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+--- Thread: APPLE HOSPITALITY MERGER (/thread-461.html)
APPLE HOSPITALITY MERGER - TEAM HARLFORUM - 04-15-2016
Apple Hospitality REIT and Apple REIT Ten have entered into a definitive merger agreement for an implied transaction value of US$1.3 billion (~US$184,000/key), creating a combined portfolio of 234 hotels in 33 states and a combined enterprise value of approximately US$5.7 billion. The combined company will have a total equity market capitalization of approximately US$4.4 billion and creates one of the largest select-service lodging REITs in the industry across 94 MSAs and 33 states.
The US$1.3 billion transaction value is comprised of approximately US$94 million in cash, approximately 49.1 million Apple Hospitality common shares issued to Apple Ten shareholders and the extinguishment or assumption of approximately US$239 million in debt.