Page 51 - Apple REIT 9 2008 Annual Report

41
Deposits Gross Purchase
Location Brand Rooms Paid Price
Alexandria, VA............................................................. SpringHill Suites - $ 200 $ 5,100 (a)
Hillsboro, OR............................................................... Embassy Suites 165 100 32,500 (c)
Hillsboro, OR............................................................... Hampton Inn & Suites 106 100 14,500 (c)
Clovis, CA.................................................................... Hampton Inn & Suites 86 55 11,150 (c)
Clovis, CA.................................................................... Homewood Suites 83 55 12,435 (c)
Panama City, FL........................................................... Hampton Inn & Suites 95 200 11,600 (c)
Dothan, AL................................................................... Hilton Garden Inn 104 5 11,601 (c)
Albany, GA................................................................... Fairfield Inn & Suites 87 5 7,920 (c)
Panama City, FL........................................................... TownePlace Suites 103 5 10,640 (c)
Johnson City, TN.......................................................... Courtyard 90 5 9,880 (c)
Troy, AL........................................................................ Courtyard 90 5 8,696 (c)
Houston, TX................................................................. Marriott 206 200 51,000 (c)
Austin, TX.................................................................... Homewood Suites 97 400 17,700
Austin, TX.................................................................... Hampton Inn 124 400 18,000
Round Rock, TX........................................................... Hampton Inn 93 400 11,500
Portsmouth, NH............................................................ Hampton Inn 126 200 15,800
Orlando, FL.................................................................. Fairfield Inn & Suites 200 500 (b) (c)
Orlando, FL.................................................................. SpringHill Suites 200 500 (b) (c)
Baton Rouge, LA.......................................................... SpringHill Suites 119 100 15,100 (c)
Rochester, MN.............................................................. Hampton Inn & Suites 124 100 14,136 (c)
2,298 $ 3,535 $ 334,058
(a) The Company has a contract to purchase land only. The Company plans to complete a feasibility study for the construction of a
SpringHill Suites hotel prior to purchasing the land.
(b) These two hotels are covered by the same purchase contract with a purchase price of $54.8 million.
(c) The hotels are currently under construction. The table shows the expected number of rooms upon hotel completion and the
expected franchise.
Four of the hotels under contract require the Company to assume approximately $29.3 million in mortgage debt. Each of these
loans provide for monthly payments of principal and interest on an amortized basis.
As there can be no assurance that all conditions to closing will be satisfied, the Company includes deposits paid for hotels
under contract in other assets in the Company’s consolidated balance sheets, and in deposits and other disbursements for potential
acquisitions in the Company’s consolidated statements of cash flows.
Note 10
Industry Segments
The Company owns extended-stay and limited service hotel properties throughout the United States that generate rental and other
property related income. The Company separately evaluates the performance of each of its hotel properties. However, because each
of the hotels has similar economic characteristics, facilities, and services, the properties have been aggregated into a single operating
segment. All segment disclosures are included in, or can be derived from, the Company’s consolidated financial statements.