FILED PURSUANT TO RULE 424(B)(3)
                                                           FILE NUMBER 333-77055

SUMMARY TO SUPPLEMENTS NO. 2, NO. 3 AND NO. 4.  PROSPECTUS  DATED AUGUST 3, 1999
TO BE USED WITH  SUPPLEMENT NO. 2 DATED OCTOBER 5, 1999,  SUPPLEMENT NO. 3 DATED
DECEMBER 17, 1999 AND SUPPLEMENT NO. 4 DATED JANUARY 10, 2000.

           SUMMARY OF SUPPLEMENTS TO PROSPECTUS DATED AUGUST 3, 1999
               (SEE THE SUPPLEMENTS FOR ADDITIONAL INFORMATION)
        PROSPECTUS TO BE USED WITH SUPPLEMENTS NO. 2, NO. 3 AND NO. 4.

Supplement  No.  2 dated October 5, 1999 (incorporating and replacing Supplement
No. 1):
   (1) Reports  on  our  purchase,  either  directly or through a subsidiary, of
       five  Homewood  Suites(Reg. TM)  extended-stay  hotels  for an  aggregate
       purchase price of $45,300,000
   (2) Reports  on  the  short-term  financing  of 75% of the aggregate purchase
       price,  or  $33,975,000, secured by the properties and having a  maturity
       date of October 1, 2000
Supplement No. 3 dated December 17, 1999:
   (1) Reports  on  our  purchase,  either  directly or through a subsidiary, of
       five  additional  Homewood  Suites(Reg.  TM) extended-stay hotels for  an
       aggregate purchase price of $40,280,000
   (2) Reports  on  the  short-term  financing  of 75% of the aggregate purchase
       price,  or  $30,210,000, secured by the properties and having a  maturity
       date of December 1, 2000
Supplement No. 4 dated January 10, 2000:
   (1) Reports  on  our  purchase  of  an   additional  Homewood Suites(Reg. TM)
       extended-stay hotel for a purchase price of $5,846,000
   (2) Reports  on  the  short-term  financing  of 75% of the purchase price, or
       $4,384,500,  secured  by  the  property  and  having  a maturity date  of
       January 1, 2001
The  Supplements  provide  additional  information  on  the  hotels  and related
material contracts.

     Through  December  20,  1999,  we had sold common shares representing gross
proceeds  of  $32,627,376  and proceeds net of selling commissions and marketing
expenses of $29,364,638.
     We  have paid a total real estate commission of $1,828,520, representing 2%
of  the  aggregate  purchase price for the hotels, to Apple Suites Realty Group,
Inc.,  which  is  our  real estate broker and is owned by our Chairman and Chief
Executive Officer.