Inland REIT to Acquire Apple Hospitality

Inland Capital Markets Group Inc., Oak Brook, Ill., has announced a merger agreement under which Inland American Real Estate Trust Inc. will acquire Apple Hospitality Five Inc., Richmond, Va., through a wholly owned subsidiary for approximately $709 million.The price is based on a cash payment of $14.05 per common share of Apple, including the preferred share conversion, Inland said. Inland American's business manager will be responsible for overseeing the portfolio, which consists of 28 properties operating under the Hilton and Marriott brands, and the assets will be operated by third-party managers, the company said. Inland American and Apple, both real estate investment trusts, can be found online at http://www.inland-american.com and http://www.applehospitalityfive.com.