Purchase Your Blue Vault Research Subscription
Merger Expected to Close During Third Quarter
Apple Hospitality REIT, with an enterprise value of $5.7 billion will keep its name in the transaction comprised of $94 million in cash, with about 49.1 million Apple Hospitality common shares issued to Apple Ten shareholders, and the larger REIT assuming about $239 million in debt.
Apple Ten REIT will have a 45-day window to solicit alternative proposals from third parties, however, the termination fee is $5 million if the company, a non-traded REIT managed by the same team managing the publicly traded Apple Hospitality REIT, withdraws from the transaction. After the 45 days ending on May 28, the breakup charge rises to an even steeper $25 million.
Recent News
- Cantor Fitzgerald and Silverstein Properties Announce Joint Venture Partnership with Collins Capital Partners and Kaufman Jacobs and Closing of Construction Financing for Multifamily Opportunity Zone Development in Chesterfield County, VA
- Cultivating Wealth via Specialty Farmland
- Shopoff Sells Del Taco-Anchored Retail Center in Fullerton
- Urban Catalyst Floats Housing Instead Of Offices At Icon/Echo
- ExchangeRight’s Essential Income REIT Acquires $84 Million Portfolio
Best Due Diligence meeting in the industry. No sales pitches, senior level decision makers, meaningful discussions and the Broker Dealer networking sessions were especially useful. Thanks to Blue Vault for raising the bar!
