Glade Knight

Glade M. Knight (born 1944 in Utah) is a husband, father, corporate expert, investor, and cowboy. He was born a farmer, has worked and invested his entire life, and his assets are now a vast resource of wealth. He owns and operates multiple sources of income, including real estate investment trusts (REITs), corporate partnerships, and a large ranch with prize-winning horses. He is a patriarch for the Church of Jesus Christ of Latter-Day Saints and has a large family.

For "Empress of Soul", see Gladys Knight.
Glade Mac Knight
Born1944
Utah
Alma materBrigham Young University
OccupationCommercial Real Estate Sales
OrganizationApple Hospitality REITs
TitleFounder, Chairman
SuccessorJustin Knight, CEO
Board member ofVCU Graduate School of Real Estate and Urban Land Development Advisory Board
Spouse(s)Kathleen Knight
Websitehttp://applehospitalityreit.com/

History

As a child, Knight grew up on his father's ranch in Utah, where early mornings and long days were the standard. Knight's self-proclaimed and family taught core values are service, family, and God. He told a local reporter that throughout his life he has learned to appreciate the importance of loving your job, and the role that plays in success. "Boy, are you going to have a sad life if you don't enjoy work."[1]

Career

Knight is the Chairman and CEO of Apple Suites Realty Group Inc. (founded 1999). Apple Hospitality is the corporate name of Apple Suites, and is the latest of 10 Apple programs.[2] He has other investments, partnerships, and affiliations in the petroleum-based energy industry, as well as other real estate unrelated to Apple REITs.[3]

Knight says he started with merely one hundred dollars, which has since grown into an estimated 5 billion plus assets and change, which are all “a profit” of his original investments.

When compared to other REITs, he says it is the combination of his unique portfolio with decreased levels of risk that sets him apart and attracts many potential investors. The company, investors, and major partners avoided damaging and ugly debt in part by becoming “[their] own bank.”[1]

Real Estate

Most recently, Glade Knight was the founder, Chairman, and CEO of Apple REITs 7, 8, and 10 until they were merged into Apple Hospitality REITs. Knight also was the CEO of Apple Hospitality until 2014, when he gave the position to his son Justin Knight. Previous Apple-rooted REIT companies 2, 5, and 6 also were sold or merged with various other companies, after some time under Knight's Chairman- and-CEO-ship.[3]

Each of the most recent ventures of the Apple program, which are outlets of franchised companies Hilton and Marriott brands, have brought in billions of dollars in profits for the realty group, plus money from liquid mergers or straight corporate purchases.[4]

Controversy

There was an investigation of Apple REITs by the U.S. Securities and Exchange Commission (SEC) over violations (made from 2008 and 2011) that resulted in a grand total of nearly $1.7 million in personal and corporate fines. Apple leadership stands by their statements that there have been no actions taken that harmed or disadvantaged the investors or the company.[4]

Usually serious investigations led by the SEC end in more than fines, but the claims and allegations that the company and broker was overpricing their shares did not. The initial conflict was written about in Investment News,[lower-alpha 1] Virginia Business,[lower-alpha 2] and New York Times,[lower-alpha 3] but no follow-up reporting has been done since.

Education

Glade Knight helped to create BYU's Entrepreneurial Department of the Graduate School of Business Management and holds a position on the BYU National Advisory Council. He also holds numerous education positions in Virginia, including Member of the Graduate School of Real Estate and Urban Land Development Advisory Board at VCU[3] and founder of Southern Virginia University, where he served as Chairman from 1996-2015.[5]

With an honorary doctorate from SVU[5] and both a BA and MBA (through the Marriott School of Management) from BYU, Glade Knight has actively supported education and schooling ever since he graduated himself.[2] To assist SVU students in achieving their goals and dreams like he did, Knight created the Cowboy/Cowgirl Ethics Scholarship. The award includes custom boots, a free trip to any of the ranches he owns, and $1000 to advance their education.[5]

Personal life

He has four adult children and 13 grandchildren. Bill Marriott and Glade Knight have a close friendship, and Mr. Marriott speaks very highly of him as well, once calling him an "outstanding businessman and generous philanthropist. He is a great family man, church leader and superb horseman.”[1]

Leadership

Kathleen Knight, wife of Glade Knight, taught early morning seminary classes for LDS high school students in their area. Brother Knight has at different times been called Elder Knight (as a missionary in England), Bishop, Stake President, and Patriarch [all followed by ‘Knight’] while officiating in his church callings as a member of the Church of Jesus Christ of Latter Day Saints.[5]

Recreation

An enthusiastic and successful horse racer, Knight has made nearly half a million dollars on horse competitions alone, and he has ranches in Virginia and Texas. The Texas ranch has been awarded “Top Owner and Top Breeder, All Ages, All Divisions”[6] twice in the past ten years as a result of his adept handling, even though he is in his seventies.[1]

Notes
  1. Ivestment News http://www.investmentnews.com/article/20140213/FREE/140219946/bad-apple-reits-fined-1-5-million-for-disclosure-violations
  2. Virginia Business http://www.virginiabusiness.com/news/article/apple-reits-under-scrutiny1/313374
  3. New York Times https://www.nytimes.com/2011/06/03/business/03norris.html

References
  1. Bacqué, Peter. “How a cowboy made it big by taking risk out of real estate.” Richmond-Times Dispatch. BH Media Group, Inc., 10 May 2010. Web. 4 Nov. 2016.
  2. “Real Estate Management and Development: Company Overview of Apple Suites Realty Group, Inc.” Bloomberg. Bloomberg L.P., 2016. Web. 4 Nov. 2016.
  3. “Glade M. Knight: Executive Chairman.” Apple Hospitality REIT. Apple Hospitality REIT, Inc., 2016. Web. 4 Nov. 2016.
  4. Kelly, Bruce. “Bad Apple: REITs fined $1.5 million for disclosure violations” Investment News Crain Communications Inc., 13 Feb. 2014. Web. 4 Nov. 2016.
  5. King, Hannah. “Chairman Glade Knight to Speak at Commencement May 7” Southern Virginia University. Southern Virginia University, Apr. 9, 2015. Web. 4 Nov. 2016.
  6. Slate River Ranch. horsealley.com. Web. 12 Jan. 2017.
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