Apple REIT Nine, Inc. - Form 8-K Summary
Business Context and Reporting Period
This Current Report (Form 8-K) was filed by Apple REIT Nine, Inc. on July 31, 2008. The report details the completion of an asset acquisition by the Company through an indirect wholly-owned subsidiary.
Key Financial Metrics
- Acquisition Cost: $18.4 million
- Asset Acquired: Hilton Garden Inn in Tucson, Arizona (125 guest rooms)
- Funding Source: Company cash on hand
- Revenue/Profit/Cash Flow: The filing text does not provide specific revenue, profit, or cash flow figures for the Company or the acquired asset in this report.
- Debt/Liquidity: The filing text does not provide updated debt or liquidity ratios; it only notes the use of existing cash for the purchase.
Material Changes
The primary material change is the expansion of the Company's portfolio with the purchase of the Tucson hotel. The seller has no material relationship with the Company other than the transaction itself. This transaction follows a purchase contract previously disclosed in a Form 8-K dated June 5, 2008.
Guidance, Outlook, and Risks
The filing does not contain management commentary, forward-looking guidance, or specific risk factors related to this transaction. Regarding financial statements, the Company states that financial statements for the acquired business and pro forma financial information will be filed as necessary by amendment within the required time period.
Investor Verification Checklist
- Verify the final purchase price of $18.4 million against the initial contract disclosed on June 5, 2008.
- Monitor upcoming filings for the required financial statements of the acquired Tucson hotel.
- Review subsequent filings for pro forma financial information to assess the impact of this acquisition on the Company's overall financial position.
- Confirm the operational status and occupancy rates of the newly acquired 125-room Hilton Garden Inn.