It later became Greater Atlantic Bank. There's not much data on Apple Suites, but there is information about the trend the company is chasing. No room service, no valet, no fancy trappings, but extended-stay properties do offer a little more space than your basic hotel room, and they have amenities like small kitchens. They offer separate living and sleeping areas and access to laundry facilities. In Virginia alone, there were only four such hotels three years ago.
Today there are dozens.
Occupancy rates are a little higher because guests stay longer. Most run at 80 percent or more occupancy. Apple Suites currently owns no properties, but it intends to use its IPO proceeds to buy corporate apartments and extended-stay hotels in southeastern and southwestern cities. Do your homework to determine whether these companies are good investments. If anything, though, the flood of plans indicates that the commonwealth's IPO market may be on the uptick.