As with most other sectors, the pace of hotel sales has slowedafter a hyperactive three-year stretch, even though industryprofessionals such as CB Richard Ellis hotel broker David McElroysay regional performance has not waned in the face of the difficulteconomy. "The fundamentals of lodging properties in New Englandcontinues to improve," relays McElroy, yet the veteran broker andother observers accede that financing sources are skittishregardless of the solid results. The uncertainty has kept someowners from listing hotels for sale and requires an extra push toget deals in play over the finish line. In the case of the WestfordResidence Inn, Apple REIT assumed debt of $7.1 million from LaSalleBank to help facilitate the agreement.

True North Hotel Group of Overland Park, KS, will continue tomanage the Westford Residence Inn for Apple REIT, True North's CFOtells GlobeSt.com, but he did not comment on questions regardingdetails on the sale itself to Richmond, VA-based Apple. Calls toApple and to Ryan Development principal Robert Walker were notreturned by press deadline.

Apple has a national footprint for its vast hospitalityportfolio, one that recently brought the REIT to another I-495community when the firm paid $20 million for a four-storyResidenceInn in Marlborough to developer David Leatherwood, asreported by GlobeSt.com. Sources indicate Apple continues tocirculate through suburban Boston and may be close to additionalhotel acquisitions.