APPLE REIT SEVEN, INC.
Apple REIT Seven, Inc. is a real estate investment trust (REIT) focused on the ownership of income-producing real estate. The company's focus is on the ownership and operation of high-quality hotels that generate attractive returns for our shareholders. Our hotels operate under the Courtyard® by Marriott®, Fairfield Inn® by Marriott®, Fairfield Inn & Suites® by Marriott®, Residence Inn® by Marriott®, SpringHill Suites® by Marriott®, TownePlace Suites® by Marriott®, Marriott®, Homewood Suites by Hilton®, Hilton Garden Inn® and Hampton Inn® brands. The Apple REIT Seven portfolio consists of 51 hotels with 6,426 guestrooms in 18 states.
The company was formed on May 20, 2005. On March 31, 2006 the initial closing of the best-efforts offering occurred with 4,761,905 shares sold for a total of $50 million gross proceeds. Hotel operations began on April 27, 2006 with the purchase of the Residence Inn® by Marriott® Houston West/Energy Corridor. Fundraising continued until July 16, 2007, when the company reached its goal of $1 billion total gross proceeds raised.
APPLE REIT EIGHT, INC.
Apple REIT Eight, Inc. is a real estate investment trust (REIT) focused on the ownership of income-producing real estate. The company's focus is on the ownership and operation of high-quality hotels that generate attractive returns for our shareholders. Our hotels operate under the Courtyard® by Marriott®, Fairfield Inn® by Marriott®, Fairfield Inn & Suites® by Marriott®, Residence Inn® by Marriott®, SpringHill Suites® by Marriott®, TownePlace Suites® by Marriott®, Marriott®, Renaissance® Hotels & Resorts, Homewood Suites by Hilton®, Hilton Garden Inn®, Hampton Inn® and Hampton Inn & Suites® brands. The Apple REIT Eight portfolio consists of 51 hotels with 5,912 guestrooms in 19 states.
The company was formed on January 19, 2007. On July 26, 2007 the initial closing of best-efforts offering occurred with 4,761,905 shares sold for a total of $50 million gross proceeds. Hotel operations began on November 9, 2007 with the purchase of a Courtyard® by Marriott® in Somerset, New Jersey and a SpringHill Suites® by Marriott® in Greensboro, North Carolina. Fundraising continued until April 21, 2008, when the company reached its goal of $1 billion total gross proceeds raised.
APPLE REIT NINE, INC.
Apple REIT Nine, Inc. is a real estate investment trust (REIT) focused on the acquisition and ownership of income-producing real estate. The company's focus is on the ownership and operation of high-quality hotels that generate attractive returns for our shareholders. Our hotels operate under the Courtyard® by Marriott®, Fairfield Inn® by Marriott®, Fairfield Inn & Suites® by Marriott®, Residence Inn® by Marriott®, SpringHill Suites® by Marriott®, TownePlace Suites® by Marriott®, Marriott®, Embassy Suites Hotels®, Homewood Suites by Hilton®, Home2 Suites by Hilton®, Hilton Garden Inn®, Hilton®, Hampton Inn® and Hampton Inn & Suites® brands. The Apple REIT Nine portfolio consists of 89 hotels with 11,371 guestrooms in 27 states.
Apple REIT Nine, Inc. was formed on November 8, 2007 and began fundraising on April 25, 2008. Hotel operations formally began on July 31, 2008, with the acquisition of the Company’s first hotel, a 125-room Hilton Garden Inn® in Tucson, Arizona. From April 25, 2008 until December 9, 2010, the Company, through a public offering of shares managed by David Lerner Associates, Inc., a New York-based investment firm, raised its $2 billion goal of equity capital gross proceeds.
History
Apple REIT Companies began in 1999 with the first REIT, Apple Suites, Inc. Apple Suites was initially capitalized in March and formally began operating in September of that same year. From 1999 until 2001, Apple Suites raised $125 million in equity capital gross proceeds through a “best-efforts” offering of common shares managed by David Lerner Associates, Inc., a New York-based investment firm, and acquired 17 Homewood Suites by Hilton® hotels containing 1,922 suites located in 12 states.
Apple Hospitality Two, Inc. was initially capitalized in January 2001 and formally began operations in September 2001. From January 2001 until July 2002, Apple Hospitality Two raised $200 million in equity capital gross proceeds through a “best-efforts” offering of common shares managed by David Lerner Associates. From July until November 2002, Apple Hospitality Two raised an additional $100 million in equity capital gross proceeds through a second offering. During that time and until January 2003, Apple Hospitality Two was busy acquiring 49 Residence Inn® by Marriott® hotels with 5,947 suites diversified among 20 states. Then, on January 31, 2003, Apple Hospitality Two acquired, through a merger, Apple Suites, and thereby grew its portfolio by 17 Homewood Suites by Hilton hotels. Over the next few years, with a total of 66 hotels with 7,869 suites located in 25 states, the REIT increased shareholder value through the appreciation of its assets, solid returns and strong operations. On May 23, 2007, Apple Hospitality Two was sold to an affiliate of ING Clarion for a total consideration, including debt, of approximately $890 million.
Apple Hospitality Five, Inc. was incorporated and capitalized on September 20, 2002. From January 2003 until March 18, 2004, Apple Hospitality Five raised $500 million in equity capital gross proceeds through a “best-efforts” offering of common shares managed by David Lerner Associates. Hotel operations began in January 2003, with the purchase of the company’s first hotel, a Residence Inn® by Marriott® in Houston, TX. Acquisitions continued until August of 2005 when Apple Hospitality Five acquired its 28th property, the Courtyard® by Marriott® in Vienna, Virginia, in the thriving Washington, D.C. market. Of our 28 hotels, we owned 11 Residence Inn® by Marriott® properties consisting of 1,340 guestrooms, nine Courtyard® by Marriott® properties consisting of 1,279 guestrooms, one Marriott Suites® property with 278 guestrooms, one SpringHill Suites® by Marriott® property with 106 guestrooms, four Homewood Suites by Hilton® properties consisting of 479 guestrooms and two Hilton Garden Inn® properties consisting of 235 guestrooms. Over the years, Apple Hospitality Five experienced appreciation of its assets, provided its shareholders with solid returns and enjoyed strong operations at its hotels. Then on July 25, 2007, following the approval of the company’s board of directors, the company entered into a definitive merger agreement to be acquired by Inland American Real Estate Trust, Inc. in a cash merger where each issued and outstanding Unit (Common Share and related Series A Preferred Share) of the company was converted into the right to receive $14.05. Following the approval of our shareholders, the company was sold on October 5, 2007.
Apple REIT Six, Inc. was incorporated and capitalized on January 20, 2004. From May 2004 until March 2006, $1 billion in equity capital gross proceeds was raised through a “best-efforts” offering of common shares managed by David Lerner Associates. Hotel operations began in May of 2004 with the purchase of the company’s first hotel, a SpringHill Suites® by Marriott® in Fort Worth, Texas. With a focus on the ownership and operation of high-quality hotels that generated attractive returns for shareholders, the portfolio consisted of 68 hotels, containing a total of 7,897 guestrooms in 18 states. The Company’s hotels operated under the Courtyard® by Marriott®, Fairfield Inn® by Marriott®, Residence Inn® by Marriott®, SpringHill Suites® by Marriott®, TownePlace Suites® by Marriott®, Marriott®, Homewood Suites by Hilton®, Hilton Garden Inn®, Hampton Inn® and Hampton Inn and Suites® brands. On November 30, 2012, following the approval of the company’s board of directors, the company entered into a definitive merger agreement to be acquired by BRE Select Hotels Corp, an affiliate of Blackstone Real Estate Partners VII. The total transaction value, including transaction costs and the assumption or repayment of the Company’s debt, was approximately $1.2 billion. Following shareholder approval, the company was sold on May 14, 2013.
Trademark Usage
“Marriott,” “Courtyard by Marriott,” “SpringHill Suites by Marriott,” “Fairfield Inn by Marriott,” “TownePlace Suites by Marriott,” “Residence Inn by Marriott” and "Renaissance Hotels & Resorts" are each a registered trademark of Marriott International, Inc. or one of its affiliates. All references to “Marriott” mean Marriott International, Inc. and all of its affiliates and subsidiaries and their respective officers, directors, agents, employees, accountants and attorneys. Marriott is not responsible for the content of this web site, whether relating to the hotel information, operating information, financial information, Marriott’s relationship with Apple REIT Companies or otherwise. Marriott was not involved in any way whether as an “issuer” or “underwriter” or otherwise in any of the Apple REIT Companies offerings and received no proceeds from any of the offerings. Marriott has not expressed any approval or disapproval regarding this web site, and the grant by Marriott of any franchise or other rights to Apple REIT Companies shall not be construed as any expression of approval or disapproval. Marriott has not assumed and shall not have any liability in connection with this web site.
“Hampton Inn,” “Hilton Garden Inn,” "Home2 Suites by Hilton," "Embassy Suites Hotels" and “Homewood Suites by Hilton” are each a registered trademark of Hilton Worldwide or one of its affiliates. All references to “Hilton” mean Hilton Worldwide and all of its affiliates and subsidiaries, and their respective officers, directors, agents, employees, accountants and attorneys. Hilton is not responsible for the content of this web site, whether relating to hotel information, operating information, financial information, Hilton’s relationship with Apple REIT Companies, or otherwise. Hilton was not involved in any way, whether as an “issuer” or “underwriter” or otherwise, in any of the Apple REIT Companies offerings and received no proceeds from the offerings. Hilton has not expressed any approval or disapproval regarding this website, and the grant by Hilton of any franchise or other rights to Apple REIT Companies shall not be construed as any expression of approval or disapproval. Hilton has not assumed and shall not have any liability in connection with this web site.