Core and peel apples, reserving peel. Combine apple peel and water in a large saucepan. Bring water to a boil; reduce heat to low, and cook until apple peel is tender. Remove peel.
Add remaining ingredients to water, and bring to a boil; reduce heat to low, and add apples. Cook for 35 minutes or until apples are tender, basting occasionally with syrup.
Remove from heat, and let cool completely. Cover, and refrigerate overnight.