Olson, headed by CEO and president Robert Olson, bought thedevelopment sites in 2005 and 2006. R.D. Olson Construction, alsoowned by Robert Olson, built both of the properties. Apple REIT 8is a nontraded REIT that is one of a number of investment entitiessponsored by the Richmond-based Apple REIT Cos.

The Burbank Marriott is a five-story hotel that is withinwalking distance of Burbank City Hall and close to a number ofentertainment industry companies, including the Walt Disney Co.,Warner Bros, NBC, DreamWorks SKG and Nickelodeon studios. Olsondeveloped the five-story hotel to meet the demand from those nearbyentertainment industry businesses, among others.

The Oceanside hotel sits on a three-acre site that is part ofthe Ocean Ranch mixed-use master-planned community. It isMarriott's newest prototype for the extended stay market, with adesign that expands the concept of extended-stay by incorporatingquality furnishings along with new technology such as plasmatelevisions, wireless and hard-wired Internet access and otherfeatures.