Local Hotel Backs REIT’s $40M LoanFriday, February 3, 2012
Virginia-based Apple REIT Eight Inc. has received a $40 million loan from Wells Fargo Bank secured by two hotels owned by the investment trust, including a Residence Inn By Marriott in Oceanside.
The other is a Residence Inn in Burbank. According to Apple REIT Eight’s Jan. 18 filing with the Securities and Exchange Commission, the trust plans to use loan proceeds to reduce the outstanding balance on its $75 million line of credit with Branch Banking and Trust Co. and to pay transaction costs.
Another investment trust also led by CEO Glade M. Knight, known as Apple REIT 10 Inc., entered into an agreement in October to purchase a Courtyard by Marriott in Oceanside for $30.5 million.
— Lou Hirsh