8-K 1 c63232_8k.htm

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549


 

 

 

 


 

 

FORM 8-K

 

 


 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): November 2, 2010

 

 

 

 


 

 

 

 

APPLE REIT NINE, INC.

(Exact name of registrant as specified in its charter)

 

 

 

 


 


 

 

 

 

 

Virginia

 

000-53603

 

26-1379210

(State or other jurisdiction

 

(Commission File Number)

 

(I.R.S. Employer

of incorporation)

 

 

 

Identification Number)

 

 

 

 

 

814 East Main Street, Richmond, Virginia

 

 

23219

(Address of principal executive offices)

 

 

(Zip Code)

(804) 344-8121
(Registrant’s telephone number, including area code)

 

 

 

 


 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

 

o

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

 

o

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

 

o

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

 

o

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))




          Apple REIT Nine, Inc. (which is referred to below as the “Company” or as “we,” “us” or “our”) is filing this report in accordance with Item 2.01 and Item 9.01 of Form 8-K.

Item 2.01. Completion of Acquisition or Disposition of Assets.

Portfolio of Hotels

          On November 2, 2010, through one of our indirect wholly-owned subsidiaries, we closed on the purchase of 16 hotels. The sellers have no material relationship with us or our subsidiaries, other than through the purchase contracts and other related contracts.

          The table below describes the hotels:

 

 

 

 

 

 

 

 

 

 

 

Hotel Location

 

Franchise

 

Number of
Rooms

 

Purchase Price

 


 


 


 


 

Indianapolis, IN

 

 

SpringHill Suites

 

 

130

 

$

12,800,000

 

Mishawaka, IN

 

 

Residence Inn

 

 

106

 

 

13,700,000

 

Phoenix, AZ

 

 

Courtyard

 

 

164

 

 

16,000,000

 

Phoeniz, AZ

 

 

Reidence Inn

 

 

129

 

 

14,000,000

 

Lake Forest/Mettawa, IL

 

 

Residence Inn

 

 

130

 

 

23,500,000

 

Lake Forest/Mettawa, IL

 

 

Hilton Garden Inn

 

 

170

 

 

30,500,000

 

Austin, TX

 

 

Hilton Garden Inn

 

 

117

 

 

16,000,000

 

Novi, MI

 

 

Hilton Garden Inn

 

 

148

 

 

16,200,000

 

Warrenville, IL

 

 

Hilton Garden Inn

 

 

135

 

 

22,000,000

 

Schaumburg, IL

 

 

Hilton Garden Inn

 

 

166

 

 

20,500,000

 

Salt Lake City, UT

 

 

SpringHill Suites

 

 

143

 

 

17,500,000

 

Austin, TX

 

 

Fairfield Inn & Suites

 

 

150

 

 

17,750,000

 

Austin, TX

 

 

Courtyard

 

 

145

 

 

20,000,000

 

Chandler, AZ

 

 

Courtyard

 

 

150

 

 

17,000,000

 

Chandler, AZ

 

 

Fairfield Inn & Suites

 

 

110

 

 

12,000,000

 

Tampa, FL

 

 

Embassy Suites

 

 

147

 

 

21,800,000

 

 

 

 

 

 



 



 

 

 

 

 

 

 

2,240

 

$

291,250,000

 

 

 

 

 

 



 



 

          The purchase price for these hotels was funded by our ongoing offering of Units (with each Unit consisting of one common share and one Series A preferred share).

          As a result of the closings described above, all of the closings have occurred under a series of purchase contracts executed on September 10, 2010 for the potential purchase of 16 hotels. Additional information regarding the purchase contracts is set forth in our Form 8-K dated September 10, 2010 and filed with the Securities and Exchange Commission on September 15, 2010, which is incorporated herein by reference.

          All brand and trade names, logos or trademarks contained, or referred to, in this Form 8-K are the properties of their respective owners.

Item 9.01. Financial Statements and Exhibits.

 

 

a. Financial statements of businesses acquired.

 

 

 

Financial statements for the hotels described in Item 2.01 of this report will be filed as necessary by amendment within the required time period.


 

 

b. Pro forma financial information.

 

 

 

Pro forma financial information for the hotels described in Item 2.01 of this report will be filed as necessary by amendment within the required time period.

 

 

c. Shell company transaction.

 

 

 

Not Applicable

 

 

d. Exhibits.

 

 

 

None

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SIGNATURES

          Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

 

 

Apple REIT Nine, Inc.

 

 

 

 

By:

    /s/ Glade M. Knight

 

 


 

 

    Glade M. Knight, Chief Executive Officer

 

 

 

 

 

    November 5, 2010

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