ING Clarion to Buy Hotel REIT

Apple Hospitality Two Inc., a real estate investment trust based in Richmond, Va., has announced a merger agreement under which the REIT would be acquired by an affiliate of ING Clarion Partners LLC for a total consideration of approximately $890 million.Under the pact, each outstanding share of Apple's capital stock would be converted into the right to receive cash representing a per-share price of approximately $11.20, Apple reported. Apple specializes in the extended-stay suite segment of the hotel industry, and ING Clarion is a real estate investment management company. The companies can be found online at http://www.applehospitality.com and http://www.ingclarion.com.