RICHMOND—Apple Hospitality REIT has sold 18 hotel properties andis now considering going public, according to a report in RichmondBizSense.

The hotels sold for $206 million to New York City-based MCRDevelopment LLC. The sale was finalized last month and thenfollowed up with a letter from Apple Cos. CEO GladeKnight about plans to take the company public.

"With anticipated continued improvement in the company'soperating results and industry projections of sustained growth inthe hotel sector, we believe a listing of the company's shares fortrading on a national securities exchange provides the mostfavorable option for shareholder liquidity at this time and thecompany has begun taking steps in that direction," Knight wrote,the BizSense reported.

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Erika Morphy

Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.