 0001418121 aple:RepairAndMaintenanceMember 2021-01-01 2021-09-30 0001418121 aple:RepairAndMaintenanceMember 2020-01-01 2020-09-30 0001418121 us-gaap:RoyaltyMember 2021-07-01 2021-09-30 0001418121 us-gaap:RoyaltyMember 2020-07-01 2020-09-30 0001418121 us-gaap:RoyaltyMember 2021-01-01 2021-09-30 0001418121 us-gaap:RoyaltyMember 2020-01-01 2020-09-30 0001418121 us-gaap:ManagementServiceMember 2021-07-01 2021-09-30 0001418121 us-gaap:ManagementServiceMember 2020-07-01 2020-09-30 0001418121 us-gaap:ManagementServiceMember 2021-01-01 2021-09-30 0001418121 us-gaap:ManagementServiceMember 2020-01-01 2020-09-30 iso4217:USD xbrli:shares 0001418121 us-gaap:CommonStockMember 2021-06-30 0001418121 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-06-30 0001418121 us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember 2021-06-30 0001418121 2021-06-30 0001418121 us-gaap:CommonStockMember 2021-07-01 2021-09-30 0001418121 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-07-01 2021-09-30 0001418121 us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember 2021-07-01 2021-09-30 0001418121 us-gaap:CommonStockMember 2021-09-30 0001418121 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-09-30 0001418121 us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember 2021-09-30 0001418121 us-gaap:CommonStockMember 2020-06-30 0001418121 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-06-30 0001418121 us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember 2020-06-30 0001418121 2020-06-30 0001418121 us-gaap:CommonStockMember 2020-07-01 2020-09-30 0001418121 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-07-01 2020-09-30 0001418121 us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember 2020-07-01 2020-09-30 0001418121 us-gaap:CommonStockMember 2020-09-30 0001418121 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-09-30 0001418121 us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember 2020-09-30 0001418121 2020-09-30 0001418121 us-gaap:CommonStockMember 2020-12-31 0001418121 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-12-31 0001418121 us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember 2020-12-31 0001418121 us-gaap:CommonStockMember 2021-01-01 2021-09-30 0001418121 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-01-01 2021-09-30 0001418121 us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember 2021-01-01 2021-09-30 0001418121 us-gaap:CommonStockMember 2019-12-31 0001418121 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-12-31 0001418121 us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember 2019-12-31 0001418121 2019-12-31 0001418121 us-gaap:CommonStockMember 2020-01-01 2020-09-30 0001418121 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-01-01 2020-09-30 0001418121 us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember 2020-01-01 2020-09-30 0001418121 aple:Dispositions2021Member 2021-01-01 2021-09-30 0001418121 aple:Dispositions2020Member 2021-01-01 2021-09-30 0001418121 aple:SummaryMember 2021-01-01 2021-09-30 0001418121 aple:CreditFacilitiesMember 2021-01-01 2021-09-30 0001418121 aple:MortgageDebtMember 2021-01-01 2021-09-30 aple:Segment aple:Hotel aple:Room aple:State 0001418121 us-gaap:LandMember 2021-09-30 0001418121 us-gaap:LandMember 2020-12-31 0001418121 us-gaap:BuildingImprovementsMember 2021-09-30 0001418121 us-gaap:BuildingImprovementsMember 2020-12-31 0001418121 aple:FurnitureFixturesAndEquipmentMember 2021-09-30 0001418121 aple:FurnitureFixturesAndEquipmentMember 2020-12-31 0001418121 aple:FinanceGroundLeaseAssetsMember 2021-09-30 0001418121 aple:FinanceGroundLeaseAssetsMember 2020-12-31 0001418121 aple:FranchiseFeesMember 2021-09-30 0001418121 aple:FranchiseFeesMember 2020-12-31 0001418121 aple:HotelAcquisitionsMember 2021-06-30 0001418121 aple:HiltonGardenInnMadisonStateWIMember aple:HotelAcquisitionsMember 2021-01-01 2021-09-30 0001418121 aple:ACHotelsPortlandMEMember aple:HotelAcquisitionsMember 2021-01-01 2021-09-30 0001418121 aple:HyattPlaceGreenvilleSCMember aple:HotelAcquisitionsMember 2021-01-01 2021-09-30 0001418121 aple:AloftPortlandMEMember aple:HotelAcquisitionsMember 2021-01-01 2021-09-30 0001418121 aple:HiltonGardenInnMadisonStateWIMember aple:HotelAcquisitionsMember 2021-09-30 0001418121 aple:ACHotelsPortlandMEMember aple:HotelAcquisitionsMember 2021-09-30 0001418121 aple:HyattPlaceGreenvilleSCMember aple:HotelAcquisitionsMember 2021-09-30 0001418121 aple:AloftPortlandMEMember aple:HotelAcquisitionsMember 2021-09-30 0001418121 aple:HotelAcquisitionsMember 2021-09-30 0001418121 aple:HotelAcquisitionsMember 2021-01-01 2021-09-30 0001418121 aple:HotelAcquisitionsMember 2020-12-31 0001418121 aple:HotelAcquisitionsMember 2020-09-30 0001418121 aple:HamptonCapeCanaveralFLMember aple:HotelAcquisitionsMember 2020-01-01 2020-12-31 0001418121 aple:Home2SuitesCapeCanaveralFLMember aple:HotelAcquisitionsMember 2020-01-01 2020-12-31 0001418121 aple:HyattHouseTempeAZMember aple:HotelAcquisitionsMember 2020-01-01 2020-12-31 0001418121 aple:HyattPlaceTempeAZMember aple:HotelAcquisitionsMember 2020-01-01 2020-12-31 0001418121 aple:HamptonCapeCanaveralFLMember aple:HotelAcquisitionsMember 2020-12-31 0001418121 aple:Home2SuitesCapeCanaveralFLMember aple:HotelAcquisitionsMember 2020-12-31 0001418121 aple:HyattHouseTempeAZMember aple:HotelAcquisitionsMember 2020-12-31 0001418121 aple:HyattPlaceTempeAZMember aple:HotelAcquisitionsMember 2020-12-31 0001418121 aple:HotelAcquisitionsMember 2020-01-01 2020-12-31 0001418121 aple:HotelAcquisitionsMember aple:HamptonAndHome2SuitesCapeCanaveralFLMember 2020-04-30 2020-04-30 0001418121 aple:HotelAcquisitionsMember aple:HamptonAndHome2SuitesCapeCanaveralFLMember 2020-04-30 0001418121 aple:HotelAcquisitionsMember aple:HamptonAndHome2SuitesCapeCanaveralFLMember 2021-01-01 2021-09-30 xbrli:pure 0001418121 aple:HotelAcquisitionsMember aple:HamptonAndHome2SuitesCapeCanaveralFLMember us-gaap:LondonInterbankOfferedRateLIBORMember us-gaap:DebtInstrumentRedemptionPeriodOneMember 2020-04-30 2020-04-30 0001418121 aple:HotelAcquisitionsMember aple:HamptonAndHome2SuitesCapeCanaveralFLMember us-gaap:LondonInterbankOfferedRateLIBORMember us-gaap:DebtInstrumentRedemptionPeriodTwoMember 2020-04-30 2020-04-30 0001418121 aple:HotelAcquisitionsMember aple:HamptonAndHome2SuitesCapeCanaveralFLMember 2020-07-01 2020-07-31 0001418121 aple:HotelAcquisitionsMember 2020-01-01 2020-09-30 0001418121 aple:ResidenceInnSeattleWashingtonMember 2021-08-16 2021-08-16 0001418121 aple:ResidenceInnSeattleWashingtonMember 2021-08-16 aple:Contract 0001418121 aple:HotelsUnderPurchaseContractMember 2021-09-30 0001418121 aple:HotelsUnderPurchaseContractMember 2021-01-01 2021-09-30 0001418121 aple:HotelsUnderPurchaseContractMember us-gaap:ConstructionInProgressMember 2021-01-01 2021-09-30 0001418121 aple:HotelsUnderPurchaseContractMember aple:EmbassySuitesMadisonWIMember 2021-01-01 2021-09-30 0001418121 aple:HotelsUnderPurchaseContractMember aple:HiltonGardenInnMemphisTNMember 2021-01-01 2021-09-30 0001418121 aple:HotelsUnderPurchaseContractMember aple:HiltonGardenInnFortWorthTxMember 2021-01-01 2021-09-30 0001418121 aple:HotelsUnderPurchaseContractMember aple:HomeWoodSuitesFortWorthTxMember 2021-01-01 2021-09-30 0001418121 aple:HotelsUnderPurchaseContractMember aple:HamptonPortlandORMember 2021-01-01 2021-09-30 0001418121 aple:HotelsUnderPurchaseContractMember aple:EmbassySuitesMadisonWIMember 2021-09-30 0001418121 aple:HotelsUnderPurchaseContractMember aple:HiltonGardenInnMemphisTNMember 2021-09-30 0001418121 aple:HotelsUnderPurchaseContractMember aple:HiltonGardenInnFortWorthTxMember 2021-09-30 0001418121 aple:HotelsUnderPurchaseContractMember aple:HomeWoodSuitesFortWorthTxMember 2021-09-30 0001418121 aple:HotelsUnderPurchaseContractMember aple:HamptonPortlandORMember 2021-09-30 0001418121 us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember 2021-09-30 aple:Transaction 0001418121 us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember 2021-01-01 2021-09-30 0001418121 aple:HomewoodSuitesCharlotteNCMember 2021-01-01 2021-09-30 0001418121 aple:HomewoodSuitesMemphisTNMember 2021-01-01 2021-09-30 0001418121 aple:SpringHillSuitesOverlandParkKSMember 2021-01-01 2021-09-30 0001418121 aple:HiltonGardenInnMontgomeryALMember 2021-01-01 2021-09-30 0001418121 aple:HomewoodSuitesMontgomeryALMember 2021-01-01 2021-09-30 0001418121 aple:ResidenceInnRogersARMember 2021-01-01 2021-09-30 0001418121 aple:CourtyardPhoenixAZMember 2021-01-01 2021-09-30 0001418121 aple:CourtyardLakelandFLMember 2021-01-01 2021-09-30 0001418121 aple:FairfieldAlbanyGAMember 2021-01-01 2021-09-30 0001418121 aple:HiltonGardenInnSchaumburgILMember 2021-01-01 2021-09-30 0001418121 aple:SpringHillSuitesAndoverMAMember 2021-01-01 2021-09-30 0001418121 aple:ResidenceInnFayettevilleNCMember 2021-01-01 2021-09-30 0001418121 aple:ResidenceInnGreenvilleSCMember 2021-01-01 2021-09-30 0001418121 aple:HamptonJacksonTNMember 2021-01-01 2021-09-30 0001418121 aple:CourtyardJohnsonCityTNMember 2021-01-01 2021-09-30 0001418121 aple:HamptonAllenTXMember 2021-01-01 2021-09-30 0001418121 aple:HiltonGardenInnAllenTXMember 2021-01-01 2021-09-30 0001418121 aple:ResidenceInnBeaumontTXMember 2021-01-01 2021-09-30 0001418121 aple:HamptonBurlesonFortWorthTXMember 2021-01-01 2021-09-30 0001418121 aple:HiltonGardenInnElPasoTXMember 2021-01-01 2021-09-30 0001418121 aple:HomewoodSuitesIrvingTXMember 2021-01-01 2021-09-30 0001418121 aple:SpringHillSuitesRichmondVAMember 2021-01-01 2021-09-30 0001418121 aple:SpringHillSuitesVancouverWAMember 2021-01-01 2021-09-30 0001418121 us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember 2020-12-31 0001418121 us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember 2020-01-01 2020-12-31 0001418121 aple:SpringHillSuitesSanfordFLMember 2020-01-01 2020-12-31 0001418121 aple:SpringHillSuitesBoiseIDMember 2020-01-01 2020-12-31 0001418121 aple:HamptonTulareCAMember 2020-01-01 2020-12-31 0001418121 2020-01-01 2020-12-31 0001418121 aple:HotelsSoldMember 2021-01-01 2021-09-30 0001418121 aple:HotelsSoldMember 2020-01-01 2020-09-30 0001418121 aple:HotelsSoldMember 2020-01-01 2021-09-30 0001418121 aple:HotelSaleContractsAndLossOnImpairmentOfDepreciableRealEstateAssetsMember 2021-03-31 0001418121 aple:HotelSaleContractsAndLossOnImpairmentOfDepreciableRealEstateAssetsMember 2021-04-01 2021-04-30 0001418121 aple:HotelSaleContractsAndLossOnImpairmentOfDepreciableRealEstateAssetsMember 2021-01-01 2021-03-31 0001418121 us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember aple:SpringHillSuitesOverlandParkKSMember 2021-02-01 2021-02-28 0001418121 us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember aple:SpringHillSuitesOverlandParkKSMember 2021-01-01 2021-03-31 0001418121 us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember aple:HomewoodSuitesMemphisTNMember 2020-01-01 2020-06-30 0001418121 us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember aple:HomewoodSuitesMemphisTNMember 2020-06-30 0001418121 us-gaap:LineOfCreditMember 2021-01-01 2021-09-30 0001418121 aple:UnsecuredCreditFacilityMember 2021-03-01 0001418121 aple:Million850UnsecuredCreditFacilityMember 2021-09-30 0001418121 aple:Million850UnsecuredCreditFacilityMember aple:Million425UnsecuredRevolvingCreditFacilityMember 2021-09-30 0001418121 aple:Million850UnsecuredCreditFacilityMember aple:Million425UnsecuredRevolvingCreditFacilityMember 2021-01-01 2021-09-30 0001418121 aple:Million850UnsecuredCreditFacilityMember aple:Million425UnsecuredTermLoanFacilityMember 2021-09-30 aple:Loan 0001418121 aple:Million850UnsecuredCreditFacilityMember aple:Million425UnsecuredTermLoanFacilityMember 2021-01-01 2021-09-30 0001418121 aple:Million850UnsecuredCreditFacilityMember aple:Million425UnsecuredTermLoanFacilityMember aple:Million200UnsecuredTermLoanMember 2021-09-30 0001418121 aple:Million850UnsecuredCreditFacilityMember aple:Million425UnsecuredTermLoanFacilityMember aple:Million200UnsecuredTermLoanMember 2021-01-01 2021-09-30 0001418121 aple:Million850UnsecuredCreditFacilityMember aple:Million425UnsecuredTermLoanFacilityMember aple:Million225UnsecuredTermLoanMember 2021-09-30 0001418121 aple:Million850UnsecuredCreditFacilityMember aple:Million425UnsecuredTermLoanFacilityMember aple:Million225UnsecuredTermLoanMember 2021-01-01 2021-09-30 0001418121 aple:Million850UnsecuredCreditFacilityMember 2021-01-01 2021-09-30 0001418121 srt:MinimumMember aple:Million850UnsecuredCreditFacilityMember us-gaap:LondonInterbankOfferedRateLIBORMember 2021-01-01 2021-09-30 0001418121 srt:MaximumMember aple:Million850UnsecuredCreditFacilityMember us-gaap:LondonInterbankOfferedRateLIBORMember 2021-01-01 2021-09-30 0001418121 srt:MinimumMember aple:Million850UnsecuredCreditFacilityMember aple:Million425UnsecuredRevolvingCreditFacilityMember 2021-01-01 2021-09-30 0001418121 srt:MaximumMember aple:Million850UnsecuredCreditFacilityMember aple:Million425UnsecuredRevolvingCreditFacilityMember 2021-01-01 2021-09-30 0001418121 aple:Million225UnsecuredTermLoanFacilityMember 2021-09-30 0001418121 aple:Million225UnsecuredTermLoanFacilityMember aple:Million50UnsecuredTermLoanMember 2021-09-30 0001418121 aple:Million225UnsecuredTermLoanFacilityMember aple:Million50UnsecuredTermLoanMember 2021-01-01 2021-09-30 0001418121 aple:Million225UnsecuredTermLoanFacilityMember aple:Million175UnsecuredTermLoanMember 2021-09-30 0001418121 aple:Million225UnsecuredTermLoanFacilityMember aple:Million175UnsecuredTermLoanMember 2021-01-01 2021-09-30 0001418121 aple:Million225UnsecuredTermLoanFacilityMember 2021-01-01 2021-09-30 0001418121 srt:MinimumMember aple:Million225UnsecuredTermLoanFacilityMember us-gaap:LondonInterbankOfferedRateLIBORMember 2021-01-01 2021-09-30 0001418121 srt:MaximumMember aple:Million225UnsecuredTermLoanFacilityMember us-gaap:LondonInterbankOfferedRateLIBORMember 2021-01-01 2021-09-30 0001418121 aple:Million85UnsecuredTermLoanFacility2017Member 2017-07-25 0001418121 aple:Million85UnsecuredTermLoanFacility2017Member 2017-07-25 2017-07-25 0001418121 aple:Million85UnsecuredTermLoanFacility2017Member 2021-01-01 2021-09-30 0001418121 aple:LIBORInterestRateMarginMember srt:MinimumMember aple:Million85UnsecuredTermLoanFacility2017Member 2021-01-01 2021-09-30 0001418121 aple:LIBORInterestRateMarginMember srt:MaximumMember aple:Million85UnsecuredTermLoanFacility2017Member 2021-01-01 2021-09-30 0001418121 aple:Million85UnsecuredTermLoanFacility2019Member 2019-12-31 0001418121 aple:Million85UnsecuredTermLoanFacility2019Member 2019-12-30 2019-12-31 0001418121 aple:Million85UnsecuredTermLoanFacility2019Member 2021-01-01 2021-09-30 0001418121 us-gaap:LondonInterbankOfferedRateLIBORMember aple:Million85UnsecuredTermLoanFacility2019Member srt:MinimumMember 2021-01-01 2021-09-30 0001418121 us-gaap:LondonInterbankOfferedRateLIBORMember aple:Million85UnsecuredTermLoanFacility2019Member srt:MaximumMember 2021-01-01 2021-09-30 0001418121 aple:Million50SeniorNotesMember 2020-03-16 0001418121 aple:Million50SeniorNotesMember 2020-03-16 2020-03-16 0001418121 aple:Million50SeniorNotesMember srt:MinimumMember 2021-09-30 0001418121 aple:Million50SeniorNotesMember srt:MaximumMember 2021-09-30 0001418121 us-gaap:RevolvingCreditFacilityMember 2021-01-01 2021-09-30 0001418121 aple:Million200TermLoanMember 2021-01-01 2021-09-30 0001418121 aple:Million225TermLoanMember 2021-01-01 2021-09-30 0001418121 aple:TermLoan50MillionMember 2021-01-01 2021-09-30 0001418121 aple:Million175TermLoanMember 2021-01-01 2021-09-30 0001418121 aple:Million85TermLoan2017Member 2021-01-01 2021-09-30 0001418121 aple:Million85UnsecuredTermLoanFacility2019Member 2021-01-01 2021-09-30 0001418121 aple:Million50SeniorNotesMember 2021-01-01 2021-09-30 0001418121 us-gaap:RevolvingCreditFacilityMember us-gaap:LondonInterbankOfferedRateLIBORMember srt:MinimumMember 2021-01-01 2021-09-30 0001418121 aple:Million200TermLoanMember us-gaap:LondonInterbankOfferedRateLIBORMember srt:MinimumMember 2021-01-01 2021-09-30 0001418121 aple:Million225TermLoanMember us-gaap:LondonInterbankOfferedRateLIBORMember srt:MinimumMember 2021-01-01 2021-09-30 0001418121 aple:TermLoan50MillionMember us-gaap:LondonInterbankOfferedRateLIBORMember srt:MinimumMember 2021-01-01 2021-09-30 0001418121 aple:Million175TermLoanMember us-gaap:LondonInterbankOfferedRateLIBORMember srt:MinimumMember 2021-01-01 2021-09-30 0001418121 aple:Million85TermLoan2017Member us-gaap:LondonInterbankOfferedRateLIBORMember srt:MinimumMember 2021-01-01 2021-09-30 0001418121 aple:Million85UnsecuredTermLoanFacility2019Member us-gaap:LondonInterbankOfferedRateLIBORMember srt:MinimumMember 2021-01-01 2021-09-30 0001418121 us-gaap:RevolvingCreditFacilityMember us-gaap:LondonInterbankOfferedRateLIBORMember srt:MaximumMember 2021-01-01 2021-09-30 0001418121 aple:Million200TermLoanMember us-gaap:LondonInterbankOfferedRateLIBORMember srt:MaximumMember 2021-01-01 2021-09-30 0001418121 aple:Million225TermLoanMember us-gaap:LondonInterbankOfferedRateLIBORMember srt:MaximumMember 2021-01-01 2021-09-30 0001418121 aple:TermLoan50MillionMember us-gaap:LondonInterbankOfferedRateLIBORMember srt:MaximumMember 2021-01-01 2021-09-30 0001418121 aple:Million175TermLoanMember us-gaap:LondonInterbankOfferedRateLIBORMember srt:MaximumMember 2021-01-01 2021-09-30 0001418121 aple:Million85TermLoan2017Member us-gaap:LondonInterbankOfferedRateLIBORMember srt:MaximumMember 2021-01-01 2021-09-30 0001418121 aple:Million85UnsecuredTermLoanFacility2019Member us-gaap:LondonInterbankOfferedRateLIBORMember srt:MaximumMember 2021-01-01 2021-09-30 0001418121 aple:Million50SeniorNotesMember srt:MinimumMember 2021-09-30 0001418121 aple:Million50SeniorNotesMember srt:MaximumMember 2021-09-30 0001418121 aple:Million200TermLoanMember 2021-09-30 0001418121 aple:Million225TermLoanMember 2021-09-30 0001418121 aple:TermLoan50MillionMember 2021-09-30 0001418121 aple:Million175TermLoanMember 2021-09-30 0001418121 aple:Million85TermLoan2017Member 2021-09-30 0001418121 aple:Million85UnsecuredTermLoanFacility2019Member 2021-09-30 0001418121 aple:Million50SeniorNotesMember 2021-09-30 0001418121 us-gaap:RevolvingCreditFacilityMember 2020-12-31 0001418121 aple:Million200TermLoanMember 2020-12-31 0001418121 aple:Million225TermLoanMember 2020-12-31 0001418121 aple:TermLoan50MillionMember 2020-12-31 0001418121 aple:Million175TermLoanMember 2020-12-31 0001418121 aple:Million85TermLoan2017Member 2020-12-31 0001418121 aple:Million85UnsecuredTermLoanFacility2019Member 2020-12-31 0001418121 aple:Million50SeniorNotesMember 2020-12-31 0001418121 aple:TermLoansAndSeniorLoansNetMember 2021-09-30 0001418121 aple:TermLoansAndSeniorLoansNetMember 2020-12-31 0001418121 aple:CreditFacilitiesNetMember 2021-09-30 0001418121 aple:CreditFacilitiesNetMember 2020-12-31 0001418121 aple:UnsecuredCreditFacilityMember 2021-01-01 2021-09-30 0001418121 aple:RevolvingCreditFacilitiesMember 2021-09-30 0001418121 aple:RevolvingCreditFacilitiesMember 2020-12-31 0001418121 aple:OutstandingVariableRateDebtEffectivelyFixedByInterestRateSwapsMember 2021-09-30 0001418121 aple:OutstandingVariableRateDebtEffectivelyFixedByInterestRateSwapsMember 2020-12-31 0001418121 us-gaap:LondonInterbankOfferedRateLIBORMember 2021-09-30 0001418121 us-gaap:LondonInterbankOfferedRateLIBORMember 2020-12-31 0001418121 aple:RevolvingCreditFacilitiesMember 2021-01-01 2021-09-30 0001418121 aple:MortgageDebtMember 2021-09-30 aple:Hotel_Property 0001418121 aple:MortgageDebtMember srt:MinimumMember 2021-09-30 0001418121 aple:MortgageDebtMember srt:MaximumMember 2021-09-30 0001418121 aple:HamptonColoradoSpringsCOMember 2021-09-30 0001418121 aple:CourtyardFranklinTNMember 2021-09-30 0001418121 aple:ResidenceInnFranklinTNMember 2021-09-30 0001418121 aple:ResidenceInnSeattleWashingtonMember 2021-09-30 0001418121 aple:HiltonGardenInnGrapevineTXMember 2021-09-30 0001418121 aple:CourtyardCollegevillePhiladelphiaPAMember 2021-09-30 0001418121 aple:CourtyardHattiesburgMSMember 2021-09-30 0001418121 aple:CourtyardKirklandWAMember 2021-09-30 0001418121 aple:CourtyardRanchoBernardoSanDiegoCAMember 2021-09-30 0001418121 aple:ResidenceInnSeattleWAMember 2021-09-30 0001418121 aple:EmbassySuitesAnchorageAKMember 2021-09-30 0001418121 aple:CourtyardSomersetNJMember 2021-09-30 0001418121 aple:HomewoodSuitesTukwilaWAMember 2021-09-30 0001418121 aple:HomewoodSuitesHuntsvilleALMember 2021-09-30 0001418121 aple:CourtyardPrattvilleALMember 2021-09-30 0001418121 aple:ResidenceInnSanDiegoCAMember 2021-09-30 0001418121 aple:HomewoodSuitesMiamiFLMember 2021-09-30 0001418121 aple:HomewoodSuitesNewOrleansLAMember 2021-09-30 0001418121 aple:ResidenceInnWestfordMAMember 2021-09-30 0001418121 aple:HiltonGardenInnDenverCOMember 2021-09-30 0001418121 aple:CourtyardOceansideCAMember 2021-09-30 0001418121 aple:HiltonGardenInnOmahaNEMember 2021-09-30 0001418121 aple:HamptonBoiseIDMember 2021-09-30 0001418121 aple:CourtyardBurbankCAMember 2021-09-30 0001418121 aple:CourtyardSanDiegoCAMember 2021-09-30 0001418121 aple:HamptonSanDiegoCAMember 2021-09-30 0001418121 aple:SpringHillSuitesBurbankCAMember 2021-09-30 0001418121 aple:CourtyardSantaAnaCAMember 2021-09-30 0001418121 aple:CourtyardRichmondVAMember 2021-09-30 0001418121 aple:ResidenceInnRichmondVAMember 2021-09-30 0001418121 aple:ResidenceInnPortlandMEMember 2021-09-30 0001418121 aple:HomewoodSuitesSanJoseCAMember 2021-09-30 0001418121 aple:HamptonCapeCanaveralFLMember 2021-01-01 2021-09-30 0001418121 aple:Home2SuitesCapeCanaveralFLMember 2021-01-01 2021-09-30 0001418121 aple:HamptonColoradoSpringsCOMember 2021-01-01 2021-09-30 0001418121 aple:CourtyardFranklinTNMember 2021-01-01 2021-09-30 0001418121 aple:ResidenceInnFranklinTNMember 2021-01-01 2021-09-30 0001418121 aple:ResidenceInnSeattleWashingtonMember 2021-01-01 2021-09-30 0001418121 aple:HiltonGardenInnGrapevineTXMember 2021-01-01 2021-09-30 0001418121 aple:CourtyardCollegevillePhiladelphiaPAMember 2021-01-01 2021-09-30 0001418121 aple:CourtyardHattiesburgMSMember 2021-01-01 2021-09-30 0001418121 aple:CourtyardKirklandWAMember 2021-01-01 2021-09-30 0001418121 aple:CourtyardRanchoBernardoSanDiegoCAMember 2021-01-01 2021-09-30 0001418121 aple:ResidenceInnSeattleWAMember 2021-01-01 2021-09-30 0001418121 aple:EmbassySuitesAnchorageAKMember 2021-01-01 2021-09-30 0001418121 aple:CourtyardSomersetNJMember 2021-01-01 2021-09-30 0001418121 aple:HomewoodSuitesTukwilaWAMember 2021-01-01 2021-09-30 0001418121 aple:HomewoodSuitesHuntsvilleALMember 2021-01-01 2021-09-30 0001418121 aple:CourtyardPrattvilleALMember 2021-01-01 2021-09-30 0001418121 aple:ResidenceInnSanDiegoCAMember 2021-01-01 2021-09-30 0001418121 aple:HomewoodSuitesMiamiFLMember 2021-01-01 2021-09-30 0001418121 aple:HomewoodSuitesNewOrleansLAMember 2021-01-01 2021-09-30 0001418121 aple:ResidenceInnWestfordMAMember 2021-01-01 2021-09-30 0001418121 aple:HiltonGardenInnDenverCOMember 2021-01-01 2021-09-30 0001418121 aple:CourtyardOceansideCAMember 2021-01-01 2021-09-30 0001418121 aple:HiltonGardenInnOmahaNEMember 2021-01-01 2021-09-30 0001418121 aple:HamptonBoiseIDMember 2021-01-01 2021-09-30 0001418121 aple:CourtyardBurbankCAMember 2021-01-01 2021-09-30 0001418121 aple:CourtyardSanDiegoCAMember 2021-01-01 2021-09-30 0001418121 aple:HamptonSanDiegoCAMember 2021-01-01 2021-09-30 0001418121 aple:SpringHillSuitesBurbankCAMember 2021-01-01 2021-09-30 0001418121 aple:CourtyardSantaAnaCAMember 2021-01-01 2021-09-30 0001418121 aple:CourtyardRichmondVAMember 2021-01-01 2021-09-30 0001418121 aple:ResidenceInnRichmondVAMember 2021-01-01 2021-09-30 0001418121 aple:ResidenceInnPortlandMEMember 2021-01-01 2021-09-30 0001418121 aple:HomewoodSuitesSanJoseCAMember 2021-01-01 2021-09-30 0001418121 aple:HamptonCapeCanaveralFLMember 2021-09-30 0001418121 aple:Home2SuitesCapeCanaveralFLMember 2021-09-30 0001418121 aple:AggregatePropertiesMember 2021-09-30 0001418121 aple:HamptonCapeCanaveralFLMember 2020-12-31 0001418121 aple:Home2SuitesCapeCanaveralFLMember 2020-12-31 0001418121 aple:HamptonColoradoSpringsCOMember 2020-12-31 0001418121 aple:CourtyardFranklinTNMember 2020-12-31 0001418121 aple:ResidenceInnFranklinTNMember 2020-12-31 0001418121 aple:HiltonGardenInnGrapevineTXMember 2020-12-31 0001418121 aple:CourtyardCollegevillePhiladelphiaPAMember 2020-12-31 0001418121 aple:CourtyardHattiesburgMSMember 2020-12-31 0001418121 aple:CourtyardKirklandWAMember 2020-12-31 0001418121 aple:CourtyardRanchoBernardoSanDiegoCAMember 2020-12-31 0001418121 aple:ResidenceInnSeattleWAMember 2020-12-31 0001418121 aple:EmbassySuitesAnchorageAKMember 2020-12-31 0001418121 aple:CourtyardSomersetNJMember 2020-12-31 0001418121 aple:HomewoodSuitesTukwilaWAMember 2020-12-31 0001418121 aple:HomewoodSuitesHuntsvilleALMember 2020-12-31 0001418121 aple:CourtyardPrattvilleALMember 2020-12-31 0001418121 aple:ResidenceInnSanDiegoCAMember 2020-12-31 0001418121 aple:HomewoodSuitesMiamiFLMember 2020-12-31 0001418121 aple:HomewoodSuitesNewOrleansLAMember 2020-12-31 0001418121 aple:ResidenceInnWestfordMAMember 2020-12-31 0001418121 aple:HiltonGardenInnDenverCOMember 2020-12-31 0001418121 aple:CourtyardOceansideCAMember 2020-12-31 0001418121 aple:HiltonGardenInnOmahaNEMember 2020-12-31 0001418121 aple:HamptonBoiseIDMember 2020-12-31 0001418121 aple:CourtyardBurbankCAMember 2020-12-31 0001418121 aple:CourtyardSanDiegoCAMember 2020-12-31 0001418121 aple:HamptonSanDiegoCAMember 2020-12-31 0001418121 aple:SpringHillSuitesBurbankCAMember 2020-12-31 0001418121 aple:CourtyardSantaAnaCAMember 2020-12-31 0001418121 aple:CourtyardRichmondVAMember 2020-12-31 0001418121 aple:ResidenceInnRichmondVAMember 2020-12-31 0001418121 aple:ResidenceInnPortlandMEMember 2020-12-31 0001418121 aple:HomewoodSuitesSanJoseCAMember 2020-12-31 0001418121 aple:AggregatePropertiesMember 2020-12-31 0001418121 us-gaap:LondonInterbankOfferedRateLIBORMember aple:MortgageDebtMember 2021-01-01 2021-09-30 0001418121 aple:MortgageDebtMember aple:HamptonAndHome2SuitesCapeCanaveralFLMember 2021-09-30 0001418121 aple:MortgageDebtMember aple:HamptonAndHome2SuitesCapeCanaveralFLMember 2020-07-01 2020-07-31 0001418121 aple:InterestRateSwap1Member us-gaap:DesignatedAsHedgingInstrumentMember 2021-09-30 0001418121 aple:InterestRateSwap2Member us-gaap:DesignatedAsHedgingInstrumentMember 2021-09-30 0001418121 aple:InterestRateSwap3Member us-gaap:DesignatedAsHedgingInstrumentMember 2021-09-30 0001418121 aple:InterestRateSwap4Member us-gaap:DesignatedAsHedgingInstrumentMember 2021-09-30 0001418121 aple:InterestRateSwap5Member us-gaap:DesignatedAsHedgingInstrumentMember 2021-09-30 0001418121 aple:InterestRateSwap6Member us-gaap:DesignatedAsHedgingInstrumentMember 2021-09-30 0001418121 aple:InterestRateSwap7Member us-gaap:DesignatedAsHedgingInstrumentMember 2021-09-30 0001418121 aple:InterestRateSwap8Member us-gaap:DesignatedAsHedgingInstrumentMember 2021-09-30 0001418121 aple:InterestRateSwap9Member us-gaap:DesignatedAsHedgingInstrumentMember 2021-09-30 0001418121 aple:InterestRateSwap10Member us-gaap:DesignatedAsHedgingInstrumentMember 2021-09-30 0001418121 aple:InterestRateSwap11Member us-gaap:DesignatedAsHedgingInstrumentMember 2021-09-30 0001418121 aple:InterestRateSwap12Member us-gaap:DesignatedAsHedgingInstrumentMember 2021-09-30 0001418121 aple:InterestRateSwap13Member us-gaap:DesignatedAsHedgingInstrumentMember 2021-09-30 0001418121 us-gaap:DesignatedAsHedgingInstrumentMember 2021-09-30 0001418121 aple:InterestRateSwap14Member us-gaap:NondesignatedMember 2021-09-30 0001418121 aple:InterestRateSwap1Member us-gaap:DesignatedAsHedgingInstrumentMember 2021-01-01 2021-09-30 0001418121 aple:InterestRateSwap2Member us-gaap:DesignatedAsHedgingInstrumentMember 2021-01-01 2021-09-30 0001418121 aple:InterestRateSwap3Member us-gaap:DesignatedAsHedgingInstrumentMember 2021-01-01 2021-09-30 0001418121 aple:InterestRateSwap4Member us-gaap:DesignatedAsHedgingInstrumentMember 2021-01-01 2021-09-30 0001418121 aple:InterestRateSwap5Member us-gaap:DesignatedAsHedgingInstrumentMember 2021-01-01 2021-09-30 0001418121 aple:InterestRateSwap6Member us-gaap:DesignatedAsHedgingInstrumentMember 2021-01-01 2021-09-30 0001418121 aple:InterestRateSwap7Member us-gaap:DesignatedAsHedgingInstrumentMember 2021-01-01 2021-09-30 0001418121 aple:InterestRateSwap8Member us-gaap:DesignatedAsHedgingInstrumentMember 2021-01-01 2021-09-30 0001418121 aple:InterestRateSwap9Member us-gaap:DesignatedAsHedgingInstrumentMember 2021-01-01 2021-09-30 0001418121 aple:InterestRateSwap10Member us-gaap:DesignatedAsHedgingInstrumentMember 2021-01-01 2021-09-30 0001418121 aple:InterestRateSwap11Member us-gaap:DesignatedAsHedgingInstrumentMember 2021-01-01 2021-09-30 0001418121 aple:InterestRateSwap12Member us-gaap:DesignatedAsHedgingInstrumentMember 2021-01-01 2021-09-30 0001418121 aple:InterestRateSwap13Member us-gaap:DesignatedAsHedgingInstrumentMember 2021-01-01 2021-09-30 0001418121 aple:InterestRateSwap14Member us-gaap:NondesignatedMember 2021-01-01 2021-09-30 0001418121 aple:InterestRateSwap1Member us-gaap:DesignatedAsHedgingInstrumentMember 2020-12-31 0001418121 aple:InterestRateSwap2Member us-gaap:DesignatedAsHedgingInstrumentMember 2020-12-31 0001418121 aple:InterestRateSwap3Member us-gaap:DesignatedAsHedgingInstrumentMember 2020-12-31 0001418121 aple:InterestRateSwap4Member us-gaap:DesignatedAsHedgingInstrumentMember 2020-12-31 0001418121 aple:InterestRateSwap5Member us-gaap:DesignatedAsHedgingInstrumentMember 2020-12-31 0001418121 aple:InterestRateSwap6Member us-gaap:DesignatedAsHedgingInstrumentMember 2020-12-31 0001418121 aple:InterestRateSwap7Member us-gaap:DesignatedAsHedgingInstrumentMember 2020-12-31 0001418121 aple:InterestRateSwap8Member us-gaap:DesignatedAsHedgingInstrumentMember 2020-12-31 0001418121 aple:InterestRateSwap9Member us-gaap:DesignatedAsHedgingInstrumentMember 2020-12-31 0001418121 aple:InterestRateSwap10Member us-gaap:DesignatedAsHedgingInstrumentMember 2020-12-31 0001418121 aple:InterestRateSwap11Member us-gaap:DesignatedAsHedgingInstrumentMember 2020-12-31 0001418121 aple:InterestRateSwap12Member us-gaap:DesignatedAsHedgingInstrumentMember 2020-12-31 0001418121 aple:InterestRateSwap13Member us-gaap:DesignatedAsHedgingInstrumentMember 2020-12-31 0001418121 us-gaap:DesignatedAsHedgingInstrumentMember 2020-12-31 0001418121 aple:InterestRateSwap14Member us-gaap:NondesignatedMember 2020-12-31 aple:Derivative_Instrument 0001418121 us-gaap:DesignatedAsHedgingInstrumentMember 2021-01-01 2021-09-30 0001418121 aple:ReimbursementReceivedFromRelatedPartiesForTheirProportionateShareOfStaffingAndOfficeRelatedCostsProvidedByAppleHospitalityMember 2021-01-01 2021-09-30 0001418121 aple:ReimbursementReceivedFromRelatedPartiesForTheirProportionateShareOfStaffingAndOfficeRelatedCostsProvidedByAppleHospitalityMember 2020-01-01 2020-09-30 0001418121 aple:CostSharingArrangementMember srt:MaximumMember 2021-01-01 2021-09-30 0001418121 aple:ReimbursementReceivedFromRelatedPartiesForTheirProportionateShareOfStaffingAndOfficeRelatedCostsProvidedByAppleHospitalityMember 2021-09-30 0001418121 aple:ReimbursementReceivedFromRelatedPartiesForTheirProportionateShareOfStaffingAndOfficeRelatedCostsProvidedByAppleHospitalityMember 2020-12-31 0001418121 aple:CostSharingArrangementMember 2021-01-01 2021-09-30 0001418121 aple:AircraftOwnedByExecutiveOfficersMember us-gaap:GeneralAndAdministrativeExpenseMember 2021-01-01 2021-09-30 0001418121 aple:AircraftOwnedByExecutiveOfficersMember us-gaap:GeneralAndAdministrativeExpenseMember 2020-01-01 2020-09-30 0001418121 2019-01-01 2019-12-31 0001418121 us-gaap:SubsequentEventMember 2021-10-18 2021-10-18 0001418121 2021-03-01 2021-03-31 0001418121 2021-06-01 2021-06-30 0001418121 2021-09-01 2021-09-30 0001418121 aple:AtTheMarketProgramAugustTwelveTwoThousandTwentyMember 2020-08-12 0001418121 aple:AtTheMarketProgramAugustTwelveTwoThousandTwentyMember 2021-04-01 2021-06-30 0001418121 aple:AtTheMarketProgramAugustTwelveTwoThousandTwentyMember 2021-07-01 2021-09-30 0001418121 aple:AtTheMarketProgramAugustTwelveTwoThousandTwentyMember 2021-09-30 0001418121 2020-05-31 0001418121 aple:ExecutiveManagementIncentivePlan2021Member 2021-01-01 2021-09-30 0001418121 aple:ExecutiveManagementIncentivePlan2021Member aple:PotentialAggregatePayoutMember srt:MinimumMember 2021-01-01 2021-09-30 0001418121 aple:ExecutiveManagementIncentivePlan2021Member aple:PotentialAggregatePayoutMember srt:MaximumMember 2021-01-01 2021-09-30 0001418121 aple:ExecutiveManagementIncentivePlan2021Member 2021-09-30 0001418121 aple:ExecutiveManagementIncentivePlan2021Member aple:EquityAwardsVestingAtTheEndOf2021Member 2021-01-01 2021-09-30 0001418121 aple:ExecutiveManagementIncentivePlan2021Member aple:EquityAwardsVestingInDecember2022Member 2021-01-01 2021-09-30 0001418121 aple:ExecutiveManagementIncentivePlan2020Member 2020-01-01 2020-09-30 0001418121 aple:ExecutiveManagementIncentivePlan2020Member 2020-07-01 2020-09-30 0001418121 aple:ExecutiveManagementIncentivePlan2021Member us-gaap:GeneralAndAdministrativeExpenseMember 2021-07-01 2021-09-30 0001418121 aple:ExecutiveManagementIncentivePlan2021Member us-gaap:GeneralAndAdministrativeExpenseMember 2021-01-01 2021-09-30 aple:Agreement 0001418121 aple:OneTimePaymentUnderSeparationAgreementMember 2020-01-01 2020-09-30 0001418121 aple:RetirementOfExecutiveVicePresidentAndChiefFinancialOfficerMember aple:OneTimePaymentUnderSeparationAgreementMember 2020-01-01 2020-09-30 0001418121 aple:RetirementOfExecutiveVicePresidentAndChiefOperatingOfficerMember aple:OneTimePaymentUnderSeparationAgreementMember 2020-01-01 2020-09-30 0001418121 aple:RetirementsOfExecutiveVicePresidentAndChiefOperatingOfficerAndExecutiveVicePresidentAndChiefFinancialOfficerMember aple:OneTimePaymentUnderSeparationAgreementMember 2020-01-01 2020-09-30 0001418121 aple:ExecutiveManagementIncentivePlan2020Member aple:EquityAwardsIssuedInTheFirstQuarterOf2021Member aple:ShareBasedCompensationMember 2021-01-01 2021-09-30 0001418121 aple:ExecutiveManagementIncentivePlan2019Member aple:EquityAwardsIssuedInTheFirstQuarterOf2020Member aple:ShareBasedCompensationMember 2021-01-01 2021-09-30 0001418121 aple:ExecutiveManagementIncentivePlan2020Member aple:EquityAwardsIssuedInTheFirstQuarterOf2021Member aple:ShareBasedCompensationMember 2021-09-30 0001418121 aple:ExecutiveManagementIncentivePlan2019Member aple:EquityAwardsIssuedInTheFirstQuarterOf2020Member aple:ShareBasedCompensationMember 2021-09-30 0001418121 aple:ShareBasedCompensationMember aple:ExecutiveManagementIncentivePlan2020Member aple:EquityAwardsIssuedInTheFirstQuarterOf2021Member 2020-12-31 0001418121 aple:ShareBasedCompensationMember aple:ExecutiveManagementIncentivePlan2020Member aple:EquityAwardsIssuedInTheFirstQuarterOf2021Member 2021-07-01 2021-09-30 0001418121 aple:ShareBasedCompensationMember aple:ExecutiveManagementIncentivePlan2019Member aple:EquityAwardsIssuedInTheFirstQuarterOf2020Member 2019-01-01 2019-12-31 0001418121 aple:ShareBasedCompensationMember aple:ExecutiveManagementIncentivePlan2019Member aple:EquityAwardsIssuedInTheFirstQuarterOf2020Member 2021-07-01 2021-09-30 aple:Officer 0001418121 aple:NewOfficerShareBasedPaymentArrangementMember 2020-04-01 2020-04-01 0001418121 aple:NewOfficerShareBasedPaymentArrangementMember 2021-07-01 2021-09-30 0001418121 aple:NewOfficerShareBasedPaymentArrangementMember 2020-07-01 2020-09-30 0001418121 aple:NewOfficerShareBasedPaymentArrangementMember 2021-01-01 2021-09-30 0001418121 aple:NewOfficerShareBasedPaymentArrangementMember 2020-01-01 2020-09-30 0001418121 us-gaap:SubsequentEventMember aple:HiltonGardenInnMemphisTennesseeMember 2021-10-28 0001418121 us-gaap:SubsequentEventMember aple:HiltonGardenInnMemphisTennesseeMember 2021-10-28 2021-10-28

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549 

 

FORM 10-Q 

 

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended September 30, 2021

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM _______ TO _______

 

Commission File Number 001-37389

APPLE HOSPITALITY REIT, INC.

(Exact name of registrant as specified in its charter)

 

Virginia

 

26-1379210

(State or other jurisdiction

of incorporation or organization)

 

(I.R.S. Employer

Identification No.)

 

 

 

814 East Main Street

Richmond, Virginia

 

23219

(Address of principal executive offices)   

 

(Zip Code)

 

(804) 344-8121

(Registrant's telephone number, including area code) 

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 (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

Accelerated filer                  

 

Non-accelerated filer      

Smaller reporting company

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.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes     No 

Number of registrant’s common shares outstanding as of November 1, 2021: 228,354,214

 

 

 


 

 

Apple Hospitality REIT, Inc.

Form 10-Q

Index

 

 

 

 

Page

Number

PART I. FINANCIAL INFORMATION

 

 

 

 

 

 

Item 1.

Financial Statements (Unaudited)

3

 

 

 

 

 

 

Consolidated Balance Sheets – September 30, 2021 and December 31, 2020

3

 

 

 

 

 

 

Consolidated Statements of Operations and Comprehensive Income (Loss) – three and nine months ended September 30, 2021 and 2020

4

 

 

 

 

 

 

Consolidated Statements of Shareholders’ Equity – three and nine months ended September 30, 2021 and 2020

5

 

 

 

 

 

 

Consolidated Statements of Cash Flows – nine months ended September 30, 2021 and 2020

6

 

 

 

 

 

 

Notes to Consolidated Financial Statements

7

 

 

 

 

 

Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

21

 

 

 

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

39

 

 

 

 

 

Item 4.

Controls and Procedures

39

 

 

 

 

PART II. OTHER INFORMATION

 

 

 

 

 

 

Item 1.

Legal Proceedings

40

 

 

 

 

 

Item 6.

Exhibits

40

 

 

 

 

Signatures

41

 

This Form 10-Q includes references to certain trademarks or service marks. The AC Hotels by Marriott®, Aloft Hotels®, Courtyard by Marriott®, Fairfield by Marriott®, Marriott® Hotels, Residence Inn by Marriott®, SpringHill Suites by Marriott® and TownePlace Suites by Marriott® trademarks are the property of Marriott International, Inc. or one of its affiliates. The Embassy Suites by Hilton®, Hampton by Hilton®, Hampton Inn by Hilton®, Hampton Inn & Suites by Hilton®, Hilton Garden Inn®, Home2 Suites by Hilton® and Homewood Suites by Hilton® trademarks are the property of Hilton Worldwide Holdings Inc. or one or more of its affiliates. The Hyatt®, Hyatt House® and Hyatt Place® trademarks are the property of Hyatt Hotels Corporation or one or more of its affiliates. For convenience, the applicable trademark or service mark symbol has been omitted but will be deemed to be included wherever the above referenced terms are used.

 


Index

 

PART I. FINANCIAL INFORMATION 

Item 1. Financial Statements

Apple Hospitality REIT, Inc.

Consolidated Balance Sheets

(in thousands, except share data)

 

 

 

September 30,

 

 

December 31,

 

 

 

2021

 

 

2020

 

 

 

(unaudited)

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

Investment in real estate, net of accumulated depreciation and amortization of

   $1,266,122 and $1,235,698, respectively

 

$

4,541,424

 

 

$

4,732,896

 

Assets held for sale

 

 

-

 

 

 

5,316

 

Cash and cash equivalents

 

 

39,432

 

 

 

5,556

 

Restricted cash-furniture, fixtures and other escrows

 

 

34,446

 

 

 

28,812

 

Due from third party managers, net

 

 

52,322

 

 

 

22,137

 

Other assets, net

 

 

37,203

 

 

 

35,042

 

Total Assets

 

$

4,704,827

 

 

$

4,829,759

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

Debt, net

 

$

1,366,621

 

 

$

1,482,571

 

Finance lease liabilities

 

 

111,706

 

 

 

219,981

 

Accounts payable and other liabilities

 

 

98,386

 

 

 

97,860

 

Total Liabilities

 

 

1,576,713

 

 

 

1,800,412

 

 

 

 

 

 

 

 

 

 

Shareholders' Equity

 

 

 

 

 

 

 

 

Preferred stock, authorized 30,000,000 shares; none issued and outstanding

 

 

-

 

 

 

-

 

Common stock, no par value, authorized 800,000,000 shares; issued and outstanding

   228,354,214 and 223,212,346 shares, respectively

 

 

4,570,217

 

 

 

4,488,419

 

Accumulated other comprehensive loss

 

 

(24,650

)

 

 

(42,802

)

Distributions greater than net income

 

 

(1,417,453

)

 

 

(1,416,270

)

Total Shareholders' Equity

 

 

3,128,114

 

 

 

3,029,347

 

 

 

 

 

 

 

 

 

 

Total Liabilities and Shareholders' Equity

 

$

4,704,827

 

 

$

4,829,759

 

 

See notes to consolidated financial statements.

3


Index

 

Apple Hospitality REIT, Inc.

Consolidated Statements of Operations and Comprehensive Income (Loss)

(Unaudited)

(in thousands, except per share data)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Room

 

$

260,415

 

 

$

140,116

 

 

$

640,062

 

 

$

434,923

 

Food and beverage

 

 

6,315

 

 

 

2,235

 

 

 

14,186

 

 

 

14,386

 

Other

 

 

10,434

 

 

 

6,475

 

 

 

29,033

 

 

 

18,605

 

Total revenue

 

 

277,164

 

 

 

148,826

 

 

 

683,281

 

 

 

467,914

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hotel operating expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating

 

 

61,954

 

 

 

33,124

 

 

 

153,290

 

 

 

120,860

 

Hotel administrative

 

 

23,126

 

 

 

16,625

 

 

 

62,408

 

 

 

54,079

 

Sales and marketing

 

 

23,015

 

 

 

13,728

 

 

 

58,283

 

 

 

47,517

 

Utilities

 

 

11,410

 

 

 

9,967

 

 

 

31,322

 

 

 

25,465

 

Repair and maintenance

 

 

12,600

 

 

 

8,842

 

 

 

34,711

 

 

 

26,983

 

Franchise fees

 

 

12,274

 

 

 

6,603

 

 

 

30,058

 

 

 

20,516

 

Management fees

 

 

9,574

 

 

 

4,873

 

 

 

23,031

 

 

 

15,425

 

Total hotel operating expense

 

 

153,953

 

 

 

93,762

 

 

 

393,103

 

 

 

310,845

 

Property taxes, insurance and other

 

 

17,927

 

 

 

20,523

 

 

 

54,936

 

 

 

58,820

 

General and administrative

 

 

13,261

 

 

 

6,726

 

 

 

29,815

 

 

 

22,274

 

Loss on impairment of depreciable real estate assets

 

 

-

 

 

 

-

 

 

 

10,754

 

 

 

4,382

 

Depreciation and amortization

 

 

44,217

 

 

 

50,171

 

 

 

139,313

 

 

 

149,590

 

Total expense

 

 

229,358

 

 

 

171,182

 

 

 

627,921

 

 

 

545,911

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gain on sale of real estate

 

 

44

 

 

 

-

 

 

 

3,664

 

 

 

8,785

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income (loss)

 

 

47,850

 

 

 

(22,356

)

 

 

59,024

 

 

 

(69,212

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and other expense, net

 

 

(15,977

)

 

 

(18,531

)

 

 

(53,108

)

 

 

(52,483

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) before income taxes

 

 

31,873

 

 

 

(40,887

)

 

 

5,916

 

 

 

(121,695

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income tax expense

 

 

(114

)

 

 

(61

)

 

 

(309

)

 

 

(265

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

31,759

 

 

$

(40,948

)

 

$

5,607

 

 

$

(121,960

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate derivatives

 

 

3,426

 

 

 

2,739

 

 

 

18,152

 

 

 

(43,622

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive income (loss)

 

$

35,185

 

 

$

(38,209

)

 

$

23,759

 

 

$

(165,582

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted net income (loss) per common share

 

$

0.14

 

 

$

(0.18

)

 

$

0.02

 

 

$

(0.55

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding - basic and diluted

 

 

228,436

 

 

 

223,293

 

 

 

225,664

 

 

 

223,620

 

 

See notes to consolidated financial statements.

4


Index

 

Apple Hospitality REIT, Inc.

Consolidated Statements of Shareholders' Equity

(Unaudited)

(in thousands, except per share data)

 

Three Months Ended September 30, 2021 and 2020

 

 

 

Common Stock

 

 

Accumulated

Other

 

 

Distributions

 

 

 

 

 

 

 

Number

of Shares

 

 

Amount

 

 

Comprehensive

Income (Loss)

 

 

Greater Than

Net Income

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at June 30, 2021

 

 

228,341

 

 

$

4,569,332

 

 

$

(28,076

)

 

$

(1,446,933

)

 

$

3,094,323

 

Share based compensation, net

 

 

13

 

 

 

915

 

 

 

-

 

 

 

-

 

 

 

915

 

Issuance of common shares, net

 

 

-

 

 

 

(30

)

 

 

-

 

 

 

-

 

 

 

(30

)

Interest rate derivatives

 

 

-

 

 

 

-

 

 

 

3,426

 

 

 

-

 

 

 

3,426

 

Net income

 

 

-

 

 

 

-

 

 

 

-

 

 

 

31,759

 

 

 

31,759

 

Distributions declared to shareholders ($0.01 per share)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(2,279

)

 

 

(2,279

)

Balance at September 30, 2021

 

 

228,354

 

 

$

4,570,217

 

 

$

(24,650

)

 

$

(1,417,453

)

 

$

3,128,114

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at June 30, 2020

 

 

223,224

 

 

$

4,488,034

 

 

$

(51,059

)

 

$

(1,324,016

)

 

$

3,112,959

 

Share based compensation, net

 

 

7

 

 

 

591

 

 

 

-

 

 

 

-

 

 

 

591

 

Issuance of common shares, net

 

 

-

 

 

 

(337

)

 

 

-

 

 

 

-

 

 

 

(337

)

Interest rate derivatives

 

 

-

 

 

 

-

 

 

 

2,739

 

 

 

-

 

 

 

2,739

 

Net loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(40,948

)

 

 

(40,948

)

Balance at September 30, 2020

 

 

223,231

 

 

$

4,488,288

 

 

$

(48,320

)

 

$

(1,364,964

)

 

$

3,075,004

 

 

Nine Months Ended September 30, 2021 and 2020

 

 

 

Common Stock

 

 

Accumulated

Other

 

 

Distributions

 

 

 

 

 

 

 

Number

of Shares

 

 

Amount

 

 

Comprehensive

Income (Loss)

 

 

Greater Than

Net Income

 

 

Total

 

Balance at December 31, 2020

 

 

223,212

 

 

$

4,488,419

 

 

$

(42,802

)

 

$

(1,416,270

)

 

$

3,029,347

 

Share based compensation, net

 

 

465

 

 

 

6,762

 

 

 

-

 

 

 

-

 

 

 

6,762

 

Issuance of common shares, net

 

 

4,677

 

 

 

75,036

 

 

 

-

 

 

 

-

 

 

 

75,036

 

Interest rate derivatives

 

 

-

 

 

 

-

 

 

 

18,152

 

 

 

-

 

 

 

18,152

 

Net income

 

 

-

 

 

 

-

 

 

 

-

 

 

 

5,607

 

 

 

5,607

 

Distributions declared to shareholders ($0.03 per share)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(6,790

)

 

 

(6,790

)

Balance at September 30, 2021

 

 

228,354

 

 

$

4,570,217

 

 

$

(24,650

)

 

$

(1,417,453

)

 

$

3,128,114

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2019

 

 

223,863

 

 

$