Apple Hospitality REIT/Apple REIT Ten merger can move forward

June 9, 2016

Apple Hospitality REIT/Apple REIT Ten merger can move forward

Posted: Monday, June 6, 2016 10:30 pm | From staff reports | Richmond Times Dispatch

The planned $1.3 billion merger between Richmond-based real estate investment trust Apple Hospitality REIT and sister company Apple REIT Ten can move forward after Apple Ten did not receive any other viable acquisition offers.

The merger agreement, entered into on April 13 and expected to close in the third quarter, would create a combined company with a real estate portfolio of 234 Marriott and Hilton brand hotels nationwide, including 16 in Virginia.

On Monday, Apple Ten disclosed that during the “go-shop” period that expired May 28, 54 third parties were contacted — including 17 potential strategic buyers and 37 potential financial buyers — 10 of which executed confidentiality agreements with Apple Ten. None of the third parties contacted, however, provided Apple Ten with a proposal or offer regarding an alternative acquisition proposal.

Article Located Here


Print Friendly, PDF & Email
Go Back
Gil Armour, CFP
February 3, 2016

I have been using Blue Vault Partners for the past five years.  I have found them to be a valuable, unbiased resource when it comes to evaluating and comparing non-traded REITs.  The reports help me analyze which sponsors are doing a responsible job of managing their offerings.  This allows me to limit my REIT recommendations to only the most competitive products, and then track those REITs throughout their life cycle.