Apple REIT Six Shareholders Approve Definitive Merger Agreement with BRE Select Hotels Corp
The Company currently expects the merger transaction to close on Tuesday, May 14, 2013; however, the completion of the transaction remains subject to the satisfaction of other closing conditions.
March 14, 2013 - Apple REIT Six, Inc., a real estate investment trust (REIT), announced the definitive merger agreement to be acquired by BRE Select Hotels Corp, an affiliate of Blackstone Real Estate Partners VII, has been approved by the Company's shareholders, with approximately 97 percent of the votes cast voting in favor of the transaction. The Company currently expects the merger transaction to close on Tuesday, May 14, 2013; however, the completion of the transaction remains subject to the satisfaction of other closing conditions.
Apple REIT Six is a REIT focused on upscale, extended-stay and select-service hotels. The portfolio consists of 66 hotels, containing a total of 7,658 guestrooms, diversified among 18 states. The Company, through its best efforts offering, originally sold its Units for $10.50-$11.00 per Unit. Since inception of the Company, it paid approximately $7.29 per Unit in distributions, or $589 million.