Apple Hospitality sees softer room rev on travel demand pullback; shares fall

Shares of Apple Hospitality REIT APLE.N down 2.8% to $11.19, after touching lowest level since early Nov 2020, following operational update

Hotel real estate investment trust in an investor presentation said Q1 RevPAR (Revenue Per Available Room) was down less than 1% y/y, based on preliminary results

Weather-related travel disruptions clipped results in Jan and Feb, and reduced government travel negatively impacted a number of markets in Mar, co said

Government travel has dropped in wake of the Trump administration's cuts in jobs and federal spending

Richmond, Virginia-based owner of 221 hotels throughout 37 U.S. states at end-Dec, substantially operated under the Marriott or Hilton brands, said overall occupancy remained strong on an absolute basis with growth in avg daily rates, per the presentation

APLE shares falling for fourth straight session amid global market meltdown as trade war escalates

With move on Mon, stock down ~27% YTD vs ~30% decline in the S&P 600 Hotel & Resort REITs index .SPMCHRRI

Wells Fargo early Mon chopped its PT by $4 to $12, before co filed its presentation

3 of 8 analysts covering APLE rate stock "strong buy" or "buy", rest "hold"; Median PT of $16.50 implies 32% upside to current levels