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


                             STICKER SUPPLEMENT TO
                    SUPPLEMENT NO. 5 DATED MARCH 21, 2000,
                     SUPPLEMENT NO. 6 DATED MAY 31, 2000,
                     SUPPLEMENT NO. 7 DATED JUNE 20, 2000,
                 SUPPLEMENT NO. 8 DATED SEPTEMBER 20, 2000, AND
                   SUPPLEMENT NO. 9 DATED DECEMBER 19, 2000


               SUPPLEMENT NOS. 5, 6, 7, 8 AND 9 TO BE USED WITH
                        PROSPECTUS DATED AUGUST 3, 1999


                     SUMMARY OF SUPPLEMENTS TO PROSPECTUS
               (SEE THE SUPPLEMENTS FOR ADDITIONAL INFORMATION)


Supplement  No. 5 dated March 21, 2000  (incorporating  and  replacing all prior
Supplements in use, No. 1 though 4):

     (1)  Reports on our purchase,  either directly or through a subsidiary,  of
          eleven  extended-stay  hotels  for  an  aggregate  purchase  price  of
          $91,426,000
     (2)  Reports on the short-term  financing of 75% of the aggregate  purchase
          price, or  $68,569,500,  secured by the properties and having maturity
          dates of October 1, 2000, December 1, 2000 and January 1, 2001
     (3)  Reports on the manner in which the hotels are being  leased,  operated
          and managed,  including a summary of the material contracts  affecting
          these matters
     (4)  Provides  certain  other  information  about us and the hotels we have
          purchased

Supplement No. 6 dated May 31, 2000:

     (1)  Reports  on  our  purchase,  through  a  subsidiary,  of  a  long-term
          leasehold  interest in an extended-stay  hotel for a purchase price of
          $15,489,000
     (2)  Reports on the short-term  financing of 75% of the purchase  price, or
          $11,616,750,  secured by the  property  and having a maturity  date of
          April 28, 2001
     (3)  Reports on the manner in which the hotel is being leased, operated and
          managed, including a summary of the material contracts affecting these
          matters
     (4)  Provides certain other information about us and the hotel

Supplement No. 7 dated June 20, 2000:

     (1)  Reports on the potential refinancing of our short-term debt
     (2)  Reports on the possible purchase of an additional extended-stay hotel
     (3)  Provides certain updated information about our hotels

Supplement No. 8 dated September 20, 2000:

     (1)  Confirms our purchase of an additional extended-stay hotel
     (2)  Reports on the  refinancing of a portion of our  short-term  debt with
          long-term  loans  in  the  aggregate  amount  of  $50  million  and an
          additional short-term loan in the amount of $10 million


     Supplement No. 9 dated December 19, 2000 reports on our planned purchase of
our  operating  leases  from an  affiliate  and our plan to  operate  our hotels
through leases with taxable REIT subsidiaries beginning in 2001 (as permitted by
the REIT Modernization Act of 1999).

     As of August 23,  1999,  we had closed on the sale of  1,666,666.67  of our
common shares at a price of $9 per share, representing completion of the minimum
offering. As of December 19, 2000, we had closed on the sale of 6,999,670 of our
common shares at a price of $10 per share. These sales, when combined, represent
gross  proceeds of  $84,996,700  and  proceeds  net of selling  commissions  and
marketing  expenses of  $76,497,030.  We are  continuing the offering at $10 per
share in accordance with the prospectus.

     We have paid a total real estate commission of $2,436,000,  representing 2%
of the aggregate  purchase  price for all of our hotels,  to Apple Suites Realty
Group,  Inc.,  which is our real estate  broker and is owned by our Chairman and
Chief Executive Officer.