RICHMOND, Va.--(BUSINESS WIRE)--Apple Hospitality REIT, Inc. (NYSE: APLE) and Apple REIT Ten, Inc., each of which is a real estate investment trust, announced today that their respective shareholders have approved the previously announced merger transaction proposals under which the Companies will combine to create one of the largest upscale, select service lodging REITs in the industry. At a special meeting held today, Apple Hospitality shareholders approved the issuance of common shares to shareholders of Apple Ten pursuant to the definitive merger agreement dated April 13, 2016, as amended. Separately, at a special meeting held today, Apple Ten shareholders approved the merger agreement, the related plan of merger, the merger and the other transactions contemplated thereby. Approximately 93% of Apple Hospitality’s common shares and 83% of Apple Ten’s units present at the special meetings were voted in favor of the respective merger transaction proposals.
Subject to the satisfaction or waiver of the remaining conditions to closing, the merger is expected to close on or about Thursday, September 1, 2016. As a result of the merger, each outstanding unit of Apple Ten (consisting of one common share of Apple Ten and one Series A preferred share of Apple Ten) would be exchanged for combined consideration of $1.00 in cash and 0.522 Apple Hospitality common shares, and each Apple Ten Series B convertible preferred share would receive the same consideration on an as-converted basis. Following completion of the merger, the common shares of Apple Hospitality will continue to trade under the ticker symbol “APLE” on the New York Stock Exchange.
About Apple Hospitality REIT, Inc. and Apple REIT Ten, Inc.
Apple Hospitality REIT, Inc. (NYSE: APLE) is a publicly traded REIT that owns one of the largest portfolios of upscale, select service hotels in the United States. Apple REIT Ten, Inc. is a public REIT focused on the ownership of income-producing real estate that generates attractive returns for its shareholders. The Companies’ hotels are diversified across the Hilton® and Marriott® families of brands with locations in urban, high-end suburban and developing markets. The Apple Hospitality portfolio consists of 180 hotels, with over 23,000 guestrooms in 32 states. The Apple Ten portfolio consists of 56 hotels, with over 7,200 guestrooms in 17 states. Additional information about the Companies can be found online at www.applehospitalityreit.com and www.applereitten.com.
