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Shareholders approve declassification of Apple Hospitality's board

During an annual meeting held May 17, Apple Hospitality REIT Inc.'s shareholders approved a charter amendment to declassify the company's board.

The amendment changes the terms of the hotel real estate investment trust's directors to one year from a staggered system of three-year terms. The revised terms apply to directors elected at the annual meeting, as well as at future shareholders meetings, according to a release.