8-K 1 a10-9280_18k.htm 8-K

 

 

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): April 30, 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 April 30, 2010, through one of our indirect wholly-owned subsidiaries, we closed on the purchase of three hotels out of a portfolio of seven 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

 

Boise, Idaho

 

Hampton Inn & Suites

 

186

 

$

22,370,000

 

Rogers, Arkansas

 

Homewood Suites

 

126

 

10,900,000

 

St. Louis, Missouri

 

Hampton Inn & Suites

 

126

 

16,000,000

 

TOTAL

 

 

 

438

 

$

49,270,000

 

 

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, three closings have occurred under a series of purchase contracts executed on March 16, 2010 for the potential purchase of seven hotels.  Additional information regarding the purchase contracts is set forth in our Form 8-K dated March 16, 2010 and filed with the Securities and Exchange Commission on March 19, 2010, which is incorporated herein by reference.  There can be no assurance at this time that any further closings will occur under the remaining purchase contracts.

 

Anchorage, AK Hotel

 

On April 30, 2010, through one of our indirect wholly-owned subsidiaries, we closed on the purchase of a hotel located in Anchorage, Alaska.  The hotel acquired by our purchasing subsidiary is an Embassy Suites® hotel containing 169 guest rooms.  The purchase price for the hotel was $42,000,000.  The seller has no material relationship with us or our subsidiaries, other than through the purchase contract and other related contracts.

 

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

 

Additional information regarding the purchase contract for this hotel is set forth in our Form 8-K dated March 16, 2010 and filed with the Securities and Exchange Commission on March 19, 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.

 

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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

 

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

 

 

 

 

 

 

 

 

May 4, 2010

 

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