Apple Hospitality REIT, Apple REIT Ten to merge in $1.3bn deal
Staff writer ▼ | April 14, 2016
Apple Hospitality REIT and Apple REIT Ten board have approved a merger agreement under which the companies will create one of the largest select service lodging REITs in the industry.Article continues below
The transaction joins two highly complementary select service hotel portfolios with a combined asset base consisting of 234 hotels with 30,017 guestrooms geographically diversified across 94 MSAs throughout 33 states.
The Pro Forma Combined Company will have an enterprise value of approximately $5.7 billion and a total equity market capitalization of approximately $4.4 billion, based on the 20 Day VWAP (volume weighted average price) of Apple Hospitality’s common shares ending April 12, 2016.
The implied transaction value is $1.3 billion and is comprised of approximately $94 million in cash, approximately 49.1 million Apple Hospitality common shares issued to Apple Ten shareholders and the extinguishment or assumption of approximately $239 million in debt (as of March 31, 2016). ■ What to read next
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