UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 25, 2011
APPLE REIT TEN, INC.
(Exact name of registrant as specified in its charter)
| Virginia | 333-168971 | 27-3218228 | ||
|
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(I.R.S. Employer Identification Number) |
| 814 East Main Street, Richmond, Virginia | 23219 | |
| (Address of principal executive offices) | (Zip Code) |
(804) 344-8121
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Apple REIT Ten, Inc. (which is referred to below as the “Company” or as “we,” “us” or “our”) is filing this report in accordance with Item 2.01 and Item 9.01 of Form 8-K.
Item 2.01. Completion of Acquisition or Disposition of Assets.
On March 25, 2011, through one of our indirect wholly-owned subsidiaries (the “purchasing subsidiary”), we closed on the purchase of two hotels. The sellers have no material relationship with us or our subsidiaries, other than through the purchase contracts and other related contracts. The table below describes the hotels:
| Hotel Location | Franchise | Number of Rooms | Purchase Price | |||
| Matthews, NC | Fairfield Inn & Suites | 94 | $10,000,000 | |||
| Columbia , SC | TownePlace Suites | 91 | 10,500,000 | |||
| TOTAL | 185 | $20,500,000 | ||||
The purchase price for these hotels was funded by our ongoing offering of Units (with each Unit consisting of one common share and one Series A preferred share).
Additional information regarding the purchase contract for the hotel in Matthews, North Carolina is set forth in our Form 8-K dated February 25, 2011 and filed with the Securities and Exchange Commission on March 1, 2011, which is incorporated herein by reference. As a result of the Columbia, South Carolina closing described above, two of the closings have occurred under a series of purchase contracts executed on February 4, 2011 for the potential purchase of four hotels. Another contract in this series was terminated on February 25, 2011. There can be no assurance at this time that a closing will occur under the remaining purchase contract. Additional information regarding the purchase contracts is set forth in our Form 8-K dated February 4, 2011 and filed with the Securities and Exchange Commission on February 9, 2011, which is incorporated herein by reference. Additional information regarding the terminated contract is set forth in our Form 8-K filed with the SEC on March 1, 2011.
All brand and trade names, logos or trademarks contained, or referred to, in this Form 8-K are the properties of their respective owners.
Item 9.01. Financial Statements and Exhibits.
a. Financial statements of businesses acquired.
Financial statements for the hotels described in Item 2.01 of this report will be filed as necessary by amendment within the required time period.
b. Pro forma financial information.
Pro forma financial information for the hotels described in Item 2.01 of this report will be filed as necessary by amendment within the required time period.
c. Shell company transaction.
Not Applicable
d. Exhibits.
None
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Apple REIT Ten, Inc. | ||
| By: | /s/ Glade M. Knight | |
| Glade M. Knight, | ||
| Chief Executive Officer | ||
| March 29, 2011 | ||