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 September 8, 2008. The filing addresses the termination of a material definitive agreement regarding a real estate acquisition.
Key Financial Metrics
The filing does not provide comprehensive financial statements, revenue, profit, or liquidity metrics for the reporting period. The only specific financial figures disclosed relate to the terminated transaction:
- Terminated Purchase Price: $8,550,000
- Property Size: 81 guest rooms
- Location: Pueblo, Colorado
- Deposit Recovered: $100,000
Material Changes
On September 8, 2008, the Company's wholly-owned subsidiary, Apple Nine Hospitality Ownership, Inc., terminated a purchase contract for the Pueblo, Colorado hotel. This action reverses the entry into the purchase contract previously reported in a Form 8-K dated August 12, 2008. The seller had no material relationship with the Company other than the purchase contract.
Outlook, Risks, and Management Commentary
The filing contains no forward-looking guidance, management commentary on future operations, or discussion of general risks beyond the specific event of the contract termination. The transaction was concluded with the full repayment of the initial deposit to the subsidiary.
Key Facts for Investor Verification
- Verify the status of the $100,000 deposit recovery and its impact on the subsidiary's cash position.
- Confirm the reasons for the termination of the Pueblo, Colorado hotel acquisition, as they are not detailed in this filing.
- Review the prior Form 8-K filed on August 14, 2008, for the original terms of the purchase agreement.