RICHMOND—Apple Hospitality REIT has sold 18 hotel properties and is now considering going public, according to a report in Richmond BizSense.
The hotels sold for $206 million to New York City-based MCR Development LLC. The sale was finalized last month and then followed up with a letter from Apple Cos. CEO Glade Knight about plans to take the company public.
"With anticipated continued improvement in the company's operating results and industry projections of sustained growth in the hotel sector, we believe a listing of the company's shares for trading on a national securities exchange provides the most favorable option for shareholder liquidity at this time and the company 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.
