FILED PURSUANT TO RULE 424(B)(3)
FILE NUMBER: 333-77055
STICKER SUPPLEMENT TO
SUPPLEMENT NO. 5 DATED MARCH 21, 2000,
SUPPLEMENT NO. 6 DATED MAY 31, 2000,
SUPPLEMENT NO. 7 DATED JUNE 20, 2000,
SUPPLEMENT NO. 8 DATED SEPTEMBER 20, 2000, AND
SUPPLEMENT NO. 9 DATED DECEMBER 19, 2000
SUPPLEMENT NOS. 5, 6, 7, 8 AND 9 TO BE USED WITH
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
Supplement No. 7 dated June 20, 2000:
(1) Reports on the potential refinancing of our short-term debt
(2) Reports on the possible purchase of an additional extended-stay hotel
(3) Provides certain updated information about our hotels
Supplement No. 8 dated September 20, 2000:
(1) Confirms our purchase of an additional extended-stay hotel
(2) Reports on the refinancing of a portion of our short-term debt with
long-term loans in the aggregate amount of $50 million and an
additional short-term loan in the amount of $10 million
Supplement No. 9 dated December 19, 2000 reports on our planned purchase of
our operating leases from an affiliate and our plan to operate our hotels
through leases with taxable REIT subsidiaries beginning in 2001 (as permitted by
the REIT Modernization Act of 1999).
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 December 19, 2000, we had closed on the sale of 6,999,670 of our
common shares at a price of $10 per share. These sales, when combined, represent
gross proceeds of $84,996,700 and proceeds net of selling commissions and
marketing expenses of $76,497,030. We are continuing the offering at $10 per
share in accordance with the prospectus.
We have paid a total real estate commission of $2,436,000, 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.
