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): September 20, 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 September 20, 2011, through one of our indirect wholly-owned subsidiaries (the “purchasing subsidiary”), we closed on the purchase of a hotel located in Des Plaines, Illinois. The hotel acquired by our purchasing subsidiary is a Hilton Garden Inn® hotel containing 251 guest rooms. The purchase price for the hotel was $38,000,000. The seller has no material relationship with us or our subsidiaries, other than through the purchase contract and other related contracts.

Our purchasing subsidiary assumed an existing loan secured by this hotel. The hotel serves as collateral under the loan. The outstanding principal balance under the loan is approximately $20.8 million. The loan has an annual fixed interest rate of 5.99% and a maturity date of August 1, 2016. The loan provides for monthly payments of principal and interest on an amortized basis.

 

The purchase price less the assumed loan was funded by our ongoing offering of Units (with each Unit consisting of one common share and one Series A preferred share).

 

As a result of the Des Plaines, Illinois Hilton Garden Inn closing described above, one closing has occurred under a series of purchase contracts executed on May 27, 2011 for the potential purchase of two hotels. 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 May 27, 2011 and filed with the Securities and Exchange Commission (“SEC”) on June 2, 2011, which is incorporated herein by reference.

 

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 hotel 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 hotel 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

 

 

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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

 

 

 

 

 

 

 

September 23, 2011

 

 

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