Apple Hospitality REIT is a publicly traded REIT that owns 217 upscale, rooms-focused hotels with about 29,600 guest rooms across 37 states and D.C. The portfolio is concentrated in Hilton brands (~46% of hotels, including Hilton Garden Inn, Hampton, and Homewood Suites) and Marriott brands (~43%, including Courtyard, Residence Inn, and Fairfield). The rooms-focused model — hotels that generate most revenue from guest rooms rather than food & beverage or meeting facilities — runs leaner than full-service hotels, requiring fewer staff and producing stronger margins. Apple Hospitality does not manage its hotels directly; all 217 properties are operated by third-party management companies under franchise agreements with Marriott, Hilton, and Hyatt. Apple Hospitality's in-house team focuses on asset management: overseeing operators, allocating capital, and executing acquisitions and dispositions. Guests are primarily business transient and leisure travelers, with a smaller mix of group and government demand. Revenue is driven almost entirely by room revenue, and the key performance metric is RevPAR. As a REIT, Apple Hospitality distributes the majority of its taxable income to shareholders via monthly dividends. Capital allocation is active: the company sells older or lower-priority hotels and recycles proceeds into acquisitions, share repurchases, or capital improvements. Apple Hospitality also makes forward purchase commitments on newly developed hotels, locking in fixed prices before delivery without taking construction risk on its balance sheet.