AppleReits840x200

Since 1993, David Lerner Associates has raised over $7.5 billion in 10 Real Estate Programs. 

Apple REIT Companies focus on the acquisition and ownership of income producing properties, primarily extended stay and select service hotels.

David Lerner Associates' History of Underwriting Apple REIT Programs

  • Apple Hospitality Two (2001) consisted of 64 Marriott Residence Inns and Homewood Suites in the United States. Our clients invested $425 million in the program.
  • Apple Hospitality Five (2003) consisted of 28 upscale, extended-stay and select-service hotels in the United States. Our clients invested $500 million in the program.
  • Apple REIT Six (2004) consisted of 68 extended-stay, full service and select-service hotels in 18 states. Our clients invested $1billion in the program.
  • Apple REIT Seven consisted of 51 hotels in 18 states. Our clients invested $1 billion in the program. Apple REIT Seven is now a part of Apple Hospitality REIT and is listed on the New York Stock Exchange with the call letters APLE.
  • Apple REIT Eight consisted of 51 hotels in 19 states. Our clients invested $1 billion in the program. Apple REIT Eight is now a part of Apple Hospitality REIT and is listed on the New York Stock Exchange with the call letters APLE. 
  • Apple REIT Nine consisted of 86 hotels in 27 states. Our clients invested $2 billion in the program. Apple REIT Nine is now a part of Apple Hospitality REIT and is listed on the New York Stock Exchange with the call letters APLE.
  • Apple REIT Ten consists of 49 hotels in 17 states. Our clients invested more than $1 billion in the program. Apple REIT Ten is no longer open to new investors. There is no public market for Apple REIT Ten.

» Learn more about REITs in our classroom