Apple Hospitality REIT, Inc. reported a total revenue of $1.43 billion for the fiscal year ending December 31, 2024, marking a 6.5% increase from $1.34 billion in 2023. The company's net income rose to $214.1 million, a 20.6% increase compared to $177.5 million in the previous year. This growth in revenue and profitability was attributed to a combination of increased average daily rates (ADR) and occupancy rates across its hotel portfolio, alongside strategic acquisitions and operational efficiencies.
In 2024, Apple Hospitality acquired two hotels for a total of $196.3 million, including an AC Hotel in Washington, D.C., and an Embassy Suites in Madison, Wisconsin. This followed a more active acquisition strategy in 2023, where the company added six hotels to its portfolio. As of December 31, 2024, the company owned 221 hotels with a total of 29,764 guest rooms, a slight decrease from 225 hotels and 29,900 rooms in 2023, primarily due to the sale of six hotels during the year. The company also reported a gain of approximately $19.7 million from these sales.
Operationally, the company reported an average occupancy rate of 75.0% for its hotels in 2024, up from 74.2% in 2023. The ADR increased to $158.01, reflecting a 1.4% rise from the previous year. Revenue per available room (RevPAR) also improved by 2.5% to $118.54. The company noted that markets such as Houston, New Orleans, Cape Canaveral, and Anchorage experienced significant growth, contributing to the overall performance.
Apple Hospitality's financial strategy includes a commitment to distribute at least 90% of its taxable income to maintain its REIT status. For 2024, the company paid distributions of $1.01 per common share, totaling approximately $243.7 million, slightly down from $1.04 per share in 2023. The company has also extended its share repurchase program, authorizing up to $335.4 million in buybacks, with approximately $300.8 million remaining available as of December 31, 2024.
Looking ahead, Apple Hospitality anticipates low single-digit RevPAR growth for its comparable hotels in 2025, aligning with broader industry expectations. The company remains focused on optimizing its portfolio through strategic acquisitions and operational improvements while navigating potential economic challenges, including inflation and changing consumer sentiment.
About Apple Hospitality REIT, Inc.
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