Apple REIT Ten 10-Q 7 May 15 2015 Q1 Quarterly report Financial data

Document_And_Entity_Informatio

Document And Entity Information	3 Months Ended
	Mar. 31, 2015	1-May-15
Document and Entity Information [Abstract]
Entity Registrant Name	Apple REIT Ten, Inc.
Document Type	10-Q
Current Fiscal Year End Date	-19
Entity Common Stock, Shares Outstanding		90,209,554
Amendment Flag	FALSE
Entity Central Index Key	1498864
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Non-accelerated Filer
Entity Well-known Seasoned Issuer	No
Document Period End Date	31-Mar-15
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1

CONSOLIDATED_BALANCE_SHEETS

CONSOLIDATED BALANCE SHEETS (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Assets
Investment in real estate, net of accumulated depreciation of $80,495 and $72,106, respectively	$908,844	$839,032
Cash and cash equivalents	0	46,341
Restricted cash-furniture, fixtures and other escrows	11,663	11,920
Due from third party managers, net	12,098	5,565
Other assets, net	5,608	6,178
Total Assets	938,213	909,036
Liabilities
Credit facility	45,700	0
Mortgage debt	118,965	119,708
Accounts payable and other liabilities	10,157	12,162
Total Liabilities	174,822	131,870
Shareholders' Equity
Preferred stock, value issued	0	0
Common stock, no par value, authorized 400,000,000 shares; issued and outstanding 90,611,755 and 91,037,588 shares, respectively	887,414	891,801
Distributions greater than net income	-124,071	-114,683
Total Shareholders' Equity	763,391	777,166
Total Liabilities and Shareholders' Equity	938,213	909,036
Series A Preferred Stock [Member]
Shareholders' Equity
Preferred stock, value issued	0	0
Series B Convertible Preferred Stock [Member]
Shareholders' Equity
Preferred stock, value issued	$48	$48

CONSOLIDATED_BALANCE_SHEETS_Pa

CONSOLIDATED BALANCE SHEETS (Parentheticals) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, except Share data, unless otherwise specified
Real estate accumulated depreciation (in Dollars)	$80,495	$72,106
Preferred stock, shares authorized	30,000,000	30,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, shares authorized	400,000,000	400,000,000
Common stock, shares issued	90,611,755	91,037,588
Common stock, shares outstanding	90,611,755	91,037,588
Series A Preferred Stock [Member]
Preferred stock, shares authorized	400,000,000	400,000,000
Preferred stock, shares issued	90,611,755	91,037,588
Preferred stock, shares outstanding	90,611,755	91,037,588
Series B Convertible Preferred Stock [Member]
Preferred stock, shares authorized	480,000	480,000
Preferred stock, shares issued	480,000	480,000
Preferred stock, shares outstanding	480,000	480,000

CONSOLIDATED_STATEMENTS_OF_OPE

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Revenues:
Room	$55,737	$46,276
Other	4,660	4,188
Total revenue	60,397	50,464
Expenses:
Operating	14,633	12,564
Hotel administrative	5,006	4,150
Sales and marketing	4,953	4,326
Utilities	2,103	1,986
Repair and maintenance	2,146	2,114
Franchise fees	2,680	2,254
Management fees	2,315	1,764
Property taxes, insurance and other	4,030	3,325
General and administrative	1,489	1,429
Acquisition related costs	1,580	1,008
Depreciation	8,389	6,969
Total expenses	49,324	41,889
Operating income	11,073	8,575
Investment income	15	3,453
Interest expense	-1,699	-2,333
Income before income taxes	9,389	9,695
Income tax expense	-59	-287
Net income	$9,330	$9,408
Basic and diluted net income per common share (in Dollars per share)	$0.10	$0.12
Weighted average common shares outstanding - basic and diluted (in Shares)	90,702	79,934

CONSOLIDATED_STATEMENTS_OF_CAS

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Cash flows from operating activities:
Net income	$9,330	$9,408
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation	8,389	6,969
Other non-cash expenses, net	55	47
Changes in operating assets and liabilities:
Increase in due from third party managers, net	-6,383	-5,458
Decrease in other assets, net	751	1,885
Decrease in accounts payable and other liabilities	-1,136	-312
Net cash provided by operating activities	11,006	12,539
Cash flows from investing activities:
Cash paid for the acquisition of hotel properties	-73,221	-41,371
Deposits and other disbursements for potential acquisitions	-100	0
Capital improvements	-6,355	-2,779
Decrease (increase) in capital improvement reserves	351	-393
Net cash used in investing activities	-79,325	-44,543
Cash flows from financing activities:
Net proceeds related to issuance of Units	0	32,929
Redemptions of Units	-4,387	-2,510
Distributions paid to common shareholders	-18,718	-16,468
Net proceeds from credit facility	45,700	18,847
Payments of mortgage debt	-579	-547
Financing costs	-38	-247
Net cash provided by financing activities	21,978	32,004
Decrease in cash and cash equivalents	-46,341	0
Cash and cash equivalents, beginning of period	46,341	0
Cash and cash equivalents, end of period	0	0
Supplemental cash flow information:
Interest paid	$1,908	$2,331

Organization_and_Summary_of_Si

Organization and Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2015
Accounting Policies [Abstract]
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block]	1.  Organization and Summary of Significant Accounting Policies
	Organization
	Apple REIT Ten, Inc., together with its wholly owned subsidiaries (the “Company”), is a Virginia corporation that has elected to be treated as a real estate investment trust (“REIT”) for federal income tax purposes. The Company was formed to invest in hotels and other income-producing real estate in selected metropolitan areas in the United States. Initial capitalization occurred on August 13, 2010, when 10 Units, each Unit consisting of one common share and one Series A preferred share, were purchased by Apple Ten Advisors, Inc. (“A10A”) and 480,000 Series B convertible preferred shares were purchased by Glade M. Knight, the Company’s Chairman and Chief Executive Officer. The Company began operations on March 4, 2011, when it purchased its first hotel. The Company concluded its best-efforts offering on July 31, 2014. The Company’s fiscal year end is December 31. The Company has no foreign operations or assets and its operating structure includes only one reportable segment. The consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany accounts and transactions have been eliminated. Although the Company has interests in variable interest entities through its purchase commitments, it is not the primary beneficiary as the Company does not have any elements of power in the decision making process of these entities, and therefore does not consolidate the entities. As of March 31, 2015, the Company owned 53 hotels located in 17 states with an aggregate of 6,762 rooms.
	Basis of Presentation
	The accompanying unaudited consolidated financial statements have been prepared in accordance with the rules and regulations for reporting on Form 10-Q. Accordingly, they do not include all of the information required by accounting principles generally accepted in the United States for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. These unaudited financial statements should be read in conjunction with the Company’s audited consolidated financial statements included in its 2014 Annual Report on Form 10-K. Operating results for the three months ended March 31, 2015 are not necessarily indicative of the results that may be expected for the twelve month period ending December 31, 2015.
	Use of Estimates
	The preparation of the financial statements in conformity with United States generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.
	Reclassifications
	Certain prior period amounts in the consolidated financial statements have been reclassified to conform to the current period presentation with no effect on previously reported net income, shareholders’ equity or cash flows.
	Earnings Per Common Share
	Basic earnings per common share is computed based upon the weighted average number of shares outstanding during the period. Diluted earnings per common share is calculated after giving effect to all potential common shares that were dilutive and outstanding for the period. There were no potential common shares with a dilutive effect for the three months ended March 31, 2015 and 2014. As a result, basic and dilutive earnings per common share were the same. Series B convertible preferred shares are not included in earnings per common share calculations until such time that such shares are eligible to be converted to common shares.
	Recent Accounting Standards
	In April 2015, the Financial Accounting Standards Board issued Accounting Standards Update No. 2015-03, Simplifying the Presentation of Debt Issuance Costs, which requires debt issuance costs to be presented in the balance sheet as a direct deduction from the associated debt.  The standard is effective for annual reporting periods beginning after December 15, 2015, and interim periods within those years, with early adoption permitted.  The standard will be applied on a retrospective basis.  The adoption of this standard is not expected to have a material impact on the Company’s consolidated financial statements.

Investment_in_Real_Estate

Investment in Real Estate	3 Months Ended
	Mar. 31, 2015
Real Estate [Abstract]
Real Estate Disclosure [Text Block]	2.  Investment in Real Estate
	The Company acquired two hotels during the first three months of 2015. The following table sets forth the location, brand, manager, date acquired, number of rooms and gross purchase price for each hotel. All dollar amounts are in thousands.
	City		State		Brand	Manager		Date Acquired	Rooms			Gross Purchase Price
	Tustin		CA		Fairfield Inn & Suites	Marriott		2/5/15		145		$	31,000
	Tustin		CA		Residence Inn	Marriott		2/5/15		149			42,800
	Total									294		$	73,800
	At the date of purchase, the purchase price for these properties was funded by cash on hand and borrowings under the Company’s unsecured revolving credit facility. The Company also used borrowings under its unsecured credit facility to pay approximately $1.6 million in acquisition related costs, including approximately $1.5 million, representing 2% of the gross purchase price for these hotels, as a brokerage commission to Apple Suites Realty Group, Inc. (“ASRG”), which is 100% owned by Glade M. Knight, the Company’s Chairman and Chief Executive Officer, and approximately $0.1 million in other acquisition related costs, including title, legal and other related costs. These costs are included in acquisition related costs in the Company’s consolidated statements of operations for the three months ended March 31, 2015.
	For the two hotels acquired during the first three months of 2015, the amount of revenue and operating income (excluding acquisition related costs totaling $1.6 million) included in the Company’s consolidated statement of operations from the acquisition date to March 31, 2015 was approximately $2.0 million and $0.6 million, respectively.
	The Company leases all of its hotels to its wholly-owned taxable REIT subsidiary (or a subsidiary thereof) under master hotel lease agreements.
	No goodwill was recorded in connection with either of the acquisitions.
	As of March 31, 2015, the Company owned 53 hotels located in 17 states with an aggregate of 6,762 rooms, and the Company’s investment in real estate consisted of the following (in thousands):
			March 31,			December 31,
			2015			2014
	Land		$	87,461		$	77,943
	Building and Improvements			824,911			762,134
	Furniture, Fixtures and Equipment			73,435			67,529
	Franchise Fees			3,532			3,532
				989,339			911,138
	Less Accumulated Depreciation			(80,495	)		(72,106	)
	Investment in Real Estate, net		$	908,844		$	839,032
	As of March 31, 2015, the Company had outstanding contracts for the potential purchase of three additional hotels for a total purchase price of $79.8 million. Of these three hotels, two are under construction and are planned to be completed over the next nine months from March 31, 2015. Closing on these two hotels is expected upon completion of construction. Closing on the remaining hotel, which is already in operation, is expected within the next three months from March 31, 2015. Although the Company is working towards acquiring these hotels, there are many conditions to closing that have not yet been satisfied and there can be no assurance that a closing on these hotels will occur under the outstanding purchase contracts. The following table summarizes the location, brand, expected number of rooms, refundable (if the seller does not meet its obligations under the contract) contract deposits paid, and gross purchase price for each of the contracts outstanding at March 31, 2015. All dollar amounts are in thousands.
	Location		Brand		Rooms		Deposits Paid			Gross Purchase Price
	Operating
	San Juan Capistrano, CA  (a)		Residence Inn		130		$	200		$	29,200
	Under Construction (b)
	Cape Canaveral, FL  (c)		Homewood Suites		153			3			25,245
	Rosemont, IL		Hampton Inn & Suites		158			300			25,400
	Total				441		$	503		$	79,845
	(a)	Closing on this hotel is expected within the next three months from March 31, 2015. At closing, the Company will assume approximately $16.6 million in mortgage debt. The loan provides for monthly payments of principal and interest on an amortized basis.
	(b)	These hotels are currently under construction. The table shows the expected number of rooms upon hotel completion and the expected franchise. Assuming all conditions to closing are met, the purchase of these hotels is expected to close over the next nine months from March 31, 2015.
	(c)	If the seller meets all of the conditions to closing, the Company is obligated to specifically perform under the contract. As the property is under construction, at this time, the seller has not met all of the conditions to closing.
	As there can be no assurance that all conditions to closing will be satisfied, the Company includes deposits paid for hotels under contract in other assets, net in the Company’s consolidated balance sheets, and in deposits and other disbursements for potential acquisitions in the Company’s consolidated statements of cash flows. The Company intends to use borrowings under its credit facility, assumed secured debt and additional financing to purchase the hotels currently under contract if a closing occurs.

Credit_Facility

Credit Facility	3 Months Ended
	Mar. 31, 2015
Debt Disclosure [Abstract]
Debt Disclosure [Text Block]	3.  Credit Facility
	At March 31, 2015, the outstanding balance on the Company’s $100 million revolving credit facility was $45.7 million, increasing from no amounts outstanding at December 31, 2014 due to the hotel acquisitions discussed in Note 2. The interest rate at March 31, 2015 was 2.43%. The revolving credit facility matures in July 2015. The Company has begun the process to enter into a new credit facility and although there can be no assurance that the Company will be able to complete a new credit facility prior to maturity of the existing credit facility, the Company currently believes it will be able to complete that process, extend the existing credit facility’s maturity or access other financing sources.
	The credit facility contains customary affirmative covenants, negative covenants and events of default. In addition, the credit facility contains covenants restricting the level of certain investments and quarterly financial covenants which include, among others, a minimum net worth requirement, maximum debt limits, minimum debt service and fixed charge coverage ratios, and maximum distribution limits. The Company was in compliance with each of the applicable covenants at March 31, 2015 and expects to remain in compliance until the facility matures in July 2015.

Fair_Value_of_Financial_Instru

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2015
Fair Value Disclosures [Abstract]
Fair Value Disclosures [Text Block]	4.  Fair Value of Financial Instruments
	The Company estimates the fair value of its debt by discounting the future cash flows of each instrument at estimated market rates consistent with the maturity of a debt obligation with similar credit terms and credit characteristics, which are Level 3 inputs under the fair value hierarchy. Market rates take into consideration general market conditions and maturity. As of March 31, 2015, the carrying value and estimated fair value of the Company’s debt was $164.7 million and $168.1 million, respectively. As of December 31, 2014, the carrying value and estimated fair value of the Company’s debt was $119.7 million and $122.8 million, respectively. The carrying value of the Company’s other financial instruments approximates fair value due to the short-term nature of these financial instruments.

Related_Parties

Related Parties	3 Months Ended
	Mar. 31, 2015
Related Party Transactions [Abstract]
Related Party Transactions Disclosure [Text Block]	5.  Related Parties
	The Company has, and is expected to continue to engage in, significant transactions with related parties. These transactions cannot be construed to be at arm’s length and the results of the Company’s operations may be different if these transactions were conducted with non-related parties. The Company’s independent members of the Board of Directors oversee and annually review the Company’s related party relationships (including the relationships discussed in this section) and are required to approve any significant modifications to existing relationships, as well as any new significant related party transactions. The Board of Directors is not required to approve each individual transaction that falls under the related party relationships. However, under the direction of the Board of Directors, at least one member of the Company’s senior management team approves each related party transaction. There have been no changes to the contracts and relationships discussed in the Company’s 2014 Annual Report on Form 10-K. Below is a summary of the related party relationships in effect and transactions that occurred during the three months ended March 31, 2015 and 2014.
	The Company is externally managed and does not have any employees. ASRG provides the Company with property acquisition and disposition services. Its advisor, A10A, provides the Company with its day-to-day management services. The Company pays fees and reimburses certain expenses to A10A and ASRG for these services. Effective March 1, 2014, A10A subcontracted its obligations to Apple Hospitality REIT, Inc. (“Apple Hospitality”). The subcontract agreement provides that Apple Hospitality provides to the Company the advisory services contemplated under the A10A advisory agreement and Apple Hospitality receives the fees and expense reimbursements payable under the A10A advisory agreement from the Company. The subcontract agreement has no impact on the Company’s advisory agreement with A10A.
	Glade M. Knight, the Company’s Chairman and Chief Executive Officer, is also Executive Chairman of Apple Hospitality, and owns ASRG and A10A. Effective January 1, 2015, Justin G. Knight, the Company’s President, was appointed to the Board of Directors of Apple Hospitality. He also serves as President and Chief Executive Officer of Apple Hospitality.
	ASRG Agreement
	The Company has a contract with ASRG to acquire and dispose of real estate assets for the Company. A fee of 2% of the gross purchase price or gross sale price in addition to certain reimbursable expenses is paid to ASRG for these services. As of March 31, 2015, payments to ASRG for fees under the terms of this contract have totaled approximately $18.9 million since inception. Of this amount, the Company incurred $1.5 million and $0.9 million, respectively, for the three months ended March 31, 2015 and 2014, which is included in acquisition related costs in the Company’s consolidated statements of operations.
	A10A Agreement
	Under the Advisory Agreement, A10A provides management services to the Company. As discussed above, effective March 1, 2014, A10A subcontracts its obligations under this agreement to Apple Hospitality. An annual fee ranging from 0.1% to 0.25% of total equity proceeds received by the Company, in addition to certain reimbursable expenses as described below, is payable to Apple Hospitality for these management services.
	Total advisory fees incurred by the Company under the Advisory Agreement are included in general and administrative expenses and totaled approximately $0.4 million and $0.3 million for the three months ended March 31, 2015 and 2014, respectively. Of these amounts, $0.4 million and $0.1 million was paid to Apple Hospitality for the three months ended March 31, 2015 and 2014, respectively, pursuant to the subcontract agreement.
	Advisors Cost Sharing Structure
	In addition to the fees payable to ASRG and A10A, the Company reimbursed to ASRG or A10A, or paid directly to Apple Hospitality on behalf of ASRG or A10A, approximately $0.7 million and $0.6 million for the three months ended March 31, 2015 and 2014. The costs are included in general and administrative expenses and are for the Company’s allocated share of the staffing and related costs provided by Apple Hospitality through its relationships with A10A and ASRG.
	As part of the cost sharing arrangements, certain day-to-day transactions may result in amounts due to or from Apple Hospitality. To efficiently manage cash disbursements, the Company, Apple Hospitality, A10A or ASRG may make payments for any or all of the related companies. Under the cash management process, each of the companies may advance or defer up to $1 million at any time. Each month, any outstanding amounts are settled among the affected companies. This process allows each company to minimize its cash on hand, which, in turn, reduces the cost of each company’s credit facility. The amounts outstanding at any point in time are not significant to any of the companies.
	Apple Air Holding, LLC (“Apple Air”) Membership Interest
	Included in other assets, net on the Company’s consolidated balance sheet as of March 31, 2015 and December 31, 2014 is a 26% equity investment in Apple Air. As of March 31, 2015, the other member of Apple Air was Apple Hospitality, which owned a 74% interest. The Company’s equity investment was approximately $0.9 million as of March 31, 2015 and December 31, 2014. The Company has recorded its share of income and losses of the entity under the equity method of accounting and adjusted its investment in Apple Air accordingly. For the three months ended March 31, 2015 and 2014, the Company recorded a loss of approximately $71,000 and $62,000 as its share of the net loss of Apple Air, which primarily relates to the depreciation of the aircraft, and is included in general and administrative expense in the Company’s consolidated statements of operations. Through its equity investment, the Company has access to Apple Air’s aircraft primarily for acquisition, asset management and renovation purposes. Total costs paid for the usage of the aircraft for the three months ended March 31, 2015 and 2014 were approximately $27,000 and $55,000.

Shareholders_Equity

Shareholders' Equity	3 Months Ended
	Mar. 31, 2015
Stockholders' Equity Note [Abstract]
Stockholders' Equity Note Disclosure [Text Block]	6.  Shareholders’ Equity
	Unit Redemption Program
	In April 2012, the Company instituted a Unit Redemption Program to provide limited interim liquidity to its shareholders who have held their Units for at least one year. Shareholders may request redemption of Units for a purchase price equal to 92.5% of the price paid per Unit if the Units have been owned for less than five years, or 100% of the price paid per Unit if the Units have been owned more than five years. The maximum number of Units that may be redeemed in any given year is three percent (3%) of the weighted average number of Units outstanding during the 12-month period immediately prior to the date of redemption. The Company reserves the right to change the purchase price of redemptions, reject any request for redemption, or otherwise amend the terms of, suspend, or terminate the Unit Redemption Program. Since the inception of the program through March 31, 2015, the Company has redeemed approximately 5.5 million Units in the amount of $55.8 million, including 0.4 million Units in the amount of $4.4 million and 0.2 million Units in the amount of $2.5 million during the three months ended March 31, 2015 and 2014. As contemplated in the program, the Company has redeemed Units on a pro-rata basis due to the 3% limitation discussed above, including in the first quarter of 2014 where the Company redeemed approximately 68% of all requested redemptions. Since the beginning of the second quarter of 2014, the Company has redeemed 100% of the redemption requests. The following is a summary of the Unit redemptions during 2014 and the first three months of 2015:
	Redemption Date	Total Requested Unit	Units Redeemed	Total Redemption
		Redemptions at		Requests Not
		Redemption Date		Redeemed at
				Redemption Date
	First Quarter 2014	357,013	242,644	114,369
	Second Quarter 2014	479,078	479,078	0
	Third Quarter 2014	496,839	496,839	0
	Fourth Quarter 2014	296,642	296,642	0
	First Quarter 2015	425,833	425,833	0
	Distributions
	The Company’s annual distribution rate as of March 31, 2015 was $0.825 per common share, payable monthly. For the three months ended March 31, 2015 and 2014, the Company made distributions of $0.20625 per common share for a total of $18.7 million and $16.5 million.

Subsequent_Events

Subsequent Events	3 Months Ended
	Mar. 31, 2015
Subsequent Events [Abstract]
Subsequent Events [Text Block]	7.  Subsequent Events
	In April 2015, the Company declared and paid approximately $6.2 million, or $0.06875 per outstanding common share, in distributions to its common shareholders.
	In April 2015, under the guidelines of the Company’s Unit Redemption Program, the Company redeemed approximately 0.4 million Units in the amount of $4.2 million, representing 100% of the requested Unit redemptions.

Accounting_Policies_by_Policy_

Accounting Policies, by Policy (Policies)	3 Months Ended
	Mar. 31, 2015
Accounting Policies [Abstract]
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	Organization
	Apple REIT Ten, Inc., together with its wholly owned subsidiaries (the “Company”), is a Virginia corporation that has elected to be treated as a real estate investment trust (“REIT”) for federal income tax purposes. The Company was formed to invest in hotels and other income-producing real estate in selected metropolitan areas in the United States. Initial capitalization occurred on August 13, 2010, when 10 Units, each Unit consisting of one common share and one Series A preferred share, were purchased by Apple Ten Advisors, Inc. (“A10A”) and 480,000 Series B convertible preferred shares were purchased by Glade M. Knight, the Company’s Chairman and Chief Executive Officer. The Company began operations on March 4, 2011, when it purchased its first hotel. The Company concluded its best-efforts offering on July 31, 2014. The Company’s fiscal year end is December 31. The Company has no foreign operations or assets and its operating structure includes only one reportable segment. The consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany accounts and transactions have been eliminated. Although the Company has interests in variable interest entities through its purchase commitments, it is not the primary beneficiary as the Company does not have any elements of power in the decision making process of these entities, and therefore does not consolidate the entities. As of March 31, 2015, the Company owned 53 hotels located in 17 states with an aggregate of 6,762 rooms.
Basis of Accounting, Policy [Policy Text Block]	Basis of Presentation
	The accompanying unaudited consolidated financial statements have been prepared in accordance with the rules and regulations for reporting on Form 10-Q. Accordingly, they do not include all of the information required by accounting principles generally accepted in the United States for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. These unaudited financial statements should be read in conjunction with the Company’s audited consolidated financial statements included in its 2014 Annual Report on Form 10-K. Operating results for the three months ended March 31, 2015 are not necessarily indicative of the results that may be expected for the twelve month period ending December 31, 2015.
Use of Estimates, Policy [Policy Text Block]	Use of Estimates
	The preparation of the financial statements in conformity with United States generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.
Reclassification, Policy [Policy Text Block]	Reclassifications
	Certain prior period amounts in the consolidated financial statements have been reclassified to conform to the current period presentation with no effect on previously reported net income, shareholders’ equity or cash flows.
Earnings Per Share, Policy [Policy Text Block]	Earnings Per Common Share
	Basic earnings per common share is computed based upon the weighted average number of shares outstanding during the period. Diluted earnings per common share is calculated after giving effect to all potential common shares that were dilutive and outstanding for the period. There were no potential common shares with a dilutive effect for the three months ended March 31, 2015 and 2014. As a result, basic and dilutive earnings per common share were the same. Series B convertible preferred shares are not included in earnings per common share calculations until such time that such shares are eligible to be converted to common shares.
New Accounting Pronouncements, Policy [Policy Text Block]	Recent Accounting Standards
	In April 2015, the Financial Accounting Standards Board issued Accounting Standards Update No. 2015-03, Simplifying the Presentation of Debt Issuance Costs, which requires debt issuance costs to be presented in the balance sheet as a direct deduction from the associated debt.  The standard is effective for annual reporting periods beginning after December 15, 2015, and interim periods within those years, with early adoption permitted.  The standard will be applied on a retrospective basis.  The adoption of this standard is not expected to have a material impact on the Company’s consolidated financial statements.

Investment_in_Real_Estate_Tabl

Investment in Real Estate (Tables)	3 Months Ended
	Mar. 31, 2015
Real Estate [Abstract]
Schedule of Business Acquisitions, by Acquisition [Table Text Block]	The following table sets forth the location, brand, manager, date acquired, number of rooms and gross purchase price for each hotel. All dollar amounts are in thousands.
	City		State		Brand	Manager		Date Acquired	Rooms			Gross Purchase Price
	Tustin		CA		Fairfield Inn & Suites	Marriott		2/5/15		145		$	31,000
	Tustin		CA		Residence Inn	Marriott		2/5/15		149			42,800
	Total									294		$	73,800
Property, Plant and Equipment [Table Text Block]	As of March 31, 2015, the Company owned 53 hotels located in 17 states with an aggregate of 6,762 rooms, and the Company’s investment in real estate consisted of the following (in thousands):
			March 31,			December 31,
			2015			2014
	Land		$	87,461		$	77,943
	Building and Improvements			824,911			762,134
	Furniture, Fixtures and Equipment			73,435			67,529
	Franchise Fees			3,532			3,532
				989,339			911,138
	Less Accumulated Depreciation			(80,495	)		(72,106	)
	Investment in Real Estate, net		$	908,844		$	839,032
Schedule of Outstanding Contracts for Potential Purchase of Hotels [Table Text Block]	As of March 31, 2015, the Company had outstanding contracts for the potential purchase of three additional hotels for a total purchase price of $79.8 million. Of these three hotels, two are under construction and are planned to be completed over the next nine months from March 31, 2015. Closing on these two hotels is expected upon completion of construction. Closing on the remaining hotel, which is already in operation, is expected within the next three months from March 31, 2015. Although the Company is working towards acquiring these hotels, there are many conditions to closing that have not yet been satisfied and there can be no assurance that a closing on these hotels will occur under the outstanding purchase contracts. The following table summarizes the location, brand, expected number of rooms, refundable (if the seller does not meet its obligations under the contract) contract deposits paid, and gross purchase price for each of the contracts outstanding at March 31, 2015. All dollar amounts are in thousands.
	Location		Brand		Rooms		Deposits Paid			Gross Purchase Price
	Operating
	San Juan Capistrano, CA  (a)		Residence Inn		130		$	200		$	29,200
	Under Construction (b)
	Cape Canaveral, FL  (c)		Homewood Suites		153			3			25,245
	Rosemont, IL		Hampton Inn & Suites		158			300			25,400
	Total				441		$	503		$	79,845
	(a)	Closing on this hotel is expected within the next three months from March 31, 2015. At closing, the Company will assume approximately $16.6 million in mortgage debt. The loan provides for monthly payments of principal and interest on an amortized basis.
	(b)	These hotels are currently under construction. The table shows the expected number of rooms upon hotel completion and the expected franchise. Assuming all conditions to closing are met, the purchase of these hotels is expected to close over the next nine months from March 31, 2015.
	(c)	If the seller meets all of the conditions to closing, the Company is obligated to specifically perform under the contract. As the property is under construction, at this time, the seller has not met all of the conditions to closing.

Shareholders_Equity_Tables

Shareholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2015
Stockholders' Equity Note [Abstract]
Summary of Unit Redemptions [Table Text Block]	The following is a summary of the Unit redemptions during 2014 and the first three months of 2015:
	Redemption Date	Total Requested Unit	Units Redeemed	Total Redemption
		Redemptions at		Requests Not
		Redemption Date		Redeemed at
				Redemption Date
	First Quarter 2014	357,013	242,644	114,369
	Second Quarter 2014	479,078	479,078	0
	Third Quarter 2014	496,839	496,839	0
	Fourth Quarter 2014	296,642	296,642	0
	First Quarter 2015	425,833	425,833	0

Organization_and_Summary_of_Si1

Organization and Summary of Significant Accounting Policies (Details)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Organization and Summary of Significant Accounting Policies (Details) [Line Items]
Unit Description	one common share and one Series A preferred share
Preferred Stock, Shares Issued	0		0
Number of Reportable Segments	1
Weighted Average Number Diluted Shares Outstanding Adjustment	0	0
Series B Convertible Preferred Stock [Member] | Issued on August 13, 2010 (Initial Capitalization) [Member]
Organization and Summary of Significant Accounting Policies (Details) [Line Items]
Units sold at inception	10
Preferred Stock, Shares Issued	480,000
Series B Convertible Preferred Stock [Member]
Organization and Summary of Significant Accounting Policies (Details) [Line Items]
Preferred Stock, Shares Issued	480,000		480,000
Hotels [Member]
Organization and Summary of Significant Accounting Policies (Details) [Line Items]
Number of Hotels	53
Number of States in which Entity Operates	17
Aggregate Hotel Rooms [Member]
Organization and Summary of Significant Accounting Policies (Details) [Line Items]
Aggregate Number of Rooms	6,762

Investment_in_Real_Estate_Deta

Investment in Real Estate (Details) (USD $)	3 Months Ended		56 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015
Investment in Real Estate (Details) [Line Items]
Business Combination, Acquisition Related Costs	$1,580,000	$1,008,000
Revenues	60,397,000	50,464,000
Operating Income (Loss)	11,073,000	8,575,000
Goodwill	0		0
Apple Suites Realty Group (ASRG) [Member] | Acquisition-related Costs [Member] | Real Estate Acquisition and Disposal Fees Incurred [Member]
Investment in Real Estate (Details) [Line Items]
Costs and Expenses, Related Party	1,500,000
Apple Suites Realty Group (ASRG) [Member] | Real Estate Acquisition and Disposal Fees Incurred [Member]
Investment in Real Estate (Details) [Line Items]
Costs and Expenses, Related Party	1,500,000	900,000	18,900,000
Apple Suites Realty Group (ASRG) [Member]
Investment in Real Estate (Details) [Line Items]
Real estate acquisition and disposal fee, Related Party, Percent	2.00%
Chairman and CEO of Company [Member] | Apple Suites Realty Group (ASRG) [Member]
Investment in Real Estate (Details) [Line Items]
Related person ownership of related parties	100.00%
Hotels [Member]
Investment in Real Estate (Details) [Line Items]
Number of Real Estate Properties	53		53
Number of States in which Entity Operates	17		17
Aggregate Hotel Rooms [Member]
Investment in Real Estate (Details) [Line Items]
Number of Units in Real Estate Property	6,762		6,762
Acquisition-related Costs [Member] | Costs Other Than ASRG Fee [Member]
Investment in Real Estate (Details) [Line Items]
Business Combination, Acquisition Related Costs	100,000
Hotel Acquisitions [Member]
Investment in Real Estate (Details) [Line Items]
Number of Businesses Acquired	2
Business Combination, Acquisition Related Costs	1,600,000
Revenues	2,000,000
Operating Income (Loss)	600,000
Potential Purchase of Additional Hotels [Member]
Investment in Real Estate (Details) [Line Items]
Number of Units in Real Estate Property	441		441
Potential Number of Hotel Properties	3		3
Business Acquisition, Gross Purchase Price	79,845,000		79,845,000
Potential Purchase of Additional Hotels Under Construction [Member]
Investment in Real Estate (Details) [Line Items]
Potential Number of Hotel Properties	2		2
Hotel Construction, Time to Completion	over the next nine months
Potential Purchase of Additional Hotels Operating [Member]
Investment in Real Estate (Details) [Line Items]
Existing Hotels, Time to Acquisition	within the next three months
Noncash or Part Noncash Acquisition, Debt Assumed	$16,600,000

Investment_in_Real_Estate_Deta1

Investment in Real Estate (Details) - Hotel Acquisitions (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015
Fairfield Inn & Suites Tustin, CA [Member]
Business Acquisition [Line Items]
State	CA
Brand	Fairfield Inn & Suites
Manager	Marriott
Date Acquired	5-Feb-15
Rooms	145
Gross Purchase Price	$31,000
Residence Inn Tustin, CA [Member]
Business Acquisition [Line Items]
State	CA
Brand	Residence Inn
Manager	Marriott
Date Acquired	5-Feb-15
Rooms	149
Gross Purchase Price	42,800
Total [Member]
Business Acquisition [Line Items]
Rooms	294
Gross Purchase Price	$73,800

Investment_in_Real_Estate_Deta2

Investment in Real Estate (Details) - Investment in Real Estate (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Investment in Real Estate [Abstract]
Land	$87,461	$77,943
Building and Improvements	824,911	762,134
Furniture, Fixtures and Equipment	73,435	67,529
Franchise Fees	3,532	3,532
	989,339	911,138
Less Accumulated Depreciation	-80,495	-72,106
Investment in Real Estate, net	$908,844	$839,032

Investment_in_Real_Estate_Deta3

Investment in Real Estate (Details) - Outstanding Contracts (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015		Mar. 31, 2014
Investment in Real Estate (Details) - Outstanding Contracts [Line Items]
Deposits Paid	$100		$0
Potential Purchase of Additional Hotels Operating [Member] | Residence Inn San Juan Capistrano, CA [Member]
Investment in Real Estate (Details) - Outstanding Contracts [Line Items]
Brand	Residence Inn	[1]
Rooms	130
Deposits Paid	200
Gross Purchase Price	29,200
Potential Purchase of Additional Hotels Under Construction [Member] | Homewood Suites Cape Canaveral, FL [Member]
Investment in Real Estate (Details) - Outstanding Contracts [Line Items]
Brand	Homewood Suites	[2],[3]
Rooms	153
Deposits Paid	3
Gross Purchase Price	25,245
Potential Purchase of Additional Hotels Under Construction [Member] | Hampton Inn & Suites Rosemont, IL [Member]
Investment in Real Estate (Details) - Outstanding Contracts [Line Items]
Brand	Hampton Inn & Suites	[2]
Rooms	158
Deposits Paid	300
Gross Purchase Price	25,400
Potential Purchase of Additional Hotels [Member]
Investment in Real Estate (Details) - Outstanding Contracts [Line Items]
Rooms	441
Deposits Paid	503
Gross Purchase Price	$79,845
[1]	Closing on this hotel is expected within the next three months from March 31, 2015. At closing, the Company will assume approximately $16.6 million in mortgage debt. The loan provides for monthly payments of principal and interest on an amortized basis.
[2]	These hotels are currently under construction. The table shows the expected number of rooms upon hotel completion and the expected franchise. Assuming all conditions to closing are met, the purchase of these hotels is expected to close over the next nine months from March 31, 2015.
[3]	If the seller meets all of the conditions to closing, the Company is obligated to specifically perform under the contract. As the property is under construction, at this time, the seller has not met all of the conditions to closing.

Credit_Facility_Details

Credit Facility (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Dec. 31, 2014
Debt Disclosure [Abstract]
Line of Credit Facility, Maximum Borrowing Capacity	$100,000,000
Long-term Line of Credit	$45,700,000	$0
Line of Credit Facility, Interest Rate at Period End	2.43%
Debt Instrument, Maturity Date, Description	Jul-15
Line of Credit Facility, Covenant Terms	The credit facility contains customary affirmative covenants, negative covenants and events of default. In addition, the credit facility contains covenants restricting the level of certain investments and quarterly financial covenants which include, among others, a minimum net worth requirement, maximum debt limits, minimum debt service and fixed charge coverage ratios, and maximum distribution limits. The Company was in compliance with each of the applicable covenants at March 31, 2015 and expects to remain in compliance until the facility matures in July 2015.

Fair_Value_of_Financial_Instru1

Fair Value of Financial Instruments (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Millions, unless otherwise specified
Fair Value Disclosures [Abstract]
Long-term Debt	$164.70	$119.70
Long-term Debt, Fair Value	$168.10	$122.80

Related_Parties_Details

Related Parties (Details) (USD $)	3 Months Ended		56 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015	Dec. 31, 2014
Related Parties (Details) [Line Items]
Related Party Transaction, Description of Transaction	To efficiently manage cash disbursements, the Company, Apple Hospitality, A10A or ASRG may make payments for any or all of the related companies. Under the cash management process, each of the companies may advance or defer up to $1 million at any time. Each month, any outstanding amounts are settled among the affected companies.
Apple Suites Realty Group (ASRG) [Member] | Real Estate Acquisition and Disposal Fees Incurred [Member]
Related Parties (Details) [Line Items]
Costs and Expenses, Related Party	1,500,000	$900,000	$18,900,000
Apple Suites Realty Group (ASRG) [Member]
Related Parties (Details) [Line Items]
Real estate acquisition and disposal fee, Related Party, Percent	2.00%
Apple Ten Advisors (A10A) [Member] | Advisory Fees Incurred [Member]
Related Parties (Details) [Line Items]
Costs and Expenses, Related Party	400,000	300,000
Apple Ten Advisors (A10A) [Member]
Related Parties (Details) [Line Items]
Management Advisory Fee, Related Party, Percent	0.1% to 0.25%
ASRG and A10A [Member] | Reimbursement to Related Party for Company's Proportionate Share of Staffing and Related Costs Provided by Related Party [Member]
Related Parties (Details) [Line Items]
Costs and Expenses, Related Party	700,000	600,000
Apple Air Holding, LLC [Member] | Aircraft Usage Fees [Member]
Related Parties (Details) [Line Items]
Costs and Expenses, Related Party	27,000	55,000
Apple Air Holding, LLC [Member]
Related Parties (Details) [Line Items]
Equity Method Investment, Ownership Percentage	26.00%		26.00%	26.00%
Equity Method Investments	900,000		900,000	900,000
Income (Loss) from Equity Method Investments	-71,000	-62,000
Paid to Apple Hospitality [Member] | Advisory Fees Incurred [Member]
Related Parties (Details) [Line Items]
Related Party Transaction, Amounts of Transaction	400,000	$100,000
Apple Hospitality's Interest in Apple Air Holding, LLC [Member]
Related Parties (Details) [Line Items]
Equity Method Investment, Ownership Percentage	74.00%		74.00%

Shareholders_Equity_Details

Shareholders' Equity (Details) (USD $)	3 Months Ended		12 Months Ended	36 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015	Mar. 31, 2015
Shareholders' Equity (Details) [Line Items]
Payments for Repurchase of Equity	$4,387	$2,510
Payments of Ordinary Dividends, Common Stock	18,718	16,468
Unit Redemption Program [Member]
Shareholders' Equity (Details) [Line Items]
Unit redemption eligibility period	1 year
Redemption rate, Units owned less than 5 years	92.50%
Redemption rate, Units owned more than 5 years	100.00%
Weighted average number of Units outstanding, percentage redeemable	3.00%
Units Redeemed	400,000	200,000		5,500,000
Payments for Repurchase of Equity	4,400	2,500		55,800
Redemption requests redeemed, description	pro-rata basis
Redemption requests redeemed, percentage		68.00%	100.00%
Distributions [Member]
Shareholders' Equity (Details) [Line Items]
Annual Distribution rate	$0.83
Common Stock, Dividends, Per Share, Cash Paid	$0.21	$0.21
Payments of Ordinary Dividends, Common Stock	$18,700	$16,500

Shareholders_Equity_Details_Sc

Shareholders' Equity (Details) - Schedule of Unit Redemption (Redemptions [Member])	3 Months Ended
	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014
Redemptions [Member]
Shareholders' Equity (Details) - Schedule of Unit Redemption [Line Items]
Total Requested Unit Redemptions at Redemption Date	425,833	296,642	496,839	479,078	357,013
Units Redeemed	425,833	296,642	496,839	479,078	242,644
Total Redemption Requests Not Redeemed at Redemption Date	0	0	0	0	114,369

Subsequent_Events_Details

Subsequent Events (Details) (USD $)	3 Months Ended		1 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Apr. 30, 2015
Subsequent Events (Details) [Line Items]
Payments of Ordinary Dividends, Common Stock	$18,718	$16,468
Payments for Repurchase of Equity	4,387	2,510
Subsequent Event [Member]
Subsequent Events (Details) [Line Items]
Payments of Ordinary Dividends, Common Stock			6,200
Common Stock, Dividends, Per Share, Cash Paid (in Dollars per share)			$0.07
Units Redeemed (in Shares)			400,000
Payments for Repurchase of Equity			$4,200
Redemption requests redeemed, percentage			100.00%