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Apple REIT Merger Plans on Track to Form Large Hospitality REIT

RICHMOND, VA-If the deals go through it will create one of the largest hospitality REITs in the market.

By Erika Morphy | Updated on August 11, 2013

RICHMOND, VA-Apple REIT Seven, Apple REIT Eight and Apple REIT Nine have entered into a definitive merger agreement in which Apple Seven and Apple Eight will combine with Apple Nine in two merger transactions. The board of directors for each REIT approved the transactions. Now the deal must gain approval from shareholders. The company plans to distribute a joint proxy statement/prospectus to shareholders during the fourth quarter of 2013.

If the transaction is approved, Apple Nine will become self-advised and each company will terminate its advisory arrangements with its advisors.

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