Business Context and Reporting Period
This Form 8-K is filed by Apple REIT Nine, Inc. (the "Company") for the reporting period of March 12, 2009. The filing addresses the completion of an asset acquisition under Item 2.01.
Key Financial Metrics
- Acquisition Cost: $11,600,000
- Asset Acquired: Hampton Inn & Suites in Panama City Beach, Florida (95 guest rooms)
- Funding Source: Proceeds from the Company's ongoing offering of Units (one common share and one Series A preferred share per Unit)
- Revenue/Profit/Cash Flow: The filing text does not provide a clear value for these metrics as this is a transaction report, not a periodic financial statement.
Material Changes
On March 12, 2009, the Company's indirect wholly-owned subsidiary, Apple Nine Hospitality Ownership, Inc., closed on the purchase of the aforementioned hotel. The transaction occurred on the same day the hotel opened for business. The seller has no material relationship with the Company other than through the purchase contract.
Outlook, Risks, and Management Commentary
The filing incorporates by reference additional information regarding the purchase contract from a prior Form 8-K dated October 16, 2008. No specific forward-looking guidance, risk factors, or unusual items are detailed within this specific document beyond the standard disclosure of the acquisition.
Investor Verification Checklist
- Verify the details of the purchase contract referenced in the Form 8-K filed on October 22, 2008.
- Confirm the status and terms of the ongoing Unit offering used to fund the $11.6 million acquisition.
- Review the operational performance of the newly acquired 95-room Hampton Inn & Suites in Panama City Beach, Florida.