RICHMOND, VA-Apple REIT is pushing forward with yet another fund, Apple REIT Ten, snapping up hotels and land for development. It has reportedly inked a $13.5-million contract to buy a 1.7-acre site in Durham, NC, according to local press, where it has plans to build a proposed 122-key Home2 Suites by Hilton.

Other recent hotel purchases made, or that will be made, from this fund, according to a Form 8-K, filed earlier this year, include the 80-room Fairfield Inn & Suites in Wytheville, VA; the 91-room TownePlace Suites in Columbia, SC; and the 94-room Hampton Inn & Suites in Winston-Salem, NC. These deals, along with the Durham site, will total $40 million. Apple REIT, which is headed by Glade Knight, did not return a call to GlobeSt.com in time for publication. Another filing earlier this month points to a purchase in Denver by Apple REIT Ten--a 221-key Hilton Garden Inn for $58.5 million. 

Not that this activity is to suggest that Apple REIT has closed the books on its last fund, Apple REIT Nine. That fund recently acquired two hotels in Texas and, according to a regulatory filing, has outstanding contracts out for the potential purchase of 12 hotels for a total of $209.2 million.