CEO of Hospitality REITs Looks to Brighter Future Over Next 5 Years

Real Estate markets have taken the brunt of recessionary forces. Richmond BizSense talks with Glade Knight, chairman and CEO of Apple REIT Companies, a Richmond, Virginia-based commercial real estate firm dealing chiefly in hotels.

The past year has been down as well as it has been for everyone else. All sectors of business have felt somewhat of a decline. That being said, we feel we’ve been very fortunate in our performance. Let me back up and say, having a decline in real estate is not unusual, it has a lot of cycles to it. This happens to be one of the down cycles.

As an industry, our industry is down probably 15 percent. We have some markets that are outperforming, some that are level, and some that are coming back and showing growth. We have 203 hotels in most of the major markets and many smaller markets.

Click here for the full interview

Published December 7th, 2009 at 10:05 am in Uncategorized with no comments
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CEO of Hospitality REITs Looks to Brighter Future Over Next 5 Years

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