Page 7 - Apple REIT 9 2008 Annual Report

2008 STRATEGIC
ACQUI S I T IONS
ANNUAL REPORT 2008 5
Apple REIT Nine’s acquisition strategy is solid. Acquire, primarily on an all-cash basis, income-producing
real estate that has the potential to grow in value over time. In 2008, we hand-selected a diverse selection of
Marriott®- and Hilton®-branded limited-service and extended-stay hotels that we believe are ideally located
in stable or growing markets throughout the United States. As of February 28, 2009, our portfolio consisted
of 21 hotels, with 2,478 guestrooms in 11 states. Through an in-depth analysis of past and anticipated future
performance, market segment and potential capital expenditure needs, we strategically invested more than
$345 million in our 2008 acquisitions and have several properties under contract for future purchase. The
strength of our capital resources at a time of growing instability within our nation’s debt markets provided
excellent purchasing opportunities in the unique 2008 marketplace and we believe will continue to provide a
valuable advantage as we identify additional acquisitions to compliment our attractive portfolio of real estate.
• JULY 31, 2008 – Apple REIT Nine closed on the purchase of the new 125-room Hilton Garden Inn ®, in
Tucson, Arizona. The property is ideally located near the Tucson International Airport and downtown Tucson.
• SEPTEMBER 24, 2008 – We added a 112-suite Homewood Suites by Hilton® in Charlotte, North Carolina
to the portfolio. The extended-stay hotel is convenient to numerous local corporations and area attractions.
On the same day, we also closed on the acquisition of a 140-room Courtyard® by Marriott® situated in the
beautiful landscape of Santa Clarita, California, near a variety of area attractions.
• SEPTEMBER 26, 2008 – We acquired the 103-room Hampton Inn & Suites® in Allen, Texas. The property was
built in 2006 and is conveniently located north of Dallas along Highway 75 with easy access to surrounding areas.
• OCTOBER 7, 2008 – The Company closed on the purchase of a 142-room Hilton Garden Inn® in Twinsburg,
Ohio. Built in 1999, the hotel is situated just outside of Cleveland.
• OCTOBER 16, 2008 – We acquired a 165-room Hilton Garden Inn® in Lewisville, Texas, a thriving
suburb of Dallas near the Dallas/Fort Worth International Airport.
• OCTOBER 21, 2008 – Apple REIT Nine closed on the purchase of the 142-room Hilton Garden Inn® in
Duncanville, Texas, a suburb approximately 10 miles south of Dallas.
• OCTOBER 29, 2008 – The Company added an additional three properties in Santa Clarita, California to the
portfolio, including: the 66-room Fairfield Inn® by Marriott®; a 128-room Hampton Inn ®; and a 90-suite
Residence Inn ® by Marriott®. Also on this day, we acquired the brand new, 133-room Residence Inn® in
Beaumont, Texas. Beaumont is strategically located just outside of the Houston metro area and home to a
variety of business headquarters.
• OCTOBER 31, 2008 – We closed on the purchase of the 81-room Hampton Inn & Suites® in Pueblo, Colorado.
Built in 2000, the property is ideally located among the many attractions of Pueblo. Also on this day, we acquired
the 150-room Hilton Garden Inn® in Allen, Texas, a northern suburb of Dallas.
RESIDENCE INN, BEAUMONT, TX