Filed Pursuant to Rule 424(b)(3)
Registration No. 333-147414
APPLE REIT NINE, INC.
STICKER SUPPLEMENT TO
SUPPLEMENT NO. 6 DATED FEBRUARY 26, 2010
Supplement No. 6 to be used with
PROSPECTUS DATED SEPTEMBER 21, 2009
Summary of Supplement to Prospectus (See Supplement for Additional Information)
Supplement No. 6 (cumulative, replacing all prior supplements) dated February 26, 2010 reports on (a) the status of our best-efforts offering of Units; (b) our purchase of seven hotels containing a total of 774 guest rooms for an aggregate gross purchase price of approximately $116 million; (c) our execution of certain purchase contracts that relate to four hotels containing a total of 498 guest rooms and that provide for an aggregate gross purchase price of approximately $66 million; (d) our execution of a ground lease for the potential construction of two hotels in Richmond, Virginia; (e) the termination of two purchase contracts; and (f) our recent unaudited financial information and certain additional information about us.
As of May 14, 2008, we completed our minimum offering of 9,523,810 Units at $10.50 per Unit and raised gross proceeds of $100 million and proceeds net of selling commissions and marketing expenses of $90 million. Each Unit consists of one Common Share and one Series A Preferred Share. We are continuing the offering at $11 per Unit in accordance with the prospectus.
As of February 26, 2010, we had closed on the sale of 99,762,604 additional Units at $11 per Unit and from such sale we raised gross proceeds of approximately $1.1 billion and proceeds net of selling commissions and marketing expenses of approximately $988 million. Sales of all Units at $10.50 per Unit and $11.00 per Unit, when combined, represent gross proceeds of approximately $1.2 billion and proceeds net of selling commissions and marketing expenses of approximately $1.1 billion.
In connection with our hotel and land purchases to date, we paid a total of approximately $15.4 million, representing 2% of the aggregate gross purchase price, as a commission to Apple Suites Realty Group, Inc. This entity is owned by Glade M. Knight, who is our Chairman and Chief Executive Officer.
