RICHMOND, Va.--(BUSINESS WIRE)--
Apple REIT Seven, Inc. (“Apple Seven”), Apple REIT Eight, Inc. (“Apple
Eight”) and Apple REIT Nine, Inc. (“Apple Nine,” and together with Apple
Seven and Apple Eight, the “Companies,” or individually, a “Company”),
each of which is a real estate investment trust (REIT), announced today
that their shareholders have approved the previously-announced
definitive merger agreement and related mergers pursuant to which Apple
Seven and Apple Eight will combine with Apple Nine in two merger
transactions. Approximately 93 percent of Apple Seven’s units, 93
percent of Apple Eight’s units and 89 percent of Apple Nine’s units
present at the special meetings were voted in favor of the transactions.
The Companies currently expect the mergers to close on Friday, February
28, 2014 and become effective as of March 1, 2014. The completion of the
mergers remains subject to the satisfaction of certain customary closing
conditions.
About Apple REIT Seven, Inc., Apple REIT Eight, Inc. and Apple REIT
Nine, Inc.
Apple Seven, Apple Eight and Apple Nine are REITs focused on the
ownership of hotels that generate attractive returns for our
shareholders. The Companies’ hotels operate under the Courtyard®
by Marriott®, Fairfield Inn® by Marriott®,
Fairfield Inn & Suites® by Marriott®,
Renaissance® Hotels, Residence Inn® by Marriott®,
SpringHill Suites® by Marriott®, TownePlace Suites®
by Marriott®, Marriott®Hotels & Resorts, Embassy
Suites Hotels®, Home2 Suites by Hilton®, Homewood
Suites by Hilton®, Hilton®, Hilton Garden Inn®,
Hampton Inn®, and Hampton Inn & Suites® brands.
The Apple Seven portfolio consists of 48 continuing hotels, containing a
total of 6,205 guestrooms in 18 states. The Apple Eight portfolio
consists of 51 hotels, containing a total of 5,914 guestrooms in 19
states. The Apple Nine portfolio consists of 89 hotels, containing a
total of 11,371 guestrooms in 27 states. Additional information about
the Companies can be found online at www.applereitseven.com,
www.applereiteight.com
and www.applereitnine.com.
Forward Looking Statements
This press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995,
Section 27A of the Securities Act of 1933, as amended, and Section 21E
of the Securities Exchange Act of 1934, as amended. These
forward-looking statements 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 any Company 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 any Company to obtain
third-party approvals required to consummate the proposed mergers]; the
satisfaction or waiver of other conditions in the merger agreement; a
material adverse effect on any Company; the outcome of any legal
proceedings that have or may be instituted against any Company and
others related to the merger agreement; the ability of any Company to
implement its operating strategy; any Company’s ability to manage
planned growth; the outcome of current and future litigation and
regulatory proceedings or inquiries; changes in economic cycles; and
competition within the hotel industry. Although each Company 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 any Company or any other person that the
results or conditions described in such statements or the objectives and
plans of any Company will be achieved. In addition, each Company’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
each Company’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 Seven with the SEC on March 6, 2013 and the Annual
Reports on Form 10-K filed by Apple Eight and Apple Nine, respectively,
with the SEC on March 7, 2013. Any forward-looking statement speaks only
as of the date of this press release and we undertake no obligation to
update or revise any forward-looking statements, whether as a result of
new developments or otherwise.
Photos/Multimedia Gallery Available: http://www.businesswire.com/multimedia/home/20140227006702/en/
Apple REIT Seven, Inc., Apple REIT Eight, Inc. and Apple REIT Nine, Inc.
Kelly
C. Clarke, 804-727-6321
Source: Apple REIT Seven, Inc. and Apple REIT Eight, Inc. and Apple REIT Nine, Inc.