APPLE HOSPITALITY REIT, INC. (NYSE:APLE) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Appointment of Chief Financial Officer
On June 24, 2019, the Board of Directors of the Company (the “Board”) appointed Rachael S. Rothman to serve as Executive Vice President and Chief Financial Officer of the Company, effective July 1, 2019. As previously disclosed, on March 22, 2019, Bryan F. Peery, the Company’s current Executive Vice President and Chief Financial Officer, informed the Company that he plans to retire from all positions he holds with the Company during the first quarter of 2020. Mr. Peery will continue as an Executive Vice President and, effective July 1, 2019, will serve as Chief Accounting Officer of the Company, with no changes to his compensation arrangements.
Ms. Rothman, age 48, has more than 20 years of hospitality and real estate industry experience. Most recently, she served as Senior Vice President, Investor Relations and Strategy for Playa Hotels & Resorts N.V. (“Playa”) from 2018 until June 2019, where she was an integral part of developing and furthering Playa’s corporate, financial and operational strategy. From 2010 until 2018, Ms. Rothman served as a Senior Analyst for Susquehanna International Group, LLP (“SIG”) where she led a team responsible for in-depth analysis of public hotel, casino, cruise line, real estate investment trust and restaurant companies. Prior to joining SIG, she held several positions of increasing responsibility within Merrill Lynch & Co., Inc. covering various public lodging, restaurant and gaming companies. Ms. Rothman’s career began in the lodging industry, where she held various roles in hotel operations, including general manager. Ms. Rothman earned a Master of Arts in Economics from the University of Virginia, a Master of Management in Hospitality from the School of Hotel Administration at Cornell University and a Bachelor of Arts from Bates College. She is a CFA Charterholder.
In connection with her appointment, Ms. Rothman will receive an annual base salary of $350,000 and have a target total incentive compensation opportunity for 2019 of $1,225,000, prorated from the date of commencement of her employment to December 31, 2019. Ms. Rothman will also participate in the Company’s Executive Severance Pay Plan and in the other benefit plans offered to employees of the Company.
Item 8.01. Other Events.
On June 25, 2019, the Company issued a press release announcing the appointment of Ms. Rothman as Executive Vice President and Chief Financial Officer of the Company and announcing the appointment of Mr. Peery as Chief Accounting Officer of the Company. A copy of the press release is attached hereto as Exhibit 99.1 and the information set forth therein is incorporated herein by reference.
Forward Looking Statements
This Current Report on Form 8-K contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are typically identified by use of statements that include phrases such as “may,” “believe,” “expect,” “anticipate,” “intend,” “estimate,” “project,” “target,” “goal,” “plan,” “should,” “will,” “predict,” “potential,” “outlook,” “strategy,” and similar expressions that convey the uncertainty of future events or outcomes. Such statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, but are not limited to, the ability of the Company to effectively acquire and dispose of properties; the ability of the Company to implement its operating strategy; changes in general political, economic and competitive conditions and specific market conditions; adverse changes in the real estate and real estate capital markets; financing risks; litigation risks; regulatory proceedings or inquiries; and changes in laws or regulations or interpretations of current laws and regulations that impact the Company’s business, assets or classification as a real estate investment trust (“REIT”). Although the Company believes that the assumptions underlying the forward-looking statements contained herein are reasonable, any of the assumptions could be inaccurate, and therefore there can be no assurance that such statements included in this Form 8-K will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by the Company or any other person that the results or conditions described in such statements or the objectives and plans of the Company will be achieved. In addition, the Company’s qualification as a REIT involves the application of highly technical and complex provisions of the Internal Revenue Code. Readers should carefully review the risk factors described in the Company’s filings with the Securities and Exchange Commission, including but not limited to, those discussed in the section titled “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018. Any forward-looking statement that the Company makes speaks only as of the date of this Form 8-K. The Company undertakes no obligation to publicly update or revise any forward-looking statements or cautionary factors, as a result of new information, future events, or otherwise, except as required by law.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
Apple Hospitality REIT, Inc. Exhibit
EX-99.1 2 ex_148448.htm EXHIBIT 99.1 ex_148448.htm Exhibit 99.1 Apple Hospitality REIT Appoints Rachael Rothman as Executive Vice President and Chief Financial Officer RICHMOND,…
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About APPLE HOSPITALITY REIT, INC. (NYSE:APLE)
Apple Hospitality REIT, Inc. is a self-advised real estate investment trust (REIT) that invests in income-producing real estate, primarily in the lodging sector, in the United States. The Company owns hotel properties throughout the United States. The Company owns approximately 180 hotels operating in over 30 states with an aggregate of approximately 22,960 rooms. All of the Company’s hotels operate under Marriott or Hilton brands. The Company has REIT subsidiaries, which lease all of the Company’s hotels from qualified REIT subsidiaries. Its hotels are operated and managed under separate management agreements with over 20 hotel management companies, none of which are affiliated with it. Its primary business objective is to maximize shareholder value by achieving long-term growth in cash available for distributions to its shareholders. Its real estate portfolio also includes over 100 continuing hotels located in over 30 states, with an aggregate of approximately 12,120 rooms.