"Our thoughts and prayers are with everyone affected by Hurricane
Florence," said Justin Knight, President and Chief Executive Officer of
Apple Hospitality REIT. "We are incredibly proud of the operating teams
at our hotels who have worked tirelessly to ensure the safety and
well-being of our guests. We will continue to support them and the
surrounding communities as recovery from this storm continues."
Apple Hospitality owns five hotels that were in the primary path of
Hurricane Florence in eastern North Carolina. Preliminary reports from
initial property inspections have indicated some minor wind- and
water-related damage at these hotels; however, at this time the overall
damage and impact does not appear to be material. All of the Company's
hotels are now operational. The Company remains focused on the welfare
of guests and associates at its hotels and will continue to assess the
overall impact of the storm as the situation evolves at each of its
hotels. 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.
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.
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.
