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Apple Hospitality, Apple REIT Ten to put merger to shareholder votes

Apple HospitalityREIT Inc. and Apple REITTen Inc. will put their $1.3 billion merger to a vote at separate shareholder meetings scheduledfor Aug. 31.

Shareholders of Apple Hospitality will be asked to vote on theproposed issuance of 49.1 million of the company's common shares to Apple Ten shareholdersas partial consideration for the deal.Apple Hospitality will pay the balance of $94 million in cash.

At its meeting, Apple Ten will ask its shareholders to vote ona proposal to approve the merger,which is anticipated to close in the third quarter.