Apple REIT Nine closes on acquisition of 3 Hampton Inn hotels

The company paid $42.7 million for the hotels containing 434 rooms.  Apple REIT Nine Inc. on Aug. 31, through one of its indirect wholly owned subsidiaries, closed on the purchase of three Hampton Inn hotels for a total purchase price of about $42.7 million.  According to a Form 8-K filed Sept. 3, the company paid $9.6 million for the 122-room hotel in Rogers, Ark. The purchasing subsidiary assumed an existing loan with an outstanding principal balance of about $8.3 million.

The company bought the 190-room hotel in St. Louis for $23.0 million, and the purchasing subsidiary assumed a loan with outstanding principal balance of about $13.9 million.  Roughly $10.1 million was paid for the 122-room property in Kansas City, Mo. The purchasing subsidiary assumed an existing loan with an outstanding principal balance of about $6.5 million.  The three loans are scheduled to mature in 2015.  The purchase price for the hotels, less the assumed debt, was funded by the company’s ongoing offering of units.  Click here for full report…