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ING Clarion Considering Apple Hospitality Buy

RICHMOND,VA-ING Clarion has until Feb. 2 to negotiate a purchase contract.

By Erika Morphy | Updated on January 04, 2007

RICHMOND, VA-Apple Hospitality Two Inc., a hospitality REIT focused on upscale, extended stay properties, and New York-based ING Clarion Partners have signed a letter of intent to negotiate Apple’s acquisition. The exclusivity period extends until Feb. 2.

A spokeswoman for Apple tells GlobeSt.com that the possibility of an acquisition has been part of its long-term plan. “We state within our prospectus that within five to seven years we would either sell, list or merge [with another company] to provide shareholders with liquidity.”

Apple is a public company but it is not publicly traded.

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