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Apple Hospitality Five, Inc. Acquired by Inland American Real Estate Trust, Inc.
RICHMOND, VA, October 9, 2007 – Apple Hospitality Five Advisors, Inc. announced today that on Friday, October 5, 2007, Apple Hospitality Five, Inc., a real estate investment trust (REIT), closed on the sale of 27 lodging properties to Inland American Real Estate Trust, Inc. in a cash merger where each issued and outstanding Unit (Common Share and related Series A Preferred Share) of the Company was converted into the right to receive $14.05. McGuireWoods LLP acted as legal advisor to the Company, Wachovia Securities acted as its financial advisor and David Lerner Associates, Inc. acted as proxy solicitor. Inland Capital Markets Group, Inc. acted as advisor and Shefsky & Froelich Ltd. acted as legal counsel to Inland American in the transaction.
About Apple Hospitality Five, Inc.:
Apple Hospitality Five was a REIT focused on upscale, extended-stay and select-service hotels. The original portfolio consisted of 28 hotels, containing a total of 3,717 guestrooms, diversified among 15 states. The original securities were sold by a best-efforts offering conducted by David Lerner Associates, Inc. Please refer to www.davidlerner.com.
About Inland American Real Estate Trust, Inc.:
Inland American Real Estate Trust, Inc. is a real estate investment trust focused on the acquisition and ownership of a diversified portfolio, including retail, office, multi-family and industrial properties within the United States and Canada, either directly, or by acquiring REITs or other "real estate operating companies”. As of July 15, 2007, the company’s portfolio consisted of wholly-owned and joint venture interests in 326 properties, excluding the lodging facilities, located in 30 states for a total of approximately 27 million gross leasable square feet. Through Inland American’s wholly-owned subsidiary, Inland American Winston Hotels, Inc., the company also owns 50 hotels in 18 states. Inland American is one of four REITs that are, or have been, sponsored by affiliates of The Inland Real Estate Group of Companies, Inc. For further information regarding Inland American Real Estate Trust, Inc., please refer to the company website at www.inland-american.com. |
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