RICHMOND, Va.--(BUSINESS WIRE)--
Apple REIT Nine, Inc. is pleased to report that a securities litigation
case against the Company as well as Apple REIT Six, Inc., Apple REIT
Seven, Inc., Apple REIT Eight, Inc., Apple REIT Ten, Inc., the
companies’ Boards of Directors, certain officers and related advisory
companies (collectively referred to as the “Apple Parties”) has been
dismissed. Motions to dismiss the Amended Consolidated Class-Action
Complaint In re Apple REITs Litigation, 11-cv-02919(EDNY Apr, 3,
2013) were granted in full and with prejudice. A United States District
Judge entered a judgment in favor of the Apple Parties on Wednesday,
April 3, 2013.
About 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 that
generates attractive returns for our shareholders. Our hotels operate
under the Courtyard® by Marriott®, Fairfield Inn® by Marriott®,
Fairfield Inn & Suites® by Marriott®, Marriott® Hotels & Resorts,
Residence Inn® by Marriott®, SpringHill Suites® by Marriott®, TownePlace
Suites® by Marriott®, Embassy Suites Hotels®, Home2 Suites by Hilton®,
Homewood Suites by Hilton®, Hilton®, Hilton Garden Inn®, Hampton Inn®,
and Hampton Inn & Suites® brands. The Apple REIT Nine portfolio consists
of 89 hotels, containing a total of 11,371 guestrooms in 27 states.
Apple REIT Nine is a premier real estate investment company committed to
providing maximum value for our shareholders.
Disclosures
Certain statements contained in this press release other than historical
facts may be considered forward-looking statements. These
forward-looking statements are predictions and generally can be
identified by use of statements that include phrases such as “believe,”
“expect,” “anticipate,” “estimate,” “intend,” “plan,” “foresee,”
“looking ahead,” “is confident,” “should be,” “will,” “predicted,”
“likely” or other words or phrases of similar import. Such statements
involve known and unknown risks, uncertainties, and other factors which
may cause the actual results, performance, or achievements of Apple REIT
Nine to be materially different from future results, performance or
achievements expressed or implied by such forward-looking statements.
Such factors include, but are not limited to, the ability of Apple REIT
Nine to implement its acquisition strategy and operating strategy; Apple
REIT Nine’s ability to manage planned growth; changes in economic
cycles; financing risks; the outcome of current and future litigation,
regulatory proceedings or inquiries; changes in laws or regulations or
interpretations of current laws and regulations that impact Apple REIT
Nine’s business, assets or classification as a real estate investment
trust; and competition within the hotel and real estate industry.
Although Apple REIT Nine believes that the assumptions underlying the
forward-looking statements contained herein are reasonable, any of the
assumptions could be inaccurate, and therefore there can be no assurance
that such statements included in this press release will prove to be
accurate. In light of the significant uncertainties inherent in the
forward-looking statements included herein, the inclusion of such
information should not be regarded as a representation by Apple REIT
Nine or any other person that the results or conditions described in
such statements or the objectives and plans of Apple REIT Nine will be
achieved. In addition, Apple REIT Nine’s qualification as a real estate
investment trust involves the application of highly technical and
complex provisions of the Internal Revenue Code. Certain factors that
could cause actual results to differ materially from these
forward-looking statements are listed from time to time in Apple REIT
Nine’s SEC reports, including, but not limited to, in the section
entitled “Item 1A. Risk Factors” in the Annual Report on Form 10-K filed
by Apple REIT Nine with the SEC on March 7, 2013. Any forward-looking
statements speak only as of the date of this news release and Apple REIT
Nine undertakes no obligation to update or revise any forward-looking
statements, whether as a result of new developments or otherwise.
Apple REIT Nine, Inc.
Kelly C. Clarke, 804-727-6321
Source: Apple REIT Nine, Inc.