Apple REITs Advance Plan To Form Mega Hospitality REIT

Law360, New York (August 12, 2013, 3:24 PM EDT) -- A group of real estate investment trusts under the Apple REIT Inc. umbrella have agreed to merge, creating one of the largest hospitality REITs in the U.S. and the potential for a future public listing or sale, the entities announced late Thursday.

Apple REIT Seven Inc., Apple REIT Eight Inc. and Apple REIT Nine Inc. will merge in two separate transactions, pending shareholder approval.

The resulting mega-REIT will hold 191 hotels with 23,711 guest rooms in 33 states, according to Glade M. Knight, chairman and CEO...
To view the full article, register now.