As the exclusive underwriter for Apple Hospitality Two, David Lerner Associates' clients invested $425 million in the program. Apple Hospitality Two consisted of 64 Marriott Residence Inns and Homewood Suites, with a total of 7,690 suites in the United States.
- On January 31, 2003, Apple Hospitality Two merged with Apple Suites who brought their hotels into the program.
- In May 2007, an affiliate of ING Clarion (Lion ES Hotels, LP) purchased Apple Hospitality Two for a total consideration, including debt, of approximately $890 million at approximately $11.20 a share, in cash.
» View Apple Hospitality Two Press Release
» View Apple Two SEC Filing
This information is neither an offer to sell nor the solicitation of an offer to buy any security, which can be made only by prospectus, as supplemented, which has been filed or registered with appropriate state and federal regulatory agencies. No regulatory agency has passed on or endorsed the merits of this offering, and any representation to the contrary is unlawful.
PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. Offering by prospectus only.
Real Estate Investment Trusts (REITs) are subject to the normal risks associated with the ownership of real estate, including possible decline in value, environmental problems and changes in interest rates. In addition, since the REITs we offer lack public markets (i.e. are illiquid), investors should be prepared to hold the investment for an indefinite period of time, although certain REITs (i.e. Apple REIT Six) may offer the possibility of limited, interim liquidity.