Business Context and Reporting Period
This Form 8-K was filed by Apple REIT Nine, Inc. on January 8, 2010, reporting the completion of an asset acquisition. The registrant is a Virginia corporation operating in the hospitality sector.
Key Financial Metrics
- Acquisition Cost: $50,750,000
- Asset Acquired: A newly constructed, full-service Marriott hotel in Houston, Texas, containing 206 guest rooms.
- Funding Source: Proceeds from the ongoing offering of Units (consisting of one common share and one Series A preferred share).
- Revenue/Profit/Cash Flow: The filing text does not provide specific revenue, profit, cash flow, margin, debt, or liquidity figures for the company or the acquired asset.
Material Changes
The primary material change is the expansion of the company's portfolio through the purchase of the Houston hotel on the same day it opened for business. The seller has no material relationship with the registrant other than through the purchase contract.
Guidance, Outlook, and Risks
The filing does not contain forward-looking guidance, management commentary on future outlook, or specific risk factors beyond standard disclosures. It notes 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 details of the purchase contract referenced in the Form 8-K dated October 29, 2008.
- Monitor upcoming filings for the required financial statements of the acquired Houston hotel.
- Review the terms of the ongoing Unit offering to understand the capital structure impact of the $50.75 million funding.
- Confirm the operational status and performance of the newly opened 206-room Marriott property.