REITs at David Lerner Associates


Apple REITs are a series of real estate investment trusts underwritten by David Lerner Associates with the goal of providing income and possible capital appreciation for our clients.

Since 1993, David Lerner Associates has raised over $7.5 billion in 10 Real Estate Programs. 

About Apple REIT Companies
Apple Real Estate Investment Trust Companies consist of a group of investment companies committed to providing maximum value for shareholders. Apple REIT Companies focus on the acquisition and ownership of income producing properties, primarily extended stay and select service hotels. 

  • 3rd Top Owner and Developer of lodging properties in the US (Printed in Hotel Business magazine published on
    September 7, 2014. Based on number of rooms at the end of 2013).
  • Currently owns and manages 2 REITs consisting of
  • 237 hotels
  • 29,678 guestrooms
  • 34 states 

David Lerner Associates' History of Underwriting Apple REIT Programs

  • Apple Hospitality Two (2001) consisted of 64 Marriott Residence Inns and Homewood Suites in the United States. Our clients invested $425 million in the program. 
  • Apple Hospitality Five (2003) consisted of 28 upscale, extended-stay and select-service hotels in the United States. Our clients invested $500 million in the program. 
  • Apple REIT Six (2004) consisted of 68 extended-stay, full service and select-service hotels in 18 states. Our clients invested $1billion in the program. 
  • Apple REIT Seven consisted of 51 hotels in 18 states. Our clients invested $1 billion in the program. Apple REIT Seven is now a part of Apple Hospitality REIT and is no longer open to new investors. There is no public market for Apple Hospitality REIT. 
  • Apple REIT Eight consisted of 51 hotels in 19 states. Our clients invested $1 billion in the program. Apple REIT Eight is now a part of Apple Hospitality REIT and is no longer open to new investors. There is no public market for Apple Hospitality REIT. 
  • Apple REIT Nine consisted of 86 hotels in 27 states. Our clients invested $2 billion in the program. Apple REIT Nine is now a part of Apple Hospitality REIT and is no longer open to new investors. There is no public market for Apple Hospitality REIT.
  • Apple REIT Ten consists of 49 hotels in 17 states. Our clients invested more than $1 billion in the program. Apple REIT Ten is no longer open to new investors. There is no public market for Apple REIT Ten.

Learn more about REITs in our classroom >>

Apple REIT Companies website >>