Apple Hospitality REIT Inc Q2 2022 Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Neil Lawrence Malkin - Capital One Securities, Inc., Research Division - Analyst : Yes. Congrats on getting past 2019. First one, can you -- either of you talk about midweek or BT opportunity from here? Maybe you could start by saying or talking about what BT either pays or demand revenues were relative to '19 through Q2 and then into July. And then if -- I think that there is a sort of sentiment that group will recover ahead of BT just potentially there's some BT impairment , hybrid work environment, so it'd be interesting -- interested in your comment on how you see that side of the business shaking out and what the next several quarters look like in terms of BT holistically in the portfolio?

Question: Neil Lawrence Malkin - Capital One Securities, Inc., Research Division - Analyst : Great. Yes. Sounds good. And just thought you said something like, I think GDS is 15% versus 20% in 2019. That's around, what, like 75%. Is that like an accurate way to think about it? Like BT was 75% of '19. Again, just trying to understand.

Question: Neil Lawrence Malkin - Capital One Securities, Inc., Research Division - Analyst : Yes. Okay. Other thing for me, Justin, I think you touched on it briefly, but one of the things you guys have always talked about, particularly since the pandemic is the balance sheet and the differentiated nature of it and you're able to get out of waivers early. And now that we have a more dubious financial or lending environment, maybe with some macro uncertainty sprinkled in there. Do you feel like you're -- you want to or you are going on the offense or going -- being more aggressive in terms of finding deals or opportunities to acquire, I think you alluded to something about being more attractive from the competitive side now. But can you just shed some light on that on the acquisition environment and everything like that? That would be great.