FILED PURSUANT TO RULE 424(B)(3)
FILE NUMBER: 333-77055
SUPPLEMENT NO. 5 DATED MARCH 31, 2000 AND
SUPPLEMENT NO. 6 DATED MAY 31, 2000 TO BE
USED WITH PROSPECTUS DATED AUGUST 3, 1999
STICKER SUPPLEMENT TO
SUPPLEMENT NO. 5 DATED MARCH 21, 2000 AND
SUPPLEMENT NO. 6 DATED MAY 31, 2000
SUPPLEMENT NO. 5 TO BE USED WITH SUPPLEMENT NO. 6 AND
PROSPECTUS DATED AUGUST 3, 1999
SUMMARY OF SUPPLEMENTS TO PROSPECTUS (SEE THE SUPPLEMENTS FOR ADDITIONAL
INFORMATION)
Supplement No. 5 dated March 21, 2000 (incorporating and replacing all prior
Supplements in use, No. 1 though 4):
(1) Reports on our purchase, either directly or through a subsidiary, of
eleven extended-stay hotels for an aggregate purchase price of
$91,426,000
(2) Reports on the short-term financing of 75% of the aggregate purchase
price, or $68,569,500, secured by the properties and having maturity
dates of October 1, 2000, December 1, 2000 and January 1, 2001
(3) Reports on the manner in which the hotels are being leased, operated
and managed, including a summary of the material contracts affecting
these matters
(4) Provides certain other information about us and the hotels we have
purchased
Supplement No. 6 dated May 31, 2000:
(1) Reports on our purchase, through a subsidiary, of a long-term
leasehold interest in an extended-stay hotel for a purchase price of
$15,489,000
(2) Reports on the short-term financing of 75% of the purchase price, or
$11,616,750, secured by the property and having a maturity date of
April 28, 2001
(3) Reports on the manner in which the hotel is being leased, operated and
managed, including a summary of the material contracts affecting these
matters
(4) Provides certain other information about us and the hotel
As of August 23, 1999, we had closed on the sale of 1,666,666.67 of our
common shares at a price of $9 per share, representing completion of the
minimum offering. As of May 19, 2000, we had closed on the sale of 2,862,737 of
our common shares at a price of $10 per share. These sales, when combined,
represent gross proceeds of $43,627,370 and proceeds net of selling commissions
and marketing expenses of $39,264,633. We are continuing the offering at $10
per share in accordance with the prospectus.
We have paid a total real estate commission of $2,138,300, representing 2%
of the aggregate purchase price for all of our hotels, to Apple Suites Realty
Group, Inc., which is our real estate broker and is owned by our Chairman and
Chief Executive Officer.
