Apple Hospitality REIT Inc Q3 2021 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 : Great job during the quarter. First question, maybe for Liz. Obviously, ADR got back to -- or actually surpassed prior peak or '19 levels. Can you just comment on sort of what the growth cadence or potential could be for ADR near-term just as we haven't really seen a return of BT in a meaningful or a robust return of BT, which, as you said, it drives a substantial amount of demand in your hotel? So if you can maybe kind of help us think about how that should trend or how that could trend, that would be great.

Question: Neil Lawrence Malkin - Capital One Securities, Inc., Research Division - Analyst : Sure. I guess maybe another way to ask it or look at it is, can you kind of give us a flavor or a sense for what, like a mid-week or, I guess, during the week, ADRs look like of leisure versus a typical or average business rate? I guess, just to try to understand how much more ADR could be listed beyond market rates just as you get that more favorable mix into your hotel. Does that make sense, like if BT is typically $20 above leisure, or something like that, I guess, is what I'm asking?

Question: Neil Lawrence Malkin - Capital One Securities, Inc., Research Division - Analyst : Okay. Great. Justin, maybe last one for me. If you could talk about just the acquisition environment. Again, you've been over the last couple of quarters, I would say, the most aggressive with your verbiage on opportunities and kind of getting past COVID and putting your balance sheet to work. So with that said, you had another active quarter. Can you just talk about what that -- your active pipeline looks like? Has it picked up over the last 3 to 6 months? Is there -- what kind of opportunities are you seeing in any portfolio opportunities would be great to hear?