Apple REIT, headquartered downtown, owns nearly 50 hotels across the country. Photo by Lena Price.
A downtown real estate firm has topped off its latest billion-dollar hotel investment fund.
Apple REIT Ten disclosed last month that it raised $1.05 billion and has closed the fund off to new investors.
The fund, which is part of the Apple REIT Cos. headquartered on East Main Street, began selling shares to investors at $10.50 to $11 apiece in 2011. It went on to sell more than 90 million shares through its lone broker, David Lerner Associates.
Kelly Clarke, spokesperson for Apple REIT, said the company would not comment on Apple REIT Ten beyond its Securities and Exchange Commission filings.
Apple REIT Ten was the company’s only remaining open fund. Earlier this year it consolidated three of its previously closed funds into one new entity, known as Apple Hospitality REIT.
The company has said it’s considering “strategic alternatives” for Apple Hospitality REIT, which now owns a combined 188 hotels. Those alternatives include taking the fund public and potentially selling it off. It recently hired Merrill Lynch as its financial adviser to evaluate its options for Apple Hospitality REIT.
While raising the $1.05 billion, Apple REIT Ten has used the funds to acquire hotels around the country. It now owns 49 Marriott and Hilton-branded hotels in 17 states.
It has four hotels under contract and under construction, according to its filings with the SEC.
In a rare move away from hotel acquisition, Apple REIT Ten also bought a $100 million interest in an oil and gas prospector.
The company said in its SEC filings Apple REIT Ten brought in $59.33 million in total revenue in the second quarter. Its revenue for the first half of 2014 was $109.79 million.
Second quarter profits were $14.84 million. It averaged 79 percent occupancy at its hotels during the second quarter with an average daily rate per room of $123.
Apple REIT, headquartered downtown, owns nearly 50 hotels across the country. Photo by Lena Price.
A downtown real estate firm has topped off its latest billion-dollar hotel investment fund.
Apple REIT Ten disclosed last month that it raised $1.05 billion and has closed the fund off to new investors.
The fund, which is part of the Apple REIT Cos. headquartered on East Main Street, began selling shares to investors at $10.50 to $11 apiece in 2011. It went on to sell more than 90 million shares through its lone broker, David Lerner Associates.
Kelly Clarke, spokesperson for Apple REIT, said the company would not comment on Apple REIT Ten beyond its Securities and Exchange Commission filings.
Apple REIT Ten was the company’s only remaining open fund. Earlier this year it consolidated three of its previously closed funds into one new entity, known as Apple Hospitality REIT.
The company has said it’s considering “strategic alternatives” for Apple Hospitality REIT, which now owns a combined 188 hotels. Those alternatives include taking the fund public and potentially selling it off. It recently hired Merrill Lynch as its financial adviser to evaluate its options for Apple Hospitality REIT.
While raising the $1.05 billion, Apple REIT Ten has used the funds to acquire hotels around the country. It now owns 49 Marriott and Hilton-branded hotels in 17 states.
It has four hotels under contract and under construction, according to its filings with the SEC.
In a rare move away from hotel acquisition, Apple REIT Ten also bought a $100 million interest in an oil and gas prospector.
The company said in its SEC filings Apple REIT Ten brought in $59.33 million in total revenue in the second quarter. Its revenue for the first half of 2014 was $109.79 million.
Second quarter profits were $14.84 million. It averaged 79 percent occupancy at its hotels during the second quarter with an average daily rate per room of $123.