Apple Hospitality Five was incorporated and capitalized inSeptember 2002 and formally began hotel operations in January 2003.In 2003, the company raised $397 million of equity capital grossproceeds through a public offering of shares managed by DavidLerner Associates Inc., a Syosset, NY-based investment firm. InMarch 2004, the offering was closed at $500 million gross proceeds.The company was formed by Glade M. Knight, president, CEO andchairman of the board. Knight also heads Apple REIT Six, and AppleREIT Seven.
Subject to customary closing conditions, the merger is expectedto close in the fourth quarter of 2007. McGuireWoods LLP is actingas legal advisor to the company and Wachovia Securities is actingas its financial advisor.
The pending deal follows a $877-million acquisition of AppleHospitality Two--a portfolio of 63 upscale extended-stay hotelsacross 24 states--by ING Clarion Partnerson behalf of three institutional partners. The 3,717-key AppleHospitality Five portfolio contains 28 hotels in the upscale,extended-stay and select-service categories across 15 states.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
