In short: "We like Apple. It's one of our picks actually at Hoya" — select-service hotels, conservative balance sheet, very low leverage for lodging, earnings and occupancy growing; every hotel REIT raised guidance after Q2, so lodging "could be finally moving into the right position going into '27" (World Cup, college football). Hotels are the riskiest sector — a one-night lease.
Apple Hospitality owns mid-priced "select-service" hotels — the Courtyard by Marriott you stay at visiting family, not the Four Seasons. Hoya owns it as one of its own picks: little debt for a hotel owner, and rising earnings and occupancy.
Hotels are the riskiest kind of real estate because every room is effectively a one-night lease, so income swings with the economy. But after the second quarter every hotel REIT raised its outlook, travel and conventions are recovering, and events like the World Cup and college football help — he thinks the sector is finally getting into position for 2027.
13:54We like Apple. It's one of our picks actually at Hoya as well. Diversified rooms focus portfolio, conservative balance sheet. Their earnings grew. Their occupancy is growing. They have a very low leverage for the lodging sector. Things to watch for. As we said before, when you talk about risk, long-term lease nature of REITs and stuff, hotel sector in general is the riskiest sector that's out there because it's a one night lease.
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