FBR CapitalMarkets & Co. analyst Bryan Maher initiated coverage of Apple Hospitality REIT Inc. with a rating of "marketperform," and a price target of $20.

The analyst wrote in a research report: "Apple HospitalityREIT is now one of the largest and best capitalized of the U.S. lodging REITs andowns 179 hotels (22,961 rooms) that are primarily select-service and extended-stayproperties that fly Marriott and Hilton brand flags located across 83 MSAs in 32states. The portfolio is generally young in age and well maintained and should beable to outperform (RevPAR) the industry over the next 18–24 months. However, giventhe REIT's premium valuation relative to the peer group, we are initiating at MarketPerform with a $20 price target."