8-K 1 d8k.htm FORM 8-K Form 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): September 24, 2008

 

 

APPLE REIT NINE, INC.

(Exact name of registrant as specified in its charter)

 

 

 

Virginia   333-147414   26-1379210

(State or other jurisdiction

of incorporation)

  (Commission File Number)  

(I.R.S. Employer

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:

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ 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.

On September 24, 2008 and September 26, 2008, through one or more of our indirect wholly-owned subsidiaries, we closed on the purchase of three 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 three hotels:

 

Hotel Location

  

Franchise

   Number of Rooms    Purchase Price   

Closing Date

Charlotte, North Carolina

   Homewood Suites    112    $ 5,750,000    September 24, 2008

Santa Clarita, California

   Courtyard    140      22,700,000    September 24, 2008

Allen, Texas

   Hampton Inn & Suites    103      12,500,000    September 26, 2008
                 

TOTAL

      355    $ 40,950,000   
                 

The purchase price for each hotel 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 closing described above for the hotel located in Allen, Texas, one closing has occurred under a series of purchase contracts executed on August 1, 2008 for the potential purchase of five hotels. Additional information regarding the purchase contracts and the remaining four hotels is set forth in our Form 8-K dated August 1, 2008 and filed with the Securities and Exchange Commission on August 6, 2008, which is incorporated herein by reference. There can be no assurance at this time that any further closings will occur under the purchase contracts. Additional information regarding the purchase contract for the hotel in Santa Clarita, California is set forth in our Form 8-K dated July 24, 2008 and filed with the Securities and Exchange Commission on July 28, 2008, which is incorporated herein by reference. Additional information regarding the purchase contract for the hotel in Charlotte, North Carolina is set forth in our Form 8-K dated August 1, 2008 and fled with the Securities and Exchange Commission on August 6, 2008, 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 will be filed as necessary by amendment within the required time period)

 

b. Pro forma financial information.

(Pro forma financial information will be filed as necessary by amendment within the required time period)

 

c. Shell company transaction.

Not Applicable

 

d. Exhibits.

None

 

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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
  September 26, 2008

 

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