applereitten10q093015.htm

0001185185-15-002794.txt : 20151109 0001185185-15-002794.hdr.sgml : 20151109 20151105171340 ACCESSION NUMBER: 0001185185-15-002794 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 10 CONFORMED PERIOD OF REPORT: 20150930 FILED AS OF DATE: 20151105 DATE AS OF CHANGE: 20151105 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Apple REIT Ten, Inc. CENTRAL INDEX KEY: 0001498864 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 000000000 STATE OF INCORPORATION: VA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-54651 FILM NUMBER: 151201641 BUSINESS ADDRESS: STREET 1: 814 EAST MAIN STREET CITY: RICHMOND STATE: VA ZIP: 23219 BUSINESS PHONE: 8043448121 MAIL ADDRESS: STREET 1: 814 EAST MAIN STREET CITY: RICHMOND STATE: VA ZIP: 23219 10-Q 1 applereitten10q093015.htm 10-Q applereitten10q093015.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

x	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2015

o	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM _______ TO _______

Commission File Number 000-54651

APPLE REIT TEN, INC.

(Exact name of registrant as specified in its charter)

Virginia	27-3218228
(State or other jurisdiction	(IRS Employer
of incorporation or organization)	Identification No.)

814 East Main Street
Richmond, Virginia	23219
(Address of principal executive offices)	(Zip Code)

(804) 344-8121

(Registrant's telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer o	Accelerated filer o	Non-accelerated filer x	Smaller reporting company o
		(Do not check if a smaller reporting company)

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨ No x

Number of registrant’s common shares outstanding as of November 1, 2015: 88,785,416

Index

APPLE REIT TEN, INC.

FORM 10-Q

INDEX

			Page Number
PART I. FINANCIAL INFORMATION

	Item 1.	Financial Statements (Unaudited)

		Consolidated Balance Sheets – September 30, 2015 and December 31, 2014	3

		Consolidated Statements of Operations – Three and nine months ended September 30, 2015 and 2014	4

		Consolidated Statements of Cash Flows – Nine months ended September 30, 2015 and 2014	5

		Notes to Consolidated Financial Statements	6

	Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	12

	Item 3.	Quantitative and Qualitative Disclosures About Market Risk	21

	Item 4.	Controls and Procedures	21

PART II. OTHER INFORMATION

	Item 1A.	Risk Factors	22

	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	22

	Item 6.	Exhibits	23

Signatures			24

This Form 10-Q includes references to certain trademarks or service marks. The Courtyard by Marriott®, Fairfield Inn & Suites by Marriott®, Marriott® Hotels, Residence Inn by Marriott®, SpringHill Suites by Marriott® and TownePlace Suites by Marriott® trademarks are the property of Marriott International, Inc. or one of its affiliates. The Hampton Inn & Suites by Hilton®, Hilton Garden Inn®, Home2 Suites by Hilton® and Homewood Suites by Hilton® trademarks are the property of Hilton Worldwide Holdings, Inc. or one or more of its affiliates. For convenience, the applicable trademark or service mark symbol has been omitted but will be deemed to be included wherever the above referenced terms are used.

Index

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

APPLE REIT TEN, INC.

CONSOLIDATED BALANCE SHEETS

(in thousands, except share data)

	September 30, 2015			December 31, 2014
	(unaudited)
Assets
Investment in real estate, net of accumulated depreciation of $98,262 and $72,106, respectively	$	918,311		$	839,032
Cash and cash equivalents		10,630			46,341
Restricted cash-furniture, fixtures and other escrows		12,855			11,920
Due from third party managers, net		11,446			5,565
Other assets, net		11,297			6,178
Total Assets	$	964,539		$	909,036


Liabilities
Credit facility		800			0
Mortgage debt		205,691			119,708
Accounts payable and other liabilities		11,317			12,162
Total Liabilities		217,808			131,870

Shareholders' Equity
Preferred stock, authorized 30,000,000 shares; none issued and outstanding		0			0
Series A preferred stock, no par value, authorized 400,000,000 shares; issued and outstanding 89,685,096 and 91,037,588 shares, respectively		0			0
Series B convertible preferred stock, no par value, authorized 480,000 shares; issued and outstanding 480,000 shares		48			48
Common stock, no par value, authorized 400,000,000 shares; issued and outstanding 89,685,096 and 91,037,588 shares, respectively		878,012			891,801
Distributions greater than net income		(131,329	)		(114,683	)
Total Shareholders' Equity		746,731			777,166

Total Liabilities and Shareholders' Equity	$	964,539		$	909,036

See notes to consolidated financial statements.

Index

APPLE REIT TEN, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(in thousands, except per share data)

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2015			2014			2015			2014
Revenues:
Room	$	64,198		$	52,614		$	184,601		$	153,365
Other		5,082			4,177			15,133			13,220
Total revenue		69,280			56,791			199,734			166,585

Expenses:
Operating		16,674			14,275			47,649			41,173
Hotel administrative		5,332			4,320			15,518			12,918
Sales and marketing		5,406			4,801			15,819			13,976
Utilities		2,551			2,252			6,718			6,145
Repair and maintenance		2,517			1,980			6,956			6,168
Franchise fees		2,918			2,520			8,671			7,426
Management fees		2,288			1,676			6,942			5,278
Property taxes, insurance and other		4,098			3,308			12,008			9,981
General and administrative		1,715			1,369			5,124			4,461
Acquisition related costs		14			13			2,236			1,054
Depreciation		8,979			7,226			26,156			21,237
Total expenses		52,492			43,740			153,797			129,817

Operating income		16,788			13,051			45,937			36,768

Investment income		2			3,530			17			10,475
Interest expense		(2,550	)		(1,867	)		(6,408	)		(6,541	)

Income before income taxes		14,240			14,714			39,546			40,702

Income tax benefit (expense)		223			(1,203	)		(307	)		(2,934	)

Net income	$	14,463		$	13,511		$	39,239		$	37,768

Basic and diluted net income per common share	$	0.16		$	0.15		$	0.43		$	0.45
Weighted average common shares outstanding - basic and diluted		89,793			90,267			90,260			84,605

See notes to consolidated financial statements.

Index

APPLE REIT TEN, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(in thousands)

	Nine Months Ended
	September 30,
	2015			2014
Cash flows from operating activities:
Net income	$	39,239		$	37,768
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation		26,156			21,237
Other non-cash expenses, net		355			397
Changes in operating assets and liabilities:
Increase in due from third party managers, net		(5,667	)		(4,052	)
Decrease in other assets, net		373			731
Increase in accounts payable and other liabilities		1,165			610
Net cash provided by operating activities		61,621			56,691

Cash flows from investing activities:
Acquisition of hotel properties, net		(85,729	)		(40,207	)
Deposits and other disbursements for potential acquisitions		(150	)		(325	)
Capital improvements		(10,983	)		(12,276	)
Increase in capital improvement reserves		(231	)		(899	)
Net cash used in investing activities		(97,093	)		(53,707	)

Cash flows from financing activities:
Net proceeds related to issuance of Units		0			134,820
Redemptions of Units		(13,896	)		(12,508	)
Distributions paid to common shareholders		(55,885	)		(52,218	)
Net proceeds from (payments on) credit facility		800			(71,239	)
Proceeds from mortgage debt		71,850			0
Payments of mortgage debt		(1,942	)		(1,585	)
Financing costs		(1,166	)		(254	)
Net cash used in financing activities		(239	)		(2,984	)

Decrease in cash and cash equivalents		(35,711	)		0

Cash and cash equivalents, beginning of period		46,341			0

Cash and cash equivalents, end of period	$	10,630		$	0

Supplemental cash flow information:
Interest paid	$	6,642		$	6,867
Income taxes paid	$	180		$	3,665
Non-cash transactions:
Notes payable assumed in acquisitions	$	16,569		$	0

See notes to consolidated financial statements.

Index

APPLE REIT TEN, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

1. Organization and Summary of Significant Accounting Policies

Organization

Apple REIT Ten, Inc., together with its wholly owned subsidiaries (the “Company”), is a Virginia corporation that has elected to be treated as a real estate investment trust (“REIT”) for federal income tax purposes. The Company was formed to invest in hotels and other income-producing real estate in selected metropolitan areas in the United States. Initial capitalization occurred on August 13, 2010, when 10 Units, each Unit consisting of one common share and one Series A preferred share, were purchased by Apple Ten Advisors, Inc. (“A10A”) and 480,000 Series B convertible preferred shares were purchased by Glade M. Knight, the Company’s Chairman and Chief Executive Officer. The Company began operations on March 4, 2011, when it purchased its first hotel. The Company concluded its best-efforts offering on July 31, 2014. The Company’s fiscal year end is December 31. The Company has no foreign operations or assets and its operating structure includes only one reportable segment. The consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany accounts and transactions have been eliminated. Although the Company has interests in potential variable interest entities through its purchase commitments, it is not the primary beneficiary as the Company does not have any elements of power in the decision making process of these entities, and therefore does not consolidate the entities. As of September 30, 2015, the Company owned 54 hotels located in 17 states with an aggregate of 6,898 rooms.

Basis of Presentation

The accompanying unaudited consolidated financial statements have been prepared in accordance with the rules and regulations for reporting on Form 10-Q. Accordingly, they do not include all of the information required by accounting principles generally accepted in the United States for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. These unaudited financial statements should be read in conjunction with the Company’s audited consolidated financial statements included in its 2014 Annual Report on Form 10-K. Operating results for the three and nine months ended September 30, 2015 are not necessarily indicative of the results that may be expected for the twelve month period ending December 31, 2015.

Use of Estimates

The preparation of the financial statements in conformity with United States generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.

Earnings Per Common Share

Basic earnings per common share is computed based upon the weighted average number of shares outstanding during the period. Diluted earnings per common share is calculated after giving effect to all potential common shares that were dilutive and outstanding for the period. There were no potential common shares with a dilutive effect for the three and nine months ended September 30, 2015 and 2014. As a result, basic and diluted earnings per common share were the same. Series B convertible preferred shares are not included in earnings per common share calculations until such time that such shares are eligible to be converted to common shares.

Recent Accounting Standards

In September 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2015-16, Simplifying the Accounting for Measurement-Period Adjustments, which requires that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period, including the cumulative effect of changes in depreciation, amortization, or other income effects, in the reporting period in which the adjustment amounts are determined. Previously, acquirers were required to recognize these adjustments retrospectively. The standard is effective for annual reporting periods beginning after December 15, 2015, and interim periods within those years, with early adoption permitted. The standard will be applied on a prospective basis. The adoption of this standard is not expected to have a material impact on the Company’s consolidated financial statements.

Index

In April 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs, which requires debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. The standard is effective for annual reporting periods beginning after December 15, 2015, and interim periods within those years, with early adoption permitted. The standard will be applied on a retrospective basis. The adoption of this standard is not expected to have a material impact on the Company’s consolidated financial statements.

2. Investment in Real Estate

City

State

Brand

Manager

Date Acquired

Rooms

Gross Purchase Price

Tustin

Fairfield Inn & Suites

Marriott

2/5/2015

145

31,000

Tustin

Residence Inn

Marriott

2/5/2015

149

42,800

San Juan Capistrano

Residence Inn

Marriott

6/5/2015

130

29,200

Total

424

103,000

At the date of purchase, the purchase price for these properties, net of debt assumed, was funded by cash on hand and borrowings under the Company’s unsecured revolving credit facility. The Company assumed approximately $16.6 million of debt in connection with the purchase of and secured by the San Juan Capistrano Residence Inn. The Company also used borrowings under its unsecured credit facility to pay approximately $2.2 million in acquisition related costs, including approximately $2.1 million, representing 2% of the gross purchase price for these hotels, as a brokerage commission to Apple Suites Realty Group, Inc. (“ASRG”), which is 100% owned by Glade M. Knight, the Company’s Chairman and Chief Executive Officer, and approximately $0.1 million in other acquisition related costs, including title, legal and other related costs. These costs are included in acquisition related costs in the Company’s consolidated statements of operations for the nine months ended September 30, 2015.

For the three hotels acquired during the first nine months of 2015, the amount of revenue and operating income (excluding acquisition related costs totaling $2.2 million) included in the Company’s consolidated statements of operations from the acquisition date to September 30, 2015 was approximately $11.5 million and $3.6 million, respectively.

The Company leases all of its hotels to its wholly-owned taxable REIT subsidiary (or a subsidiary thereof) under master hotel lease agreements.

In connection with the acquisition of the San Juan Capistrano Residence Inn hotel in June 2015, the Company assumed a land lease with a remaining initial term of approximately 27 years and four 30 year renewal options. The lease was valued at below market rates and as a result the Company recorded an intangible asset totaling approximately $4.4 million, which is included in other assets, net in the Company’s consolidated balance sheets. The amount is being amortized through February 2072, the end of the first renewal option. As of September 30, 2015, the remaining minimum lease payments, through the end of the first renewal option, were approximately $46.4 million.

No goodwill was recorded in connection with any of the acquisitions.

As of September 30, 2015, the Company owned 54 hotels located in 17 states with an aggregate of 6,898 rooms, and the Company’s investment in real estate consisted of the following (in thousands):

	September 30,			December 31,
	2015			2014
Land	$	87,439		$	77,943
Building and Improvements		848,456			762,134
Furniture, Fixtures and Equipment		77,146			67,529
Franchise Fees		3,532			3,532
		1,016,573			911,138
Less Accumulated Depreciation		(98,262	)		(72,106	)
Investment in Real Estate, net	$	918,311		$	839,032

Index

Location	Brand	Rooms		Deposits Paid		Gross Purchase Price
Under Construction (a)
Cape Canaveral, FL (b)	Homewood Suites		153	$	3	$	25,245
Rosemont, IL	Hampton Inn & Suites		158		300		25,400
Total			311	$	303	$	50,645

(a) These hotels are currently under construction. The table shows the expected number of rooms upon hotel completion and the expected franchise brand. Assuming all conditions to closing are met, the purchase of these hotels is expected to close over the next three to six months from September 30, 2015.
(b) If the seller meets all of the conditions to closing, the Company is obligated to specifically perform under the contract. As the property is under construction, at this time, the seller has not met all of the conditions to closing.

As there can be no assurance that all conditions to closing will be satisfied, the Company includes deposits paid for hotels under contract in other assets, net in the Company’s consolidated balance sheets. The Company intends to use borrowings under its credit facility and additional financing as needed to purchase the hotels currently under contract if a closing occurs.

3. Credit Facility and Mortgage Debt

Credit Facility

On July 2, 2015, the Company entered into a second amendment of its existing $100 million revolving credit facility. The amendment extends the maturity date to July 2, 2017, reduces the annual interest rate to the one-month LIBOR (the London Inter-Bank Offered Rate for a one-month term) plus a margin ranging from 1.85% to 2.35%, depending upon the Company’s leverage ratio, as calculated under the terms of the credit agreement, and reduces the annual unused facility fee to 0.20% or 0.30% on the average unused portion of the revolving credit facility, based on the amount of borrowings outstanding during each quarter. The Company incurred approximately $0.4 million of loan origination costs related to the amendment, which will be amortized as interest expense through the maturity date. At September 30, 2015 the outstanding balance on the Company’s $100 million revolving credit facility was $0.8 million, increasing from no amounts outstanding at December 31, 2014. The annual interest rate at September 30, 2015 was 2.04%.

The credit facility contains customary affirmative covenants, negative covenants and events of default. In addition, the credit facility contains covenants restricting the level of certain investments and quarterly financial covenants which include, among others, a minimum net worth requirement, maximum debt limits, minimum debt service and fixed charge coverage ratios, and maximum distribution limits. The Company was in compliance with each of the applicable covenants at September 30, 2015. The amendment to the credit facility increased the Minimum Net Worth (as defined in the amended credit facility) requirement to $580 million and limits, effective July 2, 2016, distributions to 100% of Funds From Operations (as defined in the amended credit facility).

Mortgage Debt

In September 2015, the Company entered into a secured mortgage loan agreement with a commercial lender. The mortgage loan for approximately $36.9 million is jointly secured by the Company’s Oceanside, California Courtyard and Omaha, Nebraska Hilton Garden Inn. Scheduled payments of interest and principal of approximately $182,000 are due monthly, and the loan will amortize on a 30 year term with a balloon payment due at maturity in October 2025. The mortgage loan has an annual fixed interest rate of approximately 4.28%. At closing, the Company used proceeds from the loan to reduce the outstanding balance on its revolving credit facility, and to pay loan origination costs. Loan origination costs totaling approximately $0.5 million are being amortized as interest expense through the maturity date.

Index

In June 2015, the Company entered into a secured mortgage loan agreement with a commercial lender. The mortgage loan for $35.0 million is secured by the Company’s Denver, Colorado Hilton Garden Inn. Scheduled payments of interest and principal of approximately $194,000 are due monthly, and the loan will amortize on a 25 year term with a balloon payment due at maturity in June 2025. The mortgage loan has an annual fixed interest rate of approximately 4.46%. At closing, the Company used proceeds from the loan to reduce the outstanding balance on its revolving credit facility, and to pay loan origination costs. Loan origination costs totaling approximately $0.2 million are being amortized as interest expense through the maturity date.

In June 2015, the Company assumed approximately $16.6 million in mortgage debt in connection with the acquisition of the San Juan Capistrano, California Residence Inn. Scheduled payments of interest and principal of approximately $83,000 are due monthly with a balloon payment due at maturity in June 2020. The mortgage loan has an annual fixed interest rate of approximately 4.15%. Loan origination costs totaling approximately $0.02 million are being amortized as interest expense through the maturity date.

4. Fair Value of Financial Instruments

The Company estimates the fair value of its debt by discounting the future cash flows of each instrument at estimated market rates consistent with the maturity of a debt obligation with similar credit terms and credit characteristics, which are Level 3 inputs under the fair value hierarchy. Market rates take into consideration general market conditions and maturity. As of September 30, 2015, the carrying value and estimated fair value of the Company’s debt was $206.5 million and $208.4 million, respectively. As of December 31, 2014, the carrying value and estimated fair value of the Company’s debt was $119.7 million and $122.8 million, respectively. The carrying value of the Company’s other financial instruments approximates fair value due to the short-term nature of these financial instruments.

5. Related Parties

The Company has, and is expected to continue to engage in, significant transactions with related parties. These transactions cannot be construed to be at arm’s length and the results of the Company’s operations may be different if these transactions were conducted with non-related parties. The Company’s independent members of the Board of Directors oversee and annually review the Company’s related party relationships (including the relationships discussed in this section) and are required to approve any significant modifications to existing relationships, as well as any new significant related party transactions. The Board of Directors is not required to approve each individual transaction that falls under the related party relationships. However, under the direction of the Board of Directors, at least one member of the Company’s senior management team approves each related party transaction. There have been no changes to the contracts and relationships discussed in the Company’s 2014 Annual Report on Form 10-K. Below is a summary of the related party relationships in effect and transactions that occurred during the nine months ended September 30, 2015 and 2014.

The Company is externally managed and does not have any employees. ASRG provides the Company with property acquisition and disposition services. Its advisor, A10A, provides the Company with its day-to-day management services. The Company pays fees and reimburses certain expenses to A10A and ASRG for these services. Effective March 1, 2014, A10A subcontracted its obligations to Apple Hospitality REIT, Inc. (“Apple Hospitality”). The subcontract agreement provides that Apple Hospitality provides to the Company the advisory services contemplated under the A10A advisory agreement (“Advisory Agreement”) and Apple Hospitality receives the fees and expense reimbursements payable under the Advisory Agreement from the Company. The subcontract agreement has no impact on the Company’s Advisory Agreement with A10A.

Glade M. Knight, the Company’s Chairman and Chief Executive Officer, is also Executive Chairman of Apple Hospitality, and owns ASRG and A10A. Effective January 1, 2015, Justin G. Knight, the Company’s President, was appointed to the Board of Directors of Apple Hospitality. He also serves as President and Chief Executive Officer of Apple Hospitality.

Index

ASRG Agreement

The Company has a contract with ASRG to acquire and dispose of real estate assets for the Company. A fee of 2% of the gross purchase price or gross sale price in addition to certain reimbursable expenses is paid to ASRG for these services. As of September 30, 2015, payments to ASRG for fees under the terms of this contract have totaled approximately $19.4 million since inception. Of this amount, the Company incurred $2.1 million and $0.9 million, respectively, for the nine months ended September 30, 2015 and 2014, which is included in acquisition related costs in the Company’s consolidated statements of operations.

A10A Agreement

Under the Advisory Agreement, A10A provides management services to the Company. As discussed above, effective March 1, 2014, A10A subcontracts its obligations under this agreement to Apple Hospitality. An annual fee ranging from 0.1% to 0.25% of total equity proceeds received by the Company, in addition to certain reimbursable expenses as described below, is payable to Apple Hospitality for these management services.

Total advisory fees incurred by the Company under the Advisory Agreement are included in general and administrative expenses and totaled approximately $1.9 million and $1.0 million for the nine months ended September 30, 2015 and 2014, respectively. The increase from 2014 to 2015 was primarily due to the Company reaching the next fee tier under the Advisory Agreement due to improved results of operations.

Advisors Cost Sharing Structure

In addition to the fees payable to ASRG and A10A, the Company reimbursed to ASRG or A10A, or paid directly to Apple Hospitality on behalf of ASRG or A10A, approximately $1.9 million and $2.0 million for the nine months ended September 30, 2015 and 2014. The costs are included in general and administrative expenses and are for the Company’s allocated share of the staffing and related costs provided by Apple Hospitality through its relationships with A10A and ASRG.

As part of the cost sharing arrangements, certain day-to-day transactions may result in amounts due to or from Apple Hospitality. To efficiently manage cash disbursements, the Company, Apple Hospitality, A10A or ASRG may make payments for any or all of the related companies. Under the cash management process, each of the companies may advance or defer up to $1 million at any time. Each month, any outstanding amounts are settled among the affected companies. This process allows each company to minimize its cash on hand, which, in turn, reduces the cost of each company’s credit facility. The amounts outstanding at any point in time are not significant to any of the companies.

Apple Air Holding, LLC (“Apple Air”) Membership Interest

Included in other assets, net on the Company’s consolidated balance sheet as of September 30, 2015 and December 31, 2014 is a 26% equity investment in Apple Air. As of September 30, 2015, the other member of Apple Air was Apple Hospitality, which owned a 74% interest. The Company’s equity investment was approximately $0.7 million and $0.9 million as of September 30, 2015 and December 31, 2014, and is included in other assets, net in the Company’s consolidated balance sheets. The Company has recorded its share of income and losses of the entity under the equity method of accounting and adjusted its investment in Apple Air accordingly. For both the nine months ended September 30, 2015 and 2014, the Company recorded a loss of approximately $0.2 million as its share of the net loss of Apple Air, which primarily relates to the depreciation of the aircraft, and is included in general and administrative expense in the Company’s consolidated statements of operations. Through its equity investment, the Company has access to Apple Air’s aircraft primarily for acquisition, asset management and renovation purposes. Total costs paid for the usage of the aircraft for the nine months ended September 30, 2015 and 2014 were approximately $0.06 million and $0.1 million.

Index

6. Shareholders’ Equity

Unit Redemption Program

In April 2012, the Company instituted a Unit Redemption Program to provide limited interim liquidity to its shareholders who have held their Units for at least one year. Shareholders may request redemption of Units for a purchase price equal to 92.5% of the price paid per Unit if the Units have been owned for less than five years, or 100% of the price paid per Unit if the Units have been owned more than five years. The maximum number of Units that may be redeemed in any given year is three percent (3%) of the weighted average number of Units outstanding during the 12-month period immediately prior to the date of redemption. The Company reserves the right to change the purchase price of redemptions, reject any request for redemption, or otherwise amend the terms of, suspend, or terminate the Unit Redemption Program. Since the inception of the program through September 30, 2015, the Company has redeemed approximately 6.4 million Units in the amount of $65.3 million, including 1.4 million Units in the amount of $13.9 million and 1.2 million Units in the amount of $12.5 million during the nine months ended September 30, 2015 and 2014. As contemplated in the program, the Company has redeemed Units on a pro-rata basis due to the 3% limitation discussed above, including in the first quarter of 2014 where the Company redeemed approximately 68% of all requested redemptions. Since the beginning of the second quarter of 2014, the Company has redeemed 100% of the redemption requests. The following is a summary of the Unit redemptions during 2014 and the first nine months of 2015:

Redemption Date	Total Requested Unit Redemptions at Redemption Date		Units Redeemed		Total Redemption Requests Not Redeemed at Redemption Date

First Quarter 2014		357,013		242,644		114,369
Second Quarter 2014		479,078		479,078		0
Third Quarter 2014		496,839		496,839		0
Fourth Quarter 2014		296,642		296,642		0
First Quarter 2015		425,833		425,833		0
Second Quarter 2015		402,201		402,201		0
Third Quarter 2015		524,458		524,458		0

Distributions

The Company’s annual distribution rate as of September 30, 2015 was $0.825 per common share, payable monthly. For the three months ended September 30, 2015 and 2014, the Company made distributions of $0.20625 per common share for a total of $18.5 million and $18.6 million. For the nine months ended September 30, 2015 and 2014, the Company made distributions of $0.61875 per common share for a total of $55.9 million and $52.2 million.

7. Subsequent Events

In October 2015, the Company declared and paid approximately $6.2 million, or $0.06875 per outstanding common share, in distributions to its common shareholders.

In October 2015, under the guidelines of the Company’s Unit Redemption Program, the Company redeemed approximately 0.9 million Units in the amount of $9.2 million, representing 100% of the requested Unit redemptions.

On October 29, 2015, the Company closed on the purchase of a 158-room Hampton Inn & Suites hotel in Rosemont, Illinois. The gross purchase price was $25.4 million.

Index

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Forward-Looking Statements

This Quarterly Report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are typically identified by use of terms such as “may,” “believe,” “expect,” “anticipate,” “intend,” “estimate,” “project,” “target,” “goal,” “plan,” “should,” “will,” “predict,” “potential” and similar expressions that convey the uncertainty of future events or outcomes. Such statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of Apple REIT Ten, Inc. (the “Company”) to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, but are not limited to, the ability of the Company to implement its acquisition strategy and operating strategy; the Company’s ability to manage planned growth; the ability of the Company to provide liquidity opportunities for its shareholders; changes in general political, economic and competitive conditions and specific market conditions; adverse changes in the real estate and real estate capital markets; financing risks; future litigation; regulatory proceedings or inquiries; and changes in laws or regulations or interpretations of current laws and regulations that impact the Company’s business, assets or classification as a real estate investment trust. Although the Company believes that the assumptions underlying the forward-looking statements contained herein are reasonable, any of the assumptions could be inaccurate, and therefore there can be no assurance that such statements included in this Quarterly Report will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by the Company or any other person that the results or conditions described in such statements or the objectives and plans of the Company will be achieved. In addition, the Company’s qualification as a real estate investment trust involves the application of highly technical and complex provisions of the Internal Revenue Code. Readers should carefully review the risk factors described in the Company’s filings with the Securities and Exchange Commission (“SEC”), including but not limited to those discussed in the section titled “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014. Any forward-looking statement that the Company makes speaks only as of the date of this report. The Company undertakes no obligation to publicly update or revise any forward-looking statements or cautionary factors, as a result of new information, future events, or otherwise, except as required by law.

The following discussion and analysis should be read in conjunction with the Company’s Unaudited Consolidated Financial Statements and Notes thereto, appearing elsewhere in this Quarterly Report on Form 10-Q, as well as the information contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014.

Overview

The Company is a Virginia corporation that has elected to be treated as a real estate investment trust (“REIT”) for federal income tax purposes. The Company was formed to invest in hotels and other income-producing real estate in selected metropolitan areas in the United States. The Company was initially capitalized on August 13, 2010, with its first investor closing on January 27, 2011 under its initial best-efforts offering of Units (each Unit consists of one common share and one Series A preferred share). Effective July 31, 2014, the Company concluded its best-efforts offering of Units, with a total of 96.1 million Units sold, gross proceeds of approximately $1.1 billion and proceeds net of offering costs of approximately $943.0 million. As of September 30, 2015, the Company owned 54 hotels, all of which operate under Marriott or Hilton brands. The hotels are operated and managed under separate management agreements with 12 hotel management companies, none of which are affiliated with the Company.

Index

Hotels Owned

As of September 30, 2015, the Company owned 54 hotels with an aggregate of 6,898 rooms located in 17 states. The following tables summarize the number of hotels and rooms by brand and state:

Number of Hotels and Guest Rooms by Brand
	Number of		Number of
Brand	Hotels		Rooms
Hilton Garden Inn		11		1,719
Homewood Suites		10		1,100
Hampton Inn & Suites		9		1,089
Residence Inn		5		679
Courtyard		5		643
Fairfield Inn & Suites		4		455
TownePlace Suites		4		387
Home2 Suites		3		304
SpringHill Suites		2		206
Marriott		1		316
Total		54		6,898

Number of Hotels and Guest Rooms by State
	Number of		Number of
State	Hotels		Rooms
Alabama		3		276
Arizona		4		508
California		4		566
Colorado		2		322
Florida		6		706
Illinois		3		661
Indiana		2		243
Iowa		3		301
Minnesota		1		120
Nebraska		3		440
North Carolina		3		293
Ohio		1		110
Oklahoma		3		345
South Carolina		2		213
Tennessee		6		655
Texas		6		720
Virginia		2		419
Total		54		6,898

Index

The following table summarizes the location, brand, manager, date acquired, number of rooms and gross purchase price for each of the 54 hotels the Company owned as of September 30, 2015. All dollar amounts are in thousands.

City

State

Brand

Manager

Date Acquired

Rooms

Gross Purchase Price

Denver

Hilton Garden Inn

Stonebridge

3/4/2011

221

58,500

Winston-Salem

Hampton Inn & Suites

McKibbon

3/15/2011

11,000

Charlotte

Fairfield Inn & Suites

Newport

3/25/2011

10,000

Columbia

TownePlace Suites

Newport

3/25/2011

10,500

Mobile

Hampton Inn & Suites

McKibbon

6/2/2011

101

13,000

Gainesville

Hilton Garden Inn

McKibbon

6/2/2011

104

12,500

Pensacola

TownePlace Suites

McKibbon

6/2/2011

11,500

Knoxville

SpringHill Suites

McKibbon

6/2/2011

103

14,500

Richmond

SpringHill Suites

McKibbon

6/2/2011

103

11,000

Cedar Rapids

Hampton Inn & Suites

Schulte

6/8/2011

103

13,000

Cedar Rapids

Homewood Suites

Schulte

6/8/2011

13,000

Hoffman Estates

Hilton Garden Inn

White Lodging

6/10/2011

184

10,000

Davenport

Hampton Inn & Suites

Schulte

7/19/2011

103

13,000

Knoxville

Homewood Suites

McKibbon

7/19/2011

103

15,000

Knoxville

TownePlace Suites

McKibbon

8/9/2011

9,000

Mason

Hilton Garden Inn

Schulte

9/1/2011

110

14,825

Omaha

Hilton Garden Inn

White Lodging

9/1/2011

178

30,018

Des Plaines

Hilton Garden Inn

Raymond

9/20/2011

252

38,000

Merillville

Hilton Garden Inn

White Lodging

9/30/2011

124

14,825

Austin/Round Rock

Homewood Suites

Vista Host

10/3/2011

115

15,500

Scottsdale

Hilton Garden Inn

North Central

10/3/2011

122

16,300

South Bend

Fairfield Inn & Suites

White Lodging

11/1/2011

119

17,500

Charleston

Home2 Suites

LBA

11/10/2011

122

13,908

Oceanside

Courtyard

Marriott

11/28/2011

142

30,500

Skokie

Hampton Inn & Suites

Raymond

12/19/2011

225

32,000

Tallahassee

Fairfield Inn & Suites

LBA

12/30/2011

9,355

Gainesville

Homewood Suites

McKibbon

1/27/2012

103

14,550

Nashville

TownePlace Suites

LBA

1/31/2012

101

9,848

Jacksonville

Home2 Suites

LBA

5/4/2012

105

12,000

Boca Raton

Hilton Garden Inn

White Lodging

7/16/2012

149

10,900

Houston

Courtyard

LBA

7/17/2012

124

14,632

Huntsville

Hampton Inn & Suites

LBA

3/14/2013

11,466

Huntsville

Home2 Suites

LBA

3/14/2013

9,009

Fairfax

Marriott

White Lodging

3/15/2013

316

34,000

Houston

Residence Inn

Western

6/7/2013

120

18,000

Denton

Homewood Suites

Chartwell

7/26/2013

107

11,300

Maple Grove

Hilton Garden Inn

North Central

7/26/2013

120

12,675

Oklahoma City (West)

Homewood Suites

Chartwell

7/26/2013

11,500

Omaha

Hampton Inn & Suites

White Lodging

7/26/2013

139

19,775

Omaha

Homewood Suites

White Lodging

7/26/2013

123

17,625

Phoenix

Courtyard

North Central

7/26/2013

127

10,800

Phoenix

Hampton Inn & Suites

North Central

7/26/2013

125

8,600

Phoenix

Homewood Suites

North Central

7/26/2013

134

12,025

Colorado Springs

Hampton Inn & Suites

Chartwell

11/8/2013

101

11,500

Franklin

Courtyard

Chartwell

11/8/2013

126

25,500

Franklin

Residence Inn

Chartwell

11/8/2013

124

25,500

Dallas

Homewood Suites

Western

12/5/2013

130

25,350

Oklahoma City

Hilton Garden Inn

Raymond

1/31/2014

155

27,353

Oklahoma City

Homewood Suites

Raymond

1/31/2014

100

17,647

Fort Lauderdale

Residence Inn

LBA

10/24/2014

156

23,088

Shenandoah

Courtyard

LBA

11/6/2014

124

15,872

Tustin

Fairfield Inn & Suites

Marriott

2/5/2015

145

31,000

Tustin

Residence Inn

Marriott

2/5/2015

149

42,800

San Juan Capistrano

Residence Inn

Marriott

6/5/2015

130

29,200

Total

6,898

971,746

Index

The purchase price for these properties, net of debt assumed was funded primarily by the Company’s best-efforts offering of Units and borrowings under its revolving credit facility. The Company assumed approximately $137.8 million of debt secured by 10 of these properties.

The Company also primarily used the proceeds of its best-efforts offering and borrowings under its revolving credit facility to pay a total of approximately $19.4 million, representing 2% of the gross purchase price for these hotels, as a brokerage commission to Apple Suites Realty Group, Inc. (“ASRG”), which is 100% owned by Glade M. Knight, the Company’s Chairman and Chief Executive Officer. The Company leases all of its hotels to its wholly-owned taxable REIT subsidiary (or a subsidiary thereof) under master hotel lease agreements. No goodwill was recorded in connection with any of the acquisitions.

Hotel Operations

Although hotel performance can be influenced by many factors including local competition, local and general economic conditions in the United States and the performance of individual managers assigned to each hotel, performance of the Company’s hotels as compared to other hotels within their respective local markets, in general, has met the Company’s expectations for the period owned. The hotel industry and the Company continue to experience improvement in both revenues and operating income for comparable hotels as compared to the prior year. Although the economy in the United States has continued to improve, there is no way to predict future general economic conditions, and there are certain factors that could negatively affect the lodging industry and the Company, including but not limited to, increased hotel supply in certain markets, labor uncertainty both for the economy as a whole and the lodging industry in particular, global volatility and government fiscal policies. The revenue growth rate for the overall hotel industry in the United States in the third quarter was lower than the first two quarters of 2015 due to reduced travel in certain large markets and the timing of holidays as compared to 2014. Due to the Company’s geographic diversity and focus on upscale select service hotels, the Company’s comparable hotel growth rate in the third quarter was consistent with the first two quarters of 2015. The Company and industry continue to forecast a mid to upper-single digit percentage increase in revenue for the full year of 2015 as compared to 2014 for comparable hotels, with the trend expected to continue into 2016.

In evaluating financial condition and operating performance, the most important indicators on which the Company focuses are revenue measurements, such as average occupancy, average daily rate (“ADR”) and revenue per available room (“RevPAR”), and expenses, such as hotel operating expenses, general and administrative expenses and other expenses as described below.

The following is a summary of the results from operations of the 54 hotels owned as of September 30, 2015 (three of which were acquired during the nine months ended September 30, 2015 and four of which were acquired during 2014) for their respective periods of ownership by the Company:

	Three Months Ended September 30,															Nine Months Ended September 30,
(in thousands, except statistical data)	2015			Percent of Revenue			2014			Percent of Revenue			Percent Change			2015			Percent of Revenue			2014			Percent of Revenue			Percent Change

Total revenue	$	69,280			100	%	$	56,791			100	%		22	%	$	199,734			100	%	$	166,585			100	%		20	%
Hotel operating expense		37,686			54	%		31,824			56	%		18	%		108,273			54	%		93,084			56	%		16	%
Property taxes, insurance and other expense		4,098			6	%		3,308			6	%		24	%		12,008			6	%		9,981			6	%		20	%
General and administrative expense		1,715			2	%		1,369			2	%		25	%		5,124			3	%		4,461			3	%		15	%

Acquisition related costs		14						13									2,236						1,054
Depreciation expense		8,979						7,226									26,156						21,237
Investment income		2						3,530									17						10,475
Interest expense		2,550						1,867									6,408						6,541
Income tax (benefit) expense		(223	)					1,203									307						2,934

Number of hotels		54						49						10	%		54						49						10	%
ADR	$	127.78					$	120.23						6	%	$	128.51					$	121.05						6	%
Occupancy		79.2	%					76.9	%					3	%		77.6	%					75.2	%					3	%
RevPAR	$	101.16					$	92.40						9	%	$	99.68					$	91.08						9	%

Index

Results of Operations

The Company began operations in March 2011 when it purchased its first hotel. As of September 30, 2015, the Company owned 54 hotels (of which three were acquired during the first nine months of 2015) with 6,898 rooms as compared to 49 hotels, with a total of 6,188 rooms, as of September 30, 2014.

Hotel performance is impacted by many factors including the economic conditions in the United States as well as each locality. Economic indicators in the United States have shown evidence of a sustainable recovery, which continues to overall positively impact the lodging industry. As a result, the Company’s revenue and operating income for comparable hotels improved during the nine months ended September 30, 2015 as compared to the nine months ended September 30, 2014 and the Company expects continued improvement in revenue and operating income in 2015 as compared to 2014, with the trend continuing into 2016.

Revenues

The Company’s principal source of revenue is hotel revenue, consisting of room and other related revenue. For the three months ended September 30, 2015 and 2014, the Company had total revenue of approximately $69.3 million and $56.8 million. For the nine months ended September 30, 2015 and 2014, the Company had total revenue of approximately $199.7 million and $166.6 million. This revenue reflects hotel operations for the 54 hotels acquired through September 30, 2015 for their respective periods of ownership by the Company. For the three months ended September 30, 2015 and 2014, the hotels achieved combined average occupancy of 79.2% and 76.9%, ADR of $127.78 and $120.23 and RevPAR of $101.16 and $92.40. For the nine months ended September 30, 2015 and 2014, the hotels achieved combined average occupancy of 77.6% and 75.2%, ADR of $128.51 and $121.05 and RevPAR of $99.68 and $91.08. ADR is calculated as room revenue divided by the number of rooms sold, and RevPAR is calculated as occupancy multiplied by ADR. For the 47 comparable hotels (hotels owned since January 1, 2014), occupancy, ADR and RevPAR increased 2%, 4% and 7%, respectively, for the three months ended September 30, 2015, and increased 2%, 5% and 7%, respectively, for the nine months ended September 30, 2015 compared to the same periods in 2014.

The Company’s hotels in general have shown results consistent with industry and brand averages for the period of ownership. Although certain markets will vary based on local supply/demand dynamics and local market economic conditions, with continued overall demand and room rate improvement for comparable hotels and the Company’s geographically diverse portfolio, the Company and industry are forecasting a mid to upper-single digit percentage increase in revenue for the full year of 2015 as compared to 2014 for comparable hotels, with the trend expected to continue into 2016. The Company will continue to pursue market opportunities to improve revenue.

In addition, five of the hotels owned as of September 30, 2015 opened within the past two years. Generally, newly constructed hotels require 12 to 24 months to establish themselves in their respective markets. Therefore, revenue for these hotels is expected to be below market levels for this period of time.

Expenses

Hotel operating expense relates to the 54 hotels acquired through September 30, 2015 for their respective periods owned and consists of direct room operating expense, hotel administrative expense, sales and marketing expense, utilities expense, repair and maintenance expense, franchise fees and management fees. For the three months ended September 30, 2015 and 2014, hotel operating expense totaled approximately $37.7 million and $31.8 million, or 54% and 56% of total revenue. For the nine months ended September 30, 2015 and 2014, hotel operating expense totaled approximately $108.3 million and $93.1 million, or 54% and 56% of total revenue. The decrease in hotel operating expense as a percentage of revenue resulted from the increase in revenues at most of the Company’s hotels, which reduces the impact of certain fixed costs such as certain management, utility and minimum supply and maintenance costs, combined with the Company working with its management companies to maintain or reduce, relative to revenue, operating costs by sharing data across its portfolio. To date only modest increases in labor cost have been experienced by the Company, however the Company anticipates labor costs are likely to grow at increased rates due to government regulations surrounding wages, healthcare and other benefits and other government-related initiatives, such as the “living wage” increase, which could negatively impact operating expenses in certain markets moving forward. Although operating expenses will increase as revenue increases, the Company will continue to work with its management companies to reduce costs as a percentage of revenue where possible while maintaining quality and service levels at each property.

Index

Property taxes, insurance, and other expense for the three months ended September 30, 2015 and 2014 totaled approximately $4.1 million and $3.3 million, or 6% of total revenue for each period. For the nine months ended September 30, 2015 and 2014, property taxes, insurance, and other expense totaled approximately $12.0 million and $10.0 million, or 6% of total revenue for each period. Taxes have increased for certain properties due to the reassessment of property values by localities resulting from the improved economy, partially offset by decreases in 2015 due to successful appeals of tax assessments for certain locations. Additionally the Company’s seven acquisitions since January 1, 2014 have been in localities with above average property tax assessments and insurance rates. With the economy continuing to improve, the Company anticipates continued increases in property tax assessments during the remainder of 2015. The Company will continue to appeal tax assessments in certain jurisdictions to attempt to minimize the tax increases as warranted.

General and administrative expense for the three months ended September 30, 2015 and 2014 totaled approximately $1.7 million and $1.4 million, or 2% of total revenue for each period. For the nine months ended September 30, 2015 and 2014, general and administrative expense totaled approximately $5.1 million and $4.5 million, or 3% of total revenue for each period. The principal components of general and administrative expense are advisory fees, staffing and related reimbursable costs, legal fees, accounting fees, the Company’s share of the loss in its investment in Apple Air Holding, LLC, and reporting expense. The increase in general and administrative expense for both the three and nine month periods was driven primarily by increased advisory fees as the Company reached the next fee tier under its advisory agreement with Apple Ten Advisors, Inc. due to improved results of operations.

Acquisition related costs for the three months ended September 30, 2015 and 2014 were approximately $0.01 million for each period. For the nine months ended September 30, 2015 and 2014, acquisition related costs were approximately $2.2 million and $1.1 million. The Company has expensed as incurred all transaction costs associated with the acquisitions of existing businesses, including title, legal, accounting and other related costs, as well as the brokerage commission paid to ASRG. The increase for the nine month period is due to the acquisition of three hotels with a total purchase price of $103.0 million in the first nine months of 2015 compared to two hotels with a total purchase price of $45.0 million in the first nine months of 2014.

Depreciation expense for the three months ended September 30, 2015 and 2014 totaled approximately $9.0 million and $7.2 million. For the nine months ended September 30, 2015 and 2014, depreciation expense was approximately $26.2 million and $21.2 million. Depreciation expense represents expense of the Company’s 54 hotel buildings and related improvements, and associated personal property (furniture, fixtures and equipment), for their respective periods owned.

Investment income for the three months ended September 30, 2015 and 2014 totaled approximately $2,000 and $3.5 million. For the nine months ended September 30, 2015 and 2014, investment income totaled approximately $0.02 million and $10.5 million. Investment income during the first nine months of 2014 consisted primarily of income earned on the Company’s energy investment, which was acquired in June 2013. The energy investment was fully redeemed in November 2014, resulting in the decrease in investment income for the three and nine months ended September 30, 2015 compared to the same periods in 2014.

Interest expense during the three months ended September 30, 2015 and 2014 totaled approximately $2.6 million and $1.9 million. For the nine months ended September 30, 2015 and 2014, interest expense totaled approximately $6.4 million and $6.5 million and is net of approximately $0.3 million and $0.4 million of interest capitalized associated with renovation projects. The increase in interest expense for the three months ended September 30, 2015 as compared to the same period in 2014 was due to the assumption or origination of three new mortgage loans in the amount of approximately $88.4 million during the second and third quarters of 2015. For the nine months ended September 30, 2015, the third quarter 2015 increase in mortgage interest was offset by a lower average outstanding principal balance on the Company’s credit facility compared to the same period in 2014 resulting in a small decrease in interest expense.

Income tax (benefit) expense during the three months ended September 30, 2015 and 2014 totaled approximately $(0.2) million and $1.2 million. For the nine months ended September 30, 2015 and 2014, income tax expense totaled $0.3 million and $2.9 million. The decrease in income tax expense is due primarily to the redemption of the Company’s energy investment, resulting in a decrease in taxable income for the Company’s taxable REIT subsidiary for the three and nine months ended September 30, 2015 compared to the same periods in 2014.

Index

Related Parties

The Company has, and is expected to continue to engage in, significant transactions with related parties. These transactions cannot be construed to be at arm’s length and the results of the Company’s operations may be different if these transactions were conducted with non-related parties. The Company’s independent members of the Board of Directors oversee and annually review the Company’s related party relationships and are required to approve any significant modifications to existing relationships, as well as any new significant related party transactions. The Board of Directors is not required to approve each individual transaction that falls under the related party relationships. However, under the direction of the Board of Directors, at least one member of the Company’s senior management team approves each related party transaction.

See Note 5 titled “Related Parties” in the Company’s Unaudited Consolidated Financial Statements and Notes thereto, appearing elsewhere in this Quarterly Report on Form 10-Q for additional information concerning the Company’s related party transactions.

Liquidity and Capital Resources

Capital Resources

Credit Facility

The Company’s $100 million revolving credit facility and cash flow generated from its hotels are currently its primary resources of capital. At September 30, 2015 the outstanding balance on the Company’s $100 million revolving credit facility was $0.8 million, increasing from no amounts outstanding at December 31, 2014. The annual interest rate at September 30, 2015 was 2.04%. On July 2, 2015, the Company entered into a second amendment of its existing $100 million revolving credit facility. The amendment extends the maturity date to July 2, 2017, reduces the annual interest rate to the one-month LIBOR (the London Inter-Bank Offered Rate for a one-month term) plus a margin ranging from 1.85% to 2.35%, depending upon the Company’s leverage ratio, as calculated under the terms of the credit agreement, and reduces the annual unused facility fee to 0.20% or 0.30% on the average unused portion of the revolving credit facility, based on the amount of borrowings outstanding during each quarter.

The credit facility contains customary affirmative covenants, negative covenants and events of default. In addition, the credit facility contains covenants restricting the level of certain investments and quarterly financial covenants which include, among others, a minimum net worth requirement, maximum debt limits, minimum debt service and fixed charge coverage ratios, and maximum distribution limits. The Company was in compliance with each of the applicable covenants at September 30, 2015. The amendment to the credit facility increased the Minimum Net Worth (as defined in the amended credit facility) to $580 million and limits, effective July 2, 2016, distributions to 100% of Funds From Operations (as defined in the amended credit facility).

Mortgage Debt

Index

Capital Uses

In addition to its currently available capital resources discussed above, the Company may borrow additional funds, subject to the approval of the Company’s Board of Directors. The Company anticipates that cash flow from operations and availability under its $100 million revolving credit facility will be adequate to meet its anticipated liquidity requirements, including debt service, capital improvements, required distributions to shareholders to maintain its REIT status and planned Unit redemptions. The Company intends to use borrowings under its credit facility and additional financing as needed to purchase the hotels currently under contract if a closing occurs and to refinance select mortgage loans maturing in the next year.

Distributions

To maintain its REIT status, the Company is required to distribute at least 90% of its ordinary income. Distributions during the first nine months of 2015 totaled approximately $55.9 million and were paid at a monthly rate of $0.06875 per common share. For the same period, the Company’s cash generated from operations was approximately $61.6 million. In February 2011, the Company’s Board of Directors established a policy for an annualized distribution rate of $0.825 per common share, payable in monthly distributions. The Company intends to continue paying distributions on a monthly basis, consistent with the annualized distribution rate established by its Board of Directors. The Company’s Board of Directors, upon the recommendation of the Audit Committee, may amend or establish a new annualized distribution rate and may change the timing of when distributions are paid. The Company’s objective in setting a distribution rate is to project a rate that will provide consistency over the life of the Company taking into account acquisitions and capital improvements, ramp up of new properties and varying economic cycles. To meet this objective, the Company may require the use of debt in addition to cash from operations. Since, in previous periods, a portion of distributions have been funded with borrowings, the Company’s ability to maintain its current intended rate of distribution will be based on its ability to generate cash from operations at this level, as well as the Company’s ability to utilize currently available financing, or the Company’s ability to obtain additional financing. Since there can be no assurance that the properties already acquired or that will be acquired will provide income at this level, or that the Company will be able to obtain additional financing, there can be no assurance as to the classification or duration of distributions at the current rate.

Unit Redemption Program

In April 2012, the Company instituted a Unit Redemption Program to provide limited interim liquidity to its shareholders who have held their Units for at least one year. Shareholders may request redemption of Units for a purchase price equal to 92.5% of the price paid per Unit if the Units have been owned for less than five years, or 100% of the price paid per Unit if the Units have been owned more than five years. The maximum number of Units that may be redeemed in any given year is three percent (3%) of the weighted average number of Units outstanding during the 12-month period immediately prior to the date of redemption. The Company reserves the right to change the purchase price of redemptions, reject any request for redemption, or otherwise amend the terms of, suspend, or terminate the Unit Redemption Program. The Company has redeemed a total of approximately 6.4 million Units in the amount of $65.3 million under this program. During the first nine months of 2015 and 2014, the Company redeemed 1.4 million Units in the amount of $13.9 million and 1.2 million Units in the amount of $12.5 million.

Capital Improvements

The Company has on-going capital commitments to fund its capital improvements. The Company is required, under all of its hotel management agreements and certain loan agreements, to make available, for the repair, replacement, and refurbishing of furniture, fixtures, and equipment, a percentage of gross revenues provided that such amount may be used for the Company’s capital expenditures with respect to the hotels. As of September 30, 2015, the Company held approximately $10.4 million in reserve for capital expenditures. During the nine months ended September 30, 2015, the Company invested approximately $8.8 million in capital expenditures and anticipates spending an additional $3 million to $5 million during the remainder of 2015 on properties owned at September 30, 2015. The Company does not currently have any existing or planned projects for development.

Hotel Contract Commitments

Index

Cash Management Activities

As part of the cost sharing arrangements discussed in Note 5 titled “Related Parties” in the Company’s Unaudited Consolidated Financial Statements and Notes thereto, appearing elsewhere in this Quarterly Report on Form 10-Q, certain day-to-day transactions may result in amounts due to or from Apple Hospitality REIT, Inc. (“Apple Hospitality”). To efficiently manage cash disbursements, the Company, Apple Hospitality, Apple Ten Advisors, Inc. or ASRG may make payments for any or all of the related companies. Under the cash management process, each of the companies may advance or defer up to $1 million at any time. Each month, any outstanding amounts are settled among the affected companies. This process allows each company to minimize its cash on hand, which, in turn, reduces the cost of each company’s credit facility. The amounts outstanding at any point in time are not significant to any of the companies.

Impact of Inflation

Operators of hotels, in general, possess the ability to adjust room rates daily to reflect the effects of inflation. Competitive pressures may, however, limit the operators’ ability to raise room rates. Currently the Company is not experiencing any material impact from inflation.

Business Interruption

Being in the real estate industry, the Company is exposed to natural disasters on both a local and national scale. Although management believes there is adequate insurance to cover this exposure, there can be no assurance that such events will not have a material adverse effect on the Company’s financial position or results of operations.

Seasonality

The hotel industry historically has been seasonal in nature. Seasonal variations in occupancy at the Company’s hotels may cause quarterly fluctuations in its revenues. Generally, occupancy rates and hotel revenues are greater in the second and third quarters than in the first and fourth quarters. To the extent that cash flow from operations is insufficient during any quarter, due to temporary or seasonal fluctuations in revenue, the Company expects to utilize cash on hand or available financing sources to make distributions.

Recent Accounting Standards

Subsequent Events

In October 2015, the Company declared and paid approximately $6.2 million, or $0.06875 per outstanding common share, in distributions to its common shareholders.

On October 29, 2015, the Company closed on the purchase of a 158-room Hampton Inn & Suites hotel in Rosemont, Illinois. The gross purchase price was $25.4 million.

Index

Item 3. Quantitative and Qualitative Disclosures About Market Risk

The Company does not engage in transactions in derivative financial instruments or derivative commodity instruments. As of September 30, 2015, the Company’s financial instruments were not exposed to significant market risk due to foreign currency exchange risk, commodity price risk or equity price risk. The Company will be exposed to changes in short term interest rates as it invests its cash or borrows on its credit facility. Based on the Company’s cash balance at September 30, 2015 of $10.6 million, every 100 basis points change in interest rates will impact the Company’s net income by approximately $0.1 million, all other factors remaining the same. Based on the Company’s outstanding balance under its credit facility at September 30, 2015, of $0.8 million, every 100 basis points change in interest rates will impact the Company’s annual net income by $8,000, all other factors remaining the same.

Item 4. Controls and Procedures

Senior management, including the Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the Company’s disclosure controls and procedures as of the end of the period covered by this report. Based on this evaluation process, the Chief Executive Officer and Chief Financial Officer have concluded that the Company’s disclosure controls and procedures were effective as of September 30, 2015. There have been no changes in the Company’s internal control over financial reporting that occurred during the last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

Index

PART II. OTHER INFORMATION

Item 1A. Risk Factors

For a discussion of the Company’s potential risks and uncertainties, see the section titled “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014. There have been no material changes to the risk factors previously disclosed in the Annual Report.

Item 2. Unregistered Sales Of Equity Securities And Use Of Proceeds

Unit Redemption Program

Since the inception of the program through September 30, 2015, the Company has redeemed approximately 6.4 million Units in the amount of $65.3 million, including 1.4 million Units in the amount of $13.9 million and 1.2 million Units in the amount of $12.5 million during the nine months ended September 30, 2015 and 2014. As contemplated in the program, the Company has redeemed Units on a pro-rata basis due to the 3% limitation discussed above, including in the first quarter of 2014 where the Company redeemed approximately 68% of requested redemptions. Since the beginning of the second quarter of 2014, the Company has redeemed 100% of the redemption requests. The Company has a number of cash sources, including cash from operations and proceeds from borrowings on its credit facility from which it can make redemptions. See the Company’s complete consolidated statements of cash flows for the nine months ended September 30, 2015 and 2014 included in the Company’s interim Consolidated Financial Statements in Item 1 of this Form 10-Q for a further description of the sources and uses of the Company’s cash flows. The following is a summary of the Unit redemptions during 2014 and the first nine months of 2015:

Redemption Date	Total Requested Unit Redemptions at Redemption Date		Units Redeemed		Total Redemption Requests Not Redeemed at Redemption Date

First Quarter 2014		357,013		242,644		114,369
Second Quarter 2014		479,078		479,078		0
Third Quarter 2014		496,839		496,839		0
Fourth Quarter 2014		296,642		296,642		0
First Quarter 2015		425,833		425,833		0
Second Quarter 2015		402,201		402,201		0
Third Quarter 2015		524,458		524,458		0

The following is a summary of redemptions during the third quarter of 2015 (no redemptions occurred in August and September of 2015).

Issuer Purchases of Equity Securities

(a)

(b)

(c)

(d)

Period

Total Number of Units Purchased

Average Price Paid per Unit

Total Number of Units Purchased as Part of Publicly Announced Plans or Programs

Maximum Number of Units that May Yet Be Purchased Under the Plans or Programs

July 2015

524,458

10.19

524,458

(1)

(1) The maximum number of Units that may be redeemed in any 12 month period is limited to up to three percent (3.0%) of the weighted average number of Units outstanding from the beginning of the 12 month period, subject to the Company’s right to change the number of Units to be redeemed.

Index

Item 6. Exhibits

Exhibit Number	Description of Documents
3.1	Articles of Incorporation of the Company, as amended. (Incorporated by reference to Exhibit 3.1 to amendment no. 4 to the Company’s registration statement on Form S-11 (SEC File No. 333-168971) filed January 7, 2011 and effective January 19, 2011)

3.2	Bylaws of the Company, as amended. (Incorporated by reference to Exhibit 3.2 to amendment no. 3 to the Company’s registration statement on Form S-11 (SEC File No. 333-168971) filed December 20, 2010 and effective January 19, 2011)

10.69	Second Amendment dated July 2, 2015 to Credit Agreement dated July 26, 2013 between Apple Ten Hospitality, Inc. and Wells Fargo Bank, National Association (Incorporated by reference to Exhibit 10.69 to the Company’s Quarterly Report on Form 10-Q (SEC File No. 000-54651) filed August 6, 2015)

31.1	Certification of the Company’s Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (FILED HEREWITH)

31.2	Certification of the Company’s Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (FILED HEREWITH)

32.1	Certification of the registrant’s Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (FURNISHED HEREWITH)

101	The following materials from Apple REIT Ten, Inc.’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2015 formatted in XBRL (eXtensible Business Reporting Language): (i) the Consolidated Balance Sheets, (ii) the Consolidated Statements of Operations, (iii) the Consolidated Statements of Cash Flows, and (iv) related notes to these financial statements, tagged as blocks of text and in detail (FILED HEREWITH)

Index

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Apple REIT Ten, Inc.

By:	/s/ Glade M. Knight	Date: November 5, 2015
	Glade M. Knight,
	Chairman of the Board and Chief Executive Officer (Principal Executive Officer)

By:	/s/ Bryan Peery	Date: November 5, 2015
	Bryan Peery,
	Chief Financial Officer (Principal Financial and Principal Accounting Officer)

EX-31.1 2 ex31-1.htm EX-31.1 ex31-1.htm

Exhibit 31.1

CERTIFICATION

I, Glade M. Knight, certify that:

1.	I have reviewed this report on Form 10-Q of Apple REIT Ten, Inc.;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.	The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


Date: November 5, 2015		/s/ Glade M. Knight
		Glade M. Knight Chief Executive Officer
		Apple REIT Ten, Inc.

EX-31.2 3 ex31-2.htm EX-31.2 ex31-2.htm

Exhibit 31.2

CERTIFICATION

I, Bryan Peery, certify that:

1.	I have reviewed this report on Form 10-Q of Apple REIT Ten, Inc.;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

5.	The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


Date: November 5, 2015		/s/ Bryan Peery
		Bryan Peery Chief Financial Officer Apple REIT Ten, Inc.

EX-32.1 4 ex32-1.htm EX-32.1 ex32-1.htm

Exhibit 32.1

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350 AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Apple REIT Ten, Inc., (the “Company”) on Form 10-Q for the quarter ended September 30, 2015 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 that: (1) the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and (2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of September 30, 2015, and for the period then ended.

/s/ Glade M. Knight
Glade M. Knight
Chief Executive Officer



/s/ Bryan Peery
Bryan Peery
Chief Financial Officer

November 5, 2015

EX-101.INS 5 apple10-20150930.xml EX-101.INS 0001498864 2015-09-30 0001498864 2014-12-31 0001498864 us-gaap:SeriesAPreferredStockMember 2015-09-30 0001498864 us-gaap:SeriesAPreferredStockMember 2014-12-31 0001498864 apple10:SeriesBConvertiblePreferredStockMember 2015-09-30 0001498864 apple10:SeriesBConvertiblePreferredStockMember 2014-12-31 0001498864 2015-07-01 2015-09-30 0001498864 2014-07-01 2014-09-30 0001498864 2015-01-01 2015-09-30 0001498864 2014-01-01 2014-09-30 0001498864 2013-12-31 0001498864 2014-09-30 0001498864 2015-11-01 0001498864 apple10:IssuedOnAugust_13_2010InitialCapitalizationMember apple10:SeriesBConvertiblePreferredStockMember 2015-09-30 0001498864 apple10:HotelAcquisitonsMember 2015-01-01 2015-09-30 0001498864 apple10:HotelAcquisitonsMember apple10:ResidenceInnSanJuanCapistranoCAMember 2015-01-01 2015-09-30 0001498864 apple10:RealEstateAcquisitionAndDisposalFeesIncurredMember apple10:AppleSuitesRealtyGroup_ASRGMember 2015-01-01 2015-09-30 0001498864 apple10:AppleSuitesRealtyGroup_ASRGMember 2015-01-01 2015-09-30 0001498864 apple10:AppleSuitesRealtyGroup_ASRGMember apple10:ChairmanAndCEOOfCompanyMember 2015-01-01 2015-09-30 0001498864 apple10:CostOtherThanASRGFeeMember us-gaap:AcquisitionRelatedCostsMember 2015-01-01 2015-09-30 0001498864 apple10:HotelAcquisitonsMember apple10:ResidenceInnSanJuanCapistranoCAMember 2015-09-30 0001498864 apple10:PotentialPurchaseOfAdditionalHotelsMember 2015-09-30 0001498864 apple10:PotentialPurchaseOfAdditionalHotelsMember 2015-01-01 2015-09-30 0001498864 apple10:FairfieldInnAndSuitesTustinCAMember 2015-01-01 2015-09-30 0001498864 apple10:FairfieldInnAndSuitesTustinCAMember 2015-09-30 0001498864 apple10:ResidenceInnTustinCAMember 2015-01-01 2015-09-30 0001498864 apple10:ResidenceInnTustinCAMember 2015-09-30 0001498864 apple10:ResidenceInnSanJuanCapistranoCAMember 2015-01-01 2015-09-30 0001498864 apple10:ResidenceInnSanJuanCapistranoCAMember 2015-09-30 0001498864 apple10:TotalMember 2015-09-30 0001498864 apple10:PotentialPurchaseOfAdditionalHotelsUnderConstructionMember apple10:HomewoodSuitesCapeCanaveralFLMember 2015-01-01 2015-09-30 0001498864 apple10:PotentialPurchaseOfAdditionalHotelsUnderConstructionMember apple10:HomewoodSuitesCapeCanaveralFLMember 2015-09-30 0001498864 apple10:PotentialPurchaseOfAdditionalHotelsUnderConstructionMember apple10:HamptonInnAndSuitesRosemontILMember 2015-01-01 2015-09-30 0001498864 apple10:PotentialPurchaseOfAdditionalHotelsUnderConstructionMember apple10:HamptonInnAndSuitesRosemontILMember 2015-09-30 0001498864 us-gaap:RevolvingCreditFacilityMember 2015-09-30 0001498864 us-gaap:RevolvingCreditFacilityMember 2015-01-01 2015-09-30 0001498864 us-gaap:RevolvingCreditFacilityMember us-gaap:LondonInterbankOfferedRateLIBORMember 2015-01-01 2015-09-30 0001498864 us-gaap:RevolvingCreditFacilityMember us-gaap:MinimumMember us-gaap:LondonInterbankOfferedRateLIBORMember 2015-01-01 2015-09-30 0001498864 us-gaap:RevolvingCreditFacilityMember us-gaap:MaximumMember us-gaap:LondonInterbankOfferedRateLIBORMember 2015-01-01 2015-09-30 0001498864 us-gaap:RevolvingCreditFacilityMember us-gaap:MinimumMember 2015-01-01 2015-09-30 0001498864 us-gaap:RevolvingCreditFacilityMember us-gaap:MaximumMember 2015-01-01 2015-09-30 0001498864 us-gaap:RevolvingCreditFacilityMember 2014-12-31 0001498864 apple10:MortgageDebtMember apple10:CourtyardOceansideCAAndHiltonGardenInnOmahaNEMember 2015-09-30 0001498864 apple10:MortgageDebtMember apple10:CourtyardOceansideCAAndHiltonGardenInnOmahaNEMember 2015-01-01 2015-09-30 0001498864 apple10:MortgageDebtMember apple10:HiltonGardenInnDenverCOMember 2015-09-30 0001498864 apple10:MortgageDebtMember apple10:HiltonGardenInnDenverCOMember 2015-01-01 2015-09-30 0001498864 apple10:MortgageDebtMember apple10:ResidenceInnSanJuanCapistranoCAMember 2015-01-01 2015-09-30 0001498864 apple10:MortgageDebtMember apple10:ResidenceInnSanJuanCapistranoCAMember 2015-09-30 0001498864 apple10:RealEstateAcquisitionAndDisposalFeesIncurredMember apple10:AppleSuitesRealtyGroup_ASRGMember 2010-08-13 2015-09-30 0001498864 apple10:RealEstateAcquisitionAndDisposalFeesIncurredMember apple10:AppleSuitesRealtyGroup_ASRGMember 2014-01-01 2014-09-30 0001498864 apple10:AppleTenAdvisors_A10AMember 2015-01-01 2015-09-30 0001498864 apple10:AdvisoryFeesIncurredMember apple10:AppleTenAdvisors_A10AMember 2015-01-01 2015-09-30 0001498864 apple10:AdvisoryFeesIncurredMember apple10:AppleTenAdvisors_A10AMember 2014-01-01 2014-09-30 0001498864 apple10:ReimbursementToRelatedPartyForCompanysProportionateShareOfStaffingAndRelatedCostsProvidedByRelatedPartyMember apple10:ASRG_And_A10AMember 2015-01-01 2015-09-30 0001498864 apple10:ReimbursementToRelatedPartyForCompanysProportionateShareOfStaffingAndRelatedCostsProvidedByRelatedPartyMember apple10:ASRG_And_A10AMember 2014-01-01 2014-09-30 0001498864 apple10:AppleAirHolding_LLCMember 2015-09-30 0001498864 apple10:AppleAirHolding_LLCMember 2014-12-31 0001498864 apple10:AppleHospitalitysInterestInAppleAirHoldingLLCMember 2015-09-30 0001498864 apple10:AppleAirHolding_LLCMember 2015-01-01 2015-09-30 0001498864 apple10:AppleAirHolding_LLCMember 2014-01-01 2014-09-30 0001498864 apple10:AircraftUsageFeesMember apple10:AppleAirHolding_LLCMember 2015-01-01 2015-09-30 0001498864 apple10:AircraftUsageFeesMember apple10:AppleAirHolding_LLCMember 2014-01-01 2014-09-30 0001498864 apple10:UnitRedemptionProgramMember 2015-01-01 2015-09-30 0001498864 apple10:UnitRedemptionProgramMember 2012-04-01 2015-09-30 0001498864 apple10:UnitRedemptionProgramMember 2014-01-01 2014-09-30 0001498864 apple10:UnitRedemptionProgramMember 2014-01-01 2014-03-31 0001498864 apple10:UnitRedemptionProgramMember 2014-04-01 2015-09-30 0001498864 apple10:DistributionsMember 2015-01-01 2015-09-30 0001498864 apple10:DistributionsMember 2015-07-01 2015-09-30 0001498864 apple10:DistributionsMember 2014-07-01 2014-09-30 0001498864 apple10:DistributionsMember 2014-01-01 2014-09-30 0001498864 apple10:RedemptionsMember 2014-03-31 0001498864 apple10:RedemptionsMember 2014-01-01 2014-03-31 0001498864 apple10:RedemptionsMember 2014-06-30 0001498864 apple10:RedemptionsMember 2014-04-01 2014-06-30 0001498864 apple10:RedemptionsMember 2014-09-30 0001498864 apple10:RedemptionsMember 2014-07-01 2014-09-30 0001498864 apple10:RedemptionsMember 2014-12-31 0001498864 apple10:RedemptionsMember 2014-10-01 2014-12-31 0001498864 apple10:RedemptionsMember 2015-03-31 0001498864 apple10:RedemptionsMember 2015-01-01 2015-03-31 0001498864 apple10:RedemptionsMember 2015-06-30 0001498864 apple10:RedemptionsMember 2015-04-01 2015-06-30 0001498864 apple10:RedemptionsMember 2015-09-30 0001498864 apple10:RedemptionsMember 2015-07-01 2015-09-30 0001498864 us-gaap:SubsequentEventMember 2015-10-01 2015-10-31 0001498864 apple10:HamptonInnSuitesRosemontILMember us-gaap:SubsequentEventMember 2015-10-29 iso4217:USD xbrli:shares iso4217:USD xbrli:shares xbrli:pure These hotels are currently under construction. The table shows the expected number of rooms upon hotel completion and the expected franchise brand. Assuming all conditions to closing are met, the purchase of these hotels is expected to close over the next three to six months from September 30, 2015. If the seller meets all of the conditions to closing, the Company is obligated to specifically perform under the contract. As the property is under construction, at this time, the seller has not met all of the conditions to closing.

918311000

839032000

10630000

46341000

12855000

11920000

11446000 5565000

11297000

6178000

964539000

909036000

800000

205691000

119708000

11317000

12162000

217808000

131870000

48000

878012000

891801000

131329000

114683000

746731000

777166000

964539000

909036000

98262000

72106000

30000000

400000000

89685096

91037588

89685096

91037588

480000

400000000

89685096

91037588

89685096

91037588

64198000

52614000

184601000

153365000

5082000

4177000

15133000

13220000

69280000

56791000

199734000

166585000

16674000

14275000

47649000

41173000

5332000

4320000

15518000

12918000

5406000

4801000

15819000

13976000

2551000

2252000

6718000

6145000

2517000

1980000

6956000

6168000

2918000

2520000

8671000

7426000

2288000

1676000

6942000

5278000

4098000

3308000

12008000

9981000

1715000

1369000

5124000

4461000

14000

13000

2236000

1054000

8979000

7226000

26156000

21237000

52492000

43740000

153797000

129817000

16788000

13051000

45937000

36768000

2000

3530000

17000

10475000

2550000

1867000

6408000

6541000

14240000

14714000

39546000

40702000

-223000

1203000

307000

2934000

14463000

13511000

39239000

37768000

0.16

0.15

0.43

0.45

89793000

90267000

90260000

84605000

-355000

-397000

5667000 4052000

-373000

-731000

1165000

610000

61621000

56691000

85729000

40207000

150000

325000

10983000

12276000

231000

899000

-97093000

-53707000

134820000

13896000

12508000

55885000

52218000

800000

-71239000

71850000

1942000

1585000

1166000

254000

-239000

-2984000

-35711000

6642000

6867000

180000

3665000

16569000

Apple REIT Ten, Inc. 10-Q --12-31 88785416 false 0001498864 Yes No Non-accelerated Filer No 2015 Q3 2015-09-30

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; DISPLAY: inline">1.  Organization and Summary of Significant Accounting Policies</font> </div><br/><div style="TEXT-ALIGN: left; MARGIN-LEFT: 18pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-STYLE: italic; DISPLAY: inline">Organization</font> </div><br/><div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 27pt"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Apple REIT Ten, Inc., together with its wholly owned subsidiaries (the “Company”), is a Virginia corporation that has elected to be treated as a real estate investment trust (“REIT”) for federal income tax purposes. The Company was formed to invest in hotels and other income-producing real estate in selected metropolitan areas in the United States. Initial capitalization occurred on August 13, 2010, when 10 Units, each Unit consisting of one common share and one Series A preferred share, were purchased by Apple Ten Advisors, Inc. (“A10A”) and 480,000 Series B convertible preferred shares were purchased by Glade M. Knight, the Company’s Chairman and Chief Executive Officer. The Company began operations on March 4, 2011, when it purchased its first hotel. The Company concluded its best-efforts offering on July 31, 2014. The Company’s fiscal year end is December 31. The Company has no foreign operations or assets and its operating structure includes only one reportable segment. The consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany accounts and transactions have been eliminated. Although the Company has interests in potential variable interest entities through its purchase commitments, it is not the primary beneficiary as the Company does not have any elements of power in the decision making process of these entities, and therefore does not consolidate the entities. As of September 30, 2015, the Company owned 54 hotels located in 17 states with an aggregate of 6,898 rooms.</font> </div><br/><div style="TEXT-ALIGN: left; MARGIN-LEFT: 18pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-STYLE: italic; DISPLAY: inline">Basis of Presentation</font> </div><br/><div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 27pt"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">The accompanying unaudited consolidated financial statements have been prepared in accordance with the rules and regulations for reporting on Form 10-Q. Accordingly, they do not include all of the information required by accounting principles generally accepted in the United States for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. These unaudited financial statements should be read in conjunction with the Company’s audited consolidated financial statements included in its 2014 Annual Report on Form 10-K. Operating results for the three and nine months ended September 30, 2015 are not necessarily indicative of the results that may be expected for the twelve month period ending December 31, 2015.</font> </div><br/><div style="TEXT-ALIGN: left; MARGIN-LEFT: 18pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-STYLE: italic; DISPLAY: inline">Use of Estimates</font> </div><br/><div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 27pt"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">The preparation of the financial statements in conformity with United States generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.</font> </div><br/><div style="TEXT-ALIGN: left; MARGIN-LEFT: 18pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-STYLE: italic; DISPLAY: inline">Earnings Per Common Share</font> </div><br/><div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 27pt"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Basic earnings per common share is computed based upon the weighted average number of shares outstanding during the period. Diluted earnings per common share is calculated after giving effect to all potential common shares that were dilutive and outstanding for the period. There were no potential common shares with a dilutive effect for the three and nine months ended September 30, 2015 and 2014. As a result, basic and diluted earnings per common share were the same. Series B convertible preferred shares are not included in earnings per common share calculations until such time that such shares are eligible to be converted to common shares.</font> </div><br/><div style="TEXT-ALIGN: left; MARGIN-LEFT: 18pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-STYLE: italic; DISPLAY: inline">Recent Accounting Standards</font> </div><br/><div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 27pt"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">In September 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2015-16, <font style="FONT-STYLE: italic; DISPLAY: inline">Simplifying the</font> A<font style="FONT-STYLE: italic; DISPLAY: inline">ccounting for Measurement-Period Adjustments,</font> which requires that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period, including the cumulative effect of changes in depreciation, amortization, or other income effects, in the reporting period in which the adjustment amounts are determined.  Previously, acquirers were required to recognize these adjustments retrospectively.  The standard is effective for annual reporting periods beginning after December 15, 2015, and interim periods within those years, with early adoption permitted.  The standard will be applied on a prospective basis.  The adoption of this standard is not expected to have a material impact on the Company’s consolidated financial statements.</font> </div><br/><div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 27pt"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">In April 2015, the FASB issued ASU No. 2015-03, <font style="FONT-STYLE: italic; DISPLAY: inline">Simplifying the Presentation of Debt Issuance Costs</font>, which requires debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability.  The standard is effective for annual reporting periods beginning after December 15, 2015, and interim periods within those years, with early adoption permitted.  The standard will be applied on a retrospective basis.  The adoption of this standard is not expected to have a material impact on the Company’s consolidated financial statements.</font> </div><br/>

<div style="TEXT-ALIGN: left; MARGIN-LEFT: 18pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-STYLE: italic; DISPLAY: inline">Organization</font> </div><br/><div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 27pt"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Apple REIT Ten, Inc., together with its wholly owned subsidiaries (the “Company”), is a Virginia corporation that has elected to be treated as a real estate investment trust (“REIT”) for federal income tax purposes. The Company was formed to invest in hotels and other income-producing real estate in selected metropolitan areas in the United States. Initial capitalization occurred on August 13, 2010, when 10 Units, each Unit consisting of one common share and one Series A preferred share, were purchased by Apple Ten Advisors, Inc. (“A10A”) and 480,000 Series B convertible preferred shares were purchased by Glade M. Knight, the Company’s Chairman and Chief Executive Officer. The Company began operations on March 4, 2011, when it purchased its first hotel. The Company concluded its best-efforts offering on July 31, 2014. The Company’s fiscal year end is December 31. The Company has no foreign operations or assets and its operating structure includes only one reportable segment. The consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany accounts and transactions have been eliminated. Although the Company has interests in potential variable interest entities through its purchase commitments, it is not the primary beneficiary as the Company does not have any elements of power in the decision making process of these entities, and therefore does not consolidate the entities. As of September 30, 2015, the Company owned 54 hotels located in 17 states with an aggregate of 6,898 rooms.</font></div>

10 one common share and one Series A preferred share

480000

6898

<div style="TEXT-ALIGN: left; MARGIN-LEFT: 18pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-STYLE: italic; DISPLAY: inline">Recent Accounting Standards</font> </div><br/><div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 27pt"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">In September 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2015-16, <font style="FONT-STYLE: italic; DISPLAY: inline">Simplifying the</font> A<font style="FONT-STYLE: italic; DISPLAY: inline">ccounting for Measurement-Period Adjustments,</font> which requires that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period, including the cumulative effect of changes in depreciation, amortization, or other income effects, in the reporting period in which the adjustment amounts are determined.  Previously, acquirers were required to recognize these adjustments retrospectively.  The standard is effective for annual reporting periods beginning after December 15, 2015, and interim periods within those years, with early adoption permitted.  The standard will be applied on a prospective basis.  The adoption of this standard is not expected to have a material impact on the Company’s consolidated financial statements.</font> </div><br/><div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 27pt"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">In April 2015, the FASB issued ASU No. 2015-03, <font style="FONT-STYLE: italic; DISPLAY: inline">Simplifying the Presentation of Debt Issuance Costs</font>, which requires debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability.  The standard is effective for annual reporting periods beginning after December 15, 2015, and interim periods within those years, with early adoption permitted.  The standard will be applied on a retrospective basis.  The adoption of this standard is not expected to have a material impact on the Company’s consolidated financial statements.</font></div>

<div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; DISPLAY: inline">2.  Investment in Real Estate</font> </div><br/><div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 27pt"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">The Company acquired three hotels during the first nine months of 2015. The following table sets forth the location, brand, manager, date acquired, number of rooms and gross purchase price for each hotel. All dollar amounts are in thousands.</font> </div><br/><table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td align="left" valign="bottom" width="19%" style="BORDER-BOTTOM: black 2px solid"> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">City</font> </div> </td> <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline"> </font></td> <td align="left" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">State</font> </div> </td> <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline"> </font></td> <td align="left" valign="bottom" width="19%" style="BORDER-BOTTOM: black 2px solid"> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">Brand</font> </div> </td> <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline"> </font></td> <td align="left" valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid"> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">Manager</font> </div> </td> <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline"> </font></td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid"> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">Date Acquired</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline"> </font></td> <td colspan="2" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">Rooms</font> </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline"> </font></td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline"> </font></td> <td colspan="2" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">Gross Purchase Price</font> </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline"> </font></td> </tr> <tr style="background-color: #cceeff;"> <td align="left" valign="bottom" width="19%"> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Tustin</font> </div> </td> <td align="left" valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td align="left" valign="bottom" width="8%"> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">CA</font> </div> </td> <td align="left" valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td align="left" valign="bottom" width="19%"> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Fairfield Inn & Suites</font> </div> </td> <td align="left" valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td align="left" valign="bottom" width="11%"> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Marriott</font> </div> </td> <td align="left" valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td align="right" valign="bottom" width="11%"> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="right"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">2/5/2015</font> </div> </td> <td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">145</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">31,000</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="19%"> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Tustin</font> </div> </td> <td align="left" valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td align="left" valign="bottom" width="8%"> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">CA</font> </div> </td> <td align="left" valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td align="left" valign="bottom" width="19%"> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Residence Inn</font> </div> </td> <td align="left" valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td align="left" valign="bottom" width="11%"> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Marriott</font> </div> </td> <td align="left" valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td align="right" valign="bottom" width="11%"> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="right"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">2/5/2015</font> </div> </td> <td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">149</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">42,800</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> </tr> <tr style="background-color: #cceeff;"> <td align="left" valign="bottom" width="19%" style="PADDING-BOTTOM: 2px"> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">San Juan Capistrano</font> </div> </td> <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td align="left" valign="bottom" width="8%" style="PADDING-BOTTOM: 2px"> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">CA</font> </div> </td> <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td align="left" valign="bottom" width="19%" style="PADDING-BOTTOM: 2px"> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Residence Inn</font> </div> </td> <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td align="left" valign="bottom" width="11%" style="PADDING-BOTTOM: 2px"> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Marriott</font> </div> </td> <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td align="right" valign="bottom" width="11%" style="PADDING-BOTTOM: 2px"> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="right"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">6/5/2015</font> </div> </td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">130</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">29,200</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="19%" style="PADDING-BOTTOM: 4px; TEXT-INDENT: 9pt"> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 9pt" align="left"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Total</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="8%" style="PADDING-BOTTOM: 4px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">  </font></td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="19%" style="PADDING-BOTTOM: 4px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">  </font></td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="11%" style="PADDING-BOTTOM: 4px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">  </font></td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="11%" style="PADDING-BOTTOM: 4px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">  </font></td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">424</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">103,000</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> </tr> </table><br/><div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 27pt"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">At the date of purchase, the purchase price for these properties, net of debt assumed, was funded by cash on hand and borrowings under the Company’s unsecured revolving credit facility. The Company assumed approximately $16.6 million of debt in connection with the purchase of and secured by the San Juan Capistrano Residence Inn. The Company also used borrowings under its unsecured credit facility to pay approximately $2.2 million in acquisition related costs, including approximately $2.1 million, representing 2% of the gross purchase price for these hotels, as a brokerage commission to Apple Suites Realty Group, Inc. (“ASRG”), which is 100% owned by Glade M. Knight, the Company’s Chairman and Chief Executive Officer, and approximately $0.1 million in other acquisition related costs, including title, legal and other related costs. These costs are included in acquisition related costs in the Company’s consolidated statements of operations for the nine months ended September 30, 2015.</font> </div><br/><div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 27pt"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">For the three hotels acquired during the first nine months of 2015, the amount of revenue and operating income (excluding acquisition related costs totaling $2.2 million) included in the Company’s consolidated statements of operations from the acquisition date to September 30, 2015 was approximately $11.5 million and $3.6 million, respectively.</font> </div><br/><div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 27pt"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">The Company leases all of its hotels to its wholly-owned taxable REIT subsidiary (or a subsidiary thereof) under master hotel lease agreements.</font> </div><br/><div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 27pt"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">In connection with the acquisition of the San Juan Capistrano Residence Inn hotel in June 2015, the Company assumed a land lease with a remaining initial term of approximately 27 years and four 30 year renewal options.  The lease was valued at below market rates and as a result the Company recorded an intangible asset totaling approximately $4.4 million, which is included in other assets, net in the Company’s consolidated balance sheets. The amount is being amortized through February 2072, the end of the first renewal option. As of September 30, 2015, the remaining minimum lease payments, through the end of the first renewal option, were approximately $46.4 million.</font> </div><br/><div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 27pt"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">No goodwill was recorded in connection with any of the acquisitions.</font> </div><br/><div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 27pt"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">As of September 30, 2015, the Company owned 54 hotels located in 17 states with an aggregate of 6,898 rooms, and the Company’s investment in real estate consisted of the following (in thousands):</font> </div><br/><table cellpadding="0" cellspacing="0" width="75%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="bottom" width="47%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">  </font></td> <td valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline"> </font></td> <td colspan="2" valign="bottom" width="12%"> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">September 30,</font> </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline"> </font></td> <td valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline"> </font></td> <td colspan="2" valign="bottom" width="12%"> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">December 31,</font> </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline"> </font></td> </tr> <tr> <td valign="bottom" width="47%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">  </font></td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline"> </font></td> <td colspan="2" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">2015</font> </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline"> </font></td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline"> </font></td> <td colspan="2" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">2014</font> </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline"> </font></td> </tr> <tr style="background-color: #cceeff;"> <td align="left" valign="bottom" width="47%"> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Land</font> </div> </td> <td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">87,439</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">77,943</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="47%"> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Building and Improvements</font> </div> </td> <td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">848,456</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">762,134</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> </tr> <tr style="background-color: #cceeff;"> <td align="left" valign="bottom" width="47%"> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Furniture, Fixtures and Equipment</font> </div> </td> <td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">77,146</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">67,529</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="47%" style="PADDING-BOTTOM: 2px"> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Franchise Fees</font> </div> </td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">3,532</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">3,532</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="47%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">  </font></td> <td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">1,016,573</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">911,138</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="47%" style="PADDING-BOTTOM: 2px"> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Less Accumulated Depreciation</font> </div> </td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">(98,262</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">)</font></td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">(72,106</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">)</font></td> </tr> <tr style="background-color: #cceeff;"> <td align="left" valign="bottom" width="47%" style="PADDING-BOTTOM: 4px"> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Investment in Real Estate, net</font> </div> </td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">918,311</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">839,032</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> </tr> </table><br/><div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 27pt"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">As of September 30, 2015, the Company had outstanding contracts for the potential purchase of two additional hotels for a total purchase price of $50.6 million. These two hotels are under construction and are planned to be completed and opened for business over the next three to six months from September 30, 2015. Closing on these two hotels is expected upon completion of construction. Although the Company is working towards acquiring these hotels, there are many conditions to closing that have not yet been satisfied and there can be no assurance that a closing on these hotels will occur under the outstanding purchase contracts. The following table summarizes the location, brand, expected number of rooms, refundable (if the seller does not meet its obligations under the contract) contract deposits paid, and gross purchase price for each of the contracts outstanding at September 30, 2015. All dollar amounts are in thousands.</font> </div><br/><table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="bottom" width="32%" style="BORDER-BOTTOM: black 2px solid"> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">Location</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline"> </font></td> <td valign="bottom" width="25%" style="BORDER-BOTTOM: black 2px solid"> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">Brand</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline"> </font></td> <td colspan="2" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">Rooms</font> </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline"> </font></td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline"> </font></td> <td colspan="2" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">Deposits Paid</font> </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline"> </font></td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline"> </font></td> <td colspan="2" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">Gross Purchase Price</font> </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="32%"> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-DECORATION: underline; DISPLAY: inline"><font style="DISPLAY: inline">Under Construction (a)</font></font> </div> </td> <td align="left" valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="25%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">  </font></td> <td valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td colspan="2" valign="bottom" width="12%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td colspan="2" valign="bottom" width="12%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td colspan="2" valign="bottom" width="12%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> </tr> <tr style="background-color: #cceeff;"> <td align="left" valign="bottom" width="32%"> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Cape Canaveral, FL  (b)</font> </div> </td> <td align="left" valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td align="left" valign="bottom" width="25%"> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Homewood Suites</font> </div> </td> <td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">153</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">3</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">25,245</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="32%" style="PADDING-BOTTOM: 2px"> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Rosemont, IL</font> </div> </td> <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td align="left" valign="bottom" width="25%" style="PADDING-BOTTOM: 2px"> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Hampton Inn & Suites</font> </div> </td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">158</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">300</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">25,400</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> </tr> <tr style="background-color: #cceeff;"> <td align="left" valign="bottom" width="32%" style="PADDING-BOTTOM: 4px; TEXT-INDENT: 18pt"> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 18pt" align="left"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Total</font> </div> </td> <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="25%" style="PADDING-BOTTOM: 4px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">  </font></td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">311</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">303</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">50,645</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> </tr> </table><br/><table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td colspan="8" valign="top" width="80%" style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"> <div style="TEXT-ALIGN: left; MARGIN-LEFT: 18pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: -18pt"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">(a)   These hotels are currently under construction. The table shows the expected number of rooms upon hotel completion and the expected franchise brand. Assuming all conditions to closing are met, the purchase of these hotels is expected to close over the next three to six months from September 30, 2015.</font> </div> </td> </tr> <tr> <td colspan="8" valign="top" width="80%" style="TEXT-ALIGN: left"> <div style="TEXT-ALIGN: left; MARGIN-LEFT: 18pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: -18pt"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">(b)   If the seller meets all of the conditions to closing, the Company is obligated to specifically perform under the contract. As the property is under construction, at this time, the seller has not met all of the conditions to closing.</font> </div> </td> </tr> </table><br/><div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 27pt" align="left"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">As there can be no assurance that all conditions to closing will be satisfied, the Company includes deposits paid for hotels under contract in other assets, net in the Company’s consolidated balance sheets. The Company intends to use borrowings under its credit facility and additional financing as needed to purchase the hotels currently under contract if a closing occurs.</font> </div><br/>

16600000

2200000

2100000

0.02 1.00

100000

11500000

3600000

P27Y 4 P30Y

4400000

46400000

over the next three to six months

The Company acquired three hotels during the first nine months of 2015. The following table sets forth the location, brand, manager, date acquired, number of rooms and gross purchase price for each hotel. All dollar amounts are in thousands. <br /> <br /><table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td align="left" valign="bottom" width="19%" style="BORDER-BOTTOM: black 2px solid"> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">City</font> </div> </td> <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline"> </font></td> <td align="left" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">State</font> </div> </td> <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline"> </font></td> <td align="left" valign="bottom" width="19%" style="BORDER-BOTTOM: black 2px solid"> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">Brand</font> </div> </td> <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline"> </font></td> <td align="left" valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid"> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">Manager</font> </div> </td> <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline"> </font></td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid"> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">Date Acquired</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline"> </font></td> <td colspan="2" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">Rooms</font> </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline"> </font></td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline"> </font></td> <td colspan="2" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">Gross Purchase Price</font> </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline"> </font></td> </tr> <tr style="background-color: #cceeff;"> <td align="left" valign="bottom" width="19%"> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Tustin</font> </div> </td> <td align="left" valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td align="left" valign="bottom" width="8%"> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">CA</font> </div> </td> <td align="left" valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td align="left" valign="bottom" width="19%"> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Fairfield Inn & Suites</font> </div> </td> <td align="left" valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td align="left" valign="bottom" width="11%"> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Marriott</font> </div> </td> <td align="left" valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td align="right" valign="bottom" width="11%"> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="right"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">2/5/2015</font> </div> </td> <td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">145</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">31,000</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="19%"> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Tustin</font> </div> </td> <td align="left" valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td align="left" valign="bottom" width="8%"> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">CA</font> </div> </td> <td align="left" valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td align="left" valign="bottom" width="19%"> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Residence Inn</font> </div> </td> <td align="left" valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td align="left" valign="bottom" width="11%"> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Marriott</font> </div> </td> <td align="left" valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td align="right" valign="bottom" width="11%"> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="right"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">2/5/2015</font> </div> </td> <td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">149</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">42,800</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> </tr> <tr style="background-color: #cceeff;"> <td align="left" valign="bottom" width="19%" style="PADDING-BOTTOM: 2px"> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">San Juan Capistrano</font> </div> </td> <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td align="left" valign="bottom" width="8%" style="PADDING-BOTTOM: 2px"> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">CA</font> </div> </td> <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td align="left" valign="bottom" width="19%" style="PADDING-BOTTOM: 2px"> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Residence Inn</font> </div> </td> <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td align="left" valign="bottom" width="11%" style="PADDING-BOTTOM: 2px"> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Marriott</font> </div> </td> <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td align="right" valign="bottom" width="11%" style="PADDING-BOTTOM: 2px"> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="right"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">6/5/2015</font> </div> </td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">130</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">29,200</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="19%" style="PADDING-BOTTOM: 4px; TEXT-INDENT: 9pt"> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 9pt" align="left"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Total</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="8%" style="PADDING-BOTTOM: 4px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">  </font></td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="19%" style="PADDING-BOTTOM: 4px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">  </font></td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="11%" style="PADDING-BOTTOM: 4px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">  </font></td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="11%" style="PADDING-BOTTOM: 4px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">  </font></td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">424</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">103,000</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> </tr> </table>

Fairfield Inn & Suites

Marriott

2015-02-05

145

31000000 CA

Residence Inn

Marriott

2015-02-05

149

42800000 CA

Residence Inn

Marriott

2015-06-05

130

29200000

424

103000000

As of September 30, 2015, the Company owned 54 hotels located in 17 states with an aggregate of 6,898 rooms, and the Company’s investment in real estate consisted of the following (in thousands): <br /> <br /><table cellpadding="0" cellspacing="0" width="75%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="bottom" width="47%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">  </font></td> <td valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline"> </font></td> <td colspan="2" valign="bottom" width="12%"> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">September 30,</font> </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline"> </font></td> <td valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline"> </font></td> <td colspan="2" valign="bottom" width="12%"> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">December 31,</font> </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline"> </font></td> </tr> <tr> <td valign="bottom" width="47%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">  </font></td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline"> </font></td> <td colspan="2" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">2015</font> </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline"> </font></td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline"> </font></td> <td colspan="2" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">2014</font> </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline"> </font></td> </tr> <tr style="background-color: #cceeff;"> <td align="left" valign="bottom" width="47%"> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Land</font> </div> </td> <td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">87,439</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">77,943</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="47%"> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Building and Improvements</font> </div> </td> <td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">848,456</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">762,134</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> </tr> <tr style="background-color: #cceeff;"> <td align="left" valign="bottom" width="47%"> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Furniture, Fixtures and Equipment</font> </div> </td> <td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">77,146</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">67,529</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="47%" style="PADDING-BOTTOM: 2px"> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Franchise Fees</font> </div> </td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">3,532</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">3,532</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="47%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">  </font></td> <td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">1,016,573</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">911,138</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="47%" style="PADDING-BOTTOM: 2px"> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Less Accumulated Depreciation</font> </div> </td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">(98,262</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">)</font></td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">(72,106</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">)</font></td> </tr> <tr style="background-color: #cceeff;"> <td align="left" valign="bottom" width="47%" style="PADDING-BOTTOM: 4px"> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Investment in Real Estate, net</font> </div> </td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">918,311</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">839,032</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> </tr> </table>

87439000

77943000

848456000

762134000

77146000

67529000

3532000

1016573000

911138000

As of September 30, 2015, the Company had outstanding contracts for the potential purchase of two additional hotels for a total purchase price of $50.6 million. These two hotels are under construction and are planned to be completed and opened for business over the next three to six months from September 30, 2015. Closing on these two hotels is expected upon completion of construction. Although the Company is working towards acquiring these hotels, there are many conditions to closing that have not yet been satisfied and there can be no assurance that a closing on these hotels will occur under the outstanding purchase contracts. The following table summarizes the location, brand, expected number of rooms, refundable (if the seller does not meet its obligations under the contract) contract deposits paid, and gross purchase price for each of the contracts outstanding at September 30, 2015. All dollar amounts are in thousands. <br /> <br /><table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="bottom" width="32%" style="BORDER-BOTTOM: black 2px solid"> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">Location</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline"> </font></td> <td valign="bottom" width="25%" style="BORDER-BOTTOM: black 2px solid"> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">Brand</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline"> </font></td> <td colspan="2" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">Rooms</font> </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline"> </font></td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline"> </font></td> <td colspan="2" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">Deposits Paid</font> </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline"> </font></td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline"> </font></td> <td colspan="2" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">Gross Purchase Price</font> </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="32%"> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-DECORATION: underline; DISPLAY: inline"><font style="DISPLAY: inline">Under Construction (a)</font></font> </div> </td> <td align="left" valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="25%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">  </font></td> <td valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td colspan="2" valign="bottom" width="12%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td colspan="2" valign="bottom" width="12%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td colspan="2" valign="bottom" width="12%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> </tr> <tr style="background-color: #cceeff;"> <td align="left" valign="bottom" width="32%"> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Cape Canaveral, FL  (b)</font> </div> </td> <td align="left" valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td align="left" valign="bottom" width="25%"> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Homewood Suites</font> </div> </td> <td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">153</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">3</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">25,245</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="32%" style="PADDING-BOTTOM: 2px"> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Rosemont, IL</font> </div> </td> <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td align="left" valign="bottom" width="25%" style="PADDING-BOTTOM: 2px"> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Hampton Inn & Suites</font> </div> </td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">158</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">300</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">25,400</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> </tr> <tr style="background-color: #cceeff;"> <td align="left" valign="bottom" width="32%" style="PADDING-BOTTOM: 4px; TEXT-INDENT: 18pt"> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 18pt" align="left"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Total</font> </div> </td> <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="25%" style="PADDING-BOTTOM: 4px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">  </font></td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">311</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">303</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">50,645</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> </tr> </table><table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td colspan="8" valign="top" width="80%" style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"> <div style="TEXT-ALIGN: left; MARGIN-LEFT: 18pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: -18pt"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">(a)   These hotels are currently under construction. The table shows the expected number of rooms upon hotel completion and the expected franchise brand. Assuming all conditions to closing are met, the purchase of these hotels is expected to close over the next three to six months from September 30, 2015.</font> </div> </td> </tr> <tr> <td colspan="8" valign="top" width="80%" style="TEXT-ALIGN: left"> <div style="TEXT-ALIGN: left; MARGIN-LEFT: 18pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: -18pt"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">(b)   If the seller meets all of the conditions to closing, the Company is obligated to specifically perform under the contract. As the property is under construction, at this time, the seller has not met all of the conditions to closing.</font> </div> </td> </tr> </table>

Homewood Suites

153

3000

25245000

Hampton Inn & Suites

158

300000

25400000

311

303000

50645000

100000000

July 2, 2017

one-month LIBOR

0.0185

0.0235

0.0020

0.0030

400000

800000

0.0204

36900000

by the Company’s Oceanside, California Courtyard and Omaha, Nebraska Hilton Garden Inn

182000

monthly

loan will amortize on a 30 year term with a balloon payment due at maturity in October 2025

0.0428

500000

35000000

the Company’s Denver, Colorado Hilton Garden Inn

194000

monthly

loan will amortize on a 25 year term with a balloon payment due at maturity in June 2025

0.0446

200000

16600000

83000

monthly

balloon payment due at maturity in June 2020

0.0415

20000

206500000

208400000

119700000

122800000

19400000

900000

0.1% to 0.25%

1900000

1000000

1900000

2000000

To efficiently manage cash disbursements, the Company, Apple Hospitality, A10A or ASRG may make payments for any or all of the related companies. Under the cash management process, each of the companies may advance or defer up to $1 million at any time. Each month, any outstanding amounts are settled among the affected companies.

0.26

0.74

700000

900000

-200000

60000

100000

P1Y 0.925 1.00 0.03 6400000

65300000

1400000

13900000

1200000

12500000

pro-rata basis 0.68 1.00 0.825

0.20625

18500000

18600000

0.61875

55900000

52200000

The following is a summary of the Unit redemptions during 2014 and the first nine months of 2015: <br /> <br /><table cellpadding="0" cellspacing="0" width="75%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="bottom" width="17%" style="BORDER-BOTTOM: black 2px solid"> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">Redemption Date</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline"> </font></td> <td colspan="2" valign="bottom" width="17%" style="BORDER-BOTTOM: black 2px solid"> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">Total Requested Unit Redemptions at Redemption Date</font> </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline"> </font></td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline"> </font></td> <td colspan="2" valign="bottom" width="17%" style="BORDER-BOTTOM: black 2px solid"> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">Units Redeemed</font> </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline"> </font></td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline"> </font></td> <td colspan="2" valign="bottom" width="18%" style="BORDER-BOTTOM: black 2px solid"> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">Total Redemption Requests Not Redeemed at Redemption Date</font> </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline"> </font></td> </tr> <tr> <td valign="bottom" width="17%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">  </font></td> <td valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td colspan="2" valign="bottom" width="17%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td colspan="2" valign="bottom" width="17%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td colspan="2" valign="bottom" width="18%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> </tr> <tr style="background-color: #cceeff;"> <td align="left" valign="bottom" width="17%"> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">First Quarter 2014</font> </div> </td> <td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="16%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">357,013</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="16%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">242,644</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="17%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">114,369</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="17%"> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Second Quarter 2014</font> </div> </td> <td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="16%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">479,078</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="16%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">479,078</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="17%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">0</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> </tr> <tr style="background-color: #cceeff;"> <td align="left" valign="bottom" width="17%"> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Third Quarter 2014</font> </div> </td> <td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="16%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">496,839</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="16%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">496,839</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="17%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">0</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="17%"> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Fourth Quarter 2014</font> </div> </td> <td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="16%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">296,642</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="16%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">296,642</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="17%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">0</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> </tr> <tr style="background-color: #cceeff;"> <td align="left" valign="bottom" width="17%"> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">First Quarter 2015</font> </div> </td> <td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="16%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">425,833</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="16%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">425,833</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="17%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">0</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="17%"> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Second Quarter 2015</font> </div> </td> <td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="16%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">402,201</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="16%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">402,201</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="17%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">0</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> </tr> <tr style="background-color: #cceeff;"> <td align="left" valign="bottom" width="17%"> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Third Quarter 2015</font> </div> </td> <td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="16%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">524,458</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="16%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">524,458</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="17%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">0</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> </tr> </table> 357013 242644 114369 479078 479078 0 496839 496839 0 296642 296642 0 425833 425833 0 402201 402201 0 524458 524458 0

6200000

0.06875

900000

9200000

1.00

158

25400000 EX-101.SCH 6 apple10-20150930.xsd EX-101.SCH 001 - Statement - CONSOLIDATED BALANCE SHEETS link:presentationLink link:definitionLink link:calculationLink 002 - Statement - CONSOLIDATED BALANCE SHEETS (Parentheticals) link:presentationLink link:definitionLink link:calculationLink 003 - Statement - CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) link:presentationLink link:definitionLink link:calculationLink 004 - Statement - CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) link:presentationLink link:definitionLink link:calculationLink 005 - Disclosure - Organization and Summary of Significant Accounting Policies link:presentationLink link:definitionLink link:calculationLink 006 - Disclosure - Investment in Real Estate link:presentationLink link:definitionLink link:calculationLink 007 - Disclosure - Credit Facility and Mortgage Debt link:presentationLink link:definitionLink link:calculationLink 008 - Disclosure - Fair Value of Financial Instruments link:presentationLink link:definitionLink link:calculationLink 009 - Disclosure - Related Parties link:presentationLink link:definitionLink link:calculationLink 010 - Disclosure - Shareholders' Equity link:presentationLink link:definitionLink link:calculationLink 011 - Disclosure - Subsequent Events link:presentationLink link:definitionLink link:calculationLink 012 - Disclosure - Accounting Policies, by Policy (Policies) link:presentationLink link:definitionLink link:calculationLink 013 - Disclosure - Investment in Real Estate (Tables) link:presentationLink link:definitionLink link:calculationLink 014 - Disclosure - Shareholders' Equity (Tables) link:presentationLink link:definitionLink link:calculationLink 015 - Disclosure - Organization and Summary of Significant Accounting Policies (Details) link:presentationLink link:definitionLink link:calculationLink 016 - Disclosure - Investment in Real Estate (Details) link:presentationLink link:definitionLink link:calculationLink 017 - Disclosure - Investment in Real Estate (Details) - Hotel Acquisitions link:presentationLink link:definitionLink link:calculationLink 018 - Disclosure - Investment in Real Estate (Details) - Investment in Real Estate link:presentationLink link:definitionLink link:calculationLink 019 - Disclosure - Investment in Real Estate (Details) - Outstanding Contracts link:presentationLink link:definitionLink link:calculationLink 020 - Disclosure - Credit Facility and Mortgage Debt (Details) link:presentationLink link:definitionLink link:calculationLink 021 - Disclosure - Fair Value of Financial Instruments (Details) link:presentationLink link:definitionLink link:calculationLink 022 - Disclosure - Related Parties (Details) link:presentationLink link:definitionLink link:calculationLink 023 - Disclosure - Shareholders' Equity (Details) link:presentationLink link:definitionLink link:calculationLink 024 - Disclosure - Shareholders' Equity (Details) - Schedule of Unit Redemption link:presentationLink link:definitionLink link:calculationLink 025 - Disclosure - Subsequent Events (Details) link:presentationLink link:definitionLink link:calculationLink 000 - Disclosure - Document And Entity Information link:presentationLink link:definitionLink link:calculationLink EX-101.CAL 7 apple10-20150930_cal.xml EX-101.CAL EX-101.DEF 8 apple10-20150930_def.xml EX-101.DEF EX-101.LAB 9 apple10-20150930_lab.xml EX-101.LAB Statement of Financial Position [Abstract] Investment in real estate, net of accumulated depreciation of $98,262 and $72,106, respectively Investment in Real Estate, net Real estate accumulated depreciation (in Dollars) Less Accumulated Depreciation Cash and cash equivalents Cash and cash equivalents, beginning of period Cash and cash equivalents, end of period Restricted cash-furniture, fixtures and other escrows Due from third party managers, net Other assets, net Total Assets Credit facility Long-term Line of Credit Mortgage debt Accounts payable and other liabilities Total Liabilities Preferred stock, value issued Preferred stock, shares authorized Preferred stock, shares issued Preferred Stock, Shares Issued Preferred stock, shares outstanding Class of Stock [Axis] Series A Preferred Stock [Member] Series B Convertible Preferred Stock [Member] Common stock, no par value, authorized 400,000,000 shares; issued and outstanding 89,685,096 and 91,037,588 shares, respectively Common stock, shares authorized Common stock, shares issued Common stock, shares outstanding Distributions greater than net income Total Shareholders' Equity Total Liabilities and Shareholders' Equity Income Statement [Abstract] Room Other Total revenue Revenues Operating Hotel administrative Sales and marketing Utilities Repair and maintenance Franchise fees Management fees Property taxes, insurance and other General and administrative Acquisition related costs Business Combination, Acquisition Related Costs Depreciation Depreciation Total expenses Operating income Operating Income (Loss) Investment income Interest expense Income before income taxes Income tax benefit (expense) Net income Net income Basic and diluted net income per common share (in Dollars per share) Weighted average common shares outstanding - basic and diluted (in Shares) Statement of Cash Flows [Abstract] Other non-cash expenses, net Increase in due from third party managers, net Decrease in other assets, net Increase in accounts payable and other liabilities Net cash provided by operating activities Acquisition of hotel properties, net Deposits and other disbursements for potential acquisitions Deposits Paid Capital improvements Increase in capital improvement reserves Net cash used in investing activities Net proceeds related to issuance of Units Redemptions of Units Payments for Repurchase of Equity Distributions paid to common shareholders Payments of Ordinary Dividends, Common Stock Net proceeds from (payments on) credit facility Proceeds from mortgage debt Payments of mortgage debt Financing costs Net cash used in financing activities Decrease in cash and cash equivalents Interest paid Income taxes paid Notes payable assumed in acquisitions Assumed Mortgage Debt Accounting Policies [Abstract] Real Estate [Abstract] Hotel Acquisitions [Abstract] Name of Property [Axis] Fairfield Inn & Suites Tustin, CA [Member] State Brand Manager Date Acquired Rooms Aggregate Number of Hotel Rooms Number of Units in Real Estate Property Gross Purchase Price Business Acquisition, Gross Purchase Price Residence Inn Tustin, CA [Member] Residence Inn San Juan Capistrano, CA [Member] Total [Member] Investment in Real Estate [Abstract] Land Building and Improvements Furniture, Fixtures and Equipment Franchise Fees Outstanding Contracts [Abstract] Business Acquisition [Axis] Potential Purchase of Additional Hotels Under Construction [Member] Homewood Suites Cape Canaveral, FL [Member] Hampton Inn & Suites Rosemont, IL [Member] Potential Purchase of Additional Hotels [Member] Debt Disclosure [Abstract] Fair Value Disclosures [Abstract] Related Party Transactions [Abstract] Stockholders' Equity Note [Abstract] Schedule of Unit Redemption [Abstract] Total Requested Unit Redemptions at Redemption Date Units Redeemed Units Redeemed (in Shares) Total Redemption Requests Not Redeemed at Redemption Date Shareholders' Equity [Axis] Redemptions [Member] Subsequent Events [Abstract] Assets Liabilities Shareholders' Equity Revenues: Expenses: Cash flows from operating activities: Adjustments to reconcile net income to cash provided by operating activities: Changes in operating assets and liabilities: Cash flows from investing activities: Cash flows from financing activities: Supplemental cash flow information: Non-cash transactions: Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] Real Estate Disclosure [Text Block] Schedule of Business Acquisitions, by Acquisition [Table Text Block] Property, Plant and Equipment [Table Text Block] Schedule of Outstanding Contracts for Potential Purchase of Hotels [Table Text Block] Under Construction (a) Debt Disclosure [Text Block] Fair Value Disclosures [Text Block] Related Party Transactions Disclosure [Text Block] Stockholders' Equity Note Disclosure [Text Block] Summary of Unit Redemptions [Table Text Block] Subsequent Events [Text Block] Issued on August 13, 2010 (Initial Capitalization) [Member] Hotel Acquisitions [Member] Nature of Expense [Axis] Real Estate Acquisition and Disposal Fees Incurred [Member] Related Party [Axis] Apple Suites Realty Group (ASRG) [Member] Related Party Transaction [Axis] Chairman and CEO of Company [Member] Costs Other Than ASRG Fee [Member] Nonrecurring Adjustment [Axis] Acquisition-related Costs [Member] Credit Facility [Axis] Revolving Credit Facility [Member] Variable Rate [Axis] London Interbank Offered Rate (LIBOR) [Member] Range [Axis] Minimum [Member] Maximum [Member] Long-term Debt, Type [Axis] Mortgage Debt [Member] Courtyard Oceanside, CA and Hilton Garden Inn Omaha, NE [Member] Hilton Garden Inn Denver, CO [Member] Apple Ten Advisors (A10A) [Member] Advisory Fees Incurred [Member] Reimbursement to Related Party for Company's Proportionate Share of Staffing and Related Costs Provided by Related Party [Member] ASRG and A10A [Member] Apple Air Holding, LLC [Member] Apple Hospitality's Interest in Apple Air Holding, LLC [Member] Aircraft Usage Fees [Member] Unit Redemption Program [Member] Distributions [Member] Subsequent Event Type [Axis] Subsequent Event [Member] Hampton Inn & Suites Rosemont, IL [Member] Units sold at inception Unit Description Number of Reportable Segments Number of Hotels Number of States in which Hotels Are Located Weighted Average Number Diluted Shares Outstanding Adjustment Number of Businesses Acquired Costs and Expenses, Related Party Real estate acquisition and disposal fee, Related Party, Percent Related person ownership of related parties Land Lease, Remaining Initial Term Number of Renewal Options on Land Lease Land Lease Renewal Period Finite-Lived Intangible Asset, Off-market Lease, Favorable, Gross Operating Leases, Future Minimum Payments Due Goodwill Hotel Construction, Time to Completion EX-101.PRE 10 apple10-20150930_pre.xml EX-101.PRE EXCEL 11 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx M4$L#!!0````(`'2894>>@Q`EF@$``$,2```3````6T-O;G1E;G1?5'EP97-= M+GAM;,V874_",!2&_PK9K6&E5?$CP(UXJR3Z!^IVQAK:M6G+@']O.]#H,@TH M2\[-/GA/S_MNIWLNF+SN#+C!5LG*39/2>W-/B,M*4-REVD`5E$);Q7VXM4MB M>+;B2R!L-!J33%<>*C_TL4ZCK4 M12$RR'6V5F%)ZH,U7`0]&2RX]4]/XJ26\A?O`WS[?XVOA;TER/. MM;G^:>B-Z$ASZA$2)^5@2')<(LEQA23'-9(<8R0Y;I#DN$62XPY)#CK"$@0+ M42D6I%(L3*58H$JQ4)5BP2K%PE6*!:P4"UD9%K(R+&1E6,C*L)"582$KPT)6 M]DE6TOQW-'L'4$L#!!0````(`'2894=(=07NQ0```"L"```+````7W)E;',O M+G)E;'.MDLMNPD`,17\EFGUQ2B46$6'%AAU"_(`[XSR4S'CD,2+]^X[8@,)# MK<32KWN/KKP.J:P.-*+V'%+7QU1,?@RIROW:=*JQ`DBV(X]IP9%"GC8L'C67 MTD)$.V!+L"S+%4EK0VTPAGEN&;>5ADZ3SXB?07 M8VZ:WM*6[13@2=&AXD7U(V8#$NTI MO8+Z>@"%,;X[)9J4@B,WHX*[O]C\`E!+`P04````"`!TF&5'4&?8TE@!``#K M$```&@```'AL+U]R96QS+W=OY*; M#777^JKN??+>W%J_&]X?TBJ$?F>,SRMIK)]UO;3#UZ)SC0W#HRM-;_.K+<5P MEJV,F\Y)C_N?LY/SY9"Z\X72Y,6Z4L(A?>O=RZO+71MKP1X7Y6I":>!#'@Q@2-(\'S2%!BWC0`A*TC`-`*$K2. M!ZTA09MXT`82M(T';2%!E"DR9I@D#6N,UJ1P31BO20&;,&*30C9AS"8%;<*H M30K;A'&;%+@)(SK.C-&+U9T9M!9VWML(W1FQ6]&:,W*WHS M1F]6]&:,WJSHS1B]>:*WKZR3RW-P=5OZ1]=\&ZX63?#VX7Z3QZ>,4]6&B=9A MV"1FO#Y&ULO59=;YLP%/TK%B_KI*TD:(JT*$5B"5$CM4T4 M6/?LF`NQ:FQJFZCIK]\%6DI:JI5-6AX2^_J<^W'NM969-*/I1JL"M.5@R$,N MI)FB\<+96UM,7=>P/>34G"-$XFFJ=$XM;G7FJC3E#!:*E3E(ZWJCT<2%!PLR M@>1KT3IU_%D5)2@*P1FU7$G_FC.MC$HM"1\8B)G[&E`ST',$K-3<'OU1@^F: M:DS$J(`YQO)3*@PTJ!=CC9FKO*#RZ#:[*R[OS,\B5@MJH M>&^-->;RB'6*BCO?4YE!TL6^/7S6XA:TJ2H=>^4BBRS",HZ%X(7R_)>A-NAW+F0739RUGKC$K^6!=+ M*&H0E7E.]9&HE$0\Z^6LY`&,K57CDFR!"A(:BU>M/RN\8MR2)65<5.I60:Z5 MMAG-@"SZ.4L<%W)+10E5'DLNJ60>/C@>=Y'!J]1 MBXMW.M/?RW^@](_9FP'NC_'FO7[U.KNG_RK\WU!+`P04````"`!TF&5':3@F MVCX!``!I`P``$0```&1O8U!R;W!S+V-O&ULS9--3\,P#(;_"NJ]2[-J MDXBZ'@!Q8A(20R!N(?&VL.9#B:>N_YXLZUJ^+KMQJVN_CU_'224<$];#H[<. M/"H(5P?=F,"$6V1;1,<("6(+FH=)K#`QN;9>+?W38))0:`!#08#H1-*LOK9[(QM345&?5U% MQPT/N+12K17(FVXL^YV*G1&\#BORX2F=3:Y,0&X$1%50##L'B^S<^:6\O5O=9_6TH+.@U*TI6SM^. MDWWS-QK6_1#_UO'98-HN*FS@PMTFC4S+39\))"$(KQPJ:R[")97)PC$`8``)PG```3````>&PO=&AE;64O=&AE;64Q+GAM;.U:6W/:.!1^ M[Z_0>&?V;0O&-H&VM!-S:7;;M)F$[4X?A1%8C6QY9)&$?[]'-A#+E@WMDDVZ MFSP$+.G[SD5'Y^@X>?/N+F+HAHB4\GA@V2_;UKNW+][@5S(D$4$P&:>O\,`* MI4Q>M5II`,,X? M+&A`T%116F]?(+3E'S/X%/F7/Z3H=,H%N M,!M8('_.;Z?D3EJ(X53"Q,!J9S]6:\?1TDB`@LE]E`6Z2?:CTQ4(,@T[.IU8 MSG9\]L3MGXS*VG0T;1K@X_%X.+;+THMP'`3@4;N>PIWT;+^D00FTHVG09-CV MVJZ1IJJ-4T_3]WW?ZYMHG`J-6T_3:W?=TXZ)QJW0>`V^\4^'PZZ)QJO0=.MI M)B?]KFNDZ19H0D;CZWH2%;7E0-,@`%AP=M;,T@.67BGZ=90:V1V[W4%<\%CN M.8D1_L;%!-9ITAF6-$9RG9`%#@`WQ-%,4'RO0;:*X,*2TER0UL\IM5`:")K( M@?5'@B'%W*_]]9>[R:0S>IU].LYKE']IJP&G[;N;SY/\<^CDGZ>3UTU"SG"\ M+`GQ^R-;88C'(C MN]WV6'WV3T=N(]>IP+,BUY1&)$6?R"VZY!$XM4D-,A,_")V&F&I0'`*D"3&6 MH8;XM,:L$>`3?;>^",C?C8CWJV^:/5>A6$G:A/@01AKBG'/F<]%L^P>E1M'V M5;SOX%^9PU"AR1&QT" M9QNS1B&$:;OP'J\DCIJMPA$K0CYB&38:CFED)O816:I^JAS0^J!XR"@7QN1X^ MY7IX"C>6QKQ0KH)[`?_1VC?"J_B"P#E_+GW/I>^Y]#VATK\>WZV22$KYI9+2,6D$N! MLT$DN/R+RO`JQ`GH9%LE"0AMNZ5/U2I77Y:^Y*+@\6^3IKZ%T M/BS/^3Q?Y[3-"S-#MW)+ZK:4OK4F.$KTL@'37[]EUV MY".E,%.70[@:0KX#;;J=W#HXGIB1N0K34I!OP_GIQ7@:XCG9!+E]F%=MY]C1 MT?OGP5&PH^\\EAW'B/*B(>ZAAIC/PT.'>7M?F&>5QE`T%&ULK"0L1K=@N-?Q M+!3@9&`MH`>#KU$"\E)58#%;Q@,KD*)\3(Q%Z'#GEUQ?X]&2X]NF9;5NKREW M&6TB4CG":9@39ZO*WF6QP54=SU5;\K"^:CVT%4[/_EFMR)\,$4X6"Q)(8Y07 MIDJB\QE3ON>;G*YZ(G;ZEW?!8/+]<,E'#^4[YU_T74.N?O;=X_IN MDSM(3)QYQ1$!=$4"(Y4U#VT%SU&\Z.9X!ZS MAW.;>KC"1:S_6-8>^3+?.7#;.MX#7N83+$.D?L%]BHJ`$:MBOKJO3_DEG#NT M>_&!()O\UMND]MW@#'S4JUJE9"L1/TL'?!^2!F.,6_0T7X\48JVFL:W&VC$, M>8!8\PRA9CC?AT6:&C/5BZPYC0IO0=5`Y3_;U`UH]@TT')$%7C&9MC:CY$X* M/-S^[PVPPL2.X>V+OP%02P,$%`````@`=)AE1R2\M(YM`@``I`P```T```!X M;"]S='EL97,N>&ULS5==:]LP%/TK0AVCA1';*77:U3:,0F"PE4'SL+G4E,PR"\@=[; M24?^;EZ]-J`.#Z-^A7E`/-E!W!/M"+P]<+.O[G9(?GS/4+I]O8TD$054@I+/M43 MT-FS9:4WQP7'3J3UV^-=2K0,QC<;`7;0>5,A"*8)/-<6_27A_%"]IBG4!'HZJBRV^4E)QA)]9!4]'-]M$'.^B3"*U8P5Q( M\J+]32%D&L`2@@66BF2;R%^)JAEN55?!7EOL4GCLEM]3T^E/K5>C2_"CC^?H MY!9Z;%B*Y=2^'@^7=#W9?\OLTPD',C^V:HZ0<(+#,;W\;*6%YROM?6KJ)-)N MSU?:W=E*F_SO$^IU_72C:6^U[#4*TH901?A*`S(?68]&-]WJIGV[UIQYVW=J MNZI0JG\9MK)HLAP7J*'J%UD(91=CV-L_C/P@7'O-UA0Q[.V?."<-LY^E7O]? MDOP#4$L#!!0````(`'2894=G[,+'-0,``,0)```/````>&PO=V]R:V)O;VLN M>&ULE99A3^(P&(#_2K,OYR67@U5`)6*",DX2%>*(][EL!1J[%MM.Q5]_;S>Y M>Y'*R1=8N_;IV_9YNY[;[HLVCS.M'\EK(97MFEZT=&[5;31LMN0%LS_UBBMX M-]>F8`Z*9M'0\[G(^$!G9<&5:]!FL],P7#(GM+)+L;+1.\U^A697AK/<+CEW MA:QA!1,JNCBWW;F0_($;"V#"5JL[5O!>]"HC(IEU22XE=%,(=C-N+XIIB]).S?#- M'@1_L1CH*PC+G'CF4S;K1;CAI)=ZI=K;<2;5H[)-#-:RJJ7?U%U@A'LWQJ(T8ELJZ%CLWN_$[VH MTP3@L[!B)J1PZUY4/4ON9]+X,)5J^?\]$54MSF:+25_E)%$.*&2DZLV#I?$Q M0.-17@ULN@(>S"B/ZZ7"H*OQ73J^&0WZTV1`+OLW_;NKA*3723)-$80B"#T( M0HXF#(&.$>CX/Z!T"G^WR1U`QD,RGB3W"-1"H-9!H*M^>HU`;01J[X+&9L&4 M>*M6E3!8[+0L"F;61,])*A8(U$&@SBYHI)XA$:H]$XK<W<8NV:V+OF;M=TR0Q?:IE#,G\CR5,),\+]M[P- MB)N6,\N?2K^>R3/\;@V.?8T#PO:S3)>0-6I!)EJ*#&+_06;KNK`F&(6-C0/* M?KJOY`@.!(E1V-DX(&UH26H*M]\Q"#L;'RIMW,$H;&U\B+;D:,`=3NT8VQL' M]/T<5;$P"OL;!P3>BXK/,`H;'`<4WHNB37P(8J5I0.F]^4ECC,)VTX#=>S.4 M4HS:.IL#KG_(T7K?A-PRBF++:<#RL)HA$I:'U;:.#/*MPLA.*YOW38:@CX:F?^)@)_]6'2:GN+?/D6;B>]R%\AX+902GD% M=6-UHUGUH:W)F[O'Q1]02P,$%`````@`=)AE1^`\U:II`@``P`@``!@```!X M;"]W;W)K+IZ;2]Y1]LY+C(7W69.&;_U2 MB'83!/Q8XAKQ)]KB1GXY4U8C(:?L$O"68732I)H$,`S3H$95XQ>Y7GME14ZO M@E0-?F4>O]8U8G]VF-!NZP/_OO!674JA%H(B#PSO5-6XX15M/(;/6_\9;/8@ M51"-^%7ACD_&GMK\@=)W-?EQVOJAV@,F^"A4""1?-[S'A*A(4OEC"#IJ*N)T M?(_^3:"9_1E8@WVGW'0PZ)"GBDA.NG=[QR0>L[ MQ?=J]-F_JT:_N_Y+'`VT>0(<"-`0(/PO(1H(D2&`6&?:[TSG]8($*G)&.X^W M2/UML)%PIH+(R&J@#TH'E9EQN7HKPCRXJ3`#8MC2AQX_IL:''FAY/Z(EU`"XB?2R0&('$H:\L`1>1/19( MC4#JT->6@(L`X6.%E5%8N7Q@_<0>DFA(T^>0K;(D!@O.*C-"F2MDN64W`UE@ ME[616+O\V))8.[F`>)UEZ0)?@7"LK-!5LJTUAUEP8&!2O\"-8/MK#K/`80". M*M"-8)ML!@,7N`R,E0PB-P*P55S,HES&@@=N/4/;9'.8!2X#8]4#MZBA[;,! M,S4:#"<>^;?.6/S`K6WHN*S'I%.,[;)@TC!JS"ZZD7+O2*^-Z/N%637-^EEW MJ&"$%WF++O@G8I>JX=Z!"MFV=',Y4RJPW$KX)),MY77"3`@^"S5 M;-%6%DWW MZVW/C9+E6XGOE=EKO\VK;GOI_TG(4.8NH$,!'0N`72T(AX+0*@AZLFY-TVHEMN=[H+U36J1];HLR\K&B^"E[:=(;+N(W0:>9_8 M.!+)&`ET_TX(.D+0KCZWZ\.Q/NSJV:0^)-8@^DC<1:HNDD(2`E@CP;$D M3$E(;].PD89A&JN;=1^))MT`X3;S!J<8#QG<9HE&E@BS6#=O'6$6FD21Q>)( M04K);18^LG#,$EHLW-$+8]QBP:DHXM%ME'A$B3$*LU!B!PI-K;6QP2D.\8RY MGXPH"4:QKOTZ09VDG$5A:K$X8D3/77Z;)AUI4K02Y]0#,3XA>#Q(*`21)L2> M_([0C-D&$[,!)DEL$D"=4!+QU-:"(Z>G?TQFW&DPF@.*B5*;B#IZ"L&>=ZX8 M!3[#4V"T"=B;S/;FD'EWA?0,)XD-A',:.XGGW#.C3F!H_LWQ'1CA`38>LXT' M6&9H]EV+?,QA9`?8=LRV'6"1)?K2`GJ\.G+ZZ47F7!GC/,#28[;T`/OLB[Z- M(;5=XPP"XTDX@\G(#[#]F&T_P%Z+&8_M9^K&E8MCX'/\900(*2;B-E$Z3\BN MW$PC4V-4BHW*XADM&!-2^-2JHI,7-&PNM*HH5I*]JJY&/N8PQJ(.8\UYTS2& MH9\S##6&H3,,,V2F[Y',-N;U3$\23%[C3]E!_,KJ0UXUWI-4^HN@>V_?2ZF$ M;H_&PO=V]R:W-H965T&ULE9;? MDIL@%,9?Q?$!5O"_F20S33J=]J(S.WO17I.$),ZJ6"%Q^_8%-.@"1IN+"/B= M;BT;K! MZ"2#RL+S`8B]$N65NUW+L==FNR8W5N05?FT<>BM+U/S=X8*T&Q>ZCX&W_')E M8L#;KCT5=\I+7-&<5$Z#SQOW"USM82PD4O$KQRT=M1T!?R#D771^G#8N$`RX MP$$S MNA7LC;3?<3^'2"0\DH+*?^=XHXR4CQ#7*=%']\PK^6R[-PGHP^P!?A_@JP`8 M/@T(^H!`"_`Z,CFOKXBA[;HAK4-K)'8;KKB\$4EX9M&0"R63\IE1/GK?AMG: MNXL\O6372?R1Q/^LV%L4J9)XO+X5PE<0OHP/1_$1T"`Z22(EE91DJ1_K(*8J M\2&(YUD"Q1*8+%!CZ231J$H`NI^<`X210JHM`DTN:]"XU".LHSQ21#I!@B MDR'0&*)9AF>*2898,<0F0Z@QQ$:%$-BW9HERDBE13(G)%&E,B5$IS>(T`EFL M(9G"#((@B=(%9RE51*E)I!7:I4N)3.%RHDP19091F,S'0S!X%)@_D[UFR=8O MDDYSC;P3SI_,7K-@L2W*Y:L-!S.%%C?5SVJO64)E*O^#:K!5:/IJN"3#8(/0 MXH/&5V#:7)C:/H%9W3318(K0XHK&_INF9R>:U4T3#18)+1YI[+W%^JQ$L[J. MR!M=-6ITP3]1<\DKZAP(X[<6>;>+8KOTVJ3H'/3#03WFZZ^U77 M8:1^7!?5G77[#U!+`P04````"`!TF&5'73`ASOT$``!]&```&````'AL+W=O MF;>^>A^-5F_?CK^W#7'5C*`[%4]LU MD<>/'\6J.!RZEF+/_UX;'?OL`F^_O[7^1R\W#O\Q;XI5=?BVW[:[.%HUGVV+ MY_SUT'ZMSG\65PVV:_"I.C3]O[.GUZ:MRK>0^:S,?UX^]\?^\WSY2ZJN87(` M7@-P"!CZD0/T-4"/`>:W`>8:8*;V8*\!EO207+3W,[?.VWRYJ*OSK#GEW7Z" M^XC772.QY>Y+OQ1]HW'NFOCTQ]+Z1?*C:^>*9!<$;Y'T/;+F"`Q$$OL7!X%O M@\B0A>/[#E:W\0[]7&\&>)-'V]NXX',]07Q M/7*\(`8"F>X5IRPZ,&1".`6I<8ITN1$PJ[6S'RNS@S++E9')SRZ(O1VS2NDR M<\B`)_MQS2&PH#61)5`:<<)ZN4&5XZI(+YECO;B`J2*R.&6=#V0AUIR"$+PF MR[H1,.=L.F&]_*#,\YUL/HY/A_B4SXPE,Y-*P_1$S$J@#'K2UII3QCM#$L!& MH`"\_EA7&'0%KLL178&OI=9T'W/(:"2[8LTAL!;(6=\(%(8;ZI>J0(U)7G%= M+,LK+LPHHGXE4":E*64M4&!3H`LF83IX-T';30$#KBVEVH!UA'&JJ3:!0HM4 M&Z><9ZLF46`FG%'`41ER98$J0T$9>*J,4[&HT/TH4"Y81Y4)%+@I^W$LI*"9 M,J^H,LV5!3K/*XFR[*0)5!H7C2KCE#.)1YXC:?]9%?F_3Y+F3).@?.. M*N.4"X8:'X&RZ*>LV5CB@==X3VL\"/5;,?:$&4UT" MHZDJSB!JECZ$EI2=8#Y@=!_`[0>U#!EP-Y`&'Z@N3GE$=L@X%>TVSXP"!JC] M!&VC`P%N0>BAST#P(&@"-2$"9K0W+#E*/D3[X*D\T8FD,$$?CE8$N16A!C]# MP1&PO=V]R:W-H965T&UL MC9C)CN,V$(9?Q?#=(U91)*6&V\#809`<`@SFD)S5-KU@M#B2W)Z\?;38HE+% MP+Q8B_\B_Z)8GRBN[U7]HSE;VRY^%GG9O"_/;7M]BZ)F?[9%UGRIKK;L_CE6 M=9&UW65]BIIK;;/#$%3D$0JAHR*[E,O->KCWK=ZLJUN;7TK[K5XTMZ+(ZG^V M-J_N[TM8/F]\OYS.;7\CVJRC*>YP*6S97*IR4=OC^_(KO.VDZB6#XL^+O3>S M\T5O_J.J?O07OQ_>EZ+W8'.[;_LFLN[P:7^[&^RIOA=[&_-6U5/$.6 MBR+[.1XOY7"\C_^8Y!'F#\!'`$X!4S_^`/D(D"X@'C(=G0UY_9*UV69=5_=% M<\WZIPUOG;SN&^E:[D^&@1H:[3)KNKN?FT2MH\^^G8=D.TIP)H%)$76->WO` M9P];9.'XWPYV7*'2USW(*0CQ`R2:3,XTII;4@F'E4L%+[V`L(5 MK.!N@%:LX$-F)#'C$1D94-DP@P=P+[1R'IIY-P":/F./2H,(,(/.#'(SDII! M3S<:@;KALNYIIB&#XZ@$'$MI'-""XQ)P,*4,SC&?4XDR2-'DT\4"14`A@:,3 M*.Y(4T>*]P1*4#\>E405X,:Q#CCL4D/=<(ZM0*0)JP:?#M$$O$C`$0\X\E** M/.`\6Z%D4]"C2M(`;('C'B3<34K=)+R?U`A:.3N?3DD3-'\<22%E-0$BH,S1 M\0\Y_T!0`")G&YV`'@G(.,$0-XZ`R`D(@B(0.=Q6(!-:.3NO#I4(6$"@XR!R M#H*@($1.N)52"5W[[;PZ1`BQY%"(TF,III8DZRH1[*EQTY,`K*+#*G*L@J!<11\O M0;,I[9&A"G@-HH,J_1 MA4P?AU3DJU,`NCQ%OO*,M8R9&2X+,",=G*4'SC3EK?205VA)"\LC"S'CV"R! MOVP@8+$M'4NEAZ5`62H]BTK-2M.G2G3`ZU/./G0]'`7*47QHNVNCXWRZ8=N\V_4$L#!!0````(`'28 M94=O=5*/H@$``+$#```8````>&PO=V]R:W-H965T&ULA5/+ M;MLP$/P5@A\02K33I(8L($Y1M(<"00[MF996$A&2JY*4E?Y]2>H1QS&0B[B[ MFIF=Y:,8T;ZX#L"35ZV,V]/.^W['F*LZT,+=8`\F_&G0:N%#:EOF>@NB3B2M M&,^R+TP+:6A9I-J3+0LC\BOL3D9[VG6;0`"BH?%4183O`(2D6A MT/COK/G6,A+/XT7]>YHVN#\*!X^H_LC:=\%L1DD-C1B4?\;Q!\PCW$;!"I5+ M7U(-SJ->*)1H\3JMTJ1UG/[<9S/M.H'/!'Y!8%.C9/.;\*(L+([$]2*>7;X+ M[0#@T)L4RN[QX-RX(\0V M`TAFK_0(RO_IM)',^=3TQ(X&6!M)4A":93=$,JYP7<7:LZDK/3G!%3P;9"!"@=052;R62U"6:X4,='M\F^\.94!$P$\.LSV+4?!^ MU/HU)(_M'F?!`@AH7%!@?CG!'0@1A'SCWZOF>\M`/(\W]?LXK7=_9!;NM/C% M6S=XLQE&+71L$NY%SP^PCG`=!!LM;/RB9K).RXV"D61OR\I57.?E3W&STBX3 MZ$J@B?`]B\:71M'F#^9871D](SNR<';YSL--$/'*(8AS1U%OU/KJJE%NV-%73[;RE\4S>X74ULAZ>F.FYLNBHG3_9N/^= MU@Z\E>SJ&J/!OY^4".A<"+_YV"Q7:DF<'K<'DEYI_1=02P,$%`````@`=)AE M1P$H0/6C`0``L0,``!@```!X;"]W;W)KE=3VD/7.#7M*;=V#XO8&!]#^3XM&<>=3TU$[&.!-)"E) M69[?4L6%SJHRUIY,5>+HI-#P9(@=E>+FWQ$D3H=LDZV%9]'U+A1H5=+$:X0" M;05J8J`]9`^;_;$(B`CX+6"R%S$)WD^(+R'YV1RR/%@`";4+"MPO9W@$*8.0 M;_QWT7QK&8B7\:K^/4[KW9^XA4>4?T3C>F\VST@#+1^E>\;I!RPC[()@C=+& M+ZE'ZU"ME(PH_CJO0L=UFO]LBX5VG<`6`DN$^SP:GQM%F]^XXU5I<")VX.'L M-GL/-T'$*X<@SAU%O5'KJ^=JPW8E/0>A!7.<,>P2DQ#4JU]MP=861_:)SKZF M;Y/#;:1OWSF\_5J@2`)%%"C>"=Q]&/$:YOY#$WJQIPI,%Z^.)36.VLU;FJKI M=CZP>"9O\*H<>`>_N.F$MN2$SI]LW/\6T8&WDM_L,M+[]Y,2":T+X9V/S7RE MYL3AL#Z0]$JK_U!+`P04````"`!TF&5'0OZP*Z(!``"Q`P``&````'AL+W=O M MVFI%"V0/NG1OVA-BZ M!\GLE1Y`^3^M-I(YGYJ.V,$`:R))"D*S[(9(QA6NREA[-%6I1R>X@D>#["@E M,Z]'$'HZX!ROA2?>]2X42%62Q&NX!&6Y5LA`>\"W^?ZX"X@(^,-ALIL8!>\G MK9]#\M`<OJYS^*,DY M""V8XXRA6TQ"$*]^L05=6QSI?W3Z-;U(#HM(+[;=B^QK@5T2V$6!W0>!_-.( MES"?79+-GDHP7;PZ%M5Z5&[>TE1-M_.6QC-YAU?EP#KXS4S'E44G[?S)QOUO MM7;@K617UQCU_OVD1$#K0OC-QV:^4G/B]+`^D/1*JS=02P,$%`````@`=)AE M1YG>+(2B`0``L0,``!D```!X;"]W;W)K&ULA5/; M;IPP$/T5BP^(N6U:K5BD;**J?:@4Y:%]]L(`5FP/L&8X MY\P97ZH9];,9`"QYE4*90S)8.^XI-A$=%H%>O'-8?BU01H$R")3O!'8?1KR&N?W0A%[LJ03=AZMC2(.3LLN6QFJ\ MG7=Y.),W>%V-K(??3/=<&7)"ZTXV['^':,%926]V"1G<^XF)@,[Z\)N+]7*E MEL3BN#V0^$KK_U!+`P04````"`!TF&5'P=-4G:,!``"P`P``&0```'AL+W=O MP2)PX%NZ%QX$4WK0H$5.5MXE5"@K4!-#-0'>K_9'[.`B(!7`8-=Q21X M/R&^A>2I.M`D6``)I0L*W"]G>``I@Y!O_&?2O+0,Q'4\J_^,TWKW)V[A`>5O M4;G6FTTHJ:#FO70O.#S"-,(N")8H;?R2LK<.U4RA1/'W<14ZKL/X9Y=,M.N$ M="*D"^$N$MC8*-K\P1TO[@)(EXY!''N*.J-6E\]%]DF9^>@ M,T&.(R1=02X(YL6O=DCG#L?T/WKZ-7V[&-Q&^G;=?7O[M4"V"&11(/M'X.[3 MB-',L*;'7;MS1I;IQ/-+B`U!+`P04````"`!T MF&5']%)2DZ(!``"Q`P``&0```'AL+W=O&<,V=\J69M7NP`X-";%,KN\>#@+-<*&>CV^#;?'VCW.@@40T+B@P/QR@CL0 M(@CYQJ^KYD?+0#R/-_7[.*UW?V06[K3XS5LW>+,91BUT;!+N6<\_81WA.@@V M6MCX1JKS,JO(*0BMF,."H>>8A"!>_6(+NK4XT+_H M]-_T(CDL(KWXY/`_^I=)H(P"Y2'IGIN;+HJ)T_V;C_G=8.O)7LZAJCP;^?E`CH7`B_^]@L M5VI)G!ZW!Y)>:?T.4$L#!!0````(`'2894<_J2_!UP$``$4%```9````>&PO M=V]R:W-H965TO;8B7I9:R%SP>?S\S,N-\XN)5M@`*O3':RU/0*C4< M,99E"XS(!SY`KT]J+AA1>BL:+`Y3=%TB<0&(%D@\M MIIL6?9C]?9/4F:0>@[3Q!E.XCC#G%`1%;G//:LBE[UA5,"S0KKGG*B_9V!R.$6[:$Z\ MT*8U+H&+'`=>13D(3:5`"NI3]+@[GC.'\(!?%`:]B)&K_2+EJ]O\J$Y1[$H` M!J5Q"L0N5W@"QIR0-?XS:;Y;.N(RGM6_^6YM]1>BX4FRW[0RK2TVCE`%->F9 M>9'#=YA:2)U@*9GV7U3VVD@^4R+$R=NX4N'78?SS$$^T;4(R$9(5`8]&OLRO MQ)`B5W)`NB/N['9'"U=.Q"J[P/?M16VAVF:OQ2Y-F'$X0C;F M^`=02P,$%`````@`=)AE1P6L_?FC`0``L0,``!D```!X;"]W;W)K&ULA5/;;IPP$/T5RQ\0LX9DJQ6+E$T5M0^5HCRTSUX8P(HO MQ#9+^O>U#3@D72DO>&8XY\P97\I)FQ?;`SCT)H6R1]P[-QP(L74/DMD;/8#R M?UIM)',^-1VQ@P'61)(4A&;9'9&,*UR5L?9DJE*/3G`%3P;944IF_IY`Z.F( M=W@M//.N=Z%`JI(D7L,E*,NU0@;:([[?'4Y%0$3`;PZ3W<0H>#]K_1*2G\T1 M9\$""*A=4&!^N<`#"!&$?./71?.]92!NXU7],4[KW9^9A0];3#UA&N`V"M18V?E$]6J?E2L%(LK=YY2JNT_RGV"^TZP2Z$&@B?,NB M\;E1M/F=.5:51D_(#BR[@X2:(>.40Q+FCJ#=J??52[>YH22Y!:,&<9@S= M8A*">/6K+>C:XD3_H].OZ7ERF$=ZONV>[[\6*))`$06*#R/FGT:\ABD^-2&; M/95@NGAU+*KUJ-R\I:F:;N<]C6?R#J_*@77PBYF.*XO.VOF3C?O?:NW`6\EN M;C'J_?M)B8#6A7#O8S-?J3EQ>E@?2'JEU3]02P,$%`````@`=)AE1Q63$:Z^ M`@``L0L``!D```!X;"]W;W)K&ULG5;;;N(P%/R5 M*!_0Q+F#0J0"1;L/*U5]V'UVP4#4)&9M4[I_O[83G.`X%Y4'8IN9.>/C^'#2 M&R8?](P0L[[*HJ(K^\S89>DX=']&):1/^((J_LL1DQ(R/B4GAUX(@@=)*@O' M<]W(*6%>V5DJUUY)EN(K*_(*O1*+7LL2DG]K5.#;R@;V?>$M/YV96'"RU%&\ M0UZBBN:XL@@ZKNQGL-R!6$`DXG>.;K0SMH3Y=XP_Q.3G866[P@,JT)X)"<@? MGVB#BD(H\\.T' M:O80"L$]+JC\MO97RG!YI]A6";_J9U[)YZW^)7$;FIG@-01/$;QQ@M\0_+F$ MH"$$BA".$\*&$,Z-$#6$2",X=;)DJK>0P2PE^&;1"Q0O(%AR.!$B7%D,Y-E) M49YLRE<_,Q"%J?,IA!K,NL9X'4R8/$*V?0A0"(<;,+KP[B[67I\>18\A-B9, MK-F8H?,R0V=GPB33&_)56GTIX#\(+*8%`B402(&@*Q"[VFY-F!EI#U60T"#@ M:8=?8T*)J21&MS&)V(TA!FU&RF9DL.EK)J)>B!F9B%6(V!`BT#(1]T*$&F0[ M"AFTD2@;B<&&?AN3_D[U:S`*&;2Q4#86!AO:-5HO>C&B9*&7A0G0H!7@M@7* M-9B)]0KE3KV#FVG(=AKR,@H9WDZGWH+>=H(Y"?%:!>][M06TU0GX,RY^`^IN M-4A<_M&S-@^WF\8-6V_K(C`5O3D);*L>"+^9P+8B`5-)6N@)--2D7O)&,<-6 MVLH%3*6K=Y;]PF0^RTE<;LI7/T@L\H5^0G/**6N^8\:9(MBY'C!GB]MTG;OS,^V&PO=V]R:W-H965T#)B%L$IK9O]_<.@[E"K%X:2!]JGS*KCI5F.4MRW\5 M1ZW+V>\T.1>O\V-97EX\K]@?=1H7W[*+/E?_><_R-"ZKC_F'5UQR'1\:HS3Q MP/>EE\:G\WRU;)[]R%?+[%HFI[/^D<^*:YK&^7]KG62WUSF;?SWX>?HXEO4# M;[7T>KO#*=7GXI2=9[E^?YU_9R^1"&M(@_C[I&_%X/VL)O^69;_J#W\>7N=^ MS4$G>E_6+N+JY5-O=)+4GJJ5_^V@-@#PUX9\!=#41G('H#+AX:!)U!X+J"[`PD,O#:S6JV>AN7\6J9 M9[=9<8GK!&0O%3ROG52>ZS?-V35.J\TNJJ>?*[;PE]YG[:C#K%L,###!XAZR MM2'L'A$1B(7!>!5)DBE\,5T#X0#N%]E0&(ZH.OC9.?B)'OL9#8CW6\\;!_S. M@9AV('H'HG$@[AP$*-H6$S:8B(!042B)`IL(@*='@'! MA]="@@$$@*.E=C:(^8'#SLH^($D$%**`I+6*5(!K9V.C`ADJ5!Q;&\64"CG: MH!T!DS(8G/EH:&$?6DB$AJIY'1+KA!BU"8GC\@,*SMI$&0[#8D>0D:9,M_T M!I_@B@1FW8'ND@6=[M8!$SW&C-,=M#)&T,4RU('NRG:AK';F@HJF4..DP9`& MF[1R2"AF^@A[LI$PTTD8U4HDWA2BE_@N5$VC8$2G4`Y3`#/2S.23T1H)9(0& M*L#14B#NL(Y1)$9(DG*A:M2"J>>B!5/%0%2QPF-"!QJ>+0P/MQN+;)3"H(@` M55&[)`J86@:BEI5T<&$J"^#)K3.5!9Q@@<6-!#F(`)CR`Z+\E')P82H+@B>C M-94%]M0#^'2W8,\@#D4!IOB`&D"PU(`]6P`XI9"I/J`&`NOP%G;788'32J9( M@>CI>%K:=J!A2%RZ+,1-*7.[E,%WD$]N"HNSY_*$F\+B1,NR1I@.=#>IHQV9 MAD0/(>-# M19.P<=Y&@+C=VL''7]](D$OV&97BE$JY4#42Q,,G:\"("R?$Q0Z3@#":)Y[4/&$T3Q": M9]^U`''9XJ3QPBB6L!4+?-RV2)##S"$&ET>4SBB\CK"_O3NL8E1!$`7/<#J1 M(`?5%$85!*$*#&>WL&<7(:SD[E#A0U0TY6NA80D6#O! MHDE8R]L;7!^G.O]H;OJ+V3Z[GLOV"K-_VO^:\!WJZV?T?,U>-HQXOF4ON_:Z MVKA?+2_QA_XKSC].YV+VEI5EEC97T^]95NJ*O?^MVNZCC@_]AT2_E_7;L'J? MM[\8M!_*[/+U`TC_*\SJ?U!+`P04````"`!TF&5'K:CH'_L"``#I#0``&0`` M`'AL+W=O)E5]V)YIXB2H@#/L--W?SQAB4WRG6'DIQCGWG&LXI\;YA7=OXLB8##Z: MNA7K\"CEZ2&*Q/;(FE)\X2?6JE_VO&M*J6Z[0R1.'2MWNJBI(XCC9=2451L6 MN9Y[[HJRY"\2Y:*D.1]E/1$4>F;I=U;!65+P- M.K9?AX_D84.AAVC$KXI=Q&0<],V_ M22G_&4FM9E\X'5_9O^GEJO9?2\&>>/V[VLFCZC8.@QW;E^=:OO#+=S:N8=$3 M;GDM]-]@>Q:2-]>2,&C*C^%:M?IZ&7Y)Z5B&%\!8`*8`=$$T".DVOY:R+/*. M7P)Q*ON71QX4O.M)%',_T.O6I*I1H6;?"R!)'KWW1"-F,V!@@B$&$2EV5`*N M$AMPRS.X34!-CU03T$\]+FX3)(8@T03))X+E;)$#9J$QK<8LLU5V6V5A5!:( M2GJ;8&D(EO>M,S4$*=)!-ELGAEG=%LF,2.820#P3P3`>GED9D15"`#,1#$-O MBY#8FC]&*!SW8R"/UT(F(2,>!AQ!4P>2Q$<'K`X@K3HZ`RB=Z%`2Q[&'DHTD MH8B2A]F)#25)[K,[L8DC6.3FAD=!'HXG-IADZ>%Y%.3Q#X38_!(DG([M49"/ M[VV$"99/Q_<8R.?]V!03)**N[U>([SW>#]@<`Q;1NINX\FDY?\?QT;4>JSCU)W'R4Q=3?2:/(IWK#NH$\<(MCR MJ%<$KE^I`H#_;]YQ+IMJ)OZ@%']6Y MR]S4;"_[8:K&W7`2&6XD/UT/5N9T5_P#4$L#!!0````(`'2894<87`=%,0(` M`.0&```9````>&PO=V]R:W-H965TD[)T9C:)H!AF`0M MJ3N_R,W<,R]R=I%-W=%G[HE+VQ+^9T<;-FQ]X-\F7NIS)?5$4.2!]1WKEG:B M9IW'Z6GK?P:;,M,*(_A9TT',^IYFWS/VJ@??CUL_U`BTH0>I$XAJKK2D3:.# MU,*_I\SW);5QWK^E?S75*OH]$;1DS:_Z*"L%&_K>D9[(I9$O;/A&IQ)B'7A@ MC3"_WN$B)&MO%M]KR=O8UIUIA_%)&DZV=0.<#-`:0/1/`YH,R#$$(YFIZPN1 MI,@Y&SS1$_VRP4;)N0Y1R;IC_B@3JBH3:O9:0`3RX*J#)LUNU,"YYEY1KBA2 M*PD4P"H%M!30^-$=!7P<@&P`,@'170!RRA@UV&@ZHTEQA#*GE*4*XRQ"CV$B M"Q.MP$0.S*B)YS!1&L6)0[.4X02"6=J'.+'%B5=P8@32+%4)CF'V M&":Q,,D*C+/,+EDL@V+D;KD'H@]1\`UEAQ<)(`1)C)U]4RYU&0``_<<&3VW9 MZ4K9V"D[7:SS*4MAXA:^(L,0A,ECG,SB9"LXJ8.3+3Z$#*0(.(=#N92E*`L7 M;R*8'4@].=,?A)_K3GA[)M799DZ@$V.2JLCP2157J2O'#AIZDKJ+59^/I_`X MD*R_W2GV8BO^`E!+`P04````"`!TF&5'LIU("N\"``![#```&0```'AL+W=O MV1M)@]T!/IQ,Z>]BWFXK$_1.S4$[Q31FT301SG48OK+JQ*M?;<5R4] M\Z;NR',?L'/;XO[?(VGH91VB\+KP4A^.7"Y$51EINUW=DH[5M`MZLE^'W]#J M"3()48C?-;FPR7T@@W^E]$T^_-RMPUC&0!JRY9("B\L[V9"FD4S"\]^1U/B4 MAM/[*_MWE:X(_Q4SLJ'-GWK'CR+:.`QV9(_/#7^AEQ]DS$%%N*4-4[_!]LPX M;:\F8=#BC^%:=^IZ&7:*>#1S&\!H`+X&R6B0:`-`GQJDHT$Z,XB&5%0AGC#' M5=G32\!.6+8'6@EX+TD$L[Q1E56DHA1,K+Y7D"S+Z%T2C9C-@($)!FE$)-B= M+N#J8@.V>0&W+IY\EL+RF:>1DPBXD7E,6S>MF8!++[@>0ZD-P.)/8XU84F6'RMX(4F M*#P*7E@%3Y!'E$OM9.E1[Z5=R]BC]U!L1!3;;F">RPB:^LGB//4X-321*W(D M!!X48"C@:R>'C-A0XLAWUJ*/+E":S(OB`J4>P1CA(A_E(ENZ*/,Y9"-=Y*-= MY!"FAQ>C2^00IMU*N>4%,O!J)2-@M'#DXT-A)(R*+[:2$2AR*-1N)9>,K:*X M0`N/#Y71,3AT;+72"+IM)8^/`!@5@TO%\U8:0;?O)8_B@I$Z@$@!]!#F6S]8V8C)%C791QM1&EM'=$(<1.ZMS)Q(X:8B,35%6> M\('\POVA[ECP2KD8(-68MZ>4$Y%Q_"`R/HI_`OJA(7LN;Q?BOA]FX^&!T]-U MU-?_-ZK_4$L#!!0````(`'2894=\=KTY&P0``+46```9````>&PO=V]R:W-H M965T5Z=VO;\ M%(;-[F3*K/EDSZ;J?CG8NLS:[K(^ALVY-ME^,"J+D$=1')997JTVZ^'>MWJS MMI>VR"OSK0Z:2UEF]9\74]CK\XJM;C>^Y\=3V]\(-^MPMMOGI:F:W%9!;0[/ MJ\_LZ57)7C(H?N3FVMR=!WWR;];^ZB_^V3^OHCX'4YA=V[O(NL.[V9JBZ#UU MD?^;G$+,WO#^_.;]RU!NE_Y;UIBM+7[F^_;491NM@KTY9)>B_6ZO7\U4@^H= M[FS1#-_![M*TMKR9K((R^ST>\VHX7L=?=#29X09\,N!4`S$9B-F`R?\UD).! M=`S"L91A(%ZS-MNL:WL-FG/63P_VU,GKWDGGN3\91G9PV@U%T]U]WW#%UN%[ M[VC2O(P:?J_&A3O[8 M@9P=R,&!_.!`.`,U:I)!4PT:'?4?IQ9?%CW.1,V9*"\3II63R:A1=R%8K.+4 MRV6KEN02S[G$R*C(QPZ2V4&R['_1LP.-9.".AO:*9-'T>1PJG4.E2*C8"85I MDL=!6`1$1H@+[2(9>25)8CWL#GY&F-23Z.&L1G24;#ADPY%L4C<;1!13XL!2 MP`3BPEOS,!%A8C)8,1BR9,2"X`)09VH9'@P(90BBL72KQ42*$`=`9@GB(B:X M`)297E@M(,HP_CQX4F^F*B(\'#CE"*=QXH3B/J=B6(9)P8!4CI`:NW6AHI00 M!QCD"%Y)Y,;A_GJJ.:TDP)`CA"4NAJB(,"4X8,@1#!-WD4-%A$;&@57N]V6> MN)T(%1$HX0`T1UA-""V&`ZM\8=?EP"K'^JXW(?W&RZES'YCF"-,^:#[30E%; MO`"J!4:U6Q/,1P*J(EX$F@%6!]%4/M$GD@4:(!$@+ M!&E_2OI(:T&+!$0+A&A_1F(BRBL;P"PQ3KV7-D2D*7$`9HG![,Y(3*0)CX,2 M2)8^I/ZKGT2ZEE%0!!K5P_T@!#`KK2.Y_BXE2=Y$([S;W2E,?AUW2)MC92]6. M&V_SW7DG]C/O-P>=^R_L:3ONIX*;S?J<'3[>>+PAS:_C3ISNMQ5W6\:.WYMDD\[U1O_@)02P,$%`````@`=)AE M1\V"TQNX`0``0`0``!D```!X;"]W;W)K&ULA53; MCILP$/T5BP_`8$BRB0A2EZIJ'RJM]J%]=L(0K/6%VD[8_GUM0RC+HMT7/#,^ MY_B,+Q2]TB^F!;#H57!ICE%K;7?`V)Q;$-3$J@/I9AJE!;4NU1=L.@VT#B3! M,4F2+1:4R:@L0NU)EX6Z6LXD/&EDKD)0_?<1N.J/41K="\_LTEI?P&6!)U[- M!$C#E$0:FF/T)3U4N4<$P"\&O9G%R'L_*?7BDQ_U,4J\!>!PMEZ!NN$&%7#N MA=S"?T;-_TMZXCR^JW\+W3KW)VJ@4OPWJVWKS"81JJ&A5VZ?5?\=QA8V7O"L MN`E?=+X:J\2=$B%!7X>1R3#VP\PN&6GK!#(2R$1(\P\)V4C(%@0\.`M]?:66 MEH56/3(=]8>='AQ<>Q&G[(.P44'4=69<]5:2?5[@FQ<:,8\#ALPQ;Q'5"N)A M@F!G8-4%F5R0P,]F_#1+/A?()H$L".1OVM@LVA@P^X"1`R;9Q@M4]1Z5IOMX M][F9?#*3KYC9+LSD*V8>XL7.5^]1*2'QH&?5%^8-.BDK+LWX70; MI2PXQ23>1*AUSWE*.#36ASL7Z^&åW?V]3C^-\A]02P,$%`````@`=)AE M1Z./&-@A`P``O`X``!D```!X;"]W;W)K&ULG5?+ M]LPXK:XAOE?E']VSJ-OGI?MG!OHP>P#J M`Y!K`.X#\!``PR\#PCX@5`'QEP%1'Q!I/01=[:UR3SG/LT5#+QX[Y7(^P;F` M-Y)$,,N7=BA:4J$=$ZWO&4J31?`NB7K,JL.@$0;>(IXLB)G"!"(#:QKHFL8* M&03HMHNUB8A2+8N[)!L+8G8_33RHA=MX?*.6`T$X$(0M07A#H)6Q,C$8@/N= M1$,GD87`833B@2">5F8R$"26#+2Q6-DP6!O1KS&?)C(;$ID9!#!UD"(="-)I M4D"@'`8L.>AB6$$.E<*1DZ&%(G2@0(H"3:Q6.01B2Q:17FT'2EI0W?4#1W.\ M<[P%E>J@)PM(5.WB%ZA<"6V60Y&$Z53KH.Q)0M#.ALH=NA'F1/:7)4X M4"A;P=G$:I6Q8.HR45++Z)H3I4-%8Q1PF0)(N129!L3`H2*D#(C@-%&0,B!" M#J+TH#NB]*BQ*,A-%&5F9)H9@]2!0ED+A1-%4=9"MOU,7T!M(*@O%BZ@S1W0 MYQDK)R.+22'4,XZ-84R,Y15FL"LJP)T-`X,:;4-V1.O#NHS]-1 MZPLR]VT,';9#I-87-''GQFI-P+9-67=C#QJ+'^N26##04"08'=DKTAS:RQ+S MMO1<\^ZH/+0.%[)')(_\6OL*SM?=M4K19(M3?B"_\N90U,Q[I5Q<*-IC_YY2 M3D2.X$&4?Q17R>&C)'LN7Q.I2W>YZCXX/5WOBL.%-?L/4$L#!!0````(`'28 M94=9!ULR0@,``#$.```9````>&PO=V]R:W-H965T)YY7[$X\C8HG<>:9^N4@\C22ZC$_ M>L4YY]&^#$H3CR#D>VD49^Y\6HZ]YO.IN,@DSOAK[A27-(WR?PN>B.O,Q>YM MX%=\/$D]X,VG7A.WCU.>%;'(G)P?9NXSGFP)TDA)_([YM6C=.[KX-R'>]<./ M_\)W4$I&Z?/`E3Q*MI#+_K45-3AW8OK^I;\KIJO+?HH(O1?(GWLN3 MJA:YSIX?HDLB?XGKEM=S8%IP)Y*B_.OL+H44Z2W$==+HL[K&67F]5K^$J`Z# M`T@=0)J`)@\<0.L`:@)&7P:,ZH#1T`RL#F!#`_PZP!]:4E`'!";`_S(@K`-" M*\"KEJ-G.$=ZB^.)PG,MHI3U3;D[2E&UG(4:_9A3/)IZ'UJH M9A850UH,"[O(NH_@+O'2)RAF768+,7[#>&HBX&S(;38+TA,@W13+/L'&7635 M1R@.K/D^3+1YG.CEHF` M9J^A;K>/$;*K!C#5[L@NNX_YC+:P^W4;C\*`25$KTPJ$!O0K-O:#`?^AQ,X# M0=3R?0`:MI.-_6#`?^B0]38&A+_I0-A8$`;\A3)[RU00QJU51D_A((LP1H0! MEZ&612QJ")-.*H)\8A6U'$RN8=+'86#_5QE"WO^&,6Y((#>T-O2BACH=%O8Z M;`EBOHVM`8RQ?EM#&"&]?O5:'Y\ISX_E2:1P=N*2R>KSI!EM3CO/1'^\6N,+ M/%EA8'R-)YOJ+&/DY]-S=.0_H_P89X7S)J3Z9"X_;`]"2*ZJ1T^J[4[J_-8\ M)/P@]6V@[O/J1%,]2'&^'=":4^+\/U!+`P04````"`!TF&5'JNHG-8("```Y M"0``&0```'AL+W=OJV56???MN"**59O)&V_,[YVE.$IE?*OGA! MB'"^ZZKA<[<0XO3J>7Q7D!KS%WHBC;QSH*S&0G;9T>,G1O!>B^K*`[X?>34N M&S=+]=@'RU)Z%E79D`_F\'-=8_8W)Q6]SMW`O0U\EL="J`$O2[U>MR]KTO"2 M-@XCA[G[%KQN(D5HX%=)KORA[:BY;RG]4IT?^[GKJRF0BNR$2RKA8_OFOM*KE;/?8DX6M/I=[D4A)^N[SIX<\+D2G_2Z(=T20F6X MHQ77O\[NS`6M;Q+7J?%W>RT;?;VV=Q*_D]D%H!.`7M#7L0M@)X!W`?JO`'4" M]*P@[`3ALX*H$T3/"N).$#\K2#I!8@B\=COT9BZQP%G*Z-7A)ZR>\.!5XDR9 M2&?5T$^'-I7;R>7H)8,P3KV+,NJ8O&7``Q,F/>))>VL-<*N1@Y$>#"LLQ@2$ MR9!9VIC9D'FW5#)L5F,D-%S6EDK('S(;"Q/$TZ'`/GBH#>"@2#!M@'H#I`W0 MP,#(-6^94#--NUB`4&ADLAACR`?`#XP=L&`@3"`T-F&,@5D4F7-;6=QF46)N MZ=J"Q3,_-I:P&6,PC/T`3B<:]HF&ED2-Q>7A&ULG5;;;J,P$/T5Q`<4C\%<(H+4)%WM/JQ4]6'WV4VOXDC8]+Y+(M*+-VCE*>%YXGMD954//`3 MJ]2;/:]+*M6T/GCB5#.Z,T9EX6&$0J^D>>5FJ5E[KK.4GV615^RY=L2Y+&G] M;\4*?EFZX%X77O+#4>H%+TL]:[?+2U:)G%=.S?9+]Q$63Q!IB$'\R=E%],:. M=OZ5\S<]^;5;NDC[P`JVE9J"JL<'6[.BT$Q*^;TE[32U87]\9?]APE7NOU+! MUKSXF^_D47F+7&?']O1Q:2EU<3URGI9_/,*_.\ M-&]BU)I-&^#6`%L#/_K2P&\-?&N`X4N#H#4(YAJ0UH`,#+PF=I.Y#94T2VM^ M<<2)ZGJ"A8+7FD0QZX'Y%(94Y4ZHU8_,#TCJ?6BB%K-J,/@&$]YBUF,,6(2G M/)AT`U_=6.$)B6@@,<9`C&\QFRF,?XMYFM**[SOKVYSYAL"_(4CN$P26(#`$ M09\`HT&T#28RF,I@"(GCP:?93*`PAAG1$.L,&3L#R<`9,I(!/TX&-;"90&&" M9C@36F?"L3-DF)D&0WHR89S,4(FL2C2A,J-<8TL0?Z\"$DN0W*^`53)*9ZCV M]_LJ@+KN1A.1XF%[-R#`/27T@,(X(JC[S<@/]+85F!#VA\+MYH-NA&?D$7`G MA.^7[ZH%]5.9S$MEU_3@CX7\42K'()A3FM#M#3"Q.9!@!D77T4"^5Y[0]2', M:,0G&':LL:OV M1O.(]9DY6%_#8M.&UL[7W;'RI=LSKG*-[9J.C8YYH"78XC1%:DC*+D^+N.SG M2YG!E]N\6,05_%K%K]K=E3-;Z4=PFV@"$^Q`O9;'6X7*927)Z<78MKF44P]K3?"L/U MX](;8#C8_DOS;T>KHL#VITDYC5/Q'S(N$"_B.*Z\_MO;P]'VSK`%^J-\L8!5 M7E7Y])=(7!'JQ<6J*BO`1Y+=>U]OX[3T`-`S0:<"@#V#_?LL M_BP?V]JIM5W*95Y4``(`%U`3^I++QF'_*6CM1< M'`$2[_+"@^]#GFW'TZF$-M!BQJU;1OI)INGV+UG^`*B5<9EGT/ZL+%=^![/W M'V61Y+/6;=04WOO=[SK)V":)4_BCM_IF2S5OL.U?=CS*N_AP=7%^=GQX?7(L MWAV>'WXX.A%7/YZ<7%\!ZWZZ.A9;K]Z(5R+)Q/4\7Y5`13X$<@I+87X<>P16 MEK+RNIQE][*L"&P8&61.*N!W0%,D,EF)_%;`SJP6JY1V9B9!+$T39F#X]NI@ M/QKMCHC%7^V-HN%@-X)!RJ6<5LF]3+VM/HK+.;6>X@_R'ZOD/DYA<@^N2X"B M2*8X*3;=OET565*M"H#K-OF,/Y0T3E[-@;)D.2WR!Q\?*RENBWPAJGE2S,0R M+H""%G$6WP'QT@*;/2YHN)A0%6QPG5>`HC`NSY/X)DF3*O$9Z*B0LZ02M_$4 M&WAH>0\,>0=0`8)OO"D/IU.4]B7`_QC?@,RKUYVVS\B`=H!$(FF>IS/`Q>_% M"6R%#]?'0MY*D!HS4;(<@]T"G";(<)ZJ4!)/M[].E@&`UV]J+)_K[JV$UKQZ@]DIL5 M$FLI[H"V*T!9-8\S(NTDF^:^5F&T;8(;#\$$XR8]KT`P0/-#4:.7U(3X^;U< MW,C"4XBJPSM0*L"N(+N1"C;MW"58MC[&J!+FLDI`8I5O-I8TE[6@:!<06S#" M<9ZF<5&^64M9O*,6H6S:(TR,;:WS=@WLTN]:>(+--^&,#2"QM^SJ&OYY?_(! MMNOB5%Q\/+D\O#Z#!F+K4Q:O0*K(F;UO&A!K\Z(UF[FSL07H*95+>2^SE2R_ M]3[D^2(H7,-L5/`XGM+_#)9Q&1C^8HFV0@!U/^:53$4\6R09&8\H&KP5@);@;W;Y068234!LT+WVPRF(I#(A_BPD,^TT+WUE M=FQQ-F M@[.YEH'_P/:DHLB@Y78$BO^.):,U-AERA%K+EO+F`3H"\Z%$8A.S)QN58):; MWODZ`].>*GZ6Y8>$O!$ZU^UO0HRZ;G\M@0(>P9SD[Y)%6-*R%2!;%'=Q MEOR3705RG5:+!<:68/57R5V6W()/@N%,%H*(SX]YFDP#.QAHTA%>M">.T*4J MH<],_8JZGLCP(TH%P+/Z\ZI,,EF6XAA##_^<___L-V)L@E\5?DP*H.(F!SXIE7C"PX#M78AZ70J9RJD34#9`/ MN=9@RF!'*X2DY"7)V*H`*T!LP5P(+TY$0OX6Y!<:KK41)Y8KF!"4>!\,$2D4 M9.(A)JVP4'*1!D8*(WUC*Q(>:1ODUFQ%C.\")$H-^T)6H*4`L6!GB1@E`'Y& MA*`4);<:N@`89_!K0OQ&JD/O7`YN+SF8\//AZ@Z7-]PA+PE\I8>YS,1PP`(9 MF#J>SNEG0&<&!%8IZ9!GKN''ZX`_FA#!LO9CL0&,#-R,.)K"/K!J9S(`"A"' ML_NDS-$*05(@;!\.!X>$;1QYO,]A%Q-/F%KQA,9,96"F'])X)L7[OOASAM9K M1-@RM/-_2P$V5@*"B,GZ:)[(6W'R64Y7Z(F(BUL@;%FX^PK",C8&&6FQ3+R/ M84XQ)EP.%2X!=34H2-2W20$8I^UW1T3[,EW-5+,;V/EM>0ND0]H%5DBHS\2? M5L`2.E;JC$`KN>48[B-&>U$D)\CZ4XJP0"]W1N2(+$?R!*/>74QA6Y@(3VV' M@71:33&0B22+`./:D4UA^PL*T9,T+>4=,A#/.#7""I:G=!M`2<3-"E2-13MC MS$>@-&NG#"RV*.B+PQ39$)3%5#?3W;&]+?]AP??H?L&VR#0!;Q/!P0$J\!SN MYLY<=&"5A3R)">D@0ZQ7- MMBP2DJ#LY`%.X.>X=`"9Y9+;$_#X%YE*8W0L\P>2'=1E!GYOB2R^B'_!G2(; MJ-1H!$@TG!&C!L0.NZ)F#FN?:$3=`9!$PUS)9:5H2:76'%Y2HGHRUN(-5`EM M.0`XW./M+EF^(Z_=W17`1159B;O1_L&^*/)\4?9[0676NU:D05/A^E;:%=R` MONJM!WD!OH_6\Z`F9F2I$E2XEF*EHRP`'88'B710Z!% M5Z#+FSX2.G#3")V:J&,@447+ELD#XX&54;"(BFNE"40!X"\1BCN.CZ3T'7$_ M"\IZ@@X1DTK`9FC]J`VH7[X$[<@NS\*$13-Z$G(C%G$ M*"XH9$#F@)GY0:;W:D9EA>.\"*2E`'C>?N]32:.?P`XOD(*(N9@S3)(,1VW! M%R(5Z1@SFX1\EQP#9!NF;\4!I46+:":!_))H^C!L'!U$XUPYC(2'&'3BE*5H MO&!YS_Q9\\CZG:>1;9&2Y60Z'8*"(WIGQ$^)^&8)JF$=0\E+"\1^[R0NT'4J M,7MJNR$S8;7,>0$/S6!;MJ)]A,T)Q-MF*V)- MTBNT_WUQK,)NW;/'Z52E0>);3#7=@<,)`TF%X9RD0ZW_W(@?;0:97!3C2^ZE MEP[3)*JAND;%PWTPV]8R,*N)>E0%SG,Y#1JRQ73(UC[N;!2(4+:CB@#&JJ`1( M]!+$@.N>7>$.Q<6L[)UE%M)JO7YJF";42[S+X1\RUT\/K]Z1N:XRHL'FGY9D M6)!Y?_6)FG_(^S3=]G`W`B<2-%AR^ZBIN!X#-_T]>#I@=2+C;JL2!2M&&^$2 M#D&TI#;X`)6!Z.I3/=M@QY_-MC60PX[E344E&F0>'(7"-FX1`N463TBZ!-.. M_*G#P;=;'8,=G^:XX$ZW?(2*O06(GFWK4T0#Z9+Y1MEGELA@O\3F)<`!*0NR MX&_!%<\?J+$R[UGK*<5+AAY%'&[`X)Y%.K`6G9 MR[")4TE;3NZGL+(>Y)?*"E5W+_?.P*%U",EU'N'ICD*WL_T+0?];0?<=K>]0J-GM[18>\4K)?;1(+@/\LR\>_Q8OD'<;5* M4%F"HP?T5U6]T=O)6Q(OP_%$O$+]"FZJ-<:E1-L(Z0?&"'8[$.-1M`^=KF+T M[>!_&!FF\K&\8X1=,\+.0(P.HA%.2]FM\6@,D`R!PA&40]:0,V5E:QPS>P0P MSGY"(PR./3&HJ2-D$4;K;(234F) M-O9]GI*Z:41E75=5Q^;B)<#VF90N6!>OAKO]7;%(TE3Q+$')YDDF&[:A62W6 M!@&0&@)8`'X.X%\XR&\`E)8Y1VN]Q:()62^PL2R4RTLPX1H+&?5'9AUN_-'- M=D9*D9`-WAQBJ(?`^A)E=V/#T6MMSK5R&N\[2X6(`V(W1?Y+G>(#*4J1M%R% M;9@32-S`HH"55DL[>G-U^0,'Y1[F"?`P6!G#P>"U\@^_5D2&W=@&&@8U&JR\ MU2;X!%7'L#\QU$+%@#NU0'&KM/J..DTQ\5)JQQXY7B$; M@[PF=+W-]%[%GTEG4L3;!*\>Q19YR=8?*"*3W[Y1@F01EVB._1H\(3D7.PF-C>2;6J.!)L!2?B!'2-_14HY9P)&6>A@D\5)QF3!$6>`>D%B MUL'V:(_"DJSS;_,5;@T'*@OP%Q^@7\X.'DM:-0=L&M7BP=P56+B8-N+J%U%8 MSJ$QZ1VH,6E?S*A`#X-U<<:F,H4V:[ILT,2X/ZXIP(@OFUR]7/A:&KZ)4[(B MJ2Y>K4_Q6(*Q7@(#$XA4::BCB*?RIE@A78P&>Z-(!>1FM6N.+.RB;EV-=P[@A[V]Z&"\TWNW2E(6L_#YS"H9$/OC_6@\V15[NZ-HN#/NG=;UQJ=V MO3%6="YI!3#D<+PK=O>BR>B@5U=\G4IHNA--=D;\_QX8L^"53?9VQ,%P"(/O M]\XQFGQHE4T>.V63JJCZC=CBDFKQIM?JG##?O(*A]Z.=X1#7O',0#6#:S79[ M'KLQ!M@(ZMT/OI]K,JA;YE\ MUKJ:-%]`_XLC(R2/LN+0<`GD5(+G-:NS%.!B9(@\ MT%NHB;BJD,.`9C2S9K5>DCF4[+2<$)MDK`2-HIT65Y?2W""9R["K:[#:\&W1 M?D`GB0;92E@^E#+%(R4FX[*0J#[0MKE)DSL3^='P:M#>F)^P5)F+D+#N(=K` M@5:2J>80&PF`PA`A;>1MGRM,*%^;O6I3(_41P`O[V)]H>4YV+IYT_L1+,T'T"':Y1A.=M#5AO]&DV@TGL"\I43&`/_CO/)RE"Q`QW2CJ5I"S\1N\FJX=R;[%]` M#JC.\@MD3@_V2)PYQ(TT7=I)KR"X45.V*`Y@L-#PIH(2S"*`S8_9A@!?D,'# MF515?)R4@3V*D,XK0"=%4B,;6$Z"(R-6:T$F4V2=0&K='A)(-[*6;PT,Z&RZ MP^#$QFKGS+I8$'PU2[2&`#3FC&!>(>&%`AO-<`97;AM]:M6M`5JEG/%N&F)$ MV-1J`CREUG5K2W44X*5W0%*=2SJUP3"'D8X#!7@4S;6#JJU16*]E1_AU!U3N M.DAZC1:]"U7$,0K9-9)J"M!JQ;P+!JERQ+`Y9*F\3?E9)6=?#4&F:0]V33"M M'@56Q#L]1P4-5B)"KEUG"[@]U&&SU52IOIASHJ;NH5`]2+-F,T.3.;\E.I\F84,J"XEI7LJJ4)SFNJ313JC*<= MJ5H`#PVKC.)_AA5N668.^B.,=!7PPP[^P&#I#)[J1(4$M8/>NG&12@GJ44Q< MQF+.0`Z0]/X_P'>LFG5+(&6X^LL+FXWM0&J:8W53D=QAD4Q"QF)9.26^E4U0 MVE'6(J[V9:TR&EWF[OB8#O6!-`^9(Y[EIH588,LWXP?R16'-^[6GGW"QM2$U ME.S*\FG82\UTNJK""C)'T+RBV4?]P?@U!Y6:P*$D!#<=1619Y50@%-_>)E0V M_5*K%*_"?"S%:, M9@(@N8Z?TIA^ON&-C46<[M5D?^"$/#4N.;^.Q&0I@-W(01#9!AS)OQ6G*U0A MI\@L%W54]@F@]7NNHFQ)0K>K1DJPF+I[DEE&;.OH)"8O9$&DF"(82AZZO4@1 MN0)Q9[=_4"<22O'W/"%CI9$VLF7/Q53&5`P5@1N3)C`H%B(?Y2NP2S%1CMB^ M6,3S.(*M!+.^_"46/R8INBL_P'>9<9KI:CH'99.BEK".%QBY@J.H$IHX]:.L MKX;[(RJ616\`S_R0:L7*-.UCT(I)4FLQC8(T-M%8BMXJ[(&D37/XJB"A`:D( M24EMV.&+:97SAHTF(=RB@4UY'!*/S)BND/36,.Z/]E^3,@CZ"JQ!G5,:9EUT M5`M5=9?22$BXM:I<0A2GZ<)ZL`^&35`_ML64!W::H9!>Q/=I6A(9I25._ROS MR*N=27]@MG;/[@ M:^Z^=X0.JXG_2O=XH/%A#,PS"O,$#U!:76J'ONN(55N'CA``6/\;0.8DC^O* M5LH88>][W1M9EH@5)"I87J8"CEJNZ-C%M#ZI"1W(#DW,3$@:>OR9FRG5N2HM M]QV4(PWPQ'4@FIN58!]B'%B)#_:5Z0P@_P&-;,"E+#`B,2VU*X@$<$X.PPZ` MMUQ5=EC;6O,\`=.QF,X?^WA^IH:VPAI@4F.ZPIQA4K7%>FE6J(VM>E[/ND3H M-"X*JOQC(,AI,EAS=Z2IUPA)Y#^.!KO-\H'18-].'SL%!`HDSWW\BA`-AP?] M/1>BX6ADN[DN1-?^Q('Q.ZP#VTZ;5+IXX<BPB6=UC6G=]#27E)*GDH8[)U1 MR0>)9FI)8V2P%GL<=QTVUAF;`32I4V8A*)7*F"7WR0QM`FL\SF'<`DYM<=V! MQK[X,7^09.C7[6<$A65/^?!11@:+3RHZ.,C;'J+#4F9)7C@'1&2\T&LI>3&M M^-&'#>J#1UF.&HMNU-#!%Y,8Y4!O!QVXH*T])_2.RI7H7')9GY5>@U$Z(SP=!IBGT\!1P+/_D8=8Y.-%#]N5_DV_&.3 M1CV@O4*PG$NZL4AM<+*@*SM*$\?4]Z]0>2M,SB?D<8%U;6P]](D)E/&!7Z/& MJ6NYNM$$)6=>9M_4S_Z8EWPJ&R\,/3F[MHMGFPVPDI979`UN>?$6IH`\_/'K M[[F#3')^&.F/9GW$#KC/C1P)XT6WKB'-57O&:F%=N%)GGA-H.*U""83`^$1TN/Y^[RO5+:-(P`+R M^I/I!P+"PQD;$OD#$!!1)2$6X;%H\4]Q1K6"0VWF_HE.(8@?VF'%$R_HQE:1 MKHW%&&>=W@DIWP!TH`(D+X>OHT$E9H;NPD-XM!XMT6"_:511N$IM*V\,-D?M MQF7.EI"17,!LW?A7ZF,K+KD<4NX.*Z"[*^6A'_^]C%/]MZ1.K)!YIT2*IF.B M7B-?DOH>FU;QTNZXF.""W9TX*)C*3,H:4R3!R7$/!$T.K-Q?F62T*#RV2?KS M0@W%R3"O9($UD7WX@-V.01T]=YV.Z$DE[49GM93B?OV*>Z`_E'0U_7WJ$#U* MYAL!&U!%#:%+^UM;%?$-&#%V[F6-2BE;:\5PBXS$"JD9F+F.`DGI)M8'_>%K ME;R>,`_P57ET#ZA]Q1/)[F:\-WH:%U"&"*^CN<&1T$:*F#-8U@=U9,TI(76O MRKF,>B*F,-3I`MNM2YI'.NY:;RBTUD-QU#!O64DD=L>M^/DS&<%WX76ZD/>2 MS%*LD="I9KYE`L^66UYY72,/!K0Q(]'=I3J&1!;=B%)#J?O(9K8KZ3"3NMJ% M#E#2B6@^$ZKN$.F=N81C;`*;&&R5%S6`5]9"+5(!I]P.KV)#6]\LEBI-9!ZH'M5 M(;DK,.U;]WP\V3>;N.Z*L8Z,U4QEEVONX0,DCU7D#+2DL>][Q M>##VH$YVH(Q1%1F*^')U&C\@ZZYS%*IX^11E;5EH<.C4N;(O-"=(-D[J M%)A<1]Y<4C+?TKH5@8'UC6`6XD!$AA$#9U>P6/6\8`Y5)+6H%H/\`=)$+N37 MJ%ST93)(6`_*[=8W[N"5#5BC@/DU*A*T#H0JQ4TJ`C@^J%OIT.Y%?7N:"`?]%>C8EZ,6CY$6-Y86..*XQV7VLM[9Y2,:"O"X4S MU'4`ID8'ZHX`0[`AQL=M8K$W?FVR.GYHSP1-<.]3'J)&YRE=5YHD'A:E1]9([6$,A6.CG>TL4`VQ"5Z6J`U513 MFR(L(8UYW'RA@6114DR+^+8*;NIZ!?E\%P#VN]9V'@DW#R*5=,M-:05W2&"@ M$E8+L)9-ZJ)V6B)U&-'2!JR9L_R><6%=*T@VKE+6NC0<05F5J-L:2'N>21(\ MTC?H#W:;#&H4CY>MH5O]&R\)"+QILR,;T]YGPV3,;M]YP0"PKT;IT>V%]76S MXF.1WQ7QPKDN9-1T:TO@5[H-)A8M_:EP@BTFKJ#36?5D`;_#U#-UV-_PAP(- MCP:S.S['NR5@7F!ENFZ1:<..BF.-BKLP90_]8T7)^QHJ?8>N*JENQ"V@/8;Y MJ@^8L[''LE`@=WZ*X15:C`[UD:^NJP&>- MO,CI:AUG5%7+H,HTZV,T/()]%Q;B0>J;6V'_[F",C`M\$KJ33]+=0W3[S=;. MZS<:S([KE7B2EMN5AJ-MYYJM9`&3)\PLL'3D.R745'5%O5&N*M$7.+/)B,"0 M\TSI"4:D=Q:Q'HK.E_V=TP0U3?`]=;H-[0RIOP<\2D2%F$Z8*!+EJL3<&[7$ MO]*MB&:K`I0/!)EDJN[(Q(GJG5?$6R7TAAOT'>XT'+JAI=A:.XVLC/^S\R]HD3EA=C61PEX'BA1=8@T;--X& MA173'5:E[=KOO&:1Q`K$"S;5:%+3\N%N5;RM+H(8X_6EZKZKFES#&[5/C(_> MCZ)""@<8.K4)QKECFAQ2/N#2F+P#`[:Y9(,5^:M3<8ATK!FWUX(R_5JLP0II$:K40M:)J%!CHE./^B M\$=+V)GL18/ACAB-1]'N>"R&@-"=W8/>%>/::3O>.X@&>_OFWT'OFIX'S@F:+=`!3.P7623_O-BB3XBW5V_?1Y(<>-0-P= M[N]M`.)DT@RD3:R+87QS0VZ[$R_;8=1N0>2J]D![<:Z MXKVISF9RFM+=LE3RB?9/PY3>K5=*&I=L:XTV]SX#F]:2S#^&08$6_S&$O@]A M[7?>@5TJ4[QF(%1JT:+PFPYB4`G8+GN;\CRP%^_<4.4*=4>.VHH$CTZ:I1V$ M[`DZS6R.RSE7?N$)\&T\@RU:SXB;6W"L(^4`;I8G2J\$LX)<"SBQKCW9X)[_ M",.L],NCV-)_]-[$Z;CRGTBL>6=A77MZ5?NV&[I0+U?TOUS1_W)%_\L5_2]7 M]+];GP_^7"_Y<+_W_%"_^]=T(;]_\_ MA5E?W@[XNF\'>(_'VD\)7+%IMOGNO#Q$\/(0P?_;#Q'XCQ\^.&_&%7D&/T]U M?<[FI/_RP,&_[($#L76-]K4?L=!'H7$"\_B@]=8J!S[LQU=_II$Z]E5\7J3? MELMX*O_XS5*ES+[YWO:27AXW^"T^;B#:'B`'F9'&JI*BOO?VF73V35XH_$>Y:I)Q@$[>2P3U?'8NM5)Q>.6]IL`F@7>QRJ*P0[ MKXTW(2S0VC?J&KS("5_I.Z""\;-+?CW-9WZ33SI3+ZF=@]7H+?$']722=_L] MG0&YH**4:ZR:I[.)X$/;Q&(!::Y@XHYM%-+ZLI_8P@G>M':\M.]8"-[WPF?. M(^?&+(S3<%6^_ZKI8/#ZV=#!VFUJ.&P`=*P!HIC#F3XDWK8V1AE%,=2YV\8J MO`Y.H]8!_$ M4XCK7`)_*^PW],*7AAYV;.13>@/)/&&?*)1W+NFIUTOSZ)M6,=>R6'@\IU[G MZU+;_/K;Q=*44]73M`-@^G%.PWM"8Q">]Q0?$Y3;YW3=Q%G]>-\A%CU%6/&U MK:Z`5,L\C>_S`HT*12+M,IF`[Q=6I<-\#HXZ0`/EJ[X_\:+I=#_,_<@G`#HQGHX\N?[ MBU8(T5=F;C@P$#6TE,2F2C<`6!N)_CS\6_3SR/MS`R[O_MJ0!Z!N M`2NP:(],?J,QOY?@\.;!X2<_5.9(F!97]RF#=!D/YWEVQQ*_.;[_3[U6A^(*OOM_$Y2CF&FCLJNXF/R:YW1')LE\L M"P]K5[EL#+N^Y(4?*P/>4E4Y)[Y2I-><-A[X2#T21(:X)WFH&O_E2:B7)Z%^ MBT]"/5T4@>5@/S-XX[TRN$4/$K8'5#S!8TD:7-1?]6$2&HV.*@1"Z?;CAWX, M23\!93\1Q1>F>:_BF">B3NPENN)^XZ4`ML"-HGSVVK9'F/VNT*9L-G4O4"2K MZ=\^`RD<_.$K/7JU%C:6O,E4.^GK%T['2+,IY5/6]59'N-=#H9Y@"8KM7_%9 MK;6`.9HJXIS(3$=7@6J:`]`#6YYE[%&B><+IXNFDV$HPZ]^%VA2S7_J*DX^5 M\:Z'E2='Z39#SU->]?'A'$X\.+5&<*+@7\V,^\3/EFK;+:*3!7QBCO(.[:1& MSZ%^%6"_OJ#G8V=72SIB!.,ZDMX+GN/;LW[XZO.78YT>BOTJ(W\QBNA=W5"0 M;\W[1B$OAB,C[]FN\,,YQA<)Y=W&$2 M<.U"<&_++=S'=O9\7V^'N9+Y=/.\JG/+]].AP:RE->L&R5/GZF97 ME%G//"!(+CLAN2IJ_ST^)I"K][)1A%WIRR:O[+N,G30\]C!W&;LC=^>^-R:' MT6YH0]N()!"+M[+^'$O:N.\:2'&3]!60G^AB2-JJUN1/L)XO*$/?ZN->2:8O MGW`%:V0U:!/[P_W.XI!Q=^W(>[P/4==5/7$I7<+\HRTG+Z4=+.1Q6CO@N0`\ M"HX1F6-\4$D2(O3!2ZS(\5,"X1LENPIW[*O.^*0=*_YE,*:L7:+Q M>?9C[[HS7/XQ5;KSP4]B6C_F;%%P9).V=2KY"$T$3%EM..9:86,?MVFRR;9; M/JS%W;8(UU=23E;'V+KDB/?1[OE4(=.]A"X1](PRXVXR;YO@R47('@J\2]3L MRL"OHR4ZM<`%9L3T[BG]5$_<4FZ+??2=86U5AQT+Z]JZ#PVIU<@AZV.)ZZ;K M*$'[;R$;J%NSPYN[O!:M^69?7]_P)02P$"%`,4````"`!TF&5' MGH,0)9H!``!#$@``$P``````````````@`$`````6T-O;G1E;G1?5'EP97-= M+GAM;%!+`0(4`Q0````(`'2894=(=07NQ0```"L"```+``````````````"` M`&UL4$L!`A0#%`````@`=)AE1VDX)MH^`0``:0,``!$` M`````````````(`!]P8``&1O8U!R;W!S+V-O&UL4$L!`A0#%`````@` M=)AE1YE&PO&PO=V]R M:W-H965T&UL4$L!`A0#%`````@`=)AE1YP1.`&PO=V]R:W-H965T&UL4$L!`A0#%`````@`=)AE1V!O6RLL!```O1,``!@``````````````(`! MF"(``'AL+W=O&PO=V]R:W-H965T&UL4$L!`A0#%`````@` M=)AE1P$H0/6C`0``L0,``!@``````````````(`!JBH``'AL+W=O&PO=V]R M:W-H965T&UL M4$L!`A0#%`````@`=)AE1_124I.B`0``L0,``!D``````````````(`!#C(` M`'AL+W=O&PO=V]R:W-H965T&UL4$L!`A0#%`````@` M=)AE1P6L_?FC`0``L0,``!D``````````````(`!Z#<``'AL+W=O&PO=V]R:W-H965T&UL4$L!`A0#%`````@`=)AE1ZVHZ!_[`@`` MZ0T``!D``````````````(`!H4$``'AL+W=O&PO=V]R:W-H965TR MG4@*[P(``'L,```9``````````````"``3M'``!X;"]W;W)K&UL4$L!`A0#%`````@`=)AE1WQVO3D;!```M18``!D````````` M`````(`!84H``'AL+W=O&PO=V]R:W-H M965TCCQC8(0,``+P.```9 M``````````````"``:)0``!X;"]W;W)K&UL4$L! M`A0#%`````@`=)AE1UD'6S)"`P``,0X``!D``````````````(`!^E,``'AL M+W=O&PO=V]R:W-H965T&UL4$L!`A0#%`````@`=)AE M1PZ.L8D%*@``;\(``!0``````````````(`!$UT``'AL+W-H87)E9%-T&UL4$L%!@`````C`",`9PD``$J'```````` ` end XML 12 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; white-space: normal; /* word-wrap: break-word; */ } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; overflow: hidden; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 13 R25.htm IDEA: XBRL DOCUMENT v3.3.0.814

Shareholders' Equity (Details) - Schedule of Unit Redemption - Redemptions [Member] - shares
3 Months Ended

Sep. 30, 2015

Jun. 30, 2015

Mar. 31, 2015

Dec. 31, 2014

Sep. 30, 2014

Jun. 30, 2014

Mar. 31, 2014

Shareholders' Equity (Details) - Schedule of Unit Redemption [Line Items]

Total Requested Unit Redemptions at Redemption Date 524,458 402,201 425,833 296,642 496,839 479,078 357,013

Units Redeemed 524,458 402,201 425,833 296,642 496,839 479,078 242,644

Total Redemption Requests Not Redeemed at Redemption Date 0 0 0 0 0 0 114,369

X

- Definition
Number of Unit redemption requests not redeemed.
+ References
No definition available.
+ Details

Name: apple10_RedemptionRequestsNotRedeemed

Namespace Prefix: apple10_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: instant

X

- Definition
Number of Unit redemption requests received.
+ References
No definition available.
+ Details

Name: apple10_RequestedUnitRedemptions

Namespace Prefix: apple10_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: instant

X

- References
No definition available.
+ Details

Name: apple10_ShareholdersEquityDetailsScheduleofUnitRedemptionLineItems

Namespace Prefix: apple10_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Number of Units redeemed during the period.
+ References
No definition available.
+ Details

Name: apple10_UnitsRedeemed

Namespace Prefix: apple10_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: duration

X

- Details

Name: apple10_SharesholdersEquityAxis=apple10_RedemptionsMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

XML 14 R9.htm IDEA: XBRL DOCUMENT v3.3.0.814

Fair Value of Financial Instruments
9 Months Ended

Sep. 30, 2015

Fair Value Disclosures [Abstract]

Fair Value Disclosures [Text Block]
4.  Fair Value of Financial Instruments

The Company estimates the fair value of its debt by discounting the future cash flows of each instrument at estimated market rates consistent with the maturity of a debt obligation with similar credit terms and credit characteristics, which are Level 3 inputs under the fair value hierarchy. Market rates take into consideration general market conditions and maturity. As of September 30, 2015, the carrying value and estimated fair value of the Company’s debt was $206.5 million and $208.4 million, respectively. As of December 31, 2014, the carrying value and estimated fair value of the Company’s debt was $119.7 million and $122.8 million, respectively. The carrying value of the Company’s other financial instruments approximates fair value due to the short-term nature of these financial instruments.

X

- References
No definition available.
+ Details

Name: us-gaap_FairValueDisclosuresAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 30

-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 28

-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14064-108612

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 21

-URI http://asc.fasb.org/extlink&oid=49121117&loc=d3e13537-108611

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 16

-URI http://asc.fasb.org/extlink&oid=49121117&loc=d3e13504-108611

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 10

-URI http://asc.fasb.org/extlink&oid=49121117&loc=d3e13433-108611

+ Details

Name: us-gaap_FairValueDisclosuresTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

XML 15 R8.htm IDEA: XBRL DOCUMENT v3.3.0.814

Credit Facility and Mortgage Debt
9 Months Ended

Sep. 30, 2015

Debt Disclosure [Abstract]

Debt Disclosure [Text Block]
3.  Credit Facility and Mortgage Debt

Credit Facility

On July 2, 2015, the Company entered into a second amendment of its existing $100 million revolving credit facility. The amendment extends the maturity date to July 2, 2017, reduces the annual interest rate to the one-month LIBOR (the London Inter-Bank Offered Rate for a one-month term) plus a margin ranging from 1.85% to 2.35%, depending upon the Company’s leverage ratio, as calculated under the terms of the credit agreement, and reduces the annual unused facility fee to 0.20% or 0.30% on the average unused portion of the revolving credit facility, based on the amount of borrowings outstanding during each quarter. The Company incurred approximately $0.4 million of loan origination costs related to the amendment, which will be amortized as interest expense through the maturity date. At September 30, 2015 the outstanding balance on the Company’s $100 million revolving credit facility was $0.8 million, increasing from no amounts outstanding at December 31, 2014. The annual interest rate at September 30, 2015 was 2.04%.

The credit facility contains customary affirmative covenants, negative covenants and events of default. In addition, the credit facility contains covenants restricting the level of certain investments and quarterly financial covenants which include, among others, a minimum net worth requirement, maximum debt limits, minimum debt service and fixed charge coverage ratios, and maximum distribution limits. The Company was in compliance with each of the applicable covenants at September 30, 2015. The amendment to the credit facility increased the Minimum Net Worth (as defined in the amended credit facility) requirement to $580 million and limits, effective July 2, 2016, distributions to 100% of Funds From Operations (as defined in the amended credit facility).

Mortgage Debt

In September 2015, the Company entered into a secured mortgage loan agreement with a commercial lender.  The mortgage loan for approximately $36.9 million is jointly secured by the Company’s Oceanside, California Courtyard and Omaha, Nebraska Hilton Garden Inn.  Scheduled payments of interest and principal of approximately $182,000 are due monthly, and the loan will amortize on a 30 year term with a balloon payment due at maturity in October 2025. The mortgage loan has an annual fixed interest rate of approximately 4.28%. At closing, the Company used proceeds from the loan to reduce the outstanding balance on its revolving credit facility, and to pay loan origination costs. Loan origination costs totaling approximately $0.5 million are being amortized as interest expense through the maturity date.

In June 2015, the Company entered into a secured mortgage loan agreement with a commercial lender.  The mortgage loan for $35.0 million is secured by the Company’s Denver, Colorado Hilton Garden Inn.  Scheduled payments of interest and principal of approximately $194,000 are due monthly, and the loan will amortize on a 25 year term with a balloon payment due at maturity in June 2025. The mortgage loan has an annual fixed interest rate of approximately 4.46%. At closing, the Company used proceeds from the loan to reduce the outstanding balance on its revolving credit facility, and to pay loan origination costs. Loan origination costs totaling approximately $0.2 million are being amortized as interest expense through the maturity date.

In June 2015, the Company assumed approximately $16.6 million in mortgage debt in connection with the acquisition of the San Juan Capistrano, California Residence Inn. Scheduled payments of interest and principal of approximately $83,000 are due monthly with a balloon payment due at maturity in June 2020.  The mortgage loan has an annual fixed interest rate of approximately 4.15%. Loan origination costs totaling approximately $0.02 million are being amortized as interest expense through the maturity date.

X

- References
No definition available.
+ Details

Name: us-gaap_DebtDisclosureAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.19,20,22)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

+ Details

Name: us-gaap_DebtDisclosureTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

ZIP 16 0001185185-15-002794-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0001185185-15-002794-xbrl.zip M4$L#!!0````(`+J)94?<%9K`&V@``/Z;!0`4`!P`87!P;&4Q,"TR,#$U,#DS M,"YX;6Q55`D``Y_4.U:?U#M6=7@+``$$)0X```0Y`0``[%U;[W5-E>6U7[\R3`T-*9@N!A@27-;]^,P%)D%R4B$07 M%_,P71:0Y\MSOG,R3UX__L=@P/T./!"8(;"YYQ7G3/XK7/PW-^`F_F+Y8#G< MC1>BIU;HO`+TF_<*`O0W>OX2ALO+X?#GSY\?+/0JM)P`0#\*+`#Q#]Q@,.+P M__[]WSYB(9,`8!&7W.-+Q-WZKQRO<()Z*8J7BLY]?YQP(B\HR4?HB[?GP.7> M%JX'/UUD!.&?/_C!?"CRO#1T/!B:G@4NDC&$C"^I-4DYM/RC2[?M<&V_=B\!!8'^;^ZQ`]P$7+^:+Q*TX3;:*G-B$A M?5D=)@\S%0U72P!+:QH_*:FJB^Q1`P<_?C9AQKCD^S^E^&W!,(QA_'3S*BQ[ M#Y4J#/_^[>N#]0(6YF!3W9AP'/<1EW`)XX?W8,;%)5YB\)\NH+-`IKY(?WL) MP.S31NJ_'&X_2Q;_G`K M8/W3$@2.;^=%QNH(1XF=C('$?QRN?]N4M/TNJ>,PK>2HM-)"4FGA"EB8C:== M:7D@B(BW6@XB"8+\"V M6O%OB1-?@K>EZUA.F*#B;`>]"!W?^W21QJG+AQ"%;OSYQ#4AJEYJZ_EQ6"IHE$$WW,`[.FNE/&M[`Q[*@*P\4"[UP,]IU\5Y=D&5+<_?F&FC M=$E7YVJ[GJ1G*J6>V1OV:(9EY;'JTW7@+X0_(Q>SY=$_Y7X2JF@07B$[IC`_#LS+N)%ZQ_VU-96E99\E99I]B_RBE+;J`LF9&R]%19IG=^ MS!(.S2PCJZPS8Q:ULE@Q2^!SK9%TD15Y(DK*A&J)4:@6A%SO2C[Q:LNL4MDD MK1-N_=<3C1ZY_I:0N$/;2DM$3_H&P@C84V\<]F-Z?D>EAAX1A8'K^9+SA1<^*)CCN@>E^@3CLC#U[ M;%G1(G+Q3,\56`;`GU`[1.`^.MP]7O@1\NG\+T4N]WF5?9)'O=-` M[SU^:Y5TI^3N>5"WY\8>W*@*7,XG+>?"W MMM&NKCYSPM[Z'NJ)HN;?\>9C^_]06H[KE)_^K%7Y.X^V(K$\I<^?^OSI)`9U M1($@YATRB8<'TNZBP'HQ(0HN8]N.;6>ZL;W.+DCNI"%UG6F2FI.RKEC9-O9V M/I:=C]\8296LN$9]2&05UT8A#L7*I-/[B)ISQSN[UH=1U*=0R3ON78OD6J^> M(:?%D"Y:C>IA_VP7J&#T7\OJU:KH<#'G\>.!2L2#GA''9407_E\];$R;G_[" MEO\U9]9$O28N]$PY':9T$2\,PO:/?FBZOV@CD*G[>45]B6\S5O#=LT$P\1&$ M(+(RR]/^\!?@I^^GG6)$=3`Q/?,5!*9[_?4,9\E9C#%4Z&IGCG`$-E.8[QTG MO](>@Z.](_2.<`8YOM1J9+B2Y.9B&?I>=ASDWH=@@23?]"0_?9+O-M][CO;D M8OS>$7I'.((C=!'MR5'\>_#JNZ^.-Y\$`%GIVK0<%R$[0V;F*Y!?<5);RS/+ MSNK&Y'M;ON,1=ZENS7J-3IZ^^IZ-8U@(@F?3^S&=S0!Z[1Y!^7KS>7I_=B-P M';*C"8R_S,`QGUV`%9D'0:7P=ST*+-7-'-1Q]9OC.8MHT92Y/7&;](U,;TXP M-J?VWDT.YB;5:^]WN(GYUKO)$=PDJ_;>30[F)M4K^QNT)N>T'>6$7:!92W&^ MI).KI\$:Q.:>=$>(NV=,.N(@SSZG/[LC$[^AW@$<UCHO(81Y>JE_SUA>\*V).SQVU%RGJ.$U(1NK@`^HVDR M/;]^V_M@<*TYNMT5W$5\K9ZFZ:G84_&$(V?U+%,)<:D7=_?T_866EA^?Q-KN MYK^G;D_=PW0%TDD>:1S-\?FD!SAL[CPHVQ\TUVGO@1_P^D"0#AMX*P\V[\]5 M[.G>*=V/<3*]4CU'%*OF$7AC^]6!?@"?Q@)_CIL=]R1%>\KVE#W)-K=ZYNH>.(OG*(#QI0R/ M?E9YUWZ0GH,*<>:)TF&\(24$\1T3^.H&G3?$V@M0 M+^<)??`NV7]053(?B]C#G8K&?,<[W!2Y)DWK?:CWH3/SH:.T0PHQQARWR&,G M^,-'%?;F3U^_3LYL0&[O?DA9K<]K/8RB$@OO>FL>P9JL%N$IY/Q/7*\_?)A< M"1:N8+R<'L#PQB.JG+7S>1NZQ++--'!F\RS*CHLL>F<^@#,?OVM;/0/1L^`H M+#A&YTRM&9AW`BLP9^%W:,X!'MS)#FI5L"-3VQ-G2/V05GG5&6_?.$>.'B-2 MJ4)UI.HYVG/T).)H]>E@WSTGO`NX"?QZ8V4UOI\U%ZCN&:ZKYSE>" MJNE`^W@9H%+%WO9'LKTXX.6#V[YZ@+BW_3M?U*(JI.V%;V;0V_[$;2_%`V=M M;:]F8[[8[B3O(991S45B^IX+M./==#I9';F_J@ MIM8.;FHC:^I<3ZXW=:?).K6I677<-+ZRT]Z;^GV-RVCKWG)O4"NML>\N]Q_Q)6Q\=_V?D]=;MU"]5%FL&-+F0[_:6.Z'< M=F/GMGZ97ZS76[<[OV2RED=3*[.6WG+=^>7A4Q:M<-YA;]U._)+-PDHM'3B: M6N&Z']M;KG._Q%OY:?TRM7-;OS1R^:726[<;OU08Y9=Z8;U;;[D36Y/!)+_4 MA5Q^V5NW.[]DDE_J8C:_5+;Y96^Y+OVRR=PID_Q2)Z\,[*W;E5\RR2]UN7(" MM+=<=WYY\-E/74;*)4S36-MY>WUE^=VY3N[Z+3A+:?<>V%OKI5!?!2- M?5J9R',2,D;0SC8<"V#"*``C!_JR*&B7WQ^N/@[7/W+;\O#WF;\WQ<$XLF\W MJJT_Q0IQ+I.GF0+K"T/8[E`#L2YR7:;MX-,%MVP[=+%')N1.W\QCPXV(U"\6YCO?C M>'X"OZ@WN+?PH1T3]=(,*@2`?LB_37P'?S(03+^N`'\Z'(\](0/Q[B M%S.VBK]S?2M7+OH;UWQ=K&L^`_?3Q5/)GGT%=HKX)0"S3Q?_>0Z(AQGGSED[9Q'$ M5Q^)!TTLO2Z(,.,L],(G'OVX<-%/WAS1R!M\?[@8/;X`"+B7N$8<\A`N/JO* M"]T5%^$*5$2HE$I"]14X#(XT[/SG\T"T[->'`3C&?W+_L"-(8R0'\XYT\5?>HG>D3"? MLUP?QD\0T@4(?XM+6J8VPI+#;'T0J:(/_-PTQ\BU@#\$#IO'&ZS M7B`"Y"\XQ(0P:8$D_C<.D^+#QV'.5E4V'`=YQS(#:VT-],\=1DS?&,Y,*QR0 MQL3`SLHE0W]+/3]`Q7VZ$!+R'Y[]0@G[;V+"E)88!,BTF><+=M$.%"RHZ MW&^JBKU@)^0RYO;6NL.&N6,)=YLUH]:;)-O7> M]-!11[^\D[Y_,WHTQ)7-Z`G1^-CFW!&"BYO;=*20)=YXKP"&.$%:)X*W M*/Q$\:Z769*V<&E2$_]@\?F1S0O.1N%Q8;KPT\5`NA@9@BX)`DIS41^83AA+ M<,1UB20X73)X26P%;F+"%V0A_!\\H/9JNN@#.`XG9A"L4&#^RW0CT$)_`J]* M?`XAE<2M]9D!W:%+695D@070>X"7:N,>77D!;90IZHI"F+M>&%MX.U0H"(;( M[PEOL]`]`C@:?4-MWASE\&V4)H8J*RCH9:5MJM94U(YJ&3P* MKBJ-*-0DH98QN=NU1=VP$K/2LL62EJ,5N:..E-(>`,JY\9CK5R;S>AH,X5NF$FVT*+O%L*J&[ ME"()ND;Z=K70.Y3>`'P<^T/H6S_:=L`R0DL*'K4231]=F(LFKZ%^``'2Y3A? MRCK/:`:KI3TD8LGOZ2`C+XU-D'U&V=LK2@\BS0W@W$$9M-,?7=*2R$F@L286E1DTLL4RC$"_7P:=S=JF< MC!BVJ%JIJ2$J:HKOF4?$])?Y/?C/#OJ>B4:'T*F\I8W&=4/5%=Y0*5V*%>0V MFC8$7M(476<'F=[CNE=UWBV9@N]>Z8W!4[MF^TP[\5*]F8NRJT#[#+R;"E"Y MZP&UO_5;-M`/J/<&T.F=]H"J)[R7824.:(2Z2F2&:QBG%26M?XVPVE$RQAD% MT$0BU@R1>'U_/A;M;P1"V#4 MW)$%K63%27?`Z-FD"))$C8P%-'I^22*Q5(H>6OIS[8PT??PQ1**;LBY^U%PJ M?;A1-8-<5+FW5'H^&(8FR15BF\NE-[:J*CJY;J]<[I43`"N,;\.=SI(5MDS, MC"!H^9J72"I$M(9HJ,TOR**F=(V&FA:RILI&UVBHR2(+@B8U1H.?3F=Q#%G/ M7VS"2'H/%9M&2)+(*>V=@LMZZ:W0TK=,DDCF$H='VZ"Y4@1]+[A,\=*'-=%@ M@OY/J-C8`V(J`L&-3(6T!KTFPR- MWIIY:-_#]7)#'$J9<$M$+IM#DY>Q/P)J$HFB(G:"@)HMJD9$`58(J$F!4E>E M`8(D2JT#U#U8FDX`8_XX2+J'4CPV@4=4B'6]%(*K6I^]T=+WR0R]K*T\+%IZ MTAF*>G2T#0BJEC64#=$F_:KCJ+D<:%2DU631;4UU.E/#]AK?B=[GO#:*H8MKZ@3PZ8U$AD"I(^G M*M%1.1#`!B%4%H\!D)J(BDCN*VL&<+NX[]%\BY=5WG@P"IBU[S)/C-S7"*S9 M%-P('#7])(D_.#CZ!`,1KQ$Z)O"HB6<8>M6.[]VZ^QUX^*P&O,_)7C@>7AF. MPN8K8-E&"YJ0[_#N$#IB!I$^_$FJ<1R(U"Q4!%$^#D3ZP4!9%5I`7)\!,?$7 MS_C4,,?W,L=!I'?!LVN3B1E$>NF=P&Y`U5."34U?422V$#0!SG4!G7X4AU?V MIPK9*:;<&T#-8MW0B-F`_.K__<13LU$3R>XW"_'TK%(%I5[^?@"HN2$*HJ0U M`$`.,+,)98HH&T3OF)33$DJ#28QXYJY#*`T&AB6-/%VB%$L+,$VF'W2A!9AD M:]Y7'[*:8=7(C+0HJ;AFI!F:)FT:,3+=`1KZ&5;%D"HLQ0X--7$DE)DWM]1V M@UCRT@T2':!?V(QFY.!4B2JZ^3Z@Z%-(A3BYJ097:U3T,4BCUU5[6`VZ-#*Q MI*$.&8$K>DC$K4*.BCD*Z2UF*'@GZ@2R8&&UBBH)\#4(CC MQ2A0K(,1%C%!4ATO0D$JC5:^!S^#F1^`Y+UX9.*;X_F!$Z[69<?0V\7#(46>W5M_=($Z_Q9"_D MZ.I#A:;1\3/PP*S^J#/J.#401:FDI@5AI5V(QK#H_5_D#PB+WJ]XL@FO1M46 M%/T@@2&5A4H:76T.96&7^6X49C=EY6[160/:H@7(_Z#D-D* MM4-R!SBI*)3@5(Z)DXIJ,4Y9.B9.*DHF./?6Y_\"9_Z"?A[C(]_GX#:^L6(Z MB[_,[$^KA+\_8=>#W_E8MA^>0U2*.D`:O$CDH:=;*>JHBRO%GTFEJ$,YWOZG ML*]4O"(='RUJPI>D86`YOC"0B$.Y*\55'/K<%!FU.@=2V5G0]MU&@"B8J>S^%*']#H9-LND%8TX M&;8)A.(Q,(SP-V@%1&*XA`G^:S^X`DL?.B&<>ID;4;=+9%C-[_.EX"GD5Y.G M)7CZ80!1Z03\Q%PZH>G>+);(A0"[`6N!-X@3A>N%EK1=^Z-LL,I")-:Q-T99 M;`3RU\*P6;>TLS^0%[J[T:0'29_>&$8KD!6Q/!E)9]\2#E#V8!1&-BD1E`^] M,H!/WT=4)(V(QJW@HZ\L`.QX(@,?KH27?T^#!],%T]GN(Z&IM9X[,6R7Q,*1 M>6T@-MB%*^O$UBL:J#7AZQXL-U?,,=2E(.E&9?0JRJQK@)LA;!!?%6)UPGX( MI[.K^`IHSX:98ZW89.:*KI5":QJJYB@;[!82A7)%TJ/,EKA>.2:&%MG?[:P?NHTPVK MS`9LREL34EJ!6GN@HI\,)S935(.BZ8UMOF'=F2R9)*:47VCTV$"G#W^BHA'D'`@>OB[^R\TC M]PB\WSADW0\?AU7%CK92KWPKPEV)Q]627IK`#_XG*3W[>;XZZ86?UPZT3//:5&=(+&0P$<2`)B9RJTD:D_MJ<+IW8G*,C\CFX8W,;3-VXR:B7==:;9W(Z_+@A#^OU.J M[^R5LGUF6IN\UNAU=,)]P[,& M="^>3LSQ#!TDX1I>-L#*:,%PCVQTIP"A:5A],NL]\R&[BN&T7=M,#=ER;*!=TF]Y]U>]/_C@M/W! MA^2W]&HP@&9V&_;[(/G,[;!;F(+5L0S8&%E"D!6GPU[KFT#_V&R*^:' M;=\R+1T+T+`W\"`CUOW'`TBQ\0$4C('NC)*/S`]O-6;Y3&=?+*]K.98.@.#! MMBGX.^CI`>OI/H/]!\\8H7?6YBP`:QG_TO%%^-UFG([(80K1%1UX)O0#]B;= M.TXETS7KN![K M_8Z("[A-R`"8`5LH?()Z'R,]4LP#/A1%A%B##3Q9!D@\`"V#PKY@ERS]&^52(TM_[*MZ6-)`;8OZ.\+Q166+QOOV<_H^MW63 ML\M=]LG!R%N-Z#?!:/4//CONZ9;7UP5L'O+`9Q1K9%F)QAAZ9\K`U,L<,[ MP%7PA]N!J=*J..SW$"1JKTR=5#,M9*?4(6V!C4`U8:!0HRB=<(/*.\'KV:Y1 MCAP769C#/I&9E0>B1*&.2!D*$1A!YR+HT&VU<&W9[F;YZ)'K"DT)".("E M!IY%6W6;+GL! M3>!WW<\,Q'2Y>)X&CY\`6`B:`7D&[I#PA5Y!@\Y'&.CK/W"E!GA(XT=DA)%$ MX]0$:0":Z/YCTD=JG:C%Z`4@$C4#RE<@>:E$K+B?D2X)^?O5"`)A+Z,EAP&6 M:V*Y?;%/H-!UNQZ($W0%+1]HA_5#YKENW]]5:LF,39AT;*186LO.4FQ+U9.6 MA`YB1>$/T4.3MLW'\2>!!MAA!KHGF!:;\TQ*RTAI%W2O#UTF=@C$A<4:A*W"/1T@#")=9:#&H78S3TN`SO; M,:@)L8;WK`&.HBN2Z=GT/KF]S"ZL/TFJS,X.&8;!HSJ!WZF8TBT;OMOA7(!"A4,QN$(1XAQ.!Z= M=6#W17+';)Q:!4D:D_8/.H2)UC)W^7Q`<-M$51"4)B("]/L]=`CXD[7+W3+G M9Q(KWJH=@GC&X?FG?]U!`G M%1\E;W'/T1UD=@W4$^<2C,XD5JTMKHWPT0U2,.LEG0;D44_9\99/.@#==FV3 M81H.7,'C0WE'E>GBDBISZ)8JRJ\TL]W4.9,9TAY/!@SM'[LLND4[NW?=-D); M.&HZ8#JQKG6/#7$IA"ZI&8FAE7Y?RBM9^R9V9MU+ST1J8-$6%XVJA1:.>`?L MW&D-"WLD:54.YZD[-3PH;/2&<$:A\&M(<%@<_-)\E%0T8.S:U_M\=TX_2*0A MI'64Z5U$2R'OK@06`%IH@))DH<<+*4U_IMH&B[E+/0N/FQR+<'UEZ#F!8@K$ MXIYO0,'*NN)OD7=USQSWQ6\IAH$5DLA4XE\XB[?=/-*Q(Q=^9%V+9XW;HZQK MT1)5JW,;N!N0RR/KG+R]RS;PV=VE(>V4#[195)B3%VXML,>LSDA":7;]&\]O M/YDG(MDEU_W0(X5E1YSNL49BSVG9WH<]"X0_5JN$IH36,'V`AJ[A=AWK)\_8 MA``$>(N*7%"P4I$^)=[&'LT[P#N6N/WUMNZ*.U'Y%,^JECBQYHE1!1..?2I/3P',!'PPUF M;8]RNT%=VY<V>2-E/6FDBJZ9XUI97_4=2&Y).K,1H;.LVM>7W.`_$L:1)1:C@ M?3,47BEI`J(R)@)6)<@(AM:#L:ZV"`0R\+=N,#`3"%*);%891).7-7Y:?]!2 MNJ_XSH5NW\9S/+%\PW9QGUY.G,[J=?PBA8ML[=:@`D94P(@*&%$!(RI@1`6, MO%C`2'J?G4/=>J+Z$P=%1]GR""1O7=ML8.9>/LB6D\J_D;&7N>NV_Q=%KIM7 MCD#BO^![!&()W<<9Y+XDJOXE(._H.`&\ZPCOZ-:&>&SBKD8O;^"YLTMI MGW,K?POO#=EQI;J\K+B!,_'*6EDN5M,U>7QB MQHB$YM-TOJ*M+ZZ*B'",9PVL7)LIJ\CB5W3F9C4Z!F#.P!(G!S>U)[& M[_A+RW/,KAR)_Y7AIP+R5$">"LA3`7G%"J.!7PVA%2E?D8K_5?&_*OY7Q?^J^%\5_[M=D*WB?U7\KXK_G6&N+JHW M1\?:__J_G1WVGZ^77ZK__<\?QB!\^.;LU\V?M?ONMY%S=Q(.SVM>O?:I\OVN M-?+MVKWQLV3_'M3#^QO_]]8?E_R2#R]&'^L?/WT_:!X,VO?&RWI MU[/NMWO#NFLY1V?#X>%%Z;?SMCWZLS]J&==Z$.JW=3V\\_OUY=?/]]Y/SF7>W7/QX^ MU(_^^/+'ET'][O?2S_K],/0_=8/F0>W$_WF@7_WX\J=]=7U2]5O5WTJ#WJI^>.SYW__[.R,FR3) ML?8+!RD_+[W@:NXASIE(L)(K3\*U)V/7 M4DJM"-Y,N_L`G>C\CJ(;.ZYMNT-Z6(8^BH-(>2A*07"DOK8]P#)-GG-X&B,K M)>I=2SE9*0Z.,+OK857Z.)80=F9#;`84OBOC23$$TH1!Z%Y&L178'OK0SKAV M\\BJBWD8W+8'NHF:NZ1^22;3Q&]\P-K);X:6&?3D9^52Z9_RX_F7,*`E=&`) MO;1%/N?C:38B)F+)3YJ8EV&Q^&-S2GY0=I_^O.T&@=O/FVD];Z)'5SMUM4E2H,.$%89/##:@;(P8=*+4MYW3@Y:7X^C]<25O%9?J=GD2J%]A.Z2D*5I1+E\+G\ MO>WL?3NY\RH&+Q"#*P1_]JH=H7:C6+RX+)Y+%<7B"ZS:I=#<NTFMT ME2HD>#DD$)][8XP@O*Z9(;>!D;N>&SKF#DB-Z[UG_S`,SCN=#U.8>JD&?HX( M;Y`U,_W`(\3;9`6R7);%T<]BWY4X23?:7)[NP&\LR8A0W*4`+(?@9[KE=2QN MFZSI."*)%/YCMZ&5FZ]?<=[29E;>;LZ[U#W/`N(4ZGBR\&SFX16%Y_#9Z_!8 M:MCCPU@MEU7>[;_#F))5<-D3UJ)(;+9,9\-JS:L">*N;0>P&X[IV/"R6-/)SQRO>&UI,U..*>684HXIY9A2YJYR3,WAF*HKQY1R M3"E)+;RD5BO:H7)0/=M!5:"@J_GC/2<5BPU7XF]UK.X#_V%I"A_KU;@3FM86 M73%9Y1ZVG&NOC['O5G%OL=QI6\RJ"FK7V3>WS8R[.`VVCG$+Z>C;')Y]AD=P M,:;=-M?A02%=A^O%N,OT7,R^4K;JNT>O18EGD^)%O91[,QP?>438E)MI2^<. M!18*+#8<+"IUK3++4:K0XE'VF.5`?46?:#4F8:3:U0=35+C5:)+U(MD_+3?0 M[:P2^?H92JJ%`O^G370N!^=K3)2]S%%>$::Z[#6=&V`*M:AJ59^BF!1AIFI5 MMWY57\#4*M9JOX2I!3-FIANV;5YH97KE=M8T.KQL1$IU?@J\B(U572,;2\'$ M9L/$K"N36P$/Y=+>["N5>8R@8&(N5XSX*;[#LA11$Z]=I(3&]03ZS5^CI"$J MFU.5$+<3%P$11;ER2H*(PG,#SQU@56#N:[!*5'Z**D]1\70L,S+4?=8)J5YQ M>\0,W>]AQ:0>E4&'?VW7\ZB:"18"-KDWO992Z/C<"+%PBL?O79MJ-QOPIQ6P MCFZ(*EP]%&(X"9X-HB<6GUX01#"#JUVBB M3%G;7.>*9X9 ME5RS?(9%7I@[=,0:G-NZR=GE+OOD(/QJTYGGN*=;7A_+4,(J'OG`G#Q1MFR,0J6$0DAD40]R+E('5F"#]-B\B_4LL58XO9MYGOC#CZK& MB2HZ20'MJ=U$A>(>KSF65!K#Y411E56WH_KB\U057ZR:SZ;6<#K+5&2799OB M8D[SU&\2_)G4Z0,;K"&G!D%OFHWJ!I+2%CP%, M).`PH;LP&R5&+`EUB04N^[KE"*B`;F%WP8K"I*)D!*]2$V4V2>8Z;HA22I]` M"Z!0PWNB^.7T\IBR6Q!IL!&P'JL>L#:WW2$PC/<#M#U`"2[:I^T?1#FT@\Q$ ML/BIAU"DX_X9Z$[70@:%^<'K,7R-(49UMYK@0[SWIU%-[L/8BE0\YX:Z3'55 ML0-'F&QA<5-92Q7K0(LB?6[8[;$SWO9"E)Q*J581:\41MCLIR,^2=9S#CW[8E^0&34^4U8[[GJ,S392('J?C04)()<6BE\\NZ[JN2:5C MD;-C!LTQ`9"!)=%34JX`,;(89_)WA`!B9]JO1OL6%:@4]"[7A.+A1^2&70>V MG:XT00^TP_JAJ$XI=/.I`FYEJH]Z6'V44\LD^@#!/)&>N'SFFW3%RK?O%U)R MEU.RLK:?YU19T"&RT.-9%AEW>SP6B3*?IZA:>_FKN#//CY[K%5W6/.C;96;# M'Y_64JI"3`:SO&CT>+&J/&3`+0_V4[[$5RWNL&YU')1$*HE\6B$Q;DB!+(\+ MI)+'Y\MC_JG(4M6"PL6XOU9(D:H\17^HRE.+K=PRK[AM2H#^"CA?";X2_,() M?E4)OJHPEU6GP>JA5]P\66,TMQEPEK.N[B)L@K+6#BE;>FW%-40FK\B2MAS9U%GJ. M%80>U]B9]8"_B)#6T[]#:X!JU;)\K@JKUT^&-P*K:UJY.D.O4DBM1'4#%G$3 M1/6@INU7E&.XV%ZG^<_VMT^7\G3'Z%D^9V>VYQ>Y]2J"BL45BBL4%CQ]-P_2W3(;SD>+-_5#K7(PRT#=0A/U[?R'.@HB%$1L M.D34*EJY-"O64T%$'D2LW''U`EIF=:NUS&8F51GF0F:GE*J,TAAFUOE0VRN7%V,$5?A`U4=1,+%-,'&X5]=*,P](%4RH^BBK MR7;;TTWFA@%H=`[=T#1@.)YN!$G%A8$;8(T-T/O2U46"H`4.>.>7_5*22#\J)8$-1<4)/"[SNV,6W,`+16IC2M<-7PULW:&D M\2YK4\&.@HCJ'%"Q@)SZ M$>S8=GVDANO(JB&I45H^XP]8`0#Z"P>N$XU$YE-/#WV7-6S,V"MS8D#ZB^X0]TSH[H,LB)#JDH)Y;VGV??Q36AF#Y'4M22+1DZ`X2SW$I8[M'B<7I=3UN+9ZSG"]EGG8-(_12%6_2 M+!,O=,P[(DEYDKE89!_VPWY?]ZR?P+_8!.55IE3@;1B'J254=4):#JPX(7(I M>QPK\E`C;RR1%MGGM@W/F"ZB"^9.;M4QJ[@PX64R?'3HR<:]D5V`"]" MEM4JZY7FUMIUO5>K$U^;G&U1\EL;/FW(2L0+>5Z*O1+]8 MHG\2V2778)05<0>XY7*I9:Y?7\=2G[\CA=YSV'K_1<\)4EAT8N_"2 M%^K>PC/=%B\XAP4O@ZWA6JQH0R[$W-2%"L6ABD,5ARH.51RZ\5DJMT2IG[J8 MQ_J`LV/=T>^YI]L:.[O(J]K^IIW5SI4VOMR9993T+>3"CVZ?#UW79+>A%8PG M^%)I4=6-]=GS+-2-]?+^S.022C-0DEKH1=S\&CRJ_(Z23B6=197.RKY6J>XK M$2WT$9C*]S(C)LSG>'%!8\V+\5.LU[2:URMQPVK,:\6VTTUP6)?`=5C3<1BM M$?[+M<>7P\*+1X[?S\+^!<27)]1&9D^3`O:44\K.7;K4F'LPS7 M%[-<6YC'8NE'QJOQLQ0N<]$R[T(78;(S0X]5JJH7T!H*D*IJ=='T:Y:R:F96 M.Y6JJCC&A8*)@IVE;@<\E%X[%$+!@X('!0\%A8?]DG8P*Q(CAPX*)/[7WK,V M)XXD^5<4WNZ(F0A,(_&>F74$[6[/>*Z[\=F>N]A/'3(41CL@L7K8[?OUEYE5 MDDI"$@($!EP3L=L8I*I\5V965695Y2Y/HH"63*OD"0OUTE#RT4[177,^+5)U!2<*E/6M8'G!7.J M\CB;Y=3@I!*=S.?%51.%4F5\Y-JAXF6V19W2I>,3Z^:GBO*6KZ1(;U@C'K(U MXCI1\10+G7HDB'$]TF5YK*4+SHJRJ%SN/!!!:V*-8)07;<'/.,XJEHN!S M>78=>,JG@9:5L(;%3WW0%\*U)@,+2B"JL_HK0/9`QWQDAJ'\P9`>U-4?ZYW8]!\9D] M)N`#--J.ZU+=X1`$!&[D,L!1FX!?,[-`DJFH=%R_>F+9,#P9"00G=8XNVC& MT.9#F_6=@VI?FP@(K9MK.Y6`9Q_/VV87>Z33P/PG7\O!?I'$/Z0-R M^P#RAL]+K]XRZN)XZ7B^5XCZ-HQ#I`PCA5-YN"Y2&-&7`WO\&9P:&_@NGD7: MO!3BT,G%(19]"0:8`A0![(PYNV+,N[9)"<>"M8,%N'+\0"F^[;_\[CK!XOO@ M[O;W'`KH*0H4X2'4S<1)],8O)>"3W[YA+E87*U;%;BXUUD+-.+MHU!O&;Q^V M@S56VG@<_A!S/<<>/MOP[]1:#"?2RQ;SBG'L;8[C]\NI:;FPT@'HEY^'PXDP M_)D4T.O(V/4@3XMU18K:ST49WQWB8G@_!:P`4>!$*,S9$^78IVTT.6V>;MD3 MLP.V6^.CZ^T4S.&T&1`-P>L$).Q'4'AGSKY@7;Q=`M=,6_L,`%+FX`LX$E\8 MN`BW;&Y:-CUJ8;>,>P8^]5[6K(L;H_NO6.0+(;I(JW:X=M\R"%',V7!!?N#0 MCD8IUNK=+\/@:K1BY%:"F\\>>@$,@>6,]\679B.;+Q(HRQ[2%?#,9U^L)S:^ MMGW3?K0@;AF@SSR<3+Z:[M_,IV&NS"?'Q9B&UXLLT`NC\7W@#2>[<9%:K93. M;`;_,ATBW:.GO:O`!_G["H//@_F-^8(=";U/`7L]Q#MIS$M"G&'H?G><,<5; M!8C!J'Y8B[?#+-[SYL=WYP_ZV59U/\L(C_5JR`O&EY;\LI8(.]BSI$=0MKY0H MO6WE^ZV+]QTNWEMO1BD!WY6`*PM^8`VFE(A73I0-KEPI$4]P[2MWW;?;AE42 MOJ.J@ZH?X#K\^8319[@+F3;;&XKTVY+='171/C(?^["D6G4%W)/L*]57JG]8 MJJ^:@AUN4[#7O^$?!?@9*GQ"T4S^3?W`\ZUTU_+7C%P.XKK(3I*D)QTNYR?P M!Q4%$4JZE`'+(/B5:;D3B\W&)+PC4K>5]-U+2#.06U/'KR8;7`= M.REGKR-CJ4N^^[O;9'QH?\!#);N0,M4[H,1ENM='L])L^*M5X2V^MKZ7P/J@ MF:PT]:"9>/I=/IIZK5%4S5*IZ%:WOU64I])4AQS.J3252E.I--6N"!Y=E,$T ME)[YN2WL-* MI[UA456F]IASGP9L3W(-,])V.S&Z1$5Q/:-]:ZK!SD*G#XQ+<*C,7 MJM7L1J38:Y:RJ?I2'TUO*&4LCD<<3M%8&/V:H?I2[ZPO]2OF1)=;3??7:86T MO2?9/Z3XI[HVTR?;&'`S1$LE.`^ME[3B:34&YJ"8JKBZB6-R")@JKKYYKNXA MU#HL;N\CU#J`-KS[%OR#;1D:9B0.[,ODFS(/>:!9?JG.*1EO4KGV5,.49F[#E*@TS;6-#=AX11I^ MDS%N=70YB'NAY,V8:H&2\=@W]6BCQR?.&<=YH M%Q*R`)XE=,+^0'_9EN]=VTMM@EZ*.Q:U4AV+RJ"1[%6DM]K+W8IRH5EJK9:! M/E5Q#(LX4@W'PO956Z)PWCR[:/(6@8U"]5P&ZV(C(Y+?2$WNL+69[:C">&P& M7^)@U49FHH21V`RT0MM0H7'8#+IJ;$*E1J&3TJ@"\-.VH+^F+:C:&&P&.MJ` MEM';S`9L9`3RF]F6;)M8TAY481"VAG5[VU#&.&P-9K&=J-!0;`TIMQF=;6U& MI4:C5Z!Y97N8ZLW&NO:C:@.R-1IH2XR^L:$MJ90E_10NM(>:W3S6:+VRX2X) M*U(70NT-W;44>4-\;F:F[6-C;;96&NWP@Z3U!@2OK%L3>]J1&,/`GQ_JIFV9CX^NNP1EPX8N5/K]7N\ M*V2-VD)*PU*`]H\?,%W_5P_&>F*>CUC@L"XP3V->N`)Y(+@P'PSH)]I6_B1W MBOSY%T$HC+CWU"RRV\Y*9:R9AECK\3A)D&)W&.\-)NY9*K-%)IY(;=N]A( M**2>5DBEC]OKXR:G0M=T"P[N8/EKG>-1[9[R-S=5NZ?\L^\5WBL[E5/Q.Y!\ MI?A*\0].\5M*\55;MZ0[E:&Q;Z$RP)==]5Q7]=Y>NQ+8Z3CU?N,X3PZW/ MZIM!*DM['+IX"A:WU^K56NW.&MQ\PS97*>OQ,O$4E+7;,6IZL^!NH%)6E4DZ M#F_J*G!MRP]<5M.NK!_XP2/'*CH75U7.5=GJX]/AD[#5W9K>*O"KE*56JGH" M3#P%5>UT:VU#)88/.^M4?F__[?E2KFF/II;'M"O&4NFH5_><#N[@6:&<[[Q^ MAJIH>D@539NU=M-X[7#ZF.N9*ENA;(6R%@.FM=*84^`B:>@L'U=K^G-WFM[)0?-9Y6[.N3=I@-`KFP8SJ4WQB"Y>-+!/K:JA4E@I/57A:CA8_]7LUHU,4H+[!$/7G\ILZ MRD0H$W'J)J)KU/1&T5E/92*R3,3.$U=[\#);;]K+O$X4*L,J#UU-' MS0[7Q53=!@[LTM7.%XU#Z#;0UWNUIJZO)PBJVX!J2J+,Q%LR$[UFO]8HW"!5 M9F(W34E6EY9=KMJ.A1R*:N0VDB5RTV5Q>]U6LT]5<>4!EXK>KII%Y[/HG]@( MRZRD9^EV^ZWFZEEBYRZ\H@E$"#_*%S6W0;C5:[4["5A*3[L;@%?1KF/HS59% M`$>7->"%\+8&U3S>@J+=KMY*$C1WEHP"XAM!M()DG6[;Z&\.D06/LB_6$QM? MV[YI/UJ@J`//8_[6I&JVFT82KA5S+3-P"^!64&U[X.*BW[&$AC9MX%\ZGK\% M[?2&WFEWDU9D]809_-T.RA5$[.NZWNQM`B3!&)8FC]M3#0,?WK51LR\!#M<< M^=Z5X]XX/@QCF;.P6/EP\@>5![_'9657I"X"=1R!S?,34?:[;'3R^HZ#N\\Z[=J'>TN36;P4MU[7[* MX%<<2+QMNE@;?LP[.GB^&XQP=+IZAC\M8`W%NNF^HSU@%?,Y$!9WI?!WH#W^ MA/,_B!KP&IA,CH$-Y((/+F/XKF?]T.:`Y13`!=IE4*BN7"^8STW7^C]PSW`(*GH/J-2T!X!C7(NI:E/C`22F*'3OL@E,38/\9/&: M]1Z;S>"9L8/.'F`]9X"V!6+K/(!S:G(:Q?"&H/TI![ M*K*O-QI9OOF:?O5:CR?SFVGON9IZNLTM:RJJBHK^KU^$4J9W]S=,O![R!MTZ M9-EM,L7(;'JA!'<=#GUTJRQ_^-;E5I6V?6UYOD7/IS)Y/I6=XAW(OE)]I?J' MI?J?PL#D!@*3BAPQ90"4`5`&X$@,`$_[AFE`C9H6*E?@,.K<[^286'.IL=5) M'@$C`#Y]OAS>#NZOAR`5E)]#5A7Q+FOBW*?_HHS?I9P^_LG,.$98]<6%M5E^ M4/?*MDQ;[!&'-2_K'B$O=K0@'P1NZL*;DE`EH4I"E80J"3WY*L)OQ*G/9>:E MN6#:I6F;3\PU9S7MZHO$WNC33P])[UQYX]5BEG#2WZ`4_N',V;/CC+6[P/+3 M!1A?]3K10]!:8JL=5<";,8WASH:9=?TGO8KUFU'Q#5RK"I$K8^LJA!U\!6B]'91+=$,(IS*29]CK/.AC,7QB,,I M&HMFHZ&,A3(6RE@H8U$J+](JMA?*6KQV_Y0])%?B6DQA&*GW%GX"K%W'K?&$ M18'KWB+7>RQD4?F6\6[R+`=76:[*N]"'@&SAT6-52G`/7L,!E!+5#F09F'`S4/[4:M4W02(X,.RDAL M7(Z8*'@BE>/6*QR7O/;3RQ(8WUED(-K+Q#,M&5%"0TIYE-Z:3Z!<[XQ*(*`4JE0$=!:[+;'_VDE$0E%>7%#4EI\XS+R>9 M5SV2U^BDH>5*G:(D9OS:!(MA3BT`@\I1UK6!YP5S*NTXF^44WJ2ZG,SG%543 MU5%E?.2"H>)EMD5QTJ4C$^OFI(IRE:^D2&]8(QZR->(Z4>84JYMZ)(AQ$=)E M>:REJ\R*6JA<[CP006MBC6"4%VW!W(GCSC,JI*+@7 MZ0N7C3_#H$C.\3_/OI=\^'S4;.15>/Z>`><@JLC,(:9R&'(UC*]D3+Z'MZ+X M(2R\J1==U+OZPI])%XXC+<)8F89M0W6B"&D[]LR_>N[;B8=UC" M.RX6#C:=I0FA)XN:[YP-<37RQMF%WF[&^*]$)(WYC?E"301`R,,B8T/I-8F. MA57G7U$F4_7M$U79U\`NJG,?&H4,4:(J3"$:5(.ID":O)Q9(":-MM-I$C;4P MRJBEOR,S9NQ$9/C)TFO;'MB"6N$9Z>L<,_9J<%PL'8/=W)Y5:3S2X26L)>FQKTK;3$&,#RYXI[$U=7T_8=R/N MQE;BGB>YVRS%U8IM-?Q"K-J-SH:+:H)OG]B#_\GR,.(!Z5J_D>@M]O$/S>KE^JL5G/"H_/50^/G!C1II[(.>.4F%RBAZ=_^O+_"\Y9LS:U14B"5)O.S\T2O3RNCN MC%:Y=!G:VI_![$4SLOHB44%8-H:7?$4ZMB9T+=9M@/R_,Q M%?A.;S3"UD::RYZK[GB#>K,8[-SRB!J7ZX_#F^UG_#++P`\N9[P MPOE'T_Y;&TXFA-\MOLK;-L5OPE/SG[7%+/#@Z[GI/EJ`$W8+`XPH+:G7>^WW M.*-1;[;?U["7#N-]<"C;*A&2=/@?/P"'_J\>B`M&,:"S+G89J6FFIXW,V2B8 M49(J3D8A`%Z4..(T-!]=1CWP>*^>#'H$=N!A)C>T$A.>4VW4C<9[#5!LU)OX M@<-G"DC$2PNP)J*#$_Z:R\&:]F#B\^$HU-0'WWIP7)>Z'27[`HT#ZNI$#83^ M$Y@N8,:%($K3V93K!ME:+%SG!RP_L""]:.\:]58D3S#\S#'A7]<"'E"#%E@] M/)`_E\W"_)XO2U9->YY:,"4U;WH@.`&__\-IO%AN,"UM8W>KJ1LUJ4J(85T; M9/4U6FH!]6#.J)54$>_+:8CV#``"\KWPT1I2R&6F%PD?-J\2O912'9@^L9$` M5"=`6T+?LM0ELV$3S6[4&ZWWRVGV-VHE[V,-C'B$GHMI@9LY"CP?WG=A19Y, M+!=DQWK"3.\3LTW@#W9P?TQ]1\H+9H#8-P'+,3&#F5\'VQ3UDZO):I\Q:304 MV2/L:A$9*)]0.4$9Q&]Y$3)S:+'C=PT7@6(OD0D-;S<9,6Y)E4FF]N6:2& MSQ8`)_'6`"UGKTWYE31SH0-^`'1Z#6L)5BS6J3)>98!_SD-*TBH? M.3IN_F"[O,CFF46K9:Y/2X1R$.<<1[,.(42F`TJ]7LG]2KNO[=B(`U\>&#VTH1MZD';X ME>S+GX'-#L*TO&NVZPW9F)0Q(I\8N&0N6!"\_&:.G3U9B'YK,PMAM#>R$()' M%9J'5N?$S(.AS,,^S0.V>YXO9QGT3MR1&P4WDE0*6"BJL&W&&ZF0^).['&>_ MPP#CSL29X?\NS06ZXZ;M)+R$6X:.`TH;:KBVI3KWFEG:O(%^-DJ:NXU45F^_ MWT`O&KM4C`*UB#=OD/\%Z.P#F`9>"$%KFD/$P7HJR#I)Z#H)^:-7&LA M."FCT,[=52M&YD).\R:9L!*$BR*PI>>&D_\Q70O#?TSW?C0]RTM!W]D,^N\\ ML4QYY0?3_EMDE7$6RCZ'.*:2TGEH%H-VO*K>O'QA^Z&B(N4 MQUIDD.2V=78!JJ[WVGFDR,=G)V3(W7Y<10:N5-N1P6AN3X8LC?^+4ONAGL-* M.+J-Y-S1HY9_V6T,V,FC0 MW`4-2'S`UT'/]I*6VJ)U9U.C+:]`[;.+5FKY60+BHFCEW-'*"'#U"I;%C4%J MB?,5^B[/2SEI@,8%=&,Y?.#(\,N*1& M,B;-7'-3$4X7.]]!AW7#8.V+VIXRY7R^CE(5H$?`[B96.!O6HTVO1VF:"A@A4J[0!G8)," MF^_17`YSUJ)V.MM6M!9MLA+E.[YKPWZQQ4;4'E>3"C%.K1O]UEKKQ@J)*[MT M5,G!+1:)S9:(*H'?U;[BZZX$59H48?-;G0UM_A86?S=:AS;2*&';DU>4''MD M>M.A>P/1KOA#NF2"[P_X#IY>B%)^'C\#I6A3#O"Y,VW\C:'?SP@HG.$89" M8;I[$H"U8AHND=IDAK6KX`5*^UH1M=&JA>-C3MG]F_%#)F1E/="DZ`!?XL0' M'D'A$XNZ/]&A'<^:6S/P-D6RE-^NPHR:^`)SVN8(OL;+;",OO#R$YT^^4'Z^ M">`M`M^3KFA).$\M"(;P,,*2IC,GD6P+5TXV@5HNMZO=Y.@Z88AWY!*@G:_#$'11+1;(FVNQ(+H MR:>3/!EP7'O%-H,WA27@G.(8VR3ACNJ?98ZYUL6J>$4H-/?ILP"._8A+/*XB M1>M:([E0+SOQG72.1AXY:X=/^CD">"L(>NFMYZ. M*;`*`L-8VL0N18%;?C$20Y*7>_`\/),.,7KJ(GY)7Z&=Z2L(LFI(5RO=OE'Y M!7A0E&\%IXL^.N@#<*O);#I8:H'A]JQ'FVKRX3ZJ)*5\V0XO]RXXL>NB3&;B M07@5:^T]L+`Z'Y_O@6(CTYVG[U_;CYAK$J?>P88&,]\K7A[B;=BY^8(#CRTZ MUP4@6Z&E3\+.7%[M+R#L"17;L<^ST,F>T[+YA7*<8TX+;`3C1P=W`W'IM5R@ MKH._/,'OC"^S_(3N[`5/LUO`NURT9&!>^%$_-1:>-I/_#Q!Z+,E?T2/+O"\ M<">:7WO`GW_F`+@LW!TG1M`*^H3`O22X/8=`&S]&.^!1)8'$='1%_IEA_M"C M,;"FI#Q.$@^9#YR^&?2R>'G&+"B%)PJ::HWQI+,T'N!JXC[[;"9[@05DK&M_ M.,^,)G$I@Y#Y'R M.%:YA"(Z`=>FYA,>MV8V7C`'C]A^9%YTEB(L#RE*#Q0(1`Z,N+AI`WY^_)9A MM0%,!%]A#4Z]TC@W``>6-J7C"G`SI1+8)\484I^1D+KM.R&A*_G)&H M+B#J$%#%6#N]G>\HP.:):+&Z#`0&LBHVJI\N8(&M3PJH(1_B]-(,-HU MBN+XR?(<4*^!WAC4"L:F@-1\.?>=<_A'UI-X0!G#A?GB8?&,4-JM^4,`%M:+ MSFB)BP>D'C@Y/4<(XKTPOB1$0\?.P^?H--!7#!>U*&:B,;S@(50SU"7?D$8 M/A,680*CXBWH:C+0ZO;S]7U-N[9'=>VG6-U&ORX]&?\X_O5GCJPTG70M3B(B M:,_RC/'O3H+.="2)\^,E0IT[EB`"J>HFG&3AT_'D21S"WP?A[PDD.,F7X`,; MRJRG,"T1LC"\*!*QDD=WP&_!BK,D4]R?=9Y!"4G%2?"0.UJLSQ`M!;ABZ6&" MYL\`G1GM]Q)`W[@\88PU:TQ*.>"=]+BF39;'EP$FN!N,XX7JAX(O#5U$D.S1 M=EO/8+,RY=E)Y/T7?B`QB,U2=CWZ@U/4"JE5-A2D"];".'*KAI1#?YL7=)46 M>$J;N0R\0T8E$O'")M9\%PMJ9'VU`96U@H>-]Z&#^(@E"./^`PNJD`CO\>\] MYURJ_3@I19Y4M<2"-* MD?=$%R0S[JOVI;)8GF434B.VX([\4`S%RT.ERN&'=;;>&74]F4UMQ#4QDKG4 M6D3^M7SF,']N>>')=(H-9,\N].GY;="BP`'#>FP/3(^3:$3W9>/0/#NI>G@& MZY4JU9##E6^PWJA?\5>!VR=\\LC=S8@94BXP&8,X%C8?(/26+P"L87W`D3"@KW$SROWLS!@F-JM9<9FJ;!"NK,2V*&BBE20RZ4FF%<_L&3"B2R,5^I_D7V@B354^);:6,NI(:+Z:\H]X/=AJ@NI@5S%Q)*#`4Q'&;1QG*R MN&#A.5P_>?^K#J/X<_"!W%>><0;5R+2^,.T#FYJS"46!B0%6*;JQK:*+G7KR`#>U M2OA>*D1(NH]X:&[$?<>I&6W.HR,)T2]6%@GSV9$S*M9\LJK+!`MKC5AA\=DH M%1VE;:)LX(Z-P]$(^<"CW'W<"`O,@2?,@>FBN\)]^EKD7DC9VD1.'W?@N!TF MQT14P166&@,L7!XR'*1[!STQ:V0QJO;'/0U^"@E3H)!\'_+)/+P\*MV&C=ZD.<$- MX)6K7+P6B@O9@JZA2G&=3V!@;[*Z]AD'(JVL<>#DJL&"AJ@;$'#[M,33+6)* MZ9+[FH3\'CU2`22IU[/881J%N6"'WR'&P_ZH)H0@]B"$*45H2'XE+`)VLJXW M249X(&R4&0UFUQ//K(9,J7S,I=%D0`E"$O6" M:LS&5(WMRY?+K"T(>":9M>>G7]%@:N&)764DA2<0KW[\2!K/@-7H\G[1%D(B M0Q(6M?.F#-L/YN2G:(E:.KS'=U^-SOLP/(QK$2!4$4M7G4SDX,<;U[&\H+.> M851YNLAYQOOMIM9MO8]J?!4!4 M:@<2>)TYGCH!@G+Q7A;LCBD$?29,W_JT/Z!.8J. MXG*WZM^!%VXUYG":WG%1Q3$2NX+UYL$1QV[7C.F2;JO`S"0<,@K<)DD* M\##.CUZ-@`WE*(X&^;H;96K&;`%36Z9\_L*TW)%K3OQ,[J[V0BM(70+C8Y=R M2:B3E*.<^HA6WLB=3]A8FEDL!=M*Z&SDX:VR-QB<3U$F*Z MZ"`&;_LOOX/T++ZC/YIS8:V?/D-;A,G20=*-T4Z4#FO%6+?V@G6Z7L@JG%-= MN+Y&FA%FA@`H^1UQNRB)T<>$99OL8YX MV&2/-_S!ZW*XL@XG=R(E`O"(MPB\&Y$.^?@BCQ72"?3O.[QP:$QO%=B>`Z./ ML87\Y"QHB3*BTO>E#_JK=$EEZ9*5WD<>LY9O?'XFW_`K^?/7D8,XA*B)`NJ2 MUW/;[=3U7.(:.)$BEO\.H?RRI!JX2!E2C8+2P&1X4A4ATDG583Q:1-(7I@D1 M28V\,%5R;:=PS$>QV]H(Q1+H%5Z5WDRZT`ZF+UKE3%X!B!O)399/60[$:XK8 MOT"TBO9V$X#SBQ.7!OT\79&C%%09(K\]-OEQP?ZQV=3!Z!0X^B(2_@O#8W0M M99=R)7*MLXO.FH%+-0CI^5S9"J'(0UX[%`L?O_,A'I_")&"M.&>_.3X[OGN, MKW*+L9/=308]6D%2.7>D]\8+=R[9:-V9RW0`#G_]$UYVH+(SS, M,%BXU@QS>D;Z]*GG6W[@4](WAXK48H='4[R`;MADQ)K#WR"98]J`=^)TL!!A M[7GJ\%.S4S:CFYV62Y.(`$.^3H=5Q^J:K`!B4_D_`?4RB:&"4$(:(WV\&)[' M^X&.UC?J[>@D,O^-TJ0+QF$0ET3%6/$E.[[;@6//*)T[Q:Y2F%E&"#TZOQ$6 M!=YHY+GCLO2HHAN3J-)L!^$^!KOR(.ZY(!S87YW:!?X\PALU+MEGXI,L8 MPD$IL)^:[W\.P7QF>-L!N2S*0Z@-C._IANB/L:`:3)HUA\DMG@D&U#&I M+'+XHME,S*CDS@FXR?SZ`P62"`P=6Z3KC)R0J6/B\E`>;D?_F]\FC&4">10_ M0YRA;9]GRQ-UF!.GN6N:%WAX>Y>>Q&^Q]0V+6)4A^2"0=)3;GTK'N6/."^T0 MVP1YNV[)O2/!OF1.O2,='N?LL-)MG-]UVO5FHO>PN`FLEWA7;Z8.">G2/D[N M2X94>&3C:YJX)9FX;B8F$M0K()&02ZQ*"`^?NZ:/I0BQ18QTF+#YGILDOCNR M=,PW)I.8=F*Y(#FB=CO=5J!M#KIHF]P*RV94CQ0?FKR``K*=D0R@F%E8C8F#1ST(Q8P[NB38$H`A(PGM\+H])XK, M5PY;^Y=UCZ3[O"X\F\T6>'S.?A0K68/_0[]XV#=CZ9=G:^Q/Q7?=]GOQ;?G5 MT*?5$&^AN[+_4/+QU&T`<24G_I=P`N\:WP#[/O5BH3H$S`89J` MGC(!U?D)D2<@7`9/^^;XD6E8Z2TH6[$S6\&_=U.B4FD$61452J"LK6<@UI." M/>)1A,9.')V#P&TOZKM;37W=)?Q`L%`2JB3T#4EH[Y!P4Q):RK5)P/<`7ORC MZP3V^'R$?45;YF%RH?J?6:ZH,DW*AE+(J93T!/BME/0$FJGCG MK6BIVK390YCEFS;+,8P*8I2I/2J_J&'40)"57Z3$J6L2EF/G\]*64^` MB2J(>2M:JC9M#CGB6;IIHS9ME%4^:A>J;;1JK;:ZK*Q<**6L2EE/@,]*64^` MB2K>>2M:FAWO\'_Y;]@5,ASAM3M4$UP;D&^[!M6?+,]WK8>`>KFE`PX$28XT MMB/31B'::[2EEMH#R\W./DSJ09[6:?X9=WC7K/:%,7 MYI$SG\,[U(NZIBW,%VI+2KU-9R]2Y_4K;`2,+8*I;W+9GK;)CJUS<\P2H!*, M`(S1Z&2`([I6^]3&A]KL]J0VNS@%?M,)OZEK(8QKM=TM"6)'[W5+@-ANI]H' MOVL;<0/A>E*<"X3YMP^!=_YHFHM?[GR02M'GF_>V_^;X#)1D-'.\P&7W[(?_ M$27W0DCB;^9B,6-ZXQ=L@19W-OH,IM5ZL&8PP`UO4$V]AG_`(Y-_GHTZQO`?T;-4`?3OC;"'$VX58G@#;[P;8-M-`6TI@-+Z ML19UMQ84!%C?$W6K`;;9WQMU6S+`K1C@UEH`&_NA;D7`MK>AKF1%10_!$$^8 M%?PM,P5S.PVS_M5T5$\L7"=1[?K*>K#&XT1X`>(<`7IK>],:TQN6@[PGH@]F:T+<1 M>HH,8J4M`]9.L>G+V"2,T?ZP"2W7#F M.@>[LPW8U1NRSO#YLM1&IC9J!(M=MYOMJ.-6%SJA/8 MAK$)V.'B<1?,YZ;[PH.K>!'T[C&8BM(028![>60^N\",S8"8%DS(XC^;&$VGCP,5G$5]*KN!#$[I9*J=\X&V`V1:L9?O(4Y6OY%SDQWVUFIZ35SS6L]GCJ?DLPH MK[H.L,T^0_EFY*]S9.:P6I$7-QC7TD0J?8ZFVD[BU>Z9K$.?DMLH2_A7TMQW M0[E6DDT[$Y3Z%H$0&W.;+2T.FBG_F2']&TK^3C81,W1"L&1G.XL[T!)E))21 M."PC09E!+GQ,/`5E-5I&K=-J*655RJJ4 MM<`[/0AEU?56K=E1W1=WEM%5D4RE)4)57S=E<8_;/6IU^[5&5U7A4.Z14E:E MK"?`9Z6L)\#$4XAE5,DCK/)QNU#]3JW75!DFY4(I957* M>@)\5LIZ`DQ4\2M:JC9M#CKB25^X47W=E%4^:A>J9;1KO::Z<*-<**6L M2EE/@,]*64^`B2K>>2M:JC9M]AS"+-^T68YA5!"C3.U1^44-HP:"K/PBY1OQ\5LIZ`DQ40@)\5LIZ`DQ4\(?_RW_#II#X<]Q`N5P/S(QVW*(_6NJU%8W: MN_KW@3>76WQ>?[LZNVBVNPV]*3>KSI[Y0DO#N$X'^:Z1VQU\-8A& MR^BT6BOZQN=L+@M8`S[]9:@7[_3:_9WSN).;G/M]4'< M'8O7)]_^6=P5YN83&Y4UA?U.IV7LG,6B"_-PY(?6>G,0=\?B]<^<+N;O5:\EK<3M>BS#A\_9_N?8C)JG([IS2.$5=XUPL\/[H?PXSX(:'33%*R,@+G4 MNK8U\(J]'> M=>J&-K=F,Q#FFN:XVKM&O='I==O:`L9S`M_SX4W+?@19G<\=6R-UJ@$0VMCR M?-=Z"+BY\AT-&R3+3TV!R\SUZDD^*2YQ+@4V$(=X]1A88X9/>YHSD;E'LO^/ M'_!\_UNW&=1]><)_GM1EUH$VQNU/LAES7>R1H8B.^9=WU9 M$ERV`*L)6H:LUQN-]R%H;KAJ<'C`LC@;KY M->T:^&8[EE?7[E&B7,?SXJ$7KC5BVK/I:>^,=KT55:=I%:]&[, MESD^,)Q\LIY`ONVQ=TFVX<['E2]:G@-OG%Z;VW*H1W&`^/@]-?OR2GT.BV7' M:.!_,;Q1ZH\O07"1)_RW`4?D.@'<-[YFSS[#0^PS6 M%%CW9?)G0=\AY]GHAS`+8P6VBANHT"Q=?^'@KT:J`4BAXU\:P+2@?PP\7$"] MP0B8YEE(C=_1"-X(;MZ0"2P2JNJ10EDSVJV46I2"-!2ZWS[\>'!G?"_F_P%0 M2P,$%`````@`NHEE1TAH_5LK"@``?6X``!@`'`!A<'!L93$P+3(P,34P.3,P M7V-A;"YX;6Q55`D``Y_4.U:?U#M6=7@+``$$)0X```0Y`0``[5UIOR^S%2*`%Z#*TF5#5ZP<6`,7I)7KU*B$2"[41-)S>)?/U(OT`V]TW)# MWN1+<+O1N3I'NKJZ6OSY7X6"<@4Q)(#!GM*=*ZCZ;S;ZCU)0JOIHW%:14L>, M_U9E:`+Y,SR!A/_,?S]D;'Q:+$ZGTX\J?Y6JB$"J&T2%5#Q0"H6OBOCWSW]\ M%B!5`@7$J=(9&LHW?:*4CI3R\>G^_NG1)^6A4U7V2^4CZTO\&QK"KUU`H3(; M:9A^V7.!S;I$^ZB307&_5#HH.B_N66^>SL0#S_O3`_/MWM?;684Y3/1-?@/>PKINFG;#Z&7_8H&HTU89'Y;$A@_\L>&/-'Y5)! MT%BJ')1$,7_8#W^2GUPYJFNH)S0X!YJH47L((=M3!,##?=U3%_-[!"+&(!9B M%L5+Q<`RBH[201Q:I-7B^%6R[*X"NCP4M.G:4U=?+_X-5M: MZ[S_4B:JC_`]!-H%%71T0%>4$]_6L&(<6E6@J89F]I,&M\]C.9SQXGJPY]@N M"MVD`7ZU6Q^'U735`Z6)OJH3!TD#7:A]V3-H80#`^.<9I9!1+X6V&69O[0/: M-;NL_86BX+4(-4:=)R;3A5+9[KE_K)1LLY'8L"6K2ZY;1!]S[SO_)KIM]A9' M02ZKXI+VC'AK!8CJV,8_KNGJ=8'V&T5JC$9F:07$^Z;S_3[11T%*,3T!53KI M0?)EK[RG3"$:#)GX6$S=9$3?/,-F%[WX9:`)T#@>/6-50,@O'8_[ M=6*"IU*IG;,Q$I7GOA^)>4+7$);3.KZ8J9#29I_/MZTTFR1_'!O>6\WM%2T1 MI>L.N)!1:,L]_?OXXTC,+8HO0TGQ!IVN$3!1S(1O<27C^SYY MX-6L?NI\ZP1B0\X<;U'V)KZWR1W%&&!U;IJB6?&OT9'<+_; M(*URK3.H-<=B>13A@4SJ@]&V6(00BK*./18(%[,QQ%1.3UT'23^ZUA"!*JOJ ME/%!W"1)BLE^,#E/%0*E/)*88]IWE8*[-B_BC-P87B M[8A$X9S9ZIQDH8Y[4]G,S%G4,36(++<7!I=W0BJ6,J%\V<)\RFHJ9NT7UL3* M46^$L$A;`K$]6**7BX+<@7`MDC5;IDI&,=NY01&&E$ M0S/G+,W=)4#?B0Z6A$UG%EO*PA/6X)B/B\A$E!(_N,O?"2F\C#ADK^8,-DLR M65GEAD[EIIE<,-LRXUFON7><<;*!48NZ6UP)GU:VGL58KJR9QU?^?+I[//SK MSV=U;,R^XZ-*[^UD,O@^QP\U8WIU0BHGM_LO#YTYU4XFZEM)NV$58W)/;SK/ M=_`.3AOSZ\KU[>7T^FG1NG#55>; M_QC-.VH+,`.T*\!H8K7X^E)NE3M]#=U^.Y]_^/7]\(UUV/SDHL-:_0%^>I@, M&S/]37UY>VHV7F[F^`-I'E6N/\TJY\^/SX_CRL--Z:TRF1KT=L#JQR.^/KXO7ZL8E6YG9[-#H_%4:_^X^?'+&/6O_EMK M'!1+9_I?2K5];Q_22=&_EKJ(_9!579P?,+@0MB(ZIN>PKQ-HO6>&,G<(ZP2Q MN7D,"5)FAC;N4JREJ3O(AGION0%<2K]]3_/S[DLY2.7;1]U=.=/T\-(`"\*Q M6D[#"<#*V>OG+'*P!$%9Y91*6\5*G)^L0N2>(\M=V17*@[>NI--TL2M&5HSF M!<@_0>-;82_E[ZAX@"?>("C@!MF-Y9Q/E/MR=K('0>V,O#XLA86NN>W*61Q@ MW:B'BU):1)\@;LSY_(&*W3Z+P.!,'$F7=BXC`7KZ!8._HQ-+J*F["ZS0E:4/ M^EME6393P3?]DMDV'RXP@8#"&K3^K^,XYQ4DC15I+,DYHM],V[3L!VTW2+_Q M3IP[X?6P^KO$P#T8+/<0?C,I0UANMQK[P&MGB$BO!1:+A8F. M]R8I=4>U2D7@^IZ%PD9SXU5HL^$L#9=VKC@F\JX'+7$)7M_;L(FL`39;<[B\ M@F<_]/3!,Q^1S,EH1S<7X@ATEN@@Y?C-OGE_@?6;GHQ*)L+?SJ@@I#EX#O4E M8GH]+-_HD)(#?JD3'GGJ%#':=-TYY%J$E=*4D\!OK:M*J',LJ@/3#INJ7`5C MQ(!6'XUY+:"TM9P(Q&V-*))+ZY',^P00*YA;.L^.*6$TI4%Q M?)81PR426V7SBAC\T#<82HBN0M@S,]MU2@VQ.ZY)VD"#S;Z\$Z\Q4+?;B/JR+MH) M0_'.PV3(EP@_9TG3<+6RBA\[ MG1XQ;_B-JN^;%(C8!?D;5=_7(82M*K_COJ:PR^XEW.Y^9IZGE#.>1Z*F'NP: M`$M993'+S;G-QU?+&@0CQF-0CG:)9N(3O2*2]@,&@^4^"TLG6@A[P1F/E$(AC@0;:"+& M*P;P`(G]4.;JO3R]HC#S3C:F5"V2RDSO4OG_WU))H)J+D+A_9,41.LL-N:%X MKCM3)>_;36/&[Z5M$-?!QPZ"X_//BS^+9G;E_P%02P,$%`````@`NHEE1W1* M/@.$*```0(<"`!@`'`!A<'!L93$P+3(P,34P.3,P7V1E9BYX;6Q55`D``Y_4 M.U:?U#M6=7@+``$$)0X```0Y`0``[5UM+G@[M9=/`A>#PX?GUP\N//WWWW\^N?#N[OS@Z^.SYYG7R(?\+W MR-<'Q/#!\]PG[-=7.6'/#]3_>T"G1]\='W]_E/WBJ^0W?WX6/RC\_M/W\6^? MO'W[]BC^U]6O,J_L%_FP)T=_7%^-G1F>HT./L!`11PA@WL\L_N%5X*#0"XB$ M7@>5OR'^=IC]VJ'XT>')=X??G_S]F;DK%?GON.%*3'Z`UT?)/[Z*`3LX^(4& M/K[%DX/X._X<+A?XUU?,FR]\H7K\LQG%DU]?H07_T?Z8_ M_$P_*KCV<8AZ\.A(#[VV'A2\>?H]@+0TP$ZT?BEXXJQSC* MI@2\OI]O$,4DG.'0A_S/,A?\BW"!H)S)3F3--0 MB?8FE;_%OEAFW(R%BO-[XY,`P(YGW+C.`M_%E%W\%7$V5?0K^;3QQ36.'AC^ M*^+<7#RJ%&I8-#093&L\BD)Q.'#Y:N%N3"A. M2>K@5@]BV@L2)QHW\OE^+X0="JK7#\0P!36>6P/B7O#U'RZ'9!+0>6SA5-2L'6>M*Z*. MK+H5@;$LKB4B8J_CK^!Z7##C<@Y=/$&1SP^(J9B\ZJLQ/!(>\8\'R2AL#_LT9*;H;I*YUZO8`*%[WX`J<#6M29SX%,E70ZR,V7 M]#,3&LQE>`F#:B`"RO?+7U\=\]^-9_+/#C^-\*EVX<>_Q5<#GB9QZ.S?_8!A M]]=7W'LI?$M-/LY\Q-AH,@X#Y^O@V8.=2UO"UH;6.$^E1K:6M\+4+.5L&ZQM M^C;IT>,G+^D\W=+,$U,BI;C(S5*RO4O7\E$U-?/4E.$DP8DI4CX?=T@+-">9 MFP=`BL`II>7$M"7#E)^-!C<IUZ*0"VK$9('Y8XC-!B1.E1"QK4?DBZC1(#Q#E"X],HW#BR"^@)1@JSM/,VV2 MZ('9N%L^5:CGI+DNVYK`K+,&F3O.63-F*5W?&:,KVQ//(WS)M;U&!$TQ90J. MP>8G=Q3CRB^:0OJ]81]Y%,XP3=2!F.KYX7=Z^RC@D&+]@^FM`@[G/D"\@>YK MT^A>>>A!W$>*4PR@SUHF9O<=UU)P9,RT+A<$CR;)-3$,";GQK9KRFEE7Q#\/ M"%@<:HR=B,M(LC8A0ASKX2W:&DG,"V!(>)!Z-CU)/V$W:"F"Q-P;XC_A0[HY M)<\B2I.KV@\!<9*_@.P"NKKL/I?Z,$L8N;;;#?`VTP-Z"F`TNZJZ-U.!\[60 M1@*YS]=(L\B'[%5B-5)`!XEB;!(LZ%$FQJ[WU30G\[R4@@06F`KF\X#`TK$E MP^K24*%B&QVX6"[?JJ)Y%"?LG7LB=O(0Q5G;0W+Q[&!Q%?`!A\FS,""W0%H\ MZ"6O:0Z5<&WV`PQM2MUL1OUBJ@PEH(TH[[$0MQMZ&F5:/:*J1PC*<9,,B_UR M5$R5RV4?=I=#M_DT>)]2MT^IVZ?4@6T8^Y2Z?4K=/J5NGU)G/-Z\3ZG;I]2] MH)2ZNBRE_&D6+RAVO/11F/EUI:/&S@<]M;`%LI/%:16_?V2#*)P%U/NV/N/` M!4:W)-I=G7($-H'6&,$Q1M60L:@[FE)I.[_`ZI#JY%8A$9FKS]`50WF1O:2I M@%ES'*?M?4,7!J].7`_";;5H0:5(;0F%,W15HJR'K;7(V3!S/YH_[6Y*!+9R MM?+ZR5&9C7O31)2U8/5F%4@3X=Y]C'H?HVX=HQX[F"#J!>#QZ8(@**\*(C!= M1`@NES,5N'W1XQB6#?!6S)V/F#XC8J0-&PD>-$"T2<92H1`OXM&1;AKYIN MA0='6YC(;"0M'GG%-4-'"]%8@'O(D$Q42]MU3FIP@C=.D$;)]I%.!OTU#D"I M>BM2+YX7?%>#W0ZJA?4A%%\#%4P4_MRCV`G/`A:RT21>@B#KH4R,S?3QQBF9 M)Z44(R#/5D@936*#F-VA;>H*$Y9J%FMW_2@Q)H4BU,NT,?;YCZ<#XEXC^A4# M,U*NK\16'6#&*QID0N_#[/6:6-<0S&Q(Z(VYVT0&Z(HQ6:/9\KS%"^11 M%L\!_@4Q25M-`5FZ>K&]LW0-*$+554@VQI6^0I?;8(G\<`EH\)J%6O:Y-7R+ M6@@;+R7UG/(G@MULWB3E3N+,1RAK6"NO3XS5`]=X4=DR?>T./P$;J4M9^, M>X.G$>/'G^6G`FG*ZUOSJQ$ZHWBF(JF M25IGR2?RXK[2_"<0A%3*VGU6JF&2.,YJ4Y/(`/35-D7TX59B"Q:8(^EZ^8D2 MG*('H$VEA*@N M?^D'3Z]:%([WZU/E_=, M/%%<120'3N@]@K=6T-"B#V$K'7`;J=X?5AO9T9_4S8=9PU=4`_=+E`:1[H); MS#T:Q_-Q0?1=L`,K%$1/FR0;G5-FS'8 M*EB;[Y*5E2/4&W+E^E#U0W;4IK8=*U-4R\'/=A#+?F-QVYH MY"5LSRI8PR7(56B1)'S8#HK5:='CH%@MN$`%8-$R/4[$>>$49QGCF'$E1Y.X MR77R+S`E857D[V"L1&(]%,J3*L$-="^1*7$94'YX#Y@7LA%9/]3)/1``L>8J MXG,+'OG`JI^S&<+_BWPF")F`T2[5IIX[R6@@K5?'7;.[S%H@&< MD^:+=..";\C<1<=+D<]F7'?!W;+K9KT$GE6PAGOF4*'%I2?J!=AVL.NTZ+&# M70MNX^+6+.(?.!B[<>:\**0M7CZ/Z!CY>#2!Z\DH(74'G6F)N5^L]=\,+;P+ M?8L7$75F?+\`);16X`O@LAY0J$XUJ=31Y-P3VA.7Y2JK0_)8(7$GW6)-*JM` MA7*+\^9`U.#)M!`;!?_/&3]2PSP:DA.\BXY3"X-;@S")8XP3X+7!GVE)U@5 MEDI9+\?%V8:Q^>$L\`G3[LGR)6R-*EC#E;V*KP]('*P2GO,C/PJ).V-,/?%4 MNQC=@N!<2?[NORE4@Q,N5%2NQX#/.$J7?')]1#Y,-7LYP3VH@R")(%3KN7$D MTK:$ELC/7G0.R22@\Z0D%V"`3U;T[J]&:1!E^M2U*TUS@SR0V_#"^':7E=J, M+2M4DX`$EA">*UD"1T=1A.7(=QM*-K`"BJ>M4L:SFQ3BKCR@>%V#7F5("]_Y M.A4*.#8[DVV8'%&12IS^)9>H((Z;`\:B.79/`+F4$F_[2*\ZYTN(EH-9[BZC MTU(5(SI%Q/L6&R!$W'$TGR.Z#"9C;TJ\B><@$J:9JQR-F\#W''$"TGTGN#42 MZ&N_:FG:!2!S:*V+?/"_B*HD3%20QTR8]_A':6+8.68.]1;QA(Z3?C>4NN/, MG?I`MQ6P"EM>N,W3J?`D"I:['5S;Z]IN7BY;K4VOWES.&V@OPBTI[3J49<.= M>TRP$E$,NNCJ!=H\IU7S5U[RO10PZ4Y_W=905GT!78"7Y\*[3F7Z)/!J' MNX+L'@+Y0\*_7)2DK>J?R%H$V3;X,I_FET`#= M;AK_M`^".(,EQQ-=3V$US/*.(L(X1B*I'];9:9"IOP-4#=V9&R0OWO).(4M\ MT4M20'<7]Y&XLN8L\+EF+$W3TSP6QWEAA9$^!+!'A`:);"O3FLD*5?$'%C1-C%4"G, M]C5./87%*\]*P'8P8+0=X#I=QG]:MICQ+S?H.R!N/F@X6A_'5I=$7?E:QG6T M7";+3&17FR"P.^\TUKSQ_=)%!CI#)"7W*J0OBR;09?E]_,"%A=Z<3R:8YM=% M"3;C"&K,;$(#]61DLQ]$!PNI2:1%SUR-HT;L(!]+/^5TI0'A?W02>]R90536 MH5>F41WAYNS7';G`C"OX:^<@]/(*<^S,L!N)9['9S72^YLCI,O76_/H2GJCEJ/Q MJWWN7SXYZ+?8Q?,X)ZO%LI$;T':E%-E`NRI.4FT@.IW^\4+- M;[I)GZ86/E/)3GX%V4"M5EY7SA]8LS55'2`/2Y4=V60HUW7[#'5O:WMFB;-0 MHWD4WSWG.S?D4E5%+FOB!D$U>6NGD/UF<)HKJCQ)4HL3J+.#C%H?T!RO]8%K M.J>M2P?MSFH:TAE9;:I3I9R379LE,'WOVLP3^-:%=8WQ=F:J2/77TW*]13[@ MQ,.^.R3B/FW,W5#,[B+Q4NIL<%WP7B7\;IG1=B5>I&4_\]ZX%'3&KQHSZ;>8 MB=I=#N;2M?FJ&<1ZRIXYHNJ@@HL6Y:6.$?DM0D14(1:G.Q*TY*IZO!V)\QCE MK`8]LT7W,^%W08A\98+RGWI!JZ<`AOD[PTQ,B:L>9W$H$%`YA,4[6]DS:S,, M3O'`+&[L^80J8RAQJ])Z(1Y2C).H"B')/S^)/+#9Z$#Q6 M"[.38:!/70UL4#G>EP(3?,7=/G=(0D2FGNB?&O?.A2.L2::5('4+VAHQA$OV M7FNXUGMU#Q**"MJPETJ54ONUR\G`"'0&JA5='CSLG-(*-7JU+VKA;/S<)*/- M!]SYHA4B7PR;,7XR98Z[+PA9DEN[/DZU/$SESVCG.$2>S\KD;1U6E0Y:RD): MQ!:4I99DZ)G]6JOTNVY2[\QQG`](Z,+:.CUOGY]G,S_/S*KJ-DMOGZ:W3]/; MI^GMT_0LI>G5A/RA-IU1.`6PAQ.Y;1&GSE#_&M8$4+"]:0BD(6G/TSR6Y/X^>WKVA;]_\_MV7^[LE\]\\.M^._=_"M]'C+?OM M[H]K?(V?KI;OW[[__>?D?'__XN'A[_]OQ MM[>/3Q'[?1H.?WQSSK[]B$9?/_[#']V<_\#N?OC;\6+V^\?O@L7MR7N'>,>_ M/P^>?SA^\P<-3H977Y[_]ZJH3M@N+UA+KF@D%V,#[@JWZ(;!W[R4:0._G6L6DPS(7:]H MEKI8E2+4*&NQ^5F;?FOC0B[6J-CZVM+]\S0P_BOB+C5V-VH_*D%=,83%O%NS M7DXU2'`7BW$X0Q'-$'?"MS@DI2OHI[6VDZARUS7!><-5Q[%C4Z'_)(T@'S[`_K.'M%M'D6-K0DSI]+]L71_+-T? M2Y5;)*1=`,]\Q-AH$A?6[* M<`)[[K0M#"8?NH(6FPG0+4D!#,J-,14=?L\"\HAI*`I"W'`J,*78C150CM1) M#F@WD;G:/A1V(TELP)R#(6,1=D=D$$TC%GX^^?XSA_QX**!"OBAT&R(_-=?* M/*F/;3O$(1MPU4`-R+..0UQCKO4@'!('+[9K8C3'_C8_;K7F#-@1MQPI()LG MA.5>^BDRDO_DRR6C@$]S;%8OW:U@39,UGBQ>"+>@1II%RV:<1!EPH2KA9KF3 MMW@1T%`<",9)6`GD+%4C[2426@>N1$YB2T(WLF`]F%;GM?(LIYQV0&P9R#*5 MG=J1&Q].V)!\FGG.+$EB'W'Q4.WL9<3:O><$9[H6\>:"4/NW`_VANOD9P1OS M*_L3]J:S$+L#\<)OBA-=SCT_XC]+/(%<J;N=NUBU$HS6>MO%NFZU1TD9:/;UVEY^O;9] M;;9];;9];;9];;9];;9];3:=;6)?AVTWL@OV==CV==@@Z["M[7=LKF\0M\QW M%!&&XI(J['29_QYXRR,,5]$D+PO2@=Z28M^4JD_Q*OJDS:DA MBJ"\UU*2[+JE9BF2M9DF36;'-O)%&L6"%01ICE0JMAN#N"VPBV6G;AAEEED) M>$`^9JU4>`-93MI.6DLMWF"]RP](M*P;32Z>%_R+82@3628&;&T!6\92R(`Z MC0U)B*DWO^'_%[BBIYEX@CKPQ8>X=G!644JNW9AJS?;/V,US MN)DQE7=1YDF#L92-M%DUD,9(D[2/6J3E`J.I)QL;Z;)W.&8XJQ=HHQR2BM') M4]8`'5QUI+A-029=IPQ5Q0`VP==JYE`%A.E[\DS>OMU&_]IM#,1_TY8#W.D) ME^]H$/'%.[Y]I\Q5\UAVWX-67T/D.9%`!.PIZ-D,>72.1!N(LXO1:'(6S!>( M+)69J!_'PKL9-0H:8%`)&5G]AI517H#YIELVC7DN)@X>$C)&Y+<($?%V5G2T M(,'90*."H\QX-G=2DWU;)-&#J3-;6KF>?Z=SCRT"AOQ++!Z?"(<-NQH\*@]N MM1N/2C"QR*`ZB'#6G^L]"F>8WLVX[>/KGTM7-_W5@UBVC+H'N0/NW) M_#K,L@XP($?U:FD67[FJOPB000^HPA,_GSJ(S494;+WI7W*+^AP_A`/&HCEV M3X""+=+B=[FM2CVM*A@;K_6Z>=3B;N]#JJ+4=;(`@6D&ZU<(1^BRKX`M5 M9"`>GF_$Z?T)R[O5$*S6RNOM>JU'$:S'D817E=>$>P3.UL/4MNYIF8!>;:5M MP31?4F"M42(.4Q:0T1/A_YUY"U':8*7&5N6(!CJE!K3[6K@-@W)X-=<$T$YC M>L0D@BGTL!J[MT9RC8[,6WTM`I*Z#QZ9\K-D,,=7`0/AHDS,SG9^J^6D%+#F MU_&Z%NT*$?<*(\8MJ?A2L=RXD-P=IG,%0U8_3B^WGP9H4D[>FN=D73"'X"?D MCY+N'2.R4DB!E^:Q^KJW2*"4G;YR1&+3V([>@LF/T"_C%83&AD!YK.W M+@4T^,I[Q.Z0A(A,1?E2?@+'X6@RN4;T*PYCA2[18T!%E"UNE0FQ]6AJTB^B MV\*>383JD$@[[R(6RBXCD7IXS76<1_.LZ>UYA$$]C@;1_>19&MB,V.HPB!:Q M[X+`??+6]5I,,K<:N[=^^QJ=#/[:2,:^-J+]ZX#:XH)2IKSAR;Z^ M83_(;"Y@>&*P@F&FMV0O=^G3A-QX_?)%%+'*V*H-DNBGU9[QPR4?*$YINO/F M^"X0N5D^#CVE"NO-8_7-.BJ@E%'4'#/IM-#C&<6N%UXBQ_.Y*>='V>N`AE,T MQ>)6-]]%43.Y16+X+61E\EV4QM5/;I:1HUH%4GY,R`VFLB"D%F6%S!UYS%J7 MA]2[&.%G=["'P>O![3\'5IZ]A0N2-4IPE1B%#+AG-?GA+==+W)QR6TC#I(V6 MB``J8%"$VG*U`DFT@6NV[&O0[HXQ,U**UG`EPGT=VGT=VGT=VLXVA5V9*G!U M:(LF$FH?*9&R$]5G6VT09=!)I#(;H`FPAVV9G&YJ2=68[.I)6LT'?/_:$G%` M'6PK2+%I&O4I`>S=?160:8CI7*S>._[[4.:L5`[@*NG&GI6C!U?F<%,>G%6K MD-2)?U%CUNJF:QTQT.YCN3P8VU9'C5WGKQT[.+EM;4P%FS$BGV2VM5SW[( MP8B(:A9G@P%QWWM^&)!W_.>8ZT9&J^'D_W]7@,9^'?XL?`?_3(M.C3`MYI MUPJTR6E=6'/CY64=9(:+^F>S)'_$4%Y0)1^V6]2N/MR27QUEWQLJUI`^DH"; M_$4!MIV&[>25_#3?``.H5\4U>@:&O"!@QR$O@@$5F/8(WY9]JR=2:B'-!#=0MEAG-DK,A&O185_L;W%F<&KVV((GN4$ M6ZTVU)IA27#AFM05%2C<_^>/\J>(P01GE>3W>C&K(=U\4V6`[EC6F)\XD#LB M>25`:L5)R[;["L(PT7482Y2B,K9#WY.(#YWM%F?!?.[%3STN,4Z+)_&OV-5V M+:=,OTU["Q+,%[$JS$W&(D0<#%8K<%M(OYDL`4VF:%7[M0N]''O.2Q$JF3)6 MYLQI?'>!61C?2H5)S9,+`E(E5T6\Y2>Y($:S$NK&REC&V#X+'C%!)!35GV"2 ML!J%OD1F-V!MK*IEP.7EHO%@'D2;A3*D"ST<\])KYKQ-?"X$'D&#D@OD"MO+8/=>[2S!&0DWQ^?*NIN#*4 M;;[]6",#^1XGD[+2$)J(M2"+B9IM^,@A)7?-WZGI*;9T:%\UJW2\+>NMT&*C M8J`V&:LE`ZL6PJH9Q$KE*SG8RWI\E,%@J;95>2-2=KK,_PMB,1=*LMNOH=D0Q=M+A1'M_WH5N;HO469*H)0M6XD M&JES_9R(4NQJ%-I0'MSJDE,Y/"AVH]\"$6ZW3W:X92OF:@:QO-QT.:J#Q7R< M8#TSO/E#1%E\IW47Y&W%94!%`R1$EDP4<0FH`%%D#\V0,S3%8NJK6X** M$>P>NK2M0!4>AA]4*^P,^>F0Y@R:W6++!%A,J]5)(]`#$>BN)9YN7'P:A&%Y MV1"AJ5IYEO,JYB^6KXB1^WF7]V15*O2$8VV$)0I1:))]P>VY\(+"6>"N^XN.G@BF;.8M8)\J MR`OOQ7:I@:E,)0F#O(+Z9 M395$4[H*1:<)VO')=1;X7#>6J)Y/TM9RN2J'W$)1PMF2&$S7-:P<6C5;NV$@ MN.E`6P"I'7>=JL9Q0J:;:?=-%-4,L(N=#.2FX=;1)7A`50AN$1> M63J-*@.6^Q-)SJX&X,$:L#7*W,R&:0._G=P6DPP`]%O+9-YS0&ZQB^?Q`>F& M!E.*2NL*US)0-XK-@A2-BSL/?RT4<*T:SD7->N\ABK/FE9$O^[3%8YT2X*7? MO)-Y?N%[4^\A?C2=Q-JUY_KV2)8/:'KN42,\<$TP,J&BQ(!0@XDCO7N%&;N; M(?+Z3XRHVN-'J0'M%E/1(TD6*[B\I"H-K@.*C;*U,>!+8FL3*_/=.3,-/F%O M.N/G_<$CIFB*/T3B*XXFB2I1R$)$1#K..G(F5,9SQ1-B&RFV=RIE4EM!:K9C M8=YTLT0,5MW'UI_KXPK;^.9P]8/3&D?L,J"W>!%19X:82%>/-86()=8+M.Y1 M2S,E":#92'")`1:UQMAZKG#?GJ(0Z>U3%6/U<0%)(&2^OK"$$KK,5V&-DIS MO2"6MN^\JLL"ZZ9:$1(A/W]4$^Z,`C$5`_3'B#4AT5C`5W?;$97R`S(.`^?K MN2>R[(C+..6Q]F>(S6Z0!U)Z6TIN;UPW-31E:ONV,GI@<;73\.*Q15&Z%7+EPVWA)A,Y;QI*_UJE?&3EZ\>Z80`G MRKJQP]5+:*`2U(\E?=DK,^6+"6BO\ MH6H5MNW2V_6,*-7%;DT"(RM+=:J4<[)KLP2J!(S^/+%='&9'IHK4);/65-FP MBW?\(U`[2)4HR(,_V/Y0B1M<`:`2D7#&O5I8-S6;:@QXPY1M8`DL;Z91)HQU MK27*IO$T01-`6"++Y/;;0C-=2`/R5_C^:+,"!#0M+*-7S8.3]T M#:^4TV\:A[);0J:=(Y\_PS9C!E,Z:Q\UTPX_J,;,S'L3^P"V.1:5PM>&'YJ^ MB!0#C8*!\:>A^_0"(_:M/KF@]I7G_@(;;A$I75^;[B25S\\:DK5#E#D\ M$*NK66B/6%1`4J([N-8Z.XT8UXRQ7)6,=S1@["9=ZC?4OK24#G\?%$]8[4Q=[G;+S<,%O(;:]WAIV_3X-' M_L4]L=1_$'\0\^>'W`IO'%U]DHLADV]]BZ'$X*R^]5;'>0,!L_#^OC(@`F5M\\6@6 M#G"J\!:_O?EW&4+&F:CY1$+CSG(%V\*+HA[OI6BIX-VY*Z,GU,B@U7QPTR3I)GKP/>?2#U!-+TPU3O)#]L`N ME>!@_O6$$#3@&KEQOV\?&5@`Q>%ZL<-N(&#VJ4-!0"Y+P"#2^5'[X#V6PR'Q MC$'7XG-15/0<=O'S[[@FH*!HY#>&M1,\U33KFY!(O$W0AC_9XV]Q7+"6>[(A M"B,#Q[S:T7MA>.KQ:7RTH,G'Q\"/2(CH\M+C1WUC1&P.VZ?EL`6)U!L#70)B M(6?OZ2(A;%SY)?CH2H!\1P#,3_`U!+ M`P04````"`"ZB65'I?8\-%M)```A?@,`&``<`&%P<&QE,3`M,C`Q-3`Y,S!? M;&%B+GAM;%54"0`#G]0[5I_4.U9U>`L``00E#@``!#D!``#M??]SW+;1]^_O MS/L_X,GS3,>>GF(IB9,X[=.9TS=;C>S3*\E)4T_&`QUQ)\8\\DKR)%W^^A<+ M\`O(`T"0/`)TVDY;VQ*P6&`_7"P6B]V__M?!`7I-0A+CE'CH;HO\DV?IZCDZ M0"?1:GTS]]%%F-+?SE/_@="?A0\DIO^FO[]/T_4/+UX\/CY^.:=-D[D?DR3: MQ'.2P`_0P<'?$/SG__Z?O$@)S&!(7Y`M_<;]"YZ0(K5"_;;HFGBRQI2LD56CQ3B]*1@/XP25EJ,(J>4I)Z!$O9Q9(:):-C<"$ M5!`&TM&\0C2`]8_BG"8;^7^_V"0'2XS7'V]2RM^*A.EL<>Z'5'8^#JZBQ`>) M3>^2%,`L73O&R@(G=XR?C-P+P.4+$J1)_I,#^,G!X5$FJ_]N-2Y=L'Q2P'5E M6OGWTVJMN.PZ+\3'X"Y@'P3M'"ZIO,*#]S=?_*WHBJ(%*CJCO#?ZD/?_]:^< MA;$TH)_3^.JR'`\S[FD?VV86=;BQ3RB']XZ/:A,6<>$RHZ!DO[N?UY]/_GJVZ\0#CWT/]]]-3DZ_'9"B21K MPC:P8%O`U058#0$AXM1D$:L0W8M(H+-2NJ4N^>-(YS`3 MS_Y5R+3\#DZ%S\"V6E&Q,195H^!/H7ZN2X6C5C3/*'9/HR#`$^U0^,@MSKP*7J:1+DB1(Z(/$3HZM&[>R[:>Z3G!R/PT]^./L7QO_ M`0=TU&2:GN`XWOKA\B<<;.1GF)[*RFS@%W69#JJ@C'A2J"3HQ`R:.?R%E-W= M;I>MY"NBT7PM]KV%4,#[D4=-_SC5*1=C!F7J1"FM";HC2S\,*0&P5#DOSG>/ MX:7(M<@`9MG6V%UN&D/9"@&_UJ6D'?0F_$FSB6 ML5J\^Y'LI1^2V>(D)IX_B*.\0M^N52`.K3KRL5^B!9[[@9]NW5J9,E&(`M^9 MS]X_&KHU$-U'4^=`ZN:)PN4!I;1"T!HL>-[^\UK;P^[;XPV94\O1.R5WP]Q^ M"N2M7G*6XRH^IK=1G"ZI?8$\VL:54:210N5:LC:;/GOC?!YMJ`U]A;?X+B#4 MN*8_B3?$N_3Q':@5GR0GFSBF=C;]W3O*.O_'(+MI5UYL(JDKDPK8Y>2H:<[H M"4>VH"3H&H]]45+9^?LL8"];H2`_C*E0DK=N#PJ#:XW"2RFDW&QI.]*H[FC5 M"?60^Q45,J$(\F[2:/YIL/L$V3![=VGJ%).$`046BI8H@:83]`"-D9\D]"MT MC`N-M$1\J";;YRJJ2O/F'E,)33?I?13[OY>A:<-A9F?$`2(VS`%4Y\842PGK MAW#1T?7>9296-;BD"]'9OI;1OF`?GBV`9:/9M)G4;+1$54U%C05.50$V04F8 M^1`Q64W'8#U+LD-Q*8T;+@W>"5W4-HS/71S](AEDM&>;%.+"/3]3`]4TRI"WY+5'8D'08]F.+O. M=`TGJJ<-K`>:HMKFAS[P;K\ZOTDW$&;59ZA?@J[WYYSN)2OIU0Q;OZ%DM440'M@D:CU2H*A_7G[(QATYBJ M#Z[:Y5BSW'0*(XCOX,ZYM+XP1]_VKR[?OOF6_>G4T.?SZN\G+[[_/.BJ>R3A2@2H<5(+89$O9P_X2Z-EP$>F&LQR< MK.;$")XZQY!C\)@XA9JFWW;_5-(=SAND&NK%KA%C%TE:7Y`413N^ZI%@2.UZ MT$UZ+SNA%8^#=CSG.&KV-TC!)',VC`91#=Z&QC7HCBWQS8\/$;AW&WCSDUR$ M9T]S`L?2=R2]".?1:A`#K,WP>T6>^?NR%BRJXG/%;FC)LE_$*+W'(7O'[+.^ M;CVL'6!0N^YOM4;=\XU7_KM\:&_^F7+( MFO\)KR-Z!."]7-OP:JE5'6+2V78'BQ!@,`T].]!I''/_!GV;R!$I3Z;A).RX M.%J0F4I;$8*B7IFN5C]7>(6;=\B$,ZJA;%MK"CZ4"3Z@-2HSS$ASR;A!4X/P M1!#I)MU=>$@GHTZT^BAEG^$@WXML&*N!PA(&5`HT5T..7?4:R8A(4$VL5WX:2FVV M8)HYSX53K,K9TYJ$R4"WC\W#6@[!,6!)`2,F"H2]E1^"!PC#Y:%SLZV%8*O^ M5K-5Z!&C$]`?+^F1\RV./Y&!<:89S>[S/!4;JF`*'&0^AU7>P3FBFB57CN.2B$&$@F4[_[2K73-=DC?TX M81CSPY2$68KJ@;8K_;!.MBLM2\K$.M`V4RY%8\MYD%M^S8;.5)`[3RF(KCW$X(6Q/49RUB4NR9WT\1[>#H? M0^+E^.4)@%A8]%`[FW8\VZC2,:/*8E"TJB'*C?O+0'H5!UC3A+L#J4QN>HN? MV(W.19ALXJ$V1-UPMAT\2DZ4;W*X`%`*'2;(S]N7N0E<>X,:92G/:RM?@:YW M>+P@2@`)#"I'VP%WOJ8A;9[9&GA1@"OKQ:"D\@BXP)2A,$5?N"8LI&:PC;#%Z';UF3ECRHPK16L4\^9H#NW= M`K"]N$4LMEP5Z[FWVO$GNXC(*2"!Q`2)PLRHH).J,!W9/C;EV2/?U]`U(>K% M'FR_=C*=>@3H)J,3^+U>SQ'=4O`88YG>X,XB!B M<(<)[=4[R1JY#<-0":=R^)3.J^OAH*#&(\`NHV181`C#[-T=;PZ)DHNF&^6= MT'97+@JUG*3@J,W0NDM(SH=,$Y=+G<52/H/6SUV[A'JM]V&/@-N\I`VGR.J5 MTI\,\5$JQ[)Z4:;BPJ2B7N73=!-BJQ=7-<96,]$^EVDYH0$=.O4AW-3)JG&A M1`AOE>_ICC6)0CI59.S.J[.%5VHB*$9P$H54/6VHALI4510FQV01Q82W8Z[& MMWX8Q7ZZS?E@KD>1"G])\):D]Y%7PG@02\$F^PZL4HO3T[]8N&/#9#J4N]"= M?RC6@;O[!,*>9/H]R:'C9]KBF(1D,4Q9`=50CIZQ*MC1XYPBFV*=-43/LAW! MM7'9(,)=5,KGW/V6L7C*.M1YKSJ`DXC["@L*C+R3O%UV@@BI0$0<[,[&[G7& MSOBRHYQT.3^3]>P5DG^&8ZB$F%R1F+TM/<:)/Z>[P:D?;-)ADJ0T#6G3X=K` MB^+C8ZW8!:O'VPFI!*`@(9IG23"`I%BEF/V2_?2Y:YP9"EY$GLEB]8#BS\1? MWE,ZTP=JMBS)NPWD,9LMV%!"S@T+".W(B57G0S<>%8#.B2',J54`7$G?@@[0 MW0[Z`>$\-XIK^Z0?AD2P]UC?/AZ1XB'S;`$U&,^#Z#$9\NVZ=CS;OE<=,ZIG M"L7S=:@D!45B62_I8W:G26DU\I3FI54M08](3X@K@VHOE"ZW(`9TNZD'<^.` M4_*CK>481N$!KSRE*#$7GFU6-=9*GM(&0Q56W;M>JN MVW9'8K`O+KF&*U!J.+([QY,!=\JPG1*HD::VK2M/5`N)UQQ3IFNR3T":5&6S M`U`C3BS?I';AT4"_XL^B^%\_L.BQ;;R0?4XM[T@*UNI5'#WX'O&.M^\3XM'O MJOBD()WU8`AO,;J#>S-S[C2N7F:$KC,2Z&Z+HB+V!!?]W7N"6X*@YM9LLTQ= M[Z#H9\`NLFXC%NT;DSP.F"24`W[HRGXS3+VP-N/O3P>;6PQM(_Z>G\GN6 MG&+-WSSY.V,B@;+IV M=B_O6G*GB)?GHKW"ONM2>E9%U>M>4!CK!*]]:N-A/X(GS.:"KM:_-5J8/9TYK\F: M2O6>JN)!P:<=T*4C1,J1,K&91U9K7FIF!V2.#3^U'!5VGV+6MH-"&CF2%E3/ M.K%S>]D-A+)3+^./(9?N#_=RTK/%J0_;6N@E0LVK(3]VQ8ANCWIRIHRJ2ZVQ MSS8:,7HNJV@R$KSI92P#G&8Y[%H#C?QH]0#]\&>QYXH8#??6 MP`!".NQQARW:&9#9,A_K$ES=L\5)3+QA7N^8#6S9$VG"DXE!RL)]GJT+8(;/ MT9QU1@L\APM9Y[6<6LE=99CJUVBO)Z/%*;D;'(>UT6P^4E"SH'.U`F]*.`W>B>T!@$&3FC5&G4UM5@,2\CN M7,#+\(`#^!JN2.Q#1H#J)H&)"O7.*D&0X MN5>'L%QFI39\8\X0DM0@X#1/2%4LTOP@PKPZAY1D[]MF,3PJROXAQ$.!N3^E M!\@5\8X&,:I:#&_[_J0%;RJ;*DJ)\(*"-^:O*^1AD&Z,JO80J%A5+9?)0:;E MEBS*_.'9[]';_"Q_.H:SO%W1]8J+S)[34#/[*@K\.92N'_!UOF8TFPY(-1O* M%P!Y!Y3WD+W(=X&U9@&*T&J8>2\/9!&W.R"`)*/8WG]V65`&3^``\9;2]`W. M'(TJ0@]L*5)9A3"3V7=!70[G M+`52"RV3][`"AMJ@VK*XL6LU4EM+46N(_'>];9!`XFRQ('#A2DZI!LJPP7\S MB*>Y)0?.RA":\:>Z&`470/Z5C5"#&,B\09$TK4D/QU*>J90]/KD0WH?GQO@@ M%R"-@PZ22;W18][$ELH5%44KUR'[QG*LN,*-)FPY`;L)3]++BN4R9N%HB).` M(S9W#=7E\T>34/V*8B\R>B#Q7;2'[^5(Y@$I!,2ZPN6@Z,[-N_^!17;4Q[QU&27&4/O:YB?][S&"JAM_^@J2;WAA%?JKKFT!#E+1%KZB;(H9/4&@ZP MBF5P[#:0FSG_I"$/-8A*!TS#_'AN'2/D&AW_?X!#2]<`=4QCU1(Z:GOV- MPX@O(S#1W@BZH[*_"EFN@=4H4!7&]"O4UOF1C\#*3;=&E-C+B?(1&-#6T9:I M%B<0D*RS*.CZ?'IH#[&N:U,\2D/:?BTAN]$&>F9,BO.BAE`4-ZGX3615S;[? MN`Z=`Q`N<3A(K#6C:_6.`T948.*R>G_AXKPJKK-X)"VX[O=@(@?(\<8/H)K1 M-/3ROPZ=[M%\<)O1(<9Z\LJ;L*<^%+/^CFVC\EH*6%_\V69(>CNOS31SZ MZ2:&X))S_PG^EK#SU1#P4P]F^7F'DA%5G$?>?H+RY@QL\+YJ#7)PK+$:I2AB M2S_YSKO3N4^IDDO_`=Y%IG3U?*A\P,IZ#`>HIC$=/!AHXDD%,7IDF-_["4'G MA+C57*:2K(#*9-9=;X!+0ZK4BT646PH/Q(<`E\&H]E_`-C.EP)?K&UUS&B> MA$3BDAXJQ%LUE.WW)`H^E`;Y[KV$)#Q[+)$EJLAKW:2[OS&YR@M:Y#<8L\74 M\QAU'+";]N1]Z)&8HI:B=3.'7[1V`/889`!=U>@N[,ZN*H52436DN`>+%JBD MR4,:$L2H(I'L>%R2_8$BZL.>2]SG3=6*/$91%CI^@M?D!(>LY'5P?MD:V";4 M'#PA,&!+^>R*]\S?#4!?5'2FY\W+L=R2M!!D]366V=)TOKU]@U?K-`K%!PK7 M44)6=->_Z``P`VHN`-;,E@I@O.?N"Y6\_P1=2##F!&'FDJP@S'!M.B/,0'<. ML4.[O,`S9J_G!CR6V(+6(FZYM_:[.\PM4LBJ<.HG\R!*P'\WX!MVQ4AV@UCE M3"@3>]VEJ&PM/[NZ.''HA28>.#3S[>HZ@_=[/^%@0TJZ@R;/T(YG^]2J8T;S MHA.Q/@*61I-'PT2:%:]LTP)T=X)<\Q(OK)[\;8S#!,\U&1/VY9%M&-.N>FIB M1QD:Q8OCL'Y([#B"A`MMQ5MUUAJL1U=%QI+K9W4=>`$.R)`U)-H:1K1\9:GG M1OG*N.ST)[R.DK]DE5@0=!Z+5C,3K8@T@\7H;.S?S.^)MX&R3O#TH"PNU.%. MH)&4U;>D3=RH,)1UR]^9H++GF.X'3,4FVNU&*](U^@$!,F*>"U` M4NUG^::Q,K@"$?QQ6M[([>LAZ2*+XMV=D`-GWPX3LL<_U65%S_P0W4#MJ^2Y M\^^I_2IW2@]9?I+Y5YA]G`FU!CI\27HZ=G6NAI,&Q5NHUKPKV'HE3C3JUXWJ M-9!=5?\V+4T?)%$9>D+EO.IAP?'5O:%P*I:= M9N;=KS*%[;[#(Z]Z7Q\?'J='0Z;NP0T3)B>/4"D M]:"N!M585E]EJ+A0Z8NB.>+MI<=!)PZ%!M%57`FZ2?=YZ,P=-5%T=P2I6 MJF.K,E*S1LY#ON22J&2=94MG<-! M(YW*:R_%Y/H`8]=O:=>![221O9J-MH;HR+S4[3S4^\MA3_>IS;":96<,N\FB MJX,KC53>[`?G"D4ED>K=F&12/5`P6Y,80XF$LZS/(EF)(1!4;R M9C^XODYM%)>(%?TLNY=KDI@#*F@11(]93>@H MIR!4Q?S![4FI.R8,BF,VK5AG)$^]WS;\+5AR&UT3F*KJW%7L6/R1L6M;2,?%.&PA#8>&MI"?4QB]+62`"0-; MJ&G%]FW52PJ3.T"RCHMQ(%G#H2&29;7NQXED`TQT*WF_'R3?;.`>#\P9',#` MYW2-+\)%%*^P.OYR7_=O9D-;OHXS8DIY.U?VYD8S8);JW8*`'";[EECKI2%K<,#AL=4>"+P@^,W6JWE M+"F%;+@B?9R^\1*'_N\,XO!./PI\C_WC&"=^`I7_2`*?!/M1EKQ"*`W(ZP?6 M2NO>DJ?TF`[[:1#'\:`,VWY.-NAL5'EYA#$GJ#+J!+%Q>0W,79YWE=GOBJ?+HWZ*>J']"JX:-EQ:".M?@( M6(INUQG0-"*5)S]3K4.O6(3B\8LDSU%RO!7^-2CP.O%AUWG7A46#UU2R-%G) M!'S:E;Q9M_B.ME<`V8WAW@,Z%2N^Z[IV=?OEJ0.OJ$Q2JK^+_*V#(MQ@5*OZ MM9D?55*/K.,$L:[5%+A:H+I`J;FP14P:+DZO1P8%[&5)"L^C6))/A&<182NL MP*KA2]2>0SIZL=J/:P-=+,]_N8AB),]DDZ>O&0GFAX*6_+7L'J31]57M3HZZ M:8=WV1HBMLZ4S:PH7U/N9"Q\AI\[3@W7+)7JZS_MG/>6'VG035TUE&VGA((/ MTR1),LWE/DF2=H?6S;C[@5N6*F=0`.D'M&H0:EEIF2AI1`=N(Y$VI4O:WX%; ME1['FH/'?'C;2JP%;^V3*C6[@\:48,G8-]1NQ;HK1GFN'4N@-1_<[8L6!5?= MTC(9^"]'\@*F`0G-*9OTCLUNI^O-:H7C;3VG3X^SLQE!RYE7S+A2!@>PSI*4 M3OHCK:-#;2N)5HZLYHO40T'67A`/JQ"5@]G.1Z=BQ/RU^*AT6Y,0=6_&=Y'4 M27-=),F&>+-PNEENDO3CT=T-MS$[1 MFD5555%&!T4AXI30T=<3!*30LXP8JE)[/I8,^YT!4*E`VFD9^_BSF9,OOZOI MDAM%0YN--G,]1*I5F=0SKAS;#V&DH*S1?9Z<:C22+)A MK'I-)`RH0MY82["VLK:[&96!^AQ"`=0 M`_$BG&_BF'@=4BVU)NX@R5][+@U"7\3``;B=S8FQHI(H)S<:/=4=!M6\3YU6 MLG.@NLKW\R9N3#JZO(,3GIU)(V\=$I%J3KE>@4_LS* MWM`O(=V^CJ/-^N/TYOIU:]793,M%'L-&KE1/BJ%?4>Z(]42L*WH&?:5VOQ,] M:"Q"4>V9K*SQ8UFOC463&FDOH(TF=.2(]UE)Q]=94)_?8CU<8]N:3L]EL M<1*MUCCCK6'1=:=M3/N5D?9J717G`XR/J-IP*ED;Q$E=2\$GT.#5#N M>9;>D_CVG@Y!U1PU[-IC1TW$2:$U-3\JY$20TYEU0=`'02>P[T>$FT9!54"C M7X$>X4#OHC`F8/?#HZPB6<9@#@GU:);?YRG84#_(*SJ@LD=]ZW+T+*]!@+5W M>+J9]P"2<*[,]D;V%*RO`N^QS$F6W$]99C3WLK@59R M[32N0I_0H).8>'YZCN>0P64PSX%D%-N!/KLLJ'8YUA#E+5VGH&\6E`@6Q2S[ M',4>HN`!PJTKE(?3/_H!+;\&U+"BS@W*^Z`='(U#_Q@)M)8_M&$5^NB?GW#L M0TC$-?A0!](^.V/8-(KJ@RMPDS=#T&X,!I!*,"(TI'/K8>Q<1J$'U;3IT>4. MAY]FBP6AF`/JEQ?'L^OAE([9P'9]048\J9*>L[ZHZ(RRWAQ=SQ@!Y[$'G:1> MR9-NO$)=+Y2O(?/=8&['@KC=72T?5K6#P>_'H(%V%K^R*U5FT6<'>NN'_FJS M&DZY5`>P;?=61E>(/&OC_%)"*Q)1^KN3ZF[AOL5/`\N_,H!U^8NCJ^3/VXQ' M_C*15.2_,ZGN\J>[R)+N("MXW'5+VP^E[J7C6`Z=E?&@-B&6!]`60>,)@N:C MN!G7R:MF')6644$%J@DZF[%*2DT.<'CW$A(A1G*!W9^,!8@]$5*^@NJUH MCV=*-=JG)'P@\RTEH[UNW`M.ZI`ZAVD\6X4BK-=J#F)IS815B6LNG$9 M^ER$L\B?6Q).O0<_B>+DX_3H<-HMUDM!Q7[HO88;;707[8+R/N@9=)*X5)S% M=.F%M!/-I9E_Y^A`3F_;*Z):0\3)#JCF1UE>I;N*Q"BP\RC.8GD22)!%#3L_"NEO6:F^V>(FQ8L%SWPKWHZ6J<-% M6AWB^6WR97W+M#H]Y869P`.4V:E&-$(>K(P1_EX]015^$&,(8MAREI@)>5VY M^K\2BO;40KW'\?S."?ZK#QEL(Z&7%7)S_?HC';"C]2'I;?W3DS"AVD`@R([E M4*8M1V)@J->_LE\HYMC;`)WZ\9LH@"1P'R\O3[J9GU(:#AYC*9G1VIZT`\IZ M3!#M,A)<-`EGQ^Q43KRSDXZ1?1,E_+5QNDW8_2!)THNP-F)GZ+2D[L9.;<^H M%G`"J7P?SBE"83!35#K:7WN`8@>R'1:UAV5,22\J)"7M4:L.3]`C4//Z852@8QFQMW=T=6D,M366L98>H.I18:.BGTWC(8; M94+22@(AE/49C=8QD%(U.:E^`;KZ84[])(W]NPU[`=H:)++>UJUE"1.J-*-B MRW%H"\WZB^)7S;%7I85JNJ`AK[=50]F.=U#P89@;2GK-/8*L4+J+;MV,]Y9; M;+CP&/E`5I,JRC@P!8Q3%6,D+`U6]G2AB.F6!8&88?8F/$K(*@K3B\OV=XI- MI!QD9FI@276UR+NQ2\4_T;__I<@&D/6?H(O+L?@?3258N6@T69?NR?;]-+FA M9ZDIE!0GS")J:=GN=+<3OJUC06/')BBA;1%F!>=Y:^>9]=4BJ)NMTHEV=N$` M1:':64NYBSWMBUP877=J$9HYM4T52UV7;WU6W6M&;T`US!;7!"X2X.W(#5G" MG<,P[Z+5HUE]%ZUD0_4NFG6`2ZVR"\K[U"*?_OI?!P?HP\]O?_KFUP__F*\W M3[^$+U]YOW_WL/QE&[X_W3R^_BY^]=V/7_WV_G:;!-\]S'\_#/Z>OMH\7"=_ MO_W'6_*6/%YNW[QZ\^-OWUY\N[Y[F)\^_78YO;RZ.?OY?/G+P]Q_?QL>GS\^ M?G]Y^.?7=\'VGZOM[?P*IQM\\PIO9N'\Q:??CJZ.;A>!_^.[X^V?__7+-[^G MM^GVN[/;]&JQ#']^_W!_^13]/O_M]Y]GE[_]?1O^.9Z]?/7F^Z=7Q__XZ1\_ MK5^]__OA[Z\>'C?)C\OTXMOO3I/?O\6S3S_],YA=G7Z3W'[SY\/U_8\_?16M MKX_>S$/_\,>GZ=,W^/_=)L>G/[X_#.;__.;3Y?J?KRZ>CGY%)S?7!P>N:E\W M8KOR9%P/BCZY!PK*>7*RK+*43P;^RB3CV3[^Z9AI_-IXS2#7T>\F\I,C23'E M[H?`G/0-4$TNPI_O_?G]69CZZ79&1X`?#HDHW;"6(^<-6&J$%^\+UR6/T#NO MY#6-";H$,1!O+-`SD+<,@4V+T]EL^)GXRWNZ/M,'2FU)^'BG?K"A/V-Q"(E0 M&*Q,P#$$-KNR8AFO'=E48#BGAC)R*`-U1I`'X2254G8E3:>>D9[($5'>9TE[ M&\QYF5+""Y7&Q!M2\4I&AB$+S(+" MHCR=)R@C*SS<-8^ M>&B98%NUJOV2Q'.:)$ZBL M-XKR[K`+YYG7UIR"4Q=G.UE6P6>\/-UUYR7]IB\)3BB.5]@/J>F8%4RY)?&J M!<+T=&QJ0BTGJM?FH-E8)U!I63>4%\V!CHY5FI&81/`TKT(?!57Z?$+RB(,9 M+RXV"XM16R"GF99EM=3(D(';G/5$65>HR%0BS.V3*V/)B6`R6Y&]*"$V`%5Y M?N1UTSXB`2N)C?0\-"J<`BR\O5MTZ`6AT"_UV7;-=G5.U51*+OT'XEV$*5TM M_RX@4WH"36>+Q5LJ2N\93=SIQLR!-I-A[8*;T.F%'@N>G.\)A2PC`#*4XWE)!"EX1J[+44O M@K7-*O5!Y^LH\A[](!@"?@5MVRZY?&`%AO)?._6RU1=>%'Z%_^[&%[L&/*'V M7!IO6+636W]%;B-X=!N0E@%0S;0LV_*-#&E+7(H=)PBZP@OQLK/;U"RFMFX'CVRV?DAF2UJJ9IYMKSC*(ZC1TCDC-?T-\/X_%N-;W5#:\.9ZM!`2;!R M.=74WA.4)U`L"*&[-0'.QH>.1JQK8<%V7*EREF&07$28";N0):IR>7MM)7P[1AE3K'-LE, MB_?A)B%>;E!0LWCELRBJUE:"3)!M/)LD"=P71R91`'!JTXOE;)9@U9"K=Q[/LR M^>QHS9WY=86$#(AYOAE6<"?E5SYGX2"AH&V&M^TX;,%;6ZU7)#5B1B=.LUM! M1$DY!V$'1#1I-MVJ[=<)=1(]D!"'*80_#%-?H7'0,<"TPE%;<.:=64!,XN:F MNK6,FR"XNR+=@5>U6^D(9+J*-L,\!%&.Y?`<7G)A>GZ!'HAW<8NG)M&ICR>U M2>_OQ'P2!1#H%^-!KMV48SG$3\F%*7[*'B,Z[.X*3HV>VI3WAQZ^F?KS[!IX M>`C5!W2(HQHKIF#*N^71`6/22`IQJH$E6X/]H>L\9FE\YMO9PCK0-&,[]>:I M^3+>#7,*8'XIT>@>C,W2UVR7^E7J[,VKH9^3',S:UXQF\Z6BF@UCGL'[@%J.[O`[6,68*O8JO8\+3$W@ROZY[ M-)J@0(W.QL7J[*.+PN5M5F-P$)^&2-]Z^>EB:*,2D4[1(A-$O1AD93;[D/@Y M]N.?<#!,4+!\()M[FY0#PVJAT!ZQ#NZ+A2K%I0)(=;(]$F.^Q2'5,*"!A-)) M_5Y"&Y.TF_K.E"UE`>*\.Q+K934_;W81]]E6JI7"I&W6J;,I+A*\C7&88!9J M6@DW$7X^A/IJRX+=S:TE=PTOH'DI*:']3BB3\#OGMT@=P2$JRR[+UW7#/?O7 M!B).27H?>1?A`^%)=8K7V,,>!LP'M[DQ&W.EP"WOCS@!5%*8H(*&-+K#!5I; MBU_$:;N%ZG%DE0\TB.-#-93MRTT%'RTAESAZUF\HN&8P];VQO`CGT8I<1DER M3AFSB".S@>UNRT8\*1#&^Z)GT/LY`BFC9M"Y@%PKB8L`-%^=/EG7RPHT9X&_ M]._8'7WK?`!-E&QI*T-^=*FZX[+`$"G[0=J;2K8`RPJLI)4F2VWL^5EP"`'$H> M"B@%E%(2Z"7:`A'7=:S:2;2:0H"N!6E M\%D`3BY1$\!)%JD[X*2)8&<+/EJ9`K8\7@!79`6O)EJ@L,\H-M-]]>"S*=LP MSK(-AT5BIPRV)=D);,098;95<\I.'X;O`1\BIOLN<+]$B,7W!%$#29IPXL2[ MBB.J27`WM:J@Y4ZCRADR4*99QPQZQ)L@3_ZTUK$>U4M/H4(UJ[*7[;I.7^'+ MZXJJVDW].)#5Y)S3@VOM]G*^BPP-L=7;%U=4W`W##0[$:II@"K1`E(*`U5QV M>N:'Z!3B6^,$D(,2R%+_W+56T@NH4CQ9O0I=KQ/@\5X4 MWJ31_-.I_^![)/02BCV6O_\$)_=7V!_D.971N#8O$4P84N9%AZZ(]9V@HC>[ MGN6E("8(2""@,3(0=L%!-8NZX;+UN$V8Q4L<^K]C`#RD"HH"W\-9XNLKB@/0 MD_R2[=P/<3CW<<"BFGBV,3^9!U&RH><=\I0>TY$^#8'GO?-H.7)XW_RK\N`) MPTQ092"6S%T<"LXWQ6"H'`V5PZ$/,"!B(_[J]F)N*)!6LNL-(:3.414L#<)L M,9W/X:T1G+@H/_,M__]!/S;#D6U?`9JQI?@R>.(,"OFR.]U`6%?T(?M3"G9' M&T8[Z8LH;K%,W>\1WR=DMCA+4G\U5%&VV@A67Q=5QU;=UB3LU6S1S!!.+L`D MEY8(&LF,^SP>.L,QI*`O3!4+2JMI2*L1,WI>5$$+62_1KC6!E)-`!C,!5P(: M#!:E3QE2\BBHO#@*Z5_G?&NVMG&VYL%ZN=*6#*HJ'Y!'81]%54*CWE:[HJ12 M,:W+(G;?:D\"G"10[!+.@!$4]QC$8;`[BO62:3LLJ!P"T)!7.*5-T0?>^%>G M839J*56.\_(I=@>'4+`J]"@J-ZL-BY4])>N8T`,*'%?>X17=W+,BO=OA(-29 M%YM;"O\ MZW;WJGL_B&[-@VV5V99!!8IS,F)%4R12FJ"[K?@#](&1<[^?=T6)B/!.B]A= M94L&N:0_N$C),$_7M>-9]^%HF%%Y;B2`1!^@%V+=W*I:$VE6O#--"[!78&6E M?,EPFW[SH".`6)6C%CB;Y%6=R>[&/A:XR67<@#G)BG0/L2CCP?VP-!=.28K] M0`P9.HG"-,;S-)%LV-HK\HX#V`Q+Z\:B\G%!3@SY(6+5>3D]]"RC^!P=(($J M*LCN[,PNKMS[`4*\DN^QK'WBT%H/J]C!]XOJ^K8]7G`W[>F]`"[;^FW;G_L# M2B^T]S4=\H&90S:YCP*/Q`E_ZB,S&;1P5M.PFQM`R8?J\+/;7K+9.T%7HUA$ M\.CGW?H:ND*V2I7C,3\V18OJ"Y^VFWO'`6QN[MU8U.$M(_8GO(Z2O^0O!T7= M)Q[)V;LP(5!SY_#M#)N=<;$#W&ZKVV>/;SULESV^QR"6]_CNG`Z'<]>'_/U! MI1?>][7+B_%-U)"XV:Q6.-Y&BQM_&?H+?X[#M!8UXI,DXZVM5N\_EEVKH3>_ M!A%Y+`0OH\RNKTK:E>O4C+KPG8Q"X^\-/N+'L)]U[VS=]!F^RWZPG_%LVCY[ MX7C8CV,LV\1>P;2OCT2R>>PAS=>0M\@[H]CV(.^R8)212W)H=)]R2W>Q*YUE MGU@$>9HN*U#9'=!JQ*B6E;;YW%R['UH)U"116ST@H&ONHI3$_HJG#6$%K]Y% MZ32`3M0.&`YF1N/:C&$Q84CI>&5=LV3S$U;M+$&T.RKZCT>/M1%X-7.1X?KT M"3>-PIC,-W%,=]RI]]N&NVV'`Z%V/.MAI!IF5(%20A=4]AD/V$P$6HD";5J# M@>Y3]WIW.K)[TKYWHJ,X)IM+S_CJQ\*EYMXO,,=Y6;F/B\G1G#?;"=08;7W= MC84U2!>6O"60/F80ZU\@;S6"N!Q79=A#B_'L;!(Y5(SVVGQZ&$60U3[-LMK? MTO;#F4.*D>S7K-AEPK!D`7081[2X7FKUJ@6*"7=-D"'6=Q\.+I)1;-O,NRPH M@)(WY"6!1Z-%U((2$:*898_73Y7BK0.^?Y*-8SE)A(P'U1.H:JU>*4RJ MUN(5S=UVJ]4C&9C)0%U.6NWHVKTY;\7;/N`XEN-7)V&WA>7N8:QC%L3",]\] MID-#Q'[&0Q4K!I^=0EE+OHK`9"=I64GIGVF)'I MH!'A1JMV#-9B_]'">XL*=A$F1_SCKNX957AC^Y#=/81D*6EW44(&Q$81 M2-ZDBHS`)%5*HP*45B\9+DZ?$(*;S5W"RI&G9P]0/WI0'Z5Z,,M^!24C*K`5 M[1'KH/!5NO(Q-`JQ\KA?._?N2JI*MJM%K25C^P&`AA=#H.C-:B>:R$!.%1W4 MM`@]WMC)27?:U9I(64T>WL1-%_",9RLSE)H!B':VL;U*R(OFK/@\%JNHUB2E M3G!^*!%0EN?=V\GS[H?(JV?8_M*MF/:1Y/UP_Y^-B5`DV1E>QU&27-'![G%" MKF)_SO@[DLCH-DJIB.:0_7P-V<_!<>:!OPPGR8:5$\0C3.AG]7COS^]12G^$A60W:11] M0NL`S\6OS,UWIIJ=H:2$E7"A_TXW!&I9\JKHO"Z73"37D-HL85L27L&K"N1M M"*_QF=[[L4<_-8C8OH]2RO;%BR`JAS%O-C6E+5G]$"K?-4["*)']OT^1O$G_M.U3[]NQYJUMF8R04N7=?\>&A,)OP&90.[V--ZP MV/-;?T5NHY-H17\/_U;)G`<+E]_@7*"!Z'^9L"D>0'T^KGSUF6HA-97B^,MOL;8RX+06C2,(7=+/]A(8O";@%Z"2N0CI9H6#6Q*O=*") M\_84%ZP#8N%=5-@8!:`+`J`*H+D*?PG?AJ>WX1OZQTWFOUM$\0JG$_B3J@H, MG],$\=]='?WR\NW1UZ=9R[C%(2&P%9)'')2EC%5@$0`1\SZ"4OD/ M/K3KV@",'0DXL?NY+H-64^_!3Z)X>TZ(^"`N*SG7<-I>$,)/X]L+R0U. M0`+.B*.$Q`_TI`-RI&:)6):42CQEQT+";PCHUC,GQ(.Z?G-"`>!!,E<`"NSA M]&SH>)LQ73@9"MHMNAN3--OD5'+/?LVV#7X^][@9,`JQQ.I5CQU^;'E1VNSC MG[$T*RR\HOOXO2O`*S2F3OBMV9I8.+)?6IPR@M:E2[O<70SK!!:JHE M<:PAM86R%9Y380,NA`3[7TV"965QTW\-MKT8P6OZ M89;&+`0S@[>:>0(P^*<7U!Z.P4B.Z"<9EXW9R",0K[S(^0Z'Z@\U-(^_$;2L8CWM4C2,*J]"L")GRK+ MU#BK)?0U1(A0B+VTK*A6KIM5$T07!)S'_(!3&%G@FFBTGW>--+ZMYU!+:M[B M7/$D;BTVLY651^>9R\31E@"82^[HVQV@QDHV6QDE7#R>PPZO+[*2:D$D=MQ@Z557(3!=XTO6#S MTFBLN@@2V@W\T?65BVPRRN673MJ-!ON9^,M[:AM,'TA,#WSY)1!W"Y;6 M4WDDO"XT4;O+E<=L((3Y2,)M&A>I:,IN$A[]YA&(C(&0?B"QPD_^:K/:Z9G> M4R2L\!9T9O%M^I`8?(N6]#@3LB`&].SHJP,6PE`$4*QH0Y\>YP*XZ_;!:([8 M0!YX?YGEE*NMYX[-Y1YBDJ&PM]2MOWVLUB>:/OG*8VZE>?[8\0/T&$$MD-UI M2"U-W8P=:6L-3[(]4_+N-(LJ@<-%]M>T3/7L_#RZ%^D,LI?JOHWIS?7KC]/0 M^S@].IR6N?BD<4(WU^CU1P2-$;1&'WA[][7P)).0K;MRKDY>1,F9D7T*T)2A M_H^TZD=6MP`A2"NA9M,FICMS`]KS<#?H@O(^LM5WLO;*^4A%T#![5X?BV/TVG(A!/A&I#'1S M=F0F:7B2/L.$!`GTI#%GY128:?2T)B%X3_W\Z\B\##BD/^)%&':=#9^OI.HF M4ZNG\=,@F,)?K\\N;L_@<:I?Y\+@4;R&B/6O6,F*XBT\[8!8#P1=4-YG-/M< MHWPJ*-'/WM47K>5*JER-A?*YRV08VT/[A<"?5)V\H<-`B#"8+V M0'D71/N,11:JV4A%H9^Z&_^AEBFI"5B7QT0A#UU?4-.Q:QTH^%)X5:(^R#BCO,1Z,-(JF MDE!+.W2>X0D:T&_TJBMC>46QIVEG)9&*P#"[NEAO9DNUKA71P)IU((QU' M2FO_`K)[#0TEH6?PS@G>R8)!>DY(PS=#>R#6!4$??J2BO<:SD:CG)!5(PPJX MS-Y@2'B>^1DRG]O-_X01J%K^G/27@1AK,5 MOL?OSIH^KHP4*FBADRG;GC@YQ.DA2A`QBNC=V7B48?N%D,NWXWJZ^U0[,2P- MS,E(+M\D[,O$H9REDT3$_U6W:Z]=TZMSX5/`H]^;_0+Y$[)VTV2^N%)@_.OZ,HV']B2,GJ9ZI2$#R0^F35\-SN^!=X/G9E<''8 M:62K[9?BZ%O9NSCLGH+>1"OR&$79CG>"U^0$A^P5=W#>M,5D7?/]!3JCHCM-8:R0T M'\_!1SH/N2#4,W9CFBD9DG\?H@A4+K;/500]8H9X(K7684*5;G9M0&%D12P0 M;S*6$Y%D@7>D6GLWY>9C,M%BDE7]'!9U`!VEP^A%DFR(-PNGF^4F23\>??V1 M?D2'646C$U[NS_^="42_YIP0FH4H(X4H+03$4$8-5?_MI*N'*M:;7J79(F#*UXNR0^7[;<_!0&K M2D;.@V)+9(V1T'HLBD(OBDHE,/5\G92&4[(C4^0FZ_^Y+O]A=^OS;73G!V1Z M*7'5T[]M?^:A^3"=I#'@'-1J!8^(II>(L6-'_PU M&QA-_ZEK5?=B``>(LS"2[\4"8"L5V`:6IJ.7=`-/2UI^CPTYJ+C/Y%)WI M!1D[TF>!*(AP"`E@%WZ(Z6KPK,Y"V02QXM_C/8EYBX"$'HG1/2OR%_B$U7QG M7?.ZW?0W\RB`JB%PY9&79H#1OG3MK>TCTUYYFZZP[]U&[.&B\+B^M9VE)6/Y M@;".%X6A`UW0;91E4A!ZC43?FTA)!$KC$KBY!6MB2UH"*:OE:2":/X)D!E'0 MVJ]EMP++U//810H.3)S'!0&44X#GB"4-I/39.]*UQC.6RJ_=1Q*\G_N\G==F2:4.BNZ4,N*P&. M1DXUWN5BD$[020R:E!?YMZ-9[,]KJ2V'_%\3?W6WB1,"LKB-A'J^V_,HSA*, M)%=QM(YBMONFA!5\F2UN4KQ8^.&2?J)9+\BM`$T??(]XQUN15M.W(C`!+J"L M*V)]$64DS]V2H`HKB/$"=G/.#=LH\^Z,(91SA(ZW-<*C^2XMRD`.1.L@,^/\`W@X2;#Y1N2:0)H.*`1Z7 MX?#O&QQ"D%<"!<:BIJ?Z16?^$A*'"/JCDH#BL;X;(!E,5`X`XQ5R9/D8\O+"NNB,>&^4=T?? MO409@?'LE&WD6469\1*YF8PKB[3&B#3SKGQ5'6FH=@MK/P[C M?>BGI=_\*HZ6,5[I80M=4-D'99W&1&>;L@YG?+MO1]G'G`?WQ'TA.^@^LVJUJEZ44$)"H7#X]`S+(#Y^C@A(J2;FR==I/6A1IUR6SXJ%N8.Z< M/>;9ASP+2N.7IV32+>2I7++6V[E'_(]U*5^/H&_@+;.K?'!P>'7Q]Q+9U-5E+.D3)@&*_SK;HK#%BK1%M M[N1`V2@4@(A^AFVS9`"U*=W//=C3SP.\["__*CD[$7$[XRK$7;1!T,B1":9< M\UR\NS.Q90'G^J?8.,ZRPCLJS5QNI7E+)U^.DF^9>*U9HZ"[U3G)+^ M(I>3M;AE2AEH.N+RQO24ZR%H[FS+U`HE1X%ZAC:^KESU[!Z]6/VOTDY/$I(J ME6W>&SW+^S^':N^\AIUPJ&%$7!O`9E.5Z>4IA7=QHS*:)R.2AG[3-S^=XD_@A21+A4<;98D'@,$3@>YXMA-\< MJ8224Q%?MDQ008@I,_:VM?RU(TNQV[QE,NRR7!<"G%-^S*+ M:E2M^#%4H^NMH[(M@L8.SQHZ>52-),G\.F02`7JW,8;,<3?;U5T4]!=^E9R] M,V5E7(6\LS:(-W(H9^F:YP+>G8GM,R7=UJ,5N8R2!'S-)Q%%7+BA+&7[>A0F MQV01Q82WN\5/)'GKAU',[AA20MF!2X:!.V4VD,*-H9 M/8/NSQ&L'"KY0"4CZ(YQ@CAYQ.DC88`)RD@Q-NGF\42_FBBF*XSC+;I(R8K^ M\!T5%Z5.%R8`\ODDG!Z0+0I!8=K9Q8!51_>EC^\@DLUG:OSB5,!@A&L*3LBQO=ABRC(AMEZQCD9"?B8_]Y,Y#OC)_)S^ M+.EO,*A)6S,9E2PT^55XA]R]PKJX.LP;2:GN8I%/V/))':[/J`:"/T#S/.`` M-@7.5-W!H/KLV94C*&3V%X',)!>.Q"/C^--O,V_9M]]^W;I<.6476)`_(4RO M"7O92(W3%*?[^/BUU.T='G1L-%Q'\CZHZ(1X+V4ZJD[.'S4?(K7 M!':V.3R:I5AOZ7(M.S/=X-JDUT[-S,4J6XY.-V+Y+G!+V^UO'V?4;-V#B8,V M;=;0QOG-A[C6]=VXF(0=Q5=W&M]&S+$8D]P#21)J/,X6;)_AO_$:O>>0[9.W M1269";.WJ=G-=N>MR^Y;-=1^(3@>Q.HN"=O;_(1VYO5^=J>W_57USRWZ(/U``(/1Q[Z!)ZNWOL4.5:>@3>N6.T MMY9E\K'2G765O0F?IG#U9I*PK^R+\LX3A%-V^>A\X9NG*!.*Z<+T.)%$JU44 M,K<5R[&2S#9I`J"EUNO>SB6Z,6QAS8R=AE,*Z\E?0TYX+J`$";U=.BW,Q5D[ MLC2MQA@BISGZ]Q$Y75`:?^2T9-(R'=%VR3J=<;*#;;GQ[BT23$G9IF)0,:%0 M![FW0C2B=H+"[*N`)B'E'[YVME8_]^+6*PM,/28A6?C*W;Z\@LR#;]&SK,MS MM\<@Q434-X**.5OV&9O?V(DM>6J\_*YXFO+[$@PI`^BY]0H#N-R*P^SJ3G=9 M9U$(YW[HI^32?P"U37?>)60FX.;XZSA*E#L=[W?`.J*R9Q8-.4&LLW/#MVEV M,L&8K8BKFVZ32^W1'?P$YAINL?<1"O=3%&RHX.+MN1\(;S+['B3J9*T_L:HQ MH#\M%(T1;SV"NPR%7*HG`MDDNQ\P&9$3:ETLHWAO;^VJ1.T?(2OCZU'`FJ*\ MK>-7=E)A5*6_.S6K>I8%OD,<&3W2<$LI,Y.4[['86X"L1QZD]BSK]-SMVRS5 M7&0:N&'B=N\RKLFZ"(&_(?--3#PHN*?VPJV%L/^L`RL7Z7S?4\Q$[FS33+IC MP`__IGXF0?!C&#V&-P0G44BM&J@('^]+&ZK(V]>+"D[T&A(Z'7R"7BCOAG@_ MYR'D#8*K:D[=Y"V?JGG@:(/FS)OE9VG7)^@*T_*3LV1>;BYY(4\Y9J4++U;K M.'H@VBCLXEJ7Y9?G_9#8T;4'4C\MW;VM;B&ZO3@MWH*?DF0>^VLQZ]4>WNB+ M5*U%1LI&;WRP+[1U]]A8)XV=U_OUV778-$O?##5!630'^)74\E_@Y(Y-*NL( M('CY@@1IDO^$I>$2T*`8P:J&KHZM0$+1"'U@S=SD?-0+I.I.VYE4%R_"#KE+ M/R3L@`L``00E#@``!#D!``#M7?]S MVS:R__W-O/_!E_OEO>FXMM.TJ3OMS"SB\5BL=C]]6^'AP?O(((!"*%[\+@\\,[_ M)YS][\'AP3F>S4>.=]!'(?U7)_06D'Z&%C"@O]-_GX;A_)>CHZ>GI^\=^J?$ M\0)(0,;BEX/[:71P@Q<'QS\>G/STR^O7 MO_SX\\'#_?G!Z^.3'Y,OT6_X'OKZ"`@\>)[YB/SV*L/L^3'PO\?!Y.CU\?$/ M1ZL_?)7\Y2_/[(/GIZ5'\K^L_)5[9'U*R)T=_7`]&SA3.P*&' M2`B0PQ@0[Q<2?SC`#@@]C`3&=5#Y%^RWP]6?';*/#D]>'_YP\OTS<5_](T'N MX.#7`/OP#HX/XJ'_$B[G\+=7Q)O-?3:B^+-I`,>_O0)S^M')\2&#\?CTAV-& MYN_IAY^#SU1R!/N>RV1P!GPVH]$4PO#5`6/P<-?/S27^7@"],(2("?.(_=%1 M)8VCE:3-C_?S+0@@"J/_J$7UF$P`?6IU2`$?Y12=2\C``KT"7O`1^!'$XRN/BMKQ@-^GEC^(&&92 M.E-'ZDB[;;^#/EMFU(R%DOI=^*8!8$=3:ERGV'=A0"[_BJ@T9<97\FWMBVL4 M/1+X5T1E<[F0E?76=_4+=]N^G"WCGZ2`Y%#1/^1R8W,/'GTY[>32T:\'6[HF M/^)*&@96UGL<0K_G4"[$8_L3B5G)C+:"@N9-@2-%3\3#*&0^OTM7"W5C M0G;XD0>WFHAN+X@=5-S(I_O-`_+".^C"V9R)4WK(?$(&5%C)O;J`(?#D//]& M?'2+JUR1%6;%)V3B%,/SRA0F($1/__94XZ`I3$20HO8M*^^^*0R\G(!^R+?W M187!5A/1;E$+;IW*8"M(:-*!"^S$NM5#[B5=_^&RC\8XF,463F:87#J;L$FT:2U]E'&/G9RO'P6>1T.&FW5XBQ/GIO=(XDTX#VXZRC@R-P;D,0[/I>2.&.)'T`_)ZI-8 M!H?')VF4[N]2?%,G17U2Z7YNVD' M!,*%K;@VI`234#Y+KQ$]NC+K9--V41ZRR7+HET$)6-] M)97,7^F7DG`V48Q-;.,VP'.Z(I8WT(BTZEA:M1SERIJ57"UB&D2I[/X`,J7G M2O8?=EQ?`)\=A'OA.0B"I8AF;+OCKI?!H\`,4987@<)S."JT;`G(AR2_+O3$2\-N2MFC9!P>3@T.,XJ^TS2;8!N05+%@&A+B#])(@H M^\T\SJ,@2&[F;C!RDE^,[$RJ8^F"P-6!UN."-]W]#.]ZG9!A#@YU?UV/9Q(' M8W-)"&8OEBNYM2.DS753>%AI65Y*$LS'U8T%H677@LTO48Q=G%?73Y[$!V`W8#P^3Y MDB%_1IB]]4B5G(RED%6PL*>)^!&<,!:#YJ>/K=GM9I/LFES+<-+GZ#2.P"!W M-X*LY=F6)`KAX$PY4+8 M9W'NLSBMH[_/XMQG<68$L\_BW&=QVLWBY*6]90_)D,)"=_'D591^4Z$RC'8H M,?<$HX2NEM"@AH!N_$J0]*)PB@/OV^9X8RZVN\6Q-0N3*^4ZV'1R3+EU8*GRL&K+%4LRJDP]A%V),8`.,W M=W$)T.&+3R9'T*"2;[^7I*;+AW>`G\<&G0OM8SM7[V4'"* MN"#JN#A4.Y<\(>BN]"^I?!3G,9HROEQ^W1(K'SH=EX<-TQ_OP7/\S*B/2!28 M,LD\=I;3,:2DR84M%>;;70=RDN:;/JM,XY&.XW8VUT.OQ,/"'8J3]O5?M>32!?4&3W5 MC8#B.AYEYY[(#.2N.I`N>N2K(FL)/]MX5L;8D5SY^>J7C4$WH+XQUJ%$;1&@6L.QI)PZLCR7A_NA40H;KNUY]^=R^]GOLE2F-= M]_@..A@YG@]SH[O'+5CK1L9IUW[K420S`M22R[[/#ZC1`).+KS:UP$K+K?@) M!>LD1">53-+@!5HU,]MNP*X$SX%;887K[H!`1Q1`0.`%3/Z;F=XYF'LA\`U7 M61'E;ME,Z-DH9-#6\`!&2B.VQY;VHKV?>H%["]8)QE*M=V6H6HT,R"\$)E@I MT!2,?N5RU[78F7':*+&Q[K*"G*T?+-2T0!9??79?DQJ(="'J.[0@D;Q2VCQZ-(I!<>.W5Q`;+ M]"@5OW8(X.H=!"1T'LEU5_HO9JIDR_!O9A M$#)HJ]?[,'>P2'L>6CY8\$9A>\=H=+#@PJLC_*#8J@4[$+KQ`Q'6XH`50Q@& M(^##X=A!T M!1>2JQ$.QQ<>FRER2:9#ADFI5W"T;=/U"KX*5LNG@*PA8A7(5H-E^QC]SSD= MC)GW=F*,V^G^-3#V'(QMO>8NW8O&%_#1N-P+W*Q>0QOU)2K@2286WTH;B>.LF]4FY0:,1O"U>+\E9VP92XVMJ MS:&;DBG:/9N_C+U;!FU=K[C5BO*R:R<4QQ?9H6)!CY(LM0$&'JOID`](FE`, M*?XM>3O$#=;(`6HU'Z!\J#VJN4&PI$KZ$?AF>K>(,>Y$715!#-6=N'FL.70P M0=A\$Q`:[>=CRS)_(5)G.*I7PDGD?HDT;/VCB"7WLDD!?_6,N8_&.)@ER)I\ M/2_(N@N671AB<&]57NP6>D9R=''W;UEE.I\NJK24PV7S9DRFV94YF>1:V MHZ.-Y%9`R]Z#N_7SH-5-+'+7KGUL/XS>D+`XK8+?8]AT4)E'5WFY;1)^?5W)3;BF;PVA23 MHK^P^EB$-<+9R&B54WL!B1-X\UCMX^<9A4'=4]F=^8;N)\T.V/H"KU>HW&M: ML]+KJ`W85$OU,@F^KYJW;S';OWJ+2[.[I16Y"X\X/B91`(VN2SY#NR?0:@F6 M]YLIA4Q3X^<=UP>,K[&O@,->SBWIAGB-@W`")C"^'FO0A8Q^?8.2R751P:E) M.8\L0:-KHHJ5]5V&+[Y\H8X*M/2<['>_(JZ`%\0!1+RZ1P1^'U$`HN0%@*(? MM2:[`!U<@M)FS2Q,^/JJ*3JDJP) M+>\#@`@%D;VV,NM5U?!4WT>J2._,WQ)G;WV_$15]WAV3P+>KNU%^>JKPJAJO+C9\8J* M'@G\*Z)D+Q=-'+HB';/WN!6\U(N*%RB:72^5S.S?A_&%F+^`KH2LHW&P[=C> MV3+^::FZ*%YNN+N'W&RP=+@Y'*YOVG;EV6D?H^U5J"FFK2PBFTD(:2"^`$&Z M#(VJD2!GZV<#.>T0Q=->]L)#_(20A-Z,*J61=.\"![LA$CGQ%<'14\=-2W>M M'2S).I96CQ-R@JQ%S];#N1OXE)E)@!']T4DVAYV97NDQ=,P(RV.LY9E=6VZ2 MX^XF#9)&.GFA/'*FT(U8*815(D&V8M;9,O.;V<.FRC@LI].*W3^K(:PO\JGR M1GD.@W!YZ[.L*N2RD-(\;O]C4@$$N'8AVT`$/`U.K)1@-QJ8:93(NAFS2;`J M&;;(Q_RTRY8N` MJSC5-';E,QIKTRH[AD;1OFT6`Y-=7;G\K!TJ:Q52U>LM:_O:]`06IT!'LRA. M-LBVIGGJK)(]B(^#FY_+*4=R`&=RP-]>Q M5GDL5G5!R[J258QRD12:XLII!,OC&WO0=_N(73N-J)<"R7W$GER=]ZXAZR@O ML;F*4+,>`=0F.B'LU$^V(74;X>;5OI18[R!AQ?X<2(>F+$T.D=;$'9I)D`>3 M^O&S(#AUR8T`^CT"B)5O9VX%P@V%6$VO13$%?1+EP->@7DY!N'+2O6?5=J1E MF/W6"UEY.2`:%!TO7VH==0[YAZI"]W@IO2NA'*>22"AA)0G+P(N<1!G(U1#8 MJW1=,J;$QUMU\+E$H:&:UZ*L[=H;4>%*`[KK"X>T&ZC$>EM]P_;6+"J"]0QW MW<"6,]#+\1BR"HGP@B[T5`F2?S%28$-R!%8/L!I6%A==?1Z66G),Q%R+)*!. M^IF4AI5#8B0;II:I]<.OK-@%<-3GO35W:MX%F)#5Q>)MX#D-/9P2>EVQQX+H MJ%<6S$NO52E+TC=+&UI9'5>X7JHAU"1H.P#(2&FWF*X=-T\,]JP]2D"P6VQO M->:SB$XH*4VU^M%TYT)QYE:<"WEY2J!IK'1$<4&?5[5/8T,1C+=<)@:%!4=;QM!0Y41!H+7J6 MW?W--#:36X<>0]8]P>S59277KNRK(@#JZ@VIX=JZ9)#EP>B=B[UB&!W9CI40 MMM]ZAC?L&[CSM<]8O@"!Q\BI%R$O+'H+%5)+$I#7QT-952LCIG`^Y)*1=6[* M3\`7,`2>3ZIGKW*:E6(@OX]+,]H*>9B8S2";8;C[U2RB^@E@%J+T@L8I@IRWS4-J?656J.]=2(J0%C8_J0D5?+.M>>Z,1O@ M)R]>'^BA-F"5G\(@BDM^2EO/!DS:EGU2%%,3_.QLC`(C-B'@5B0&ZQ&H_MS[ M;NXB3<(AF9L8:0W>6E`]A1`7AXCMVQ#5X!*3"0\;'?D(^P3B]LG<1EKQ/N&Q MA0H@G@:IX]3VZ]\.#P_^]>GZXYM__^L/9QX]_XE^/'6_O5U,_ERBAXOHZ=W; MX/3MA]=?'NZ7Q'^[<+X=^[^'I]'BCOQ^_\H/;T>6GJ\F?"\=[N$=G5T]//P^.OWOWZ"__.5O>.[<@C,#H%$1#Y!Q] M_7)R>W(_]KT/-V?+[_[Z\\VW\#Y MO"'W;[X[GD\_?'R-YW_?!^>CN\-#50-Y"Y9Q^M`5#NAA'=.U2X;9J[',&QT3"T2&_0M9*E*(:ZB= MN,\9-BU9N4QB3:_X=ERV*7V]APL5>#+7Q8KUQ?+T%-SI6E(JY9BVJE2E.L'' M06+0:@SDW1]I1BH7QPV86(FRB&I?7'I*414:U*:)69(AF:IN"C4K@;'QKB@.*;!1P!ET M)623_UXW=KZ*P&H.`"TA-%7;G*H&N<&A@DCX=#J^9K@0Z>EN82-'.-.#!["4 MC+@0*QZ/O`GRQI[#2E9O=0Q(`51)(UY%23K;7ZH)8+*GR.:\5`QR$ZXJITL] M_"Q7X1%KJZ%!>;8J8/XG'SVU+<:=G$+W)U"K)]`^(1%TAZ@732(2?C[YX3,% M[;A/]WX/^*Q(7@C\5)>D3ZCRM&UZ0WS\%7"R%J=95Y\+T[Z`YSX@9#B.2\^; M2MNL9F8K+*'5#@I@6DSB5))9EJRYG,T2+M:3-&NU-2N&,IB*=E!R:X$!ZQ![ MCM$"!B%[RGZ[6K,Q%VGK)TC0RHAI!'=TWIA M'SEPOOWPO3Z25/RZ-2.A]?BUCB]MH;/SE#TVC,P;$4GY9+_YLD23P\1:C9^\ MG4N\Q,01-)(65,VM<^?(4L&*P*HK8:Y1NN0=G.,@9%9]!"?&RG9QN+TL>?-@ MM=8G=SVF0M*F9Z9I-9??R['=8O!J:X>K+/;8\25]]&GJ.=,D3WM(AV>J9;D( MVRYZOD(ZP,5:O=)H\Z*-^^SX'6M"?:*\0D6AIB;A$_0FTQ"Z/?:.?@*3L5YX M?D0_2WR33$YLS_T2);FS)G1#=2@OSG0HRR15H[>=NW+F)F4WZ!/;J6;K7!"T MEJDR4I)J2Z6;CG)@-V.X7H=JGZ56W<_NZTJULJ[4OH;4OH94!VI([=OA[;`= MGL;[G'W-(;-6>E]?J+5U3G947RC7>USE54D%`=NV3P#AJJE;253;5_UI<=4? M6;N,(N0.%.*K-\B#*.)H\&&QQ ML;X]R6MPE:3*MR@IQ0 MN2WIC;XM*<-B-[O3-D.[;J.`G@J(1\\T0>L MK=QP?/D\AXA`4S:NC$T+*QI6FK92F#*9&*I)57U$I>C-;NG_89>U!V/O@7L^ M^Q(=B3FS)L37JBO(4)V+)5"*-+ M$[=^-JH1C`I>UMY],849AE,8W$^I+TKM,AV=O'M>3<2N?U`C*=[D[2858Q1` MIB&Y5!5C6U,UMPY=-_,PRV2*-7`42AF8VZ&X_.P;P5H5K1=.Y2L\U5(8:W.; M^J?Q=EAFSG15P^`QM&SZI.13`UUIC;[66@31A*M,XI]RI&25IKJZP(!D5,`,AT&[&B;_I)9'!?P,>P1$LV@>V+(Y@NS M;V>B`5_J,NC:Z;U2O)$\Q[-'#X'UI?NVD329P"#`O8T!4JX2R"!KU0N/QT`/ M;NGI@62#7B:$SN77P=7.QV_G%=L%SN79$=["P-EZL]$TEE'&H#,+6!5`+4_W MI(6=#(1:`8R&3XC^=^K-V>/"]0"W7FW6"%>(8$?<,%%X]#RU4[SH6D`4F7E; MN:;=0:NZP47'^SG!LH\!C,)*\BGTYF=K`:.5#X_[W+#VKQ^1_`)^,.DDO00 MK8U590ET,KF/G7K)X?`ZLC>,'2C MM"E=T74$TG,HMFJWYC%Q$TZLW4L.Z:&@A#NI)[ MP]KN2G)_A['[Y/F^"<&N:7?P,+'!926=1O&8?5TEFW`] M9H].?"A91;:>5D>B"P*@K&2E(Q2TV^)0YW2<7G@%',^G.P0]KU_C()R`"627 M[)L:44J&/B;A$ MMZA16Z`62U&_ID6E]F7]6E,8KKE(&I7U.\<1)04"=^A`@%B-NO,>'$,3,'-I<+#-GGJME_$:Y*K$K"6GG(7!G4!6=>I\Z%\(3,N'>M/ M[C5)M@8M*RG7^^J<.ZS.J7#%IZ;I&9!%[L+SPTR3,Q&.S@,K3KKXB)HP8R+6?W`483:N9F M;&7>T[\W99Y*^=A:%8WL4SEB>LI<%6F;LU(5G"Q[>SQMY,E`RZ$JJP32KE?) MEZV>=.N0+)NL[3+F'T'@L55WQUQ#0W9HBT?W@E';,.4+4FG!WYSE*>%B/:); MI7E5L&LNX4$7JXM17-+J$:"OPS%=>M!EC`;]L^&=.1])C+'E34%$.(((;G77 MZR=7&&0X"_,3<4C"G_V(FP4V*?WMOC@>\?#;=Y7Y?0`QZZ MMCJ!E^U7#R@BT%WM4N=X-O/B;-0K"--*&!2"73D(8H/IZF[1`'Y[;<1CK28D M`LB!QNI&;3/IJHQ+X-)2C*3Q>C>]A#LKL3Q(ZL5)M%1U+S,1\:$8DC`^/H?) MF_5+9*10HPS[5E].2MOA2I#UM-G6I@SG>`$10"&K^&'FGJ>6Z?\E;Q>A$2SV.FH MUJ)!G,D>X3EIL0CS,BTR?!&"W4)11YD5'>8W@']%$#G+X7CG@N;P?B'!$1ZZ M6NJMZ%C?R8",.5H<;JV]TI99V#GX+)9IR0\KZ^?')2EY=/4#+`*RG MJLN^1GYKE4&I5+Y":*R\?]1N:Q5<`2_X"/P(XO&51\^0C@?\S4(@FVH%JJ4! M5_0W;\F)R:H%7'X-TV,F]VDNFZEV>?[=V+%\]O6&1E:JVTB8-5RU/>>^Q%!/92BL<(@IM($IH M;6W%JH/:$+*>RBFJ0-E^`&52TE$W1;I%^BZTNH2[I3VO?I$(M+$N15.S\';3 M9KPMR=#R:ELE)@UM>.M[@HN;+J'^XEW#70`@7>\ZY`5W#U'/77@$!^1S[^18 M_D4SCXKM-Y4-Y%6%BZY7Z-)>/%.7SSWD*DJIY-O6ZP8H":<,!FWOQ^773\\+ MWF/?]=#D\V!PKK9Z2FET=)/A@**>XJ8E\Z9B/CMV[CKOS9752](IC]UX++D:C[.(;W#8\]F7Z%C,F4`A MOE:/6!R5S(I&#,`&IUJ!GJ)TB;,^]M!5J`(E3=RZ.U@C&!6\-)H_R3TN.=DM M&PF10\3NCE4C*=[D+=58\V:/$?UZG$Z"LQON%0Y8U7N`EH25&,,!@Y'E'4P! MF^$H!.,QW5*IGF7;<],_77@N=/,G%855NLMQ63Z-UR[OGCUFA7A1RTU`%G[:?O MH`MG\:'C-L"3`)0VM^-BRJ-B*W-1`%3NY"TU.KI@+5V\QRA.$),61-FW+5EP M`?Q+YVH@+;2]EK5F(]_JI==@;5_ZWL1[C-^J)G?]RNM[FY*=6UIQ5VA[L9>@ MH>4]H>2]QFHX[`4X&R!AD0!W``FYGP+TXY\0!'+OE80(MLOGJ+BY$(-&3VA; MC]BN<0"UBJU`L,-B*T)CH[+O)^A-IO3\WUO``$S@3<3VF^$X&604DA`@EE2X M"<&QR<"9Y)&O"1>;.[6PB!O!N.MJOO&HD@%`V0UO\[T.++S"1/6E&RB&@=*2 M-N0*!W=P'@7.%!"6-A%/Q$04B,^P"PZ*('06PLH9J\YJ49&-IM$S4P!"H+;7 M5=#JP&H3`$1+3%B?G"INZ51%E:_$U&%Q;=^W-:M>*YXME95E->8SBF/.%QY(JD4NHBL3S.@=D>@L\([6DA?AVP"[* MX:BAW&PCWV0X7@\N,V"3SDD%QVZL5U'X=-64"ZJA(5B1H M]`JTBI=T#D@%#-(7GSPRTK<^Y<2VE%1]7(-"21^+]YTU6A-'CKDRVFK[IYK] MIZ%QO=Y)E^9*X[% MJU>QLG9L[$.%.N4K%2CCRXOXAL+"VI:\@FS_[4*IAE$WGZ:',D7IUU32S` M>J9M?5SH M?4[(W<$)2R\`*&0!TFH#1J#S_00OCN@WF>UZPWY@(WZ3,5F55.UL/#*28$I> M#4K#"R-&^#X`+.=SM)P]8D['5E&8\^0L9<6J`%S`H1@FE,9U-086BVD.:XZ: ME:.)"J9Y#`I!&6E$SUF1/A1>><0!/DM&OT3NQ5;2E0JZE92M>3`J:%?CDZ_? MI:+-R2`R1_[DB5@F:5R7A>;RZ)0\1##+N)2-)',;/?J><^5CP$E2D1-$EF1G M+$X)&AG?3\GL].@8W+B;KP\T:'F>7(O>Z<+G#Y`3%I"TV06RMDZ.#:QT$9A,@JML5"9#-=F1 M[V!<#Y8ZEQ2%B'-?+XEZ.?4.F10^2MEDU$:;XT?L1Q2$8'GET5.V-OR+9+NG M]5O`K"!7RD/;T(W)G5/7QI-RE*H.UP6DZV2\:F`I@5YF]4CT4_T6#?JPAW:&NMQ";;C%YQ5\W33J1J!/DLZ>[X\!QX5N#_M'$K*ZX4 M?CUB-!\!@?&O_P]02P,$%`````@`NHEE1SA)Z:(O#@``DH<``!0`'`!A<'!L M93$P+3(P,34P.3,P+GAS9%54"0`#G]0[5I_4.U9U>`L``00E#@``!#D!``#M M76USVCH6_KXS^Q^\^;*]TZ5`TC1-ILT,`=+0DL`$TI=[YTY&V`+4&HE*,@GY M]7MD8S!^D4U(HOY.0W MJV35V63:LXG5HA(^M26987A&9YC#W_#Y6,KI2;E\=W?WRH:BPB8<"^9Q&POU MP"J53BWU[Y__>*S')?1'>D?[E\3Y>\._-+5X^/CLO]I6-03)853+$L/ MD1CX9<-/?#"E2K5T4`TK^7BKECI>60+MGN^6HM MRT*#CER6CX[283GX,%J4:,:44"$1M?'>:3"9+$M-#D0IDT@21D\73Q?/IU-" MA^PT?`9/U2B?A,IXMF8X^'[O<6HEL*!NW71X!6` M#4LA;G/F8KVNY2EG4U@J!(2+3`N_@43M=<;JXS+TB=WV"O5>>"O M>C#M?%>B?%OGJM=IMQJU?K-AG=7:M:MZT^I=-)O]WKMRO'I:ZY[`3H>>^K_' M)_6BA441?=WU:1.OF=-Q3)A8[:4PY35E3JU?J-EM%W$8BC&6!,")HA+&JQ50 M=+^XHM:+]>9_2Y%XIV^FOBT*C_%RK'6:QHLFQW5-PP.=AKT^_+AL7H%^G7.K MTVU>U_HM*&"]N*'(JUW89VW M.U]VVFVD78>/$"4/?M>(.CUO,D%\SH8],J*P^[$1E37;9AZ5A(ZZH*`-'CXN M[N,:.4T9E#7Y8:=F-8BP728\CN&/:#\6=&0M>K+8T(KT9:TZL\+>TCSN;BJL M3846;+N%5$N-T&N,W*902R^N=4:I'"O\)B[EJAF+4$LU9`4MI89&.Z76#2[' M8-_.D4U<(N>P$"X9ER,TP@T\2/I.;>$"4=!17+N@12MLTE^)8:.6:G5G=O,4 M/$>$?T:NA]GPG(#-M`ER6U1([JDED3"P><53MP]K(KZ-BZB:M/PVE?5`.!?WK`NCE+,W:)SW.M6[6:T&;9 MAA4TDIYQV4FS+DTR2C^;^[\E5I"F9+Y<^W&Y4@+V_ZCW1$&+UHOP8=J&;J=B ML4"^CP9NTD-IR^;:Q(/"8;WU(F@S5<&=?CG^*UV[S'+Y<4;U=1%OMA/M%R=2 M&E@BDDQA;]563E*M^I19%>O%HM?=#'FL6_3=Z>.P\',U& MW^;TIN'=?3CBQT>?]K_?].?"/9K9#Q7WHSSV9M?B8__K);[$=^WYQ?'%I^]O M6F^F@YG=N/_>KK6[O>:7\]&WF4UN^O3L_.[N;;OR\L/`G?\^F??M+I(>ZATC MKT/M\H_OU6ZU/W3)IZNS^W]\]O7SU\_3XYN/E8?CV9TG/HUDZ\U10SR\09T?GW]W.]W& M:]%__;(R'7_ZO,^FU]4+FY+*I_O:_=&8W;C>R$;SC_RB^=HYL@\N?TS^M.J] MZ\4)TRTG?$[6/V/*%ZR5M[??3^34"KPQV(62CW]WD"%G>J%\DY7(L<5>).RD MVBXEDR%7=L&<>&(_D4M+S\CL5-M`-7N,'<\%2W@#Z*^Q@R=3!2,U$M07SM]Q M[Q=,J45"P;!+94]5I]:JUYV\F[](REJ2&<5R/6`B4Y9XJY2S''>*Q11K,-L/ M%&K4:<).6LY;=,CXQ(<2R*8MD7MB+!&GA\U9T)X5-&A%6OS_>9WTKKQV<<5_ M&CQ;N^02/(?'9#*%[8Q%4Z\P95R>L8+;5&UF^^UIJJB_2F&]DGI4JNZ7#JJO M[H7CG_E_!`Q%/+AUL!F,L-ZC8.@O4&4`\4%$:XX0FOH5R]B58ME6:=76$M&& M(Y.\FE9D<.*UU-`2/32UV9@&+W2X"F`*/V*6,'I$E90G1\FAV%Q MA=#O]?U>(O];&P@_T[-G!1=Q_!MI)_",T%%+XHE:K7L66I1ZOP<[*G5_QB\U M!<[,Z?OU'(\OK"4EKJM"D["L`.<$]LU3GW[@S)N&G1!H?MTG9J.+3OIU1JOL M5BN2`#6*5@[$;&YI24"CF&D!:J9A&&!V8C&M4>1R02XN[B7IW5`(K=7-`NC3 M]JL814P#K[SF;-=9-3Q\SMGD$E$T@IW#.I4)HQ!Q\GD:F2%R12J;P-/*\*-! M<"L*6.(!D5M1C&/-E*I%;8[!RS9P\+-%%U7[8\+][,;\"0FOY(LQMOV\[996 MIC@3G`+%&))YV8&#G[D,31L0G6\#7Q9PJZRG64^!L@@B-F67'?_@7 MV.1,?%IOG977S\DQ&[4&'DE"NP8V;M.L-;`%?,T:N%998B&Q$_/[,E6[XKE@KRX8O+)R#R-*#J$6F6V.2UL MHI7:GH\FT[-%VV89KJ=ADK_D>V`;:Q(VO7@:8#9@L:0"RQ9=%6]@87.21N$O MVGO$06F\B39.,W$%%P#\^+C:K&58$*HV5EAFJE=;M!IU&D1,F4#N.<:1,T#S M+@RZ_PTYBV`:(NEI\.CYY_`CH6NU#RM`/,9HYX["SS&9=H;QB]9&T"\$5:-] M&RQW&_O?=:9V(&H"JQ?$R.UC/EF?WR'BYZ>I!ZEA=^5-!IBK\:#X#KF=(,SL MT&6#ZPP)E7B$^?,3S,>IG;&1\?'K=WU\!JH71:>+EOV<;/2]19],<)^I[VIU ML3D>-!^FCF21D^$F^M;BN+=E;Y:CW0QQ=C"8>I[61*$U0/5;W91J9DF9`S%; MNR!?[Q\/"*IVWY;> M`O@E_#=LP:=OE#(`C,WQ1/LS-TN?+VLL!,T+F0D!U3&N4>LAM$*73P`M73(R; M[P>>GUP&-HU;3;_X8&3HH(.JBX_2ZQD6-^2!S#[OE'Q77;LGS\\*Q'-@\M6;G>.0S1 M79-9CC\-6?8<5=_!,B38=8!Z39WZ47:W[T%GM&Z6V2R"5/L2$L%&GM%H[6LF M\(11V6H;Q;0(TF),_R8T=1PS**XOV@96_\-GO6,6/RW&["5YP2;XCK&%\G4T MQ75$D&*5@`:>ZY@/"DCVEV-`-$]3<@P=E0H_AMCCM[W;7Q"+E=SFR,U9;*+"$SP&DDO60#`EO$ M=HHW@5^Z8X8IN:_]GO[Q^LI>'ODQ:TQ^)G+)B\$UQ_&/DR+70#M='&_FQ"S01.+[`_YN8Y!%(.>-:NZA8C-3 M[8\`7NREJUES/XE+>TB"3`8>%_ZS/HN>?CIG?)&9$>`HU3?VJ)DCL?\VJ3/L M230<@NN$`5S44ND/571&'.R9_<,HP@7!:@GW&01)1K&*(M)\\5+TB"#8IQ%' M$Z-HZ!!JS(CNZR>-^FZI0D##\,+_HL?@:^X"ZO\%4$L!`AX#%`````@`NHEE M1]P5FL`;:```_IL%`!0`&````````0```*2!`````&%P<&QE,3`M,C`Q-3`Y M,S`N>&UL550%``.?U#M6=7@+``$$)0X```0Y`0``4$L!`AX#%`````@`NHEE M1TAH_5LK"@``?6X``!@`&````````0```*2!:6@``&%P<&QE,3`M,C`Q-3`Y M,S!?8V%L+GAM;%54!0`#G]0[5G5X"P`!!"4.```$.0$``%!+`0(>`Q0````( M`+J)94=T2CX#A"@``$"'`@`8`!@```````$```"D@>9R``!A<'!L93$P+3(P M,34P.3,P7V1E9BYX;6Q55`4``Y_4.U9U>`L``00E#@``!#D!``!02P$"'@,4 M````"`"ZB65'I?8\-%M)```A?@,`&``8```````!````I(&\FP``87!P;&4Q M,"TR,#$U,#DS,%]L86(N>&UL550%``.?U#M6=7@+``$$)0X```0Y`0``4$L! M`AX#%`````@`NHEE1VQ2+9?V)P``*'T"`!@`&````````0```*2!:>4``&%P M<&QE,3`M,C`Q-3`Y,S!?<')E+GAM;%54!0`#G]0[5G5X"P`!!"4.```$.0$` M`%!+`0(>`Q0````(`+J)94FB+PX``)*'```4`!@```````$```"D@;$- M`0!A<'!L93$P+3(P,34P.3,P+GAS9%54!0`#G]0[5G5X"P`!!"4.```$.0$` 7`%!+!08`````!@`&`"P"```N'`$````` ` end XML 17 R2.htm IDEA: XBRL DOCUMENT v3.3.0.814

CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands

Sep. 30, 2015

Dec. 31, 2014

Assets

Investment in real estate, net of accumulated depreciation of $98,262 and $72,106, respectively $ 918,311 $ 839,032

Cash and cash equivalents 10,630 46,341

Restricted cash-furniture, fixtures and other escrows 12,855 11,920

Due from third party managers, net 11,446 5,565

Other assets, net 11,297 6,178

Total Assets 964,539 909,036

Liabilities

Credit facility 800 0

Mortgage debt 205,691 119,708

Accounts payable and other liabilities 11,317 12,162

Total Liabilities 217,808 131,870

Shareholders' Equity

Preferred stock, value issued 0 0

Common stock, no par value, authorized 400,000,000 shares; issued and outstanding 89,685,096 and 91,037,588 shares, respectively 878,012 891,801

Distributions greater than net income (131,329) (114,683)

Total Shareholders' Equity 746,731 777,166

Total Liabilities and Shareholders' Equity 964,539 909,036

Series A Preferred Stock [Member]

Shareholders' Equity

Preferred stock, value issued 0 0

Series B Convertible Preferred Stock [Member]

Shareholders' Equity

Preferred stock, value issued $ 48 $ 48

X

- Definition
Represents amount due from third party hotel managers, including owner's distribution of property operating cash flow and working capital.
+ References
No definition available.
+ Details

Name: apple10_DueFromManagers

Namespace Prefix: apple10_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
Sum of the carrying values as of the balance sheet date of obligations incurred through that date, including liabilities incurred and payable to vendors for goods and services received, taxes, interest, rent and utilities, compensation costs, payroll taxes and fringe benefits (other than pension and postretirement obligations), contractual rights and obligations, and statutory obligations.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 942

-SubTopic 210

-Section S99

-Paragraph 1

-Subparagraph (SX 210.9-03.15(1),(5))

-URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 944

-SubTopic 210

-Section S99

-Paragraph 1

-Subparagraph (SX 210.7-03.15)

-URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910

+ Details

Name: us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
The amount as of the balance sheet date by which cumulative distributions to shareholders (or partners) exceed retained earnings (or accumulated earnings).
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 946

-SubTopic 20

-Section 50

-Paragraph 11

-URI http://asc.fasb.org/extlink&oid=35736640&loc=d3e9120-115832

+ Details

Name: us-gaap_AccumulatedDistributionsInExcessOfNetIncome

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.18)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 03

-Paragraph 12

-Article 7

+ Details

Name: us-gaap_Assets

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- References
No definition available.
+ Details

Name: us-gaap_AssetsAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Cash

-URI http://asc.fasb.org/extlink&oid=6506951

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section 45

-Paragraph 1

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=28358313&loc=d3e6676-107765

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 4

-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3044-108585

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Cash Equivalents

-URI http://asc.fasb.org/extlink&oid=6507016

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.1)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

+ Details

Name: us-gaap_CashAndCashEquivalentsAtCarryingValue

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
Aggregate par or stated value of issued nonredeemable common stock (or common stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable common shares, par value and other disclosure concepts are in another section within stockholders' equity.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.29)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 30

-Article 5

+ Details

Name: us-gaap_CommonStockValue

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.19-26)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

+ Details

Name: us-gaap_Liabilities

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- References
No definition available.
+ Details

Name: us-gaap_LiabilitiesAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Amount of liabilities and equity items, including the portion of equity attributable to noncontrolling interests, if any.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.32)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 03

-Paragraph 25

-Article 7

+ Details

Name: us-gaap_LiabilitiesAndStockholdersEquity

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 942

-SubTopic 210

-Section S99

-Paragraph 1

-Subparagraph (SX 210.9-03.16)

-URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 944

-SubTopic 210

-Section S99

-Paragraph 1

-Subparagraph (SX 210.7-03.16)

-URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 19, 20, 22

-Article 5

+ Details

Name: us-gaap_LineOfCredit

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
The aggregate carrying amounts, as of the balance sheet date, of assets not separately disclosed in the balance sheet.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.17)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 03

-Paragraph 10

-Article 7

+ Details

Name: us-gaap_OtherAssets

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
Aggregate par or stated value of issued nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable preferred shares, par value and other disclosure concepts are in another section within stockholders' equity.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.3-04)

-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.28)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 29

-Article 5

+ Details

Name: us-gaap_PreferredStockValue

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Amount of real estate investment property, net of accumulated depreciation, which may include the following: (1) land available-for-sale; (2) land available-for-development; (3) investments in building and building improvements; (4) tenant allowances; (5) developments in-process; (6) rental properties; and (7) other real estate investments.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 944

-SubTopic 210

-Section S99

-Paragraph 1

-Subparagraph (SX 210.7-03.1(d))

-URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910

+ Details

Name: us-gaap_RealEstateInvestmentPropertyNet

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
The carrying amounts of cash and cash equivalent items which are restricted as to withdrawal or usage. Restrictions may include legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or entity statements of intention with regard to particular deposits; however, time deposits and short-term certificates of deposit are not generally included in legally restricted deposits. Excludes compensating balance arrangements that are not agreements which legally restrict the use of cash amounts shown on the balance sheet. This element is for unclassified presentations; for classified presentations there is a separate and distinct element.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.1)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

+ Details

Name: us-gaap_RestrictedCashAndCashEquivalents

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
Carrying value as of the balance sheet date, including the current and noncurrent portions, of collateralized debt obligations (with maturities initially due after one year or beyond the operating cycle, if longer). Such obligations include mortgage loans, chattel loans, and any other borrowings secured by assets of the borrower.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 942

-SubTopic 210

-Section S99

-Paragraph 1

-Subparagraph (SX 210.9-03.16)

-URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 944

-SubTopic 210

-Section S99

-Paragraph 1

-Subparagraph (SX 210.7-03.16)

-URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 19, 20, 22

-Article 5

+ Details

Name: us-gaap_SecuredDebt

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 310

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SAB TOPIC 4.E)

-URI http://asc.fasb.org/extlink&oid=27010918&loc=d3e74512-122707

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.29-31)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Staff Accounting Bulletin (SAB)

-Number Topic 4

-Section E

+ Details

Name: us-gaap_StockholdersEquity

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- References
No definition available.
+ Details

Name: us-gaap_StockholdersEquityAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Details

Name: us-gaap_StatementClassOfStockAxis=us-gaap_SeriesAPreferredStockMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_StatementClassOfStockAxis=apple10_SeriesBConvertiblePreferredStockMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

XML 18 R6.htm IDEA: XBRL DOCUMENT v3.3.0.814

Organization and Summary of Significant Accounting Policies
9 Months Ended

Sep. 30, 2015

Accounting Policies [Abstract]

Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block]
1.  Organization and Summary of Significant Accounting Policies

Organization

Apple REIT Ten, Inc., together with its wholly owned subsidiaries (the “Company”), is a Virginia corporation that has elected to be treated as a real estate investment trust (“REIT”) for federal income tax purposes. The Company was formed to invest in hotels and other income-producing real estate in selected metropolitan areas in the United States. Initial capitalization occurred on August 13, 2010, when 10 Units, each Unit consisting of one common share and one Series A preferred share, were purchased by Apple Ten Advisors, Inc. (“A10A”) and 480,000 Series B convertible preferred shares were purchased by Glade M. Knight, the Company’s Chairman and Chief Executive Officer. The Company began operations on March 4, 2011, when it purchased its first hotel. The Company concluded its best-efforts offering on July 31, 2014. The Company’s fiscal year end is December 31. The Company has no foreign operations or assets and its operating structure includes only one reportable segment. The consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany accounts and transactions have been eliminated. Although the Company has interests in potential variable interest entities through its purchase commitments, it is not the primary beneficiary as the Company does not have any elements of power in the decision making process of these entities, and therefore does not consolidate the entities. As of September 30, 2015, the Company owned 54 hotels located in 17 states with an aggregate of 6,898 rooms.

Basis of Presentation

The accompanying unaudited consolidated financial statements have been prepared in accordance with the rules and regulations for reporting on Form 10-Q. Accordingly, they do not include all of the information required by accounting principles generally accepted in the United States for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. These unaudited financial statements should be read in conjunction with the Company’s audited consolidated financial statements included in its 2014 Annual Report on Form 10-K. Operating results for the three and nine months ended September 30, 2015 are not necessarily indicative of the results that may be expected for the twelve month period ending December 31, 2015.

Use of Estimates

The preparation of the financial statements in conformity with United States generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.

Earnings Per Common Share

Basic earnings per common share is computed based upon the weighted average number of shares outstanding during the period. Diluted earnings per common share is calculated after giving effect to all potential common shares that were dilutive and outstanding for the period. There were no potential common shares with a dilutive effect for the three and nine months ended September 30, 2015 and 2014. As a result, basic and diluted earnings per common share were the same. Series B convertible preferred shares are not included in earnings per common share calculations until such time that such shares are eligible to be converted to common shares.

Recent Accounting Standards

In September 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2015-16, Simplifying the Accounting for Measurement-Period Adjustments, which requires that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period, including the cumulative effect of changes in depreciation, amortization, or other income effects, in the reporting period in which the adjustment amounts are determined.  Previously, acquirers were required to recognize these adjustments retrospectively.  The standard is effective for annual reporting periods beginning after December 15, 2015, and interim periods within those years, with early adoption permitted.  The standard will be applied on a prospective basis.  The adoption of this standard is not expected to have a material impact on the Company’s consolidated financial statements.

In April 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs, which requires debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability.  The standard is effective for annual reporting periods beginning after December 15, 2015, and interim periods within those years, with early adoption permitted.  The standard will be applied on a retrospective basis.  The adoption of this standard is not expected to have a material impact on the Company’s consolidated financial statements.

X

- References
No definition available.
+ Details

Name: us-gaap_AccountingPoliciesAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
The entire disclosure for the general note to the financial statements for the reporting entity which may include, descriptions of the basis of presentation, business description, significant accounting policies, consolidations, reclassifications, new pronouncements not yet adopted and changes in accounting principles.
+ References
No definition available.
+ Details

Name: us-gaap_OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

XML 19 R22.htm IDEA: XBRL DOCUMENT v3.3.0.814

Fair Value of Financial Instruments (Details) - USD ($)
$ in Millions

Sep. 30, 2015

Dec. 31, 2014

Fair Value Disclosures [Abstract]

Long-term Debt $ 206.5 $ 119.7

Long-term Debt, Fair Value $ 208.4 $ 122.8

X

- References
No definition available.
+ Details

Name: us-gaap_FairValueDisclosuresAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Carrying amount of long-term debt, net of unamortized discount or premium, including current and noncurrent amounts. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 942

-SubTopic 210

-Section S99

-Paragraph 1

-Subparagraph (SX 210.9-03.16)

-URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.22)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 944

-SubTopic 210

-Section S99

-Paragraph 1

-Subparagraph (SX 210.7-03.16)

-URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 20, 22

-Article 5

+ Details

Name: us-gaap_LongTermDebt

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
The fair value amount of long-term debt whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission.
+ References
No definition available.
+ Details

Name: us-gaap_LongTermDebtFairValue

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

XML 20 R24.htm IDEA: XBRL DOCUMENT v3.3.0.814

Shareholders' Equity (Details) - USD ($)
$ / shares in Units, $ in Thousands, shares in Millions
3 Months Ended 9 Months Ended 18 Months Ended 42 Months Ended

Sep. 30, 2015

Sep. 30, 2014

Mar. 31, 2014

Sep. 30, 2015

Sep. 30, 2014

Sep. 30, 2015

Sep. 30, 2015

Shareholders' Equity (Details) [Line Items]

Payments for Repurchase of Equity $ 13,896 $ 12,508

Payments of Ordinary Dividends, Common Stock $ 55,885 $ 52,218

Unit Redemption Program [Member]

Shareholders' Equity (Details) [Line Items]

Unit redemption eligibility period 1 year

Redemption rate, Units owned less than 5 years 92.50%

Redemption rate, Units owned more than 5 years 100.00%

Weighted average number of Units outstanding, percentage redeemable 3.00%

Units Redeemed (in Shares) 1.4 1.2 6.4

Payments for Repurchase of Equity $ 13,900 $ 12,500 $ 65,300

Redemption requests redeemed, description pro-rata basis

Redemption requests redeemed, percentage 68.00% 100.00%

Distributions [Member]

Shareholders' Equity (Details) [Line Items]

Annual Distribution rate (in Dollars per share) $ 0.825

Common Stock, Dividends, Per Share, Cash Paid (in Dollars per share) $ 0.20625 $ 0.20625 $ 0.61875 $ 0.61875

Payments of Ordinary Dividends, Common Stock $ 18,500 $ 18,600 $ 55,900 $ 52,200

X

- Definition
Annual distribution rate in dollars per share.
+ References
No definition available.
+ Details

Name: apple10_AnnualDistributionRate

Namespace Prefix: apple10_

Data Type: num:perShareItemType

Balance Type: na

Period Type: duration

X

- Definition
Rate at which Units are redeemable.
+ References
No definition available.
+ Details

Name: apple10_RedemptionRateUnitsOwnedLessThan5Years

Namespace Prefix: apple10_

Data Type: num:percentItemType

Balance Type: na

Period Type: duration

X

- Definition
Rate at which Units are redeemable.
+ References
No definition available.
+ Details

Name: apple10_RedemptionRateUnitsOwnedMoreThan5Years

Namespace Prefix: apple10_

Data Type: num:percentItemType

Balance Type: na

Period Type: duration

X

- Definition
Percentage of requests for Unit redemptions redeemed during the period.
+ References
No definition available.
+ Details

Name: apple10_RedemptionRequestsRedeemedPercentage

Namespace Prefix: apple10_

Data Type: num:percentItemType

Balance Type: na

Period Type: duration

X

- Definition
Basis on which redemption requests are redeemed.
+ References
No definition available.
+ Details

Name: apple10_RedemptionRequestsRedeemedProrata

Namespace Prefix: apple10_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- References
No definition available.
+ Details

Name: apple10_ShareholdersEquityDetailsLineItems

Namespace Prefix: apple10_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
The length of time which Units must be held until redeemable.
+ References
No definition available.
+ Details

Name: apple10_UnitRedemptionEligibilityPeriod

Namespace Prefix: apple10_

Data Type: xbrli:durationItemType

Balance Type: na

Period Type: duration

X

- Definition
Number of Units redeemed during the period.
+ References
No definition available.
+ Details

Name: apple10_UnitsRedeemed

Namespace Prefix: apple10_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: duration

X

- Definition
The percentage of the weighted average number of Units outstanding used to determine the maximum number of Units that may be redeemed in any given year (12-month period immediately prior to the date of redemption).
+ References
No definition available.
+ Details

Name: apple10_WeightedAverageNumberOfUnitsOutstandingPercentageRedeemable

Namespace Prefix: apple10_

Data Type: num:percentItemType

Balance Type: na

Period Type: duration

X

- Definition
Aggregate dividends paid during the period for each share of common stock outstanding.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.3-04)

-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770

+ Details

Name: us-gaap_CommonStockDividendsPerShareCashPaid

Namespace Prefix: us-gaap_

Data Type: num:perShareItemType

Balance Type: na

Period Type: duration

X

- Definition
The cash outflow to reacquire common and preferred stock.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Financing Activities

-URI http://asc.fasb.org/extlink&oid=6513228

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 15

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3291-108585

+ Details

Name: us-gaap_PaymentsForRepurchaseOfEquity

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
Amount of cash outflow in the form of ordinary dividends to common shareholders of the parent entity.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 15

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3291-108585

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Financing Activities

-URI http://asc.fasb.org/extlink&oid=6513228

+ Details

Name: us-gaap_PaymentsOfDividendsCommonStock

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Details

Name: apple10_SharesholdersEquityAxis=apple10_UnitRedemptionProgramMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: apple10_SharesholdersEquityAxis=apple10_DistributionsMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

XML 21 Show.js IDEA: XBRL DOCUMENT /** * Rivet Software Inc. * * @copyright Copyright (c) 2006-2011 Rivet Software, Inc. All rights reserved. * Version 2.4.0.3 * */ var Show = {}; Show.LastAR = null, Show.hideAR = function(){ Show.LastAR.style.display = 'none'; }; Show.showAR = function ( link, id, win ){ if( Show.LastAR ){ Show.hideAR(); } var ref = link; do { ref = ref.nextSibling; } while (ref && ref.nodeName != 'TABLE'); if (!ref || ref.nodeName != 'TABLE') { var tmp = win ? win.document.getElementById(id) : document.getElementById(id); if( tmp ){ ref = tmp.cloneNode(true); ref.id = ''; link.parentNode.appendChild(ref); } } if( ref ){ ref.style.display = 'block'; Show.LastAR = ref; } }; Show.toggleNext = function( link ){ var ref = link; do{ ref = ref.nextSibling; }while( ref.nodeName != 'DIV' ); if( ref.style && ref.style.display && ref.style.display == 'none' ){ ref.style.display = 'block'; if( link.textContent ){ link.textContent = link.textContent.replace( '+', '-' ); }else{ link.innerText = link.innerText.replace( '+', '-' ); } }else{ ref.style.display = 'none'; if( link.textContent ){ link.textContent = link.textContent.replace( '-', '+' ); }else{ link.innerText = link.innerText.replace( '-', '+' ); } } }; XML 22 R7.htm IDEA: XBRL DOCUMENT v3.3.0.814

Investment in Real Estate
9 Months Ended

Sep. 30, 2015

Real Estate [Abstract]

Real Estate Disclosure [Text Block]
2.  Investment in Real Estate

The Company acquired three hotels during the first nine months of 2015. The following table sets forth the location, brand, manager, date acquired, number of rooms and gross purchase price for each hotel. All dollar amounts are in thousands.

City

State

Brand

Manager

Date Acquired

Rooms

Gross Purchase Price

Tustin

CA

Fairfield Inn & Suites

Marriott

2/5/2015
145 $ 31,000

Tustin

CA

Residence Inn

Marriott

2/5/2015
149 42,800

San Juan Capistrano

CA

Residence Inn

Marriott

6/5/2015
130 29,200

Total
424 $ 103,000

At the date of purchase, the purchase price for these properties, net of debt assumed, was funded by cash on hand and borrowings under the Company’s unsecured revolving credit facility. The Company assumed approximately $16.6 million of debt in connection with the purchase of and secured by the San Juan Capistrano Residence Inn. The Company also used borrowings under its unsecured credit facility to pay approximately $2.2 million in acquisition related costs, including approximately $2.1 million, representing 2% of the gross purchase price for these hotels, as a brokerage commission to Apple Suites Realty Group, Inc. (“ASRG”), which is 100% owned by Glade M. Knight, the Company’s Chairman and Chief Executive Officer, and approximately $0.1 million in other acquisition related costs, including title, legal and other related costs. These costs are included in acquisition related costs in the Company’s consolidated statements of operations for the nine months ended September 30, 2015.

For the three hotels acquired during the first nine months of 2015, the amount of revenue and operating income (excluding acquisition related costs totaling $2.2 million) included in the Company’s consolidated statements of operations from the acquisition date to September 30, 2015 was approximately $11.5 million and $3.6 million, respectively.

The Company leases all of its hotels to its wholly-owned taxable REIT subsidiary (or a subsidiary thereof) under master hotel lease agreements.

In connection with the acquisition of the San Juan Capistrano Residence Inn hotel in June 2015, the Company assumed a land lease with a remaining initial term of approximately 27 years and four 30 year renewal options.  The lease was valued at below market rates and as a result the Company recorded an intangible asset totaling approximately $4.4 million, which is included in other assets, net in the Company’s consolidated balance sheets. The amount is being amortized through February 2072, the end of the first renewal option. As of September 30, 2015, the remaining minimum lease payments, through the end of the first renewal option, were approximately $46.4 million.

No goodwill was recorded in connection with any of the acquisitions.

As of September 30, 2015, the Company owned 54 hotels located in 17 states with an aggregate of 6,898 rooms, and the Company’s investment in real estate consisted of the following (in thousands):

September 30,

December 31,

2015

2014

Land
$ 87,439 $ 77,943

Building and Improvements
848,456 762,134

Furniture, Fixtures and Equipment
77,146 67,529

Franchise Fees
3,532 3,532

1,016,573 911,138

Less Accumulated Depreciation
(98,262 ) (72,106 )

Investment in Real Estate, net
$ 918,311 $ 839,032

As of September 30, 2015, the Company had outstanding contracts for the potential purchase of two additional hotels for a total purchase price of $50.6 million. These two hotels are under construction and are planned to be completed and opened for business over the next three to six months from September 30, 2015. Closing on these two hotels is expected upon completion of construction. Although the Company is working towards acquiring these hotels, there are many conditions to closing that have not yet been satisfied and there can be no assurance that a closing on these hotels will occur under the outstanding purchase contracts. The following table summarizes the location, brand, expected number of rooms, refundable (if the seller does not meet its obligations under the contract) contract deposits paid, and gross purchase price for each of the contracts outstanding at September 30, 2015. All dollar amounts are in thousands.

Location

Brand

Rooms

Deposits Paid

Gross Purchase Price

Under Construction (a)

Cape Canaveral, FL  (b)

Homewood Suites
153 $ 3 $ 25,245

Rosemont, IL

Hampton Inn & Suites
158 300 25,400

Total
311 $ 303 $ 50,645

(a)   These hotels are currently under construction. The table shows the expected number of rooms upon hotel completion and the expected franchise brand. Assuming all conditions to closing are met, the purchase of these hotels is expected to close over the next three to six months from September 30, 2015.

(b)   If the seller meets all of the conditions to closing, the Company is obligated to specifically perform under the contract. As the property is under construction, at this time, the seller has not met all of the conditions to closing.

As there can be no assurance that all conditions to closing will be satisfied, the Company includes deposits paid for hotels under contract in other assets, net in the Company’s consolidated balance sheets. The Company intends to use borrowings under its credit facility and additional financing as needed to purchase the hotels currently under contract if a closing occurs.

X

- References
No definition available.
+ Details

Name: us-gaap_RealEstateAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 970

-SubTopic 360

-Section S99

-Paragraph 1

-Subparagraph (SX 210.12-28)

-URI http://asc.fasb.org/extlink&oid=6590653&loc=d3e638233-123024

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 03

-Paragraph 11

-Article 9

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 04

-Paragraph c

-Subparagraph Schedule III

-Article 5

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 03

-Paragraph 10

-Subparagraph 4

-Article 9

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 6

-Subparagraph a

-Article 5

+ Details

Name: us-gaap_RealEstateDisclosureTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

XML 23 R3.htm IDEA: XBRL DOCUMENT v3.3.0.814

CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($)
$ in Thousands

Sep. 30, 2015

Dec. 31, 2014

Real estate accumulated depreciation (in Dollars) $ 98,262 $ 72,106

Preferred stock, shares authorized 30,000,000 30,000,000

Preferred stock, shares issued 0 0

Preferred stock, shares outstanding 0 0

Common stock, shares authorized 400,000,000 400,000,000

Common stock, shares issued 89,685,096 91,037,588

Common stock, shares outstanding 89,685,096 91,037,588

Series A Preferred Stock [Member]

Preferred stock, shares authorized 400,000,000 400,000,000

Preferred stock, shares issued 89,685,096 91,037,588

Preferred stock, shares outstanding 89,685,096 91,037,588

Series B Convertible Preferred Stock [Member]

Preferred stock, shares authorized 480,000 480,000

Preferred stock, shares issued 480,000 480,000

Preferred stock, shares outstanding 480,000 480,000

X

- Definition
The maximum number of common shares permitted to be issued by an entity's charter and bylaws.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.29)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 30

-Article 5

+ Details

Name: us-gaap_CommonStockSharesAuthorized

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: instant

X

- Definition
Total number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.29)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 30

-Article 5

+ Details

Name: us-gaap_CommonStockSharesIssued

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: instant

X

- Definition
Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.29)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.3-04)

-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 30

-Article 5

+ Details

Name: us-gaap_CommonStockSharesOutstanding

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: instant

X

- Definition
The maximum number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) permitted to be issued by an entity's charter and bylaws.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.28)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 29

-Article 5

+ Details

Name: us-gaap_PreferredStockSharesAuthorized

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: instant

X

- Definition
Total number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) issued to shareholders (includes related preferred shares that were issued, repurchased, and remain in the treasury). May be all or portion of the number of preferred shares authorized. Excludes preferred shares that are classified as debt.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.28)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 29

-Article 5

+ Details

Name: us-gaap_PreferredStockSharesIssued

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: instant

X

- Definition
Aggregate share number for all nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer) held by stockholders. Does not include preferred shares that have been repurchased.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.28)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 29

-Article 5

+ Details

Name: us-gaap_PreferredStockSharesOutstanding

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: instant

X

- Definition
The cumulative amount of depreciation for real estate property held for investment purposes.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 944

-SubTopic 210

-Section S99

-Paragraph 1

-Subparagraph (SX 210.7-03.1(3))

-URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910

+ Details

Name: us-gaap_RealEstateInvestmentPropertyAccumulatedDepreciation

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Details

Name: us-gaap_StatementClassOfStockAxis=us-gaap_SeriesAPreferredStockMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_StatementClassOfStockAxis=apple10_SeriesBConvertiblePreferredStockMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

XML 24 R17.htm IDEA: XBRL DOCUMENT v3.3.0.814

Investment in Real Estate (Details)
$ in Thousands
3 Months Ended 9 Months Ended 62 Months Ended

Sep. 30, 2015

USD ($)

Sep. 30, 2014

USD ($)

Sep. 30, 2015

USD ($)

Sep. 30, 2014

USD ($)

Sep. 30, 2015

USD ($)

Investment in Real Estate (Details) [Line Items]

Assumed Mortgage Debt $ 16,569 $ 0

Business Combination, Acquisition Related Costs $ 14 $ 13 2,236 1,054

Revenues 69,280 56,791 199,734 166,585

Operating Income (Loss) 16,788 $ 13,051 45,937 36,768

Goodwill $ 0 $ 0 $ 0

Number of Hotels 54 54 54

Number of States in which Hotels Are Located 17 17 17

Aggregate Number of Hotel Rooms 6,898 6,898 6,898

Costs Other Than ASRG Fee [Member] | Acquisition-related Costs [Member]

Investment in Real Estate (Details) [Line Items]

Business Combination, Acquisition Related Costs $ 100

Apple Suites Realty Group (ASRG) [Member]

Investment in Real Estate (Details) [Line Items]

Real estate acquisition and disposal fee, Related Party, Percent 2.00%

Apple Suites Realty Group (ASRG) [Member] | Real Estate Acquisition and Disposal Fees Incurred [Member]

Investment in Real Estate (Details) [Line Items]

Costs and Expenses, Related Party $ 2,100 $ 900 $ 19,400

Chairman and CEO of Company [Member] | Apple Suites Realty Group (ASRG) [Member]

Investment in Real Estate (Details) [Line Items]

Related person ownership of related parties 100.00%

Hotel Acquisitions [Member]

Investment in Real Estate (Details) [Line Items]

Number of Businesses Acquired 3

Business Combination, Acquisition Related Costs $ 2,200

Revenues 11,500

Operating Income (Loss) $ 3,600

Potential Purchase of Additional Hotels [Member]

Investment in Real Estate (Details) [Line Items]

Number of Hotels 2 2 2

Aggregate Number of Hotel Rooms 311 311 311

Business Acquisition, Gross Purchase Price $ 50,645 $ 50,645 $ 50,645

Hotel Construction, Time to Completion over the next three to six months

Residence Inn San Juan Capistrano, CA [Member]

Investment in Real Estate (Details) [Line Items]

Aggregate Number of Hotel Rooms 130 130 130

Business Acquisition, Gross Purchase Price $ 29,200 $ 29,200 $ 29,200

Residence Inn San Juan Capistrano, CA [Member] | Hotel Acquisitions [Member]

Investment in Real Estate (Details) [Line Items]

Assumed Mortgage Debt $ 16,600

Land Lease, Remaining Initial Term 27 years

Number of Renewal Options on Land Lease 4

Land Lease Renewal Period 30 years

Finite-Lived Intangible Asset, Off-market Lease, Favorable, Gross 4,400 $ 4,400 4,400

Operating Leases, Future Minimum Payments Due $ 46,400 $ 46,400 $ 46,400

X

- Definition
Total cash paid and debt assumed, if any, to acquire entity.
+ References
No definition available.
+ Details

Name: apple10_BusinessAcquisitionGrossPurchasePrice

Namespace Prefix: apple10_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
Period in which construction on hotels are expected to be completed and closing is expected to occur.
+ References
No definition available.
+ Details

Name: apple10_HotelConstructionTimeToCompletion

Namespace Prefix: apple10_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- References
No definition available.
+ Details

Name: apple10_InvestmentinRealEstateDetailsLineItems

Namespace Prefix: apple10_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
The remaining initial term of a land lease in PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.
+ References
No definition available.
+ Details

Name: apple10_LandLeaseRemainingInitialTerm

Namespace Prefix: apple10_

Data Type: xbrli:durationItemType

Balance Type: na

Period Type: duration

X

- Definition
The land lease renewal period in PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.
+ References
No definition available.
+ Details

Name: apple10_LandLeaseRenewalPeriod

Namespace Prefix: apple10_

Data Type: xbrli:durationItemType

Balance Type: na

Period Type: duration

X

- Definition
The number of renewal options on a land lease.
+ References
No definition available.
+ Details

Name: apple10_NumberOfRenewalOptionsOnLandLease

Namespace Prefix: apple10_

Data Type: xbrli:integerItemType

Balance Type: na

Period Type: duration

X

- Definition
The percentage of the gross purchase price or gross sale price of real estate assets paid to a related party as a fee for acquiring and disposing of assets for the Company.
+ References
No definition available.
+ Details

Name: apple10_RealEstateAcquisitionAndDisposalFeeRelatedPartyPercent

Namespace Prefix: apple10_

Data Type: num:percentItemType

Balance Type: na

Period Type: duration

X

- Definition
Percentage of related parties owned by an officer or other related person
+ References
No definition available.
+ Details

Name: apple10_RelatedPersonOwnershipOfRelatedParties

Namespace Prefix: apple10_

Data Type: num:percentItemType

Balance Type: na

Period Type: duration

X

- Definition
This element represents acquisition-related costs incurred to effect a business combination which costs have been expensed during the period. Such costs include finder's fees; advisory, legal, accounting, valuation, and other professional or consulting fees; general administrative costs, including the costs of maintaining an internal acquisitions department; and may include costs of registering and issuing debt and equity securities.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 805

-SubTopic 10

-Section 25

-Paragraph 23

-URI http://asc.fasb.org/extlink&oid=34752592&loc=d3e1043-128460

+ Details

Name: us-gaap_BusinessCombinationAcquisitionRelatedCosts

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
Costs of sales and operating expenses for the period incurred from transactions with related parties.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 225

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SX 210.5-03.2)

-URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688

+ Details

Name: us-gaap_CostsAndExpensesRelatedParty

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
This element represents the identifiable intangible asset established upon acquisition based on a favorable difference between the terms of an acquired lease and the current market terms for that lease at the acquisition date.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.15)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

+ Details

Name: us-gaap_FiniteLivedIntangibleAssetOffMarketLeaseFavorableGross

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 350

-SubTopic 20

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=35741047&loc=d3e13816-109267

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 350

-SubTopic 20

-Section 45

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6388280&loc=d3e13770-109266

+ Details

Name: us-gaap_Goodwill

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
The amount of debt that an Entity assumes in acquiring a business or in consideration for an asset received in a noncash (or part noncash) acquisition. Noncash is defined as transactions during a period that affect recognized assets or liabilities but that do not result in cash receipts or cash payments in the period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 50

-Paragraph 5

-URI http://asc.fasb.org/extlink&oid=6367179&loc=d3e4332-108586

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 50

-Paragraph 4

-URI http://asc.fasb.org/extlink&oid=6367179&loc=d3e4313-108586

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6367179&loc=d3e4304-108586

+ Details

Name: us-gaap_NoncashOrPartNoncashAcquisitionDebtAssumed1

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
The number of businesses acquired by the entity during the period.
+ References
No definition available.
+ Details

Name: us-gaap_NumberOfBusinessesAcquired

Namespace Prefix: us-gaap_

Data Type: xbrli:integerItemType

Balance Type: na

Period Type: duration

X

- Definition
The number of real estate properties owned as of the balance sheet date.
+ References
No definition available.
+ Details

Name: us-gaap_NumberOfRealEstateProperties

Namespace Prefix: us-gaap_

Data Type: xbrli:integerItemType

Balance Type: na

Period Type: instant

X

- Definition
The number of states the entity operates in as of the balance sheet date.
+ References
No definition available.
+ Details

Name: us-gaap_NumberOfStatesInWhichEntityOperates

Namespace Prefix: us-gaap_

Data Type: xbrli:integerItemType

Balance Type: na

Period Type: instant

X

- Definition
The number of units in a real estate property owned as of the balance sheet date.
+ References
No definition available.
+ Details

Name: us-gaap_NumberOfUnitsInRealEstateProperty

Namespace Prefix: us-gaap_

Data Type: xbrli:integerItemType

Balance Type: na

Period Type: instant

X

- Definition
The net result for the period of deducting operating expenses from operating revenues.
+ References
No definition available.
+ Details

Name: us-gaap_OperatingIncomeLoss

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
Amount of required minimum rental payments for leases having an initial or remaining non-cancelable letter-terms in excess of one year.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 840

-SubTopic 10

-Section 55

-Paragraph 40

-Subparagraph (Note 3)

-URI http://asc.fasb.org/extlink&oid=6584154&loc=d3e38371-112697

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 840

-SubTopic 20

-Section 50

-Paragraph 2

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=6453985&loc=d3e41502-112717

+ Details

Name: us-gaap_OperatingLeasesFutureMinimumPaymentsDue

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 225

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SX 210.5-03.1)

-URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688

+ Details

Name: us-gaap_Revenues

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Details

Name: us-gaap_NatureOfExpenseAxis=apple10_CostOtherThanASRGFeeMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_NonrecurringAdjustmentAxis=us-gaap_AcquisitionRelatedCostsMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=apple10_AppleSuitesRealtyGroup_ASRGMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_NatureOfExpenseAxis=apple10_RealEstateAcquisitionAndDisposalFeesIncurredMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=apple10_ChairmanAndCEOOfCompanyMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_RelatedPartyTransactionAxis=apple10_AppleSuitesRealtyGroup_ASRGMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_BusinessAcquisitionAxis=apple10_HotelAcquisitonsMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_BusinessAcquisitionAxis=apple10_PotentialPurchaseOfAdditionalHotelsMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_RealEstateAndAccumulatedDepreciationDescriptionOfPropertyAxis=apple10_ResidenceInnSanJuanCapistranoCAMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

XML 25 R1.htm IDEA: XBRL DOCUMENT v3.3.0.814

Document And Entity Information - shares
9 Months Ended

Sep. 30, 2015

Nov. 01, 2015

Document and Entity Information [Abstract]

Entity Registrant Name Apple REIT Ten, Inc.

Document Type 10-Q

Current Fiscal Year End Date --12-31

Entity Common Stock, Shares Outstanding 88,785,416

Amendment Flag false

Entity Central Index Key 0001498864

Entity Current Reporting Status Yes

Entity Voluntary Filers No

Entity Filer Category Non-accelerated Filer

Entity Well-known Seasoned Issuer No

Document Period End Date Sep. 30, 2015

Document Fiscal Year Focus 2015

Document Fiscal Period Focus Q3

X

- References
No definition available.
+ Details

Name: apple10_DocumentAndEntityInformationAbstract

Namespace Prefix: apple10_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
If the value is true, then the document is an amendment to previously-filed/accepted document.
+ References
No definition available.
+ Details

Name: dei_AmendmentFlag

Namespace Prefix: dei_

Data Type: xbrli:booleanItemType

Balance Type: na

Period Type: duration

X

- Definition
End date of current fiscal year in the format --MM-DD.
+ References
No definition available.
+ Details

Name: dei_CurrentFiscalYearEndDate

Namespace Prefix: dei_

Data Type: xbrli:gMonthDayItemType

Balance Type: na

Period Type: duration

X

- Definition
This is focus fiscal period of the document report. For a first quarter 2006 quarterly report, which may also provide financial information from prior periods, the first fiscal quarter should be given as the fiscal period focus. Values: FY, Q1, Q2, Q3, Q4, H1, H2, M9, T1, T2, T3, M8, CY.
+ References
No definition available.
+ Details

Name: dei_DocumentFiscalPeriodFocus

Namespace Prefix: dei_

Data Type: dei:fiscalPeriodItemType

Balance Type: na

Period Type: duration

X

- Definition
This is focus fiscal year of the document report in CCYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006.
+ References
No definition available.
+ Details

Name: dei_DocumentFiscalYearFocus

Namespace Prefix: dei_

Data Type: xbrli:gYearItemType

Balance Type: na

Period Type: duration

X

- Definition
The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented. If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD.
+ References
No definition available.
+ Details

Name: dei_DocumentPeriodEndDate

Namespace Prefix: dei_

Data Type: xbrli:dateItemType

Balance Type: na

Period Type: duration

X

- Definition
The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word "Other".
+ References
No definition available.
+ Details

Name: dei_DocumentType

Namespace Prefix: dei_

Data Type: dei:submissionTypeItemType

Balance Type: na

Period Type: duration

X

- Definition
A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation 12B

-Number 240

-Section 12b

-Subsection 1

+ Details

Name: dei_EntityCentralIndexKey

Namespace Prefix: dei_

Data Type: dei:centralIndexKeyItemType

Balance Type: na

Period Type: duration

X

- Definition
Indicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument.
+ References
No definition available.
+ Details

Name: dei_EntityCommonStockSharesOutstanding

Namespace Prefix: dei_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: instant

X

- Definition
Indicate "Yes" or "No" whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure.
+ References
No definition available.
+ Details

Name: dei_EntityCurrentReportingStatus

Namespace Prefix: dei_

Data Type: dei:yesNoItemType

Balance Type: na

Period Type: duration

X

- Definition
Indicate whether the registrant is one of the following: (1) Large Accelerated Filer, (2) Accelerated Filer, (3) Non-accelerated Filer, (4) Smaller Reporting Company (Non-accelerated) or (5) Smaller Reporting Accelerated Filer. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure.
+ References
No definition available.
+ Details

Name: dei_EntityFilerCategory

Namespace Prefix: dei_

Data Type: dei:filerCategoryItemType

Balance Type: na

Period Type: duration

X

- Definition
The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation 12B

-Number 240

-Section 12b

-Subsection 1

+ Details

Name: dei_EntityRegistrantName

Namespace Prefix: dei_

Data Type: xbrli:normalizedStringItemType

Balance Type: na

Period Type: duration

X

- Definition
Indicate "Yes" or "No" if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.
+ References
No definition available.
+ Details

Name: dei_EntityVoluntaryFilers

Namespace Prefix: dei_

Data Type: dei:yesNoItemType

Balance Type: na

Period Type: duration

X

- Definition
Indicate "Yes" or "No" if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A.
+ References
No definition available.
+ Details

Name: dei_EntityWellKnownSeasonedIssuer

Namespace Prefix: dei_

Data Type: dei:yesNoItemType

Balance Type: na

Period Type: duration

XML 26 R18.htm IDEA: XBRL DOCUMENT v3.3.0.814

Investment in Real Estate (Details) - Hotel Acquisitions
$ in Thousands
9 Months Ended

Sep. 30, 2015

USD ($)

Business Acquisition [Line Items]

Rooms 6,898

Fairfield Inn & Suites Tustin, CA [Member]

Business Acquisition [Line Items]

State CA

Brand Fairfield Inn & Suites

Manager Marriott

Date Acquired Feb. 05, 2015

Rooms 145

Gross Purchase Price $ 31,000

Residence Inn Tustin, CA [Member]

Business Acquisition [Line Items]

State CA

Brand Residence Inn

Manager Marriott

Date Acquired Feb. 05, 2015

Rooms 149

Gross Purchase Price $ 42,800

Residence Inn San Juan Capistrano, CA [Member]

Business Acquisition [Line Items]

State CA

Brand Residence Inn

Manager Marriott

Date Acquired Jun. 05, 2015

Rooms 130

Gross Purchase Price $ 29,200

Total [Member]

Business Acquisition [Line Items]

Rooms 424

Gross Purchase Price $ 103,000

X

- Definition
Total cash paid and debt assumed, if any, to acquire entity.
+ References
No definition available.
+ Details

Name: apple10_BusinessAcquisitionGrossPurchasePrice

Namespace Prefix: apple10_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
The state in which the acquisition took place.
+ References
No definition available.
+ Details

Name: apple10_BusinessAcquisitionState

Namespace Prefix: apple10_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Manager of acquired hotel.
+ References
No definition available.
+ Details

Name: apple10_Manager

Namespace Prefix: apple10_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Date when the acquirer obtains control of the acquiree, in CCYY-MM-DD format.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 805

-SubTopic 10

-Section 25

-Paragraph 6

-URI http://asc.fasb.org/extlink&oid=34752592&loc=d3e845-128460

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Acquisition Date

-URI http://asc.fasb.org/extlink&oid=6919109

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 805

-SubTopic 10

-Section 25

-Paragraph 7

-URI http://asc.fasb.org/extlink&oid=34752592&loc=d3e848-128460

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 805

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (b)

-URI http://asc.fasb.org/extlink&oid=56956515&loc=d3e1392-128463

+ Details

Name: us-gaap_BusinessAcquisitionEffectiveDateOfAcquisition1

Namespace Prefix: us-gaap_

Data Type: xbrli:dateItemType

Balance Type: na

Period Type: duration

X

- Definition
Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ References
No definition available.
+ Details

Name: us-gaap_BusinessAcquisitionLineItems

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Name of the acquired entity.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 805

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=56956515&loc=d3e1392-128463

+ Details

Name: us-gaap_BusinessAcquisitionNameOfAcquiredEntity

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
The number of units in a real estate property owned as of the balance sheet date.
+ References
No definition available.
+ Details

Name: us-gaap_NumberOfUnitsInRealEstateProperty

Namespace Prefix: us-gaap_

Data Type: xbrli:integerItemType

Balance Type: na

Period Type: instant

X

- Details

Name: us-gaap_RealEstateAndAccumulatedDepreciationDescriptionOfPropertyAxis=apple10_FairfieldInnAndSuitesTustinCAMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_RealEstateAndAccumulatedDepreciationDescriptionOfPropertyAxis=apple10_ResidenceInnTustinCAMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_RealEstateAndAccumulatedDepreciationDescriptionOfPropertyAxis=apple10_ResidenceInnSanJuanCapistranoCAMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_RealEstateAndAccumulatedDepreciationDescriptionOfPropertyAxis=apple10_TotalMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

XML 27 R4.htm IDEA: XBRL DOCUMENT v3.3.0.814

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended

Sep. 30, 2015

Sep. 30, 2014

Sep. 30, 2015

Sep. 30, 2014

Revenues:

Room $ 64,198 $ 52,614 $ 184,601 $ 153,365

Other 5,082 4,177 15,133 13,220

Total revenue 69,280 56,791 199,734 166,585

Expenses:

Operating 16,674 14,275 47,649 41,173

Hotel administrative 5,332 4,320 15,518 12,918

Sales and marketing 5,406 4,801 15,819 13,976

Utilities 2,551 2,252 6,718 6,145

Repair and maintenance 2,517 1,980 6,956 6,168

Franchise fees 2,918 2,520 8,671 7,426

Management fees 2,288 1,676 6,942 5,278

Property taxes, insurance and other 4,098 3,308 12,008 9,981

General and administrative 1,715 1,369 5,124 4,461

Acquisition related costs 14 13 2,236 1,054

Depreciation 8,979 7,226 26,156 21,237

Total expenses 52,492 43,740 153,797 129,817

Operating income 16,788 13,051 45,937 36,768

Investment income 2 3,530 17 10,475

Interest expense (2,550) (1,867) (6,408) (6,541)

Income before income taxes 14,240 14,714 39,546 40,702

Income tax benefit (expense) 223 (1,203) (307) (2,934)

Net income $ 14,463 $ 13,511 $ 39,239 $ 37,768

Basic and diluted net income per common share (in Dollars per share) $ 0.16 $ 0.15 $ 0.43 $ 0.45

Weighted average common shares outstanding - basic and diluted (in Shares) 89,793 90,267 90,260 84,605

X

- Definition
This element represents acquisition-related costs incurred to effect a business combination which costs have been expensed during the period. Such costs include finder's fees; advisory, legal, accounting, valuation, and other professional or consulting fees; general administrative costs, including the costs of maintaining an internal acquisitions department; and may include costs of registering and issuing debt and equity securities.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 805

-SubTopic 10

-Section 25

-Paragraph 23

-URI http://asc.fasb.org/extlink&oid=34752592&loc=d3e1043-128460

+ Details

Name: us-gaap_BusinessCombinationAcquisitionRelatedCosts

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
Other operating costs incurred during the reporting period and may include amounts paid to maintain the property.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 225

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SX 210.5-03.2)

-URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688

+ Details

Name: us-gaap_CostOfOtherPropertyOperatingExpense

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
The aggregate costs of keeping the property in good condition but that do not appreciably prolong the life or increase the value of the property.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 225

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SX 210.5-03.2)

-URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688

+ Details

Name: us-gaap_CostOfPropertyRepairsAndMaintenance

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
The amount of expense recognized in the current period that reflects the allocation of the cost of tangible assets over the assets' useful lives. Includes production and non-production related depreciation.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 28

-Subparagraph (b)

-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3602-108585

+ Details

Name: us-gaap_Depreciation

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
The aggregate direct costs incurred in operating leased, owned and other hotels.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 225

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SX 210.5-03.2(d))

-URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688

+ Details

Name: us-gaap_DirectCostsOfHotels

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
Royalty expense incurred and are directly related to goods produced and sold and services rendered during the reporting period.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 225

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SX 210.5-03.2(a),(d))

-URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688

+ Details

Name: us-gaap_DirectOperatingCostRoyaltyExpense

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
The amount of net income or loss for the period per each share in instances when basic and diluted earnings per share are the same amount and reported as a single line item on the face of the financial statements. Basic earnings per share is the amount of net income or loss for the period per each share of common stock or unit outstanding during the reporting period. Diluted earnings per share includes the amount of net income or loss for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.
+ References
No definition available.
+ Details

Name: us-gaap_EarningsPerShareBasicAndDiluted

Namespace Prefix: us-gaap_

Data Type: num:perShareItemType

Balance Type: na

Period Type: duration

X

- Definition
The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 225

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SX 210.5-03.4)

-URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688

+ Details

Name: us-gaap_GeneralAndAdministrativeExpense

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
Sum of operating profit and nonoperating income or expense before Income or Loss from equity method investments, income taxes, extraordinary items, and noncontrolling interest.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.4-08.(h)(1)(i))

-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

+ Details

Name: us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 9

-Subparagraph (a),(b)

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.4-08.(h))

-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Income Tax Expense (or Benefit)

-URI http://asc.fasb.org/extlink&oid=6515339

+ Details

Name: us-gaap_IncomeTaxExpenseBenefit

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
Amount of the cost of borrowed funds accounted for as interest expense.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 835

-SubTopic 20

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6450988&loc=d3e26243-108391

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 942

-SubTopic 225

-Section S99

-Paragraph 1

-Subparagraph (SX 210.9-04.9)

-URI http://asc.fasb.org/extlink&oid=6879574&loc=d3e536633-122882

+ Details

Name: us-gaap_InterestExpense

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
Amount before accretion (amortization) of purchase discount (premium) of interest income on nonoperating securities.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 225

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SX 210.5-03.7(b))

-URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688

+ Details

Name: us-gaap_InvestmentIncomeInterest

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Net Income

-URI http://asc.fasb.org/extlink&oid=51831255

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 28

-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3602-108585

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 944

-SubTopic 225

-Section S99

-Paragraph 1

-Subparagraph (SX 210.7-04.19)

-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 225

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SX 210.5-03.18)

-URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 944

-SubTopic 225

-Section S99

-Paragraph 1

-Subparagraph (SX 210.7-04.22)

-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Other Comprehensive Income

-URI http://asc.fasb.org/extlink&oid=51831270

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 03

-Paragraph 19

-Article 5

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 04

-Paragraph 20

-Article 9

+ Details

Name: us-gaap_NetIncomeLoss

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
Revenue derived from the provision of short term lodging; it does not apply to lease or rental income. Includes hotel rooms, cruise revenue, and other revenue related to lodgings.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 225

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SX 210.5-03.1(d))

-URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688

+ Details

Name: us-gaap_OccupancyRevenue

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Includes selling, general and administrative expense.
+ References
No definition available.
+ Details

Name: us-gaap_OperatingExpenses

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- References
No definition available.
+ Details

Name: us-gaap_OperatingExpensesAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
The net result for the period of deducting operating expenses from operating revenues.
+ References
No definition available.
+ Details

Name: us-gaap_OperatingIncomeLoss

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
Other revenue generated from managing and operating hotels, not otherwise defined in the taxonomy.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 225

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SX 210.5-03.1(d))

-URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688

+ Details

Name: us-gaap_OtherHotelOperatingRevenue

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
The aggregate costs related to management of owned properties during the reporting period.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 225

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SX 210.5-03.2(d))

-URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688

+ Details

Name: us-gaap_OwnedPropertyManagementCosts

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
The aggregate total of real estate taxes and insurance expense.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 225

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SX 210.5-03.6)

-URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 720

-SubTopic 30

-Section 45

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6419918&loc=d3e35301-107843

+ Details

Name: us-gaap_RealEstateTaxesAndInsurance

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 225

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SX 210.5-03.1)

-URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688

+ Details

Name: us-gaap_Revenues

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- References
No definition available.
+ Details

Name: us-gaap_RevenuesAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
The aggregate total amount of expenses directly related to the marketing or selling of products or services.
+ References
No definition available.
+ Details

Name: us-gaap_SellingAndMarketingExpense

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
Utilities costs incurred during the reporting period for services, such as water, sewer, gas, electricity and telephone required to operate a building.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 225

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SX 210.5-03.2)

-URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688

+ Details

Name: us-gaap_UtilitiesCosts

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
Average number of shares or units issued and outstanding that are used in calculating basic and diluted earnings per share (EPS).
+ References
No definition available.
+ Details

Name: us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: duration

XML 28 R12.htm IDEA: XBRL DOCUMENT v3.3.0.814

Subsequent Events
9 Months Ended

Sep. 30, 2015

Subsequent Events [Abstract]

Subsequent Events [Text Block]
7.  Subsequent Events

In October 2015, the Company declared and paid approximately $6.2 million, or $0.06875 per outstanding common share, in distributions to its common shareholders.

In October 2015, under the guidelines of the Company’s Unit Redemption Program, the Company redeemed approximately 0.9 million Units in the amount of $9.2 million, representing 100% of the requested Unit redemptions.

On October 29, 2015, the Company closed on the purchase of a 158-room Hampton Inn & Suites hotel in Rosemont, Illinois. The gross purchase price was $25.4 million.

X

- References
No definition available.
+ Details

Name: us-gaap_SubsequentEventsAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
+ References
No definition available.
+ Details

Name: us-gaap_SubsequentEventsTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

XML 29 R11.htm IDEA: XBRL DOCUMENT v3.3.0.814

Shareholders' Equity
9 Months Ended

Sep. 30, 2015

Stockholders' Equity Note [Abstract]

Stockholders' Equity Note Disclosure [Text Block]
6.  Shareholders’ Equity

Unit Redemption Program

In April 2012, the Company instituted a Unit Redemption Program to provide limited interim liquidity to its shareholders who have held their Units for at least one year. Shareholders may request redemption of Units for a purchase price equal to 92.5% of the price paid per Unit if the Units have been owned for less than five years, or 100% of the price paid per Unit if the Units have been owned more than five years. The maximum number of Units that may be redeemed in any given year is three percent (3%) of the weighted average number of Units outstanding during the 12-month period immediately prior to the date of redemption. The Company reserves the right to change the purchase price of redemptions, reject any request for redemption, or otherwise amend the terms of, suspend, or terminate the Unit Redemption Program. Since the inception of the program through September 30, 2015, the Company has redeemed approximately 6.4 million Units in the amount of $65.3 million, including 1.4 million Units in the amount of $13.9 million and 1.2 million Units in the amount of $12.5 million during the nine months ended September 30, 2015 and 2014. As contemplated in the program, the Company has redeemed Units on a pro-rata basis due to the 3% limitation discussed above, including in the first quarter of 2014 where the Company redeemed approximately 68% of all requested redemptions. Since the beginning of the second quarter of 2014, the Company has redeemed 100% of the redemption requests. The following is a summary of the Unit redemptions during 2014 and the first nine months of 2015:

Redemption Date

Total Requested Unit Redemptions at Redemption Date

Units Redeemed

Total Redemption Requests Not Redeemed at Redemption Date

First Quarter 2014
357,013 242,644 114,369

Second Quarter 2014
479,078 479,078 0

Third Quarter 2014
496,839 496,839 0

Fourth Quarter 2014
296,642 296,642 0

First Quarter 2015
425,833 425,833 0

Second Quarter 2015
402,201 402,201 0

Third Quarter 2015
524,458 524,458 0

Distributions

The Company’s annual distribution rate as of September 30, 2015 was $0.825 per common share, payable monthly. For the three months ended September 30, 2015 and 2014, the Company made distributions of $0.20625 per common share for a total of $18.5 million and $18.6 million. For the nine months ended September 30, 2015 and 2014, the Company made distributions of $0.61875 per common share for a total of $55.9 million and $52.2 million.

X

- References
No definition available.
+ Details

Name: us-gaap_StockholdersEquityNoteAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.4-08.(d),(e))

-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section 50

-Paragraph 4

-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 310

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SAB TOPIC 4.E)

-URI http://asc.fasb.org/extlink&oid=27010918&loc=d3e74512-122707

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section 50

-Paragraph 5

-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21488-112644

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.29-31)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section S99

-Paragraph 4

-Subparagraph (SAB TOPIC 4.C)

-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187143-122770

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section 50

-Paragraph 6

-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.3-04)

-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 30

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23285-112656

Reference 10: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 11: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Preferred Stock

-URI http://asc.fasb.org/extlink&oid=6521494

Reference 12: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644

Reference 13: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section 50

-Paragraph 11

-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644

Reference 14: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Staff Accounting Bulletin (SAB)

-Number Topic 4

-Section E

Reference 15: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Staff Accounting Bulletin (SAB)

-Number Topic 4

-Section C

+ Details

Name: us-gaap_StockholdersEquityNoteDisclosureTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

XML 30 R23.htm IDEA: XBRL DOCUMENT v3.3.0.814

Related Parties (Details) - USD ($)
$ in Thousands
9 Months Ended 62 Months Ended

Sep. 30, 2015

Sep. 30, 2014

Sep. 30, 2015

Dec. 31, 2014

Related Parties (Details) [Line Items]

Related Party Transaction, Description of Transaction To efficiently manage cash disbursements, the Company, Apple Hospitality, A10A or ASRG may make payments for any or all of the related companies. Under the cash management process, each of the companies may advance or defer up to $1 million at any time. Each month, any outstanding amounts are settled among the affected companies.

Apple Hospitality's Interest in Apple Air Holding, LLC [Member]

Related Parties (Details) [Line Items]

Equity Method Investment, Ownership Percentage 74.00% 74.00%

Apple Suites Realty Group (ASRG) [Member]

Related Parties (Details) [Line Items]

Real estate acquisition and disposal fee, Related Party, Percent 2.00%

Apple Suites Realty Group (ASRG) [Member] | Real Estate Acquisition and Disposal Fees Incurred [Member]

Related Parties (Details) [Line Items]

Costs and Expenses, Related Party $ 2,100 $ 900 $ 19,400

Apple Ten Advisors (A10A) [Member]

Related Parties (Details) [Line Items]

Management Advisory Fee, Related Party, Percent 0.1% to 0.25%

Apple Ten Advisors (A10A) [Member] | Advisory Fees Incurred [Member]

Related Parties (Details) [Line Items]

Costs and Expenses, Related Party $ 1,900 1,000

ASRG and A10A [Member] | Reimbursement to Related Party for Company's Proportionate Share of Staffing and Related Costs Provided by Related Party [Member]

Related Parties (Details) [Line Items]

Costs and Expenses, Related Party $ 1,900 2,000

Apple Air Holding, LLC [Member]

Related Parties (Details) [Line Items]

Equity Method Investment, Ownership Percentage 26.00% 26.00% 26.00%

Equity Method Investments $ 700 $ 700 $ 900

Income (Loss) from Equity Method Investments (200) (200)

Apple Air Holding, LLC [Member] | Aircraft Usage Fees [Member]

Related Parties (Details) [Line Items]

Costs and Expenses, Related Party $ 60 $ 100

X

- Definition
Annual fee paid to a related party for advisory services, as a percentage of total equity proceeds received by the Company.
+ References
No definition available.
+ Details

Name: apple10_ManagementAdvisoryFeeRelatedPartyPercent

Namespace Prefix: apple10_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
The percentage of the gross purchase price or gross sale price of real estate assets paid to a related party as a fee for acquiring and disposing of assets for the Company.
+ References
No definition available.
+ Details

Name: apple10_RealEstateAcquisitionAndDisposalFeeRelatedPartyPercent

Namespace Prefix: apple10_

Data Type: num:percentItemType

Balance Type: na

Period Type: duration

X

- References
No definition available.
+ Details

Name: apple10_RelatedPartiesDetailsLineItems

Namespace Prefix: apple10_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Costs of sales and operating expenses for the period incurred from transactions with related parties.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 225

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SX 210.5-03.2)

-URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688

+ Details

Name: us-gaap_CostsAndExpensesRelatedParty

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
The percentage of ownership of common stock or equity participation in the investee accounted for under the equity method of accounting.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 323

-SubTopic 10

-Section 50

-Paragraph 3

-Subparagraph (a)(1)

-URI http://asc.fasb.org/extlink&oid=6382943&loc=d3e33918-111571

+ Details

Name: us-gaap_EquityMethodInvestmentOwnershipPercentage

Namespace Prefix: us-gaap_

Data Type: num:percentItemType

Balance Type: na

Period Type: instant

X

- Definition
This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 323

-SubTopic 10

-Section 45

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=35755396&loc=d3e33749-111570

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.12)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

+ Details

Name: us-gaap_EquityMethodInvestments

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
This item represents the entity's proportionate share for the period of the net income (loss) of its investee (such as unconsolidated subsidiaries and joint ventures) to which the equity method of accounting is applied. This item includes income or expense related to stock-based compensation based on the investor's grant of stock to employees of an equity method investee.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 28

-Subparagraph (b)

-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3602-108585

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 323

-SubTopic 10

-Section 45

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=35755396&loc=d3e33749-111570

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 225

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SX 210.5-03.12)

-URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 03

-Paragraph 9

-Article 5

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 04

-Paragraph 11

-Article 7

+ Details

Name: us-gaap_IncomeLossFromEquityMethodInvestments

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
A description of the related party transaction, including transactions to which no amounts or nominal amounts were ascribed and such other information deemed necessary to an understanding of the effects of the transactions on the financial statements. Examples of common related party transactions are, sales, purchases and transfers of realty and personal property, services received or furnished, loans and leases to and from top management and affiliates.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 850

-SubTopic 10

-Section 50

-Paragraph 1

-Subparagraph (b)

-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 850

-SubTopic 10

-Section 50

-Paragraph 4

-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39622-107864

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 840

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6452652&loc=d3e36975-112693

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.4-08.(k))

-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.10,11,23)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 850

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39603-107864

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 04

-Paragraph b

-Article 3A

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 08

-Paragraph k

-Subparagraph 2

-Article 4

+ Details

Name: us-gaap_RelatedPartyTransactionDescriptionOfTransaction

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Details

Name: us-gaap_RelatedPartyTransactionAxis=apple10_AppleHospitalitysInterestInAppleAirHoldingLLCMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=apple10_AppleSuitesRealtyGroup_ASRGMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_NatureOfExpenseAxis=apple10_RealEstateAcquisitionAndDisposalFeesIncurredMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=apple10_AppleTenAdvisors_A10AMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_NatureOfExpenseAxis=apple10_AdvisoryFeesIncurredMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=apple10_ASRG_And_A10AMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_NatureOfExpenseAxis=apple10_ReimbursementToRelatedPartyForCompanysProportionateShareOfStaffingAndRelatedCostsProvidedByRelatedPartyMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=apple10_AppleAirHolding_LLCMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_NatureOfExpenseAxis=apple10_AircraftUsageFeesMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

XML 31 R19.htm IDEA: XBRL DOCUMENT v3.3.0.814

Investment in Real Estate (Details) - Investment in Real Estate - USD ($)
$ in Thousands

Sep. 30, 2015

Dec. 31, 2014

Investment in Real Estate [Abstract]

Land $ 87,439 $ 77,943

Building and Improvements 848,456 762,134

Furniture, Fixtures and Equipment 77,146 67,529

Franchise Fees 3,532 3,532

1,016,573 911,138

Less Accumulated Depreciation (98,262) (72,106)

Investment in Real Estate, net $ 918,311 $ 839,032

X

- References
No definition available.
+ Details

Name: apple10_InvestmentInRealEstateAbstract

Namespace Prefix: apple10_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Amount before amortization of assets, excluding financial assets and goodwill, lacking physical substance with a finite life.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 350

-SubTopic 30

-Section 50

-Paragraph 2

-Subparagraph (a)(1)

-URI http://asc.fasb.org/extlink&oid=26713463&loc=d3e16323-109275

+ Details

Name: us-gaap_FiniteLivedIntangibleAssetsGross

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
Amount before accumulated depreciation of equipment commonly used in offices and stores that have no permanent connection to the structure of a building or utilities. Examples include, but are not limited to, desks, chairs, tables, and bookcases.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 360

-SubTopic 10

-Section 50

-Paragraph 1

-Subparagraph (b)

-URI http://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229

+ Details

Name: us-gaap_FurnitureAndFixturesGross

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
Aggregate of the carrying amounts as of the balance sheet date of investments in building and building improvements.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 944

-SubTopic 210

-Section S99

-Paragraph 1

-Subparagraph (SX 210.7-03.1(d))

-URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910

+ Details

Name: us-gaap_InvestmentBuildingAndBuildingImprovements

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
Amount before accumulated depletion of real estate held for productive use, excluding land held for sale.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section 45

-Paragraph 4

-Subparagraph (e)

-URI http://asc.fasb.org/extlink&oid=28358313&loc=d3e6812-107765

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.13)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

+ Details

Name: us-gaap_Land

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
The cumulative amount of depreciation for real estate property held for investment purposes.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 944

-SubTopic 210

-Section S99

-Paragraph 1

-Subparagraph (SX 210.7-03.1(3))

-URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910

+ Details

Name: us-gaap_RealEstateInvestmentPropertyAccumulatedDepreciation

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Amount of real estate investment property which may include the following: (1) land available-for-sale; (2) land available-for-development; (3) investments in building and building improvements; (4) tenant allowances; (5) developments in-process; (6) rental properties; and (7) other real estate investments.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 944

-SubTopic 210

-Section S99

-Paragraph 1

-Subparagraph (SX 210.7-03.1(d))

-URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910

+ Details

Name: us-gaap_RealEstateInvestmentPropertyAtCost

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
Amount of real estate investment property, net of accumulated depreciation, which may include the following: (1) land available-for-sale; (2) land available-for-development; (3) investments in building and building improvements; (4) tenant allowances; (5) developments in-process; (6) rental properties; and (7) other real estate investments.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 944

-SubTopic 210

-Section S99

-Paragraph 1

-Subparagraph (SX 210.7-03.1(d))

-URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910

+ Details

Name: us-gaap_RealEstateInvestmentPropertyNet

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

XML 32 R15.htm IDEA: XBRL DOCUMENT v3.3.0.814

Shareholders' Equity (Tables)
9 Months Ended

Sep. 30, 2015

Stockholders' Equity Note [Abstract]

Summary of Unit Redemptions [Table Text Block] The following is a summary of the Unit redemptions during 2014 and the first nine months of 2015:

Redemption Date

Total Requested Unit Redemptions at Redemption Date

Units Redeemed

Total Redemption Requests Not Redeemed at Redemption Date

First Quarter 2014
357,013 242,644 114,369

Second Quarter 2014
479,078 479,078 0

Third Quarter 2014
496,839 496,839 0

Fourth Quarter 2014
296,642 296,642 0

First Quarter 2015
425,833 425,833 0

Second Quarter 2015
402,201 402,201 0

Third Quarter 2015
524,458 524,458 0

X

- Definition
Disclosure of requested Unit redemptions, actual Units redeemed and redemption requests not redeemed. Unit redemptions are repurchases by the Company of Units.
+ References
No definition available.
+ Details

Name: apple10_SummaryOfUnitRedemptionsTableTextBlock

Namespace Prefix: apple10_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

X

- References
No definition available.
+ Details

Name: us-gaap_StockholdersEquityNoteAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

XML 33 R13.htm IDEA: XBRL DOCUMENT v3.3.0.814

Accounting Policies, by Policy (Policies)
9 Months Ended

Sep. 30, 2015

Accounting Policies [Abstract]

Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]
Organization

Apple REIT Ten, Inc., together with its wholly owned subsidiaries (the “Company”), is a Virginia corporation that has elected to be treated as a real estate investment trust (“REIT”) for federal income tax purposes. The Company was formed to invest in hotels and other income-producing real estate in selected metropolitan areas in the United States. Initial capitalization occurred on August 13, 2010, when 10 Units, each Unit consisting of one common share and one Series A preferred share, were purchased by Apple Ten Advisors, Inc. (“A10A”) and 480,000 Series B convertible preferred shares were purchased by Glade M. Knight, the Company’s Chairman and Chief Executive Officer. The Company began operations on March 4, 2011, when it purchased its first hotel. The Company concluded its best-efforts offering on July 31, 2014. The Company’s fiscal year end is December 31. The Company has no foreign operations or assets and its operating structure includes only one reportable segment. The consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany accounts and transactions have been eliminated. Although the Company has interests in potential variable interest entities through its purchase commitments, it is not the primary beneficiary as the Company does not have any elements of power in the decision making process of these entities, and therefore does not consolidate the entities. As of September 30, 2015, the Company owned 54 hotels located in 17 states with an aggregate of 6,898 rooms.

Basis of Accounting, Policy [Policy Text Block]
Basis of Presentation

The accompanying unaudited consolidated financial statements have been prepared in accordance with the rules and regulations for reporting on Form 10-Q. Accordingly, they do not include all of the information required by accounting principles generally accepted in the United States for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. These unaudited financial statements should be read in conjunction with the Company’s audited consolidated financial statements included in its 2014 Annual Report on Form 10-K. Operating results for the three and nine months ended September 30, 2015 are not necessarily indicative of the results that may be expected for the twelve month period ending December 31, 2015.

Use of Estimates, Policy [Policy Text Block]
Use of Estimates

The preparation of the financial statements in conformity with United States generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.

Earnings Per Share, Policy [Policy Text Block]
Earnings Per Common Share

Basic earnings per common share is computed based upon the weighted average number of shares outstanding during the period. Diluted earnings per common share is calculated after giving effect to all potential common shares that were dilutive and outstanding for the period. There were no potential common shares with a dilutive effect for the three and nine months ended September 30, 2015 and 2014. As a result, basic and diluted earnings per common share were the same. Series B convertible preferred shares are not included in earnings per common share calculations until such time that such shares are eligible to be converted to common shares.

New Accounting Pronouncements, Policy [Policy Text Block]
Recent Accounting Standards

In September 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2015-16, Simplifying the Accounting for Measurement-Period Adjustments, which requires that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period, including the cumulative effect of changes in depreciation, amortization, or other income effects, in the reporting period in which the adjustment amounts are determined.  Previously, acquirers were required to recognize these adjustments retrospectively.  The standard is effective for annual reporting periods beginning after December 15, 2015, and interim periods within those years, with early adoption permitted.  The standard will be applied on a prospective basis.  The adoption of this standard is not expected to have a material impact on the Company’s consolidated financial statements.

In April 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs, which requires debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability.  The standard is effective for annual reporting periods beginning after December 15, 2015, and interim periods within those years, with early adoption permitted.  The standard will be applied on a retrospective basis.  The adoption of this standard is not expected to have a material impact on the Company’s consolidated financial statements.

X

- References
No definition available.
+ Details

Name: us-gaap_AccountingPoliciesAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Disclosure of accounting policy for basis of accounting, or basis of presentation, used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS).
+ References
No definition available.
+ Details

Name: us-gaap_BasisOfAccountingPolicyPolicyTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

X

- Definition
Disclosure of accounting policy for computing basic and diluted earnings or loss per share for each class of common stock and participating security. Addresses all significant policy factors, including any antidilutive items that have been excluded from the computation and takes into account stock dividends, splits and reverse splits that occur after the balance sheet date of the latest reporting period but before the issuance of the financial statements.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 50

-Paragraph 1

-Subparagraph (c)

-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3630-109257

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=51655414&loc=d3e18780-107790

+ Details

Name: us-gaap_EarningsPerSharePolicyTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

X

- Definition
Disclosure of accounting policy pertaining to new accounting pronouncements that may impact the entity's financial reporting. Includes, but is not limited to, quantification of the expected or actual impact.
+ References
No definition available.
+ Details

Name: us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

X

- Definition
The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 205

-SubTopic 10

-Section 45

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=35735333&loc=d3e288-107754

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=51655414&loc=d3e18780-107790

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 272

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6373374&loc=d3e70478-108055

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 810

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=18733093&loc=d3e5614-111684

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 205

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6359566&loc=d3e326-107755

+ Details

Name: us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

X

- Definition
Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 275

-SubTopic 10

-Section 50

-Paragraph 4

-URI http://asc.fasb.org/extlink&oid=51801978&loc=d3e6061-108592

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 275

-SubTopic 10

-Section 50

-Paragraph 9

-URI http://asc.fasb.org/extlink&oid=51801978&loc=d3e6143-108592

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 275

-SubTopic 10

-Section 50

-Paragraph 8

-URI http://asc.fasb.org/extlink&oid=51801978&loc=d3e6132-108592

+ Details

Name: us-gaap_UseOfEstimates

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

XML 34 R14.htm IDEA: XBRL DOCUMENT v3.3.0.814

Investment in Real Estate (Tables)
9 Months Ended

Sep. 30, 2015

Real Estate [Abstract]

Schedule of Business Acquisitions, by Acquisition [Table Text Block] The Company acquired three hotels during the first nine months of 2015. The following table sets forth the location, brand, manager, date acquired, number of rooms and gross purchase price for each hotel. All dollar amounts are in thousands.

City

State

Brand

Manager

Date Acquired

Rooms

Gross Purchase Price

Tustin

CA

Fairfield Inn & Suites

Marriott

2/5/2015
145 $ 31,000

Tustin

CA

Residence Inn

Marriott

2/5/2015
149 42,800

San Juan Capistrano

CA

Residence Inn

Marriott

6/5/2015
130 29,200

Total
424 $ 103,000

Property, Plant and Equipment [Table Text Block] As of September 30, 2015, the Company owned 54 hotels located in 17 states with an aggregate of 6,898 rooms, and the Company’s investment in real estate consisted of the following (in thousands):

September 30,

December 31,

2015

2014

Land
$ 87,439 $ 77,943

Building and Improvements
848,456 762,134

Furniture, Fixtures and Equipment
77,146 67,529

Franchise Fees
3,532 3,532

1,016,573 911,138

Less Accumulated Depreciation
(98,262 ) (72,106 )

Investment in Real Estate, net
$ 918,311 $ 839,032

Schedule of Outstanding Contracts for Potential Purchase of Hotels [Table Text Block] As of September 30, 2015, the Company had outstanding contracts for the potential purchase of two additional hotels for a total purchase price of $50.6 million. These two hotels are under construction and are planned to be completed and opened for business over the next three to six months from September 30, 2015. Closing on these two hotels is expected upon completion of construction. Although the Company is working towards acquiring these hotels, there are many conditions to closing that have not yet been satisfied and there can be no assurance that a closing on these hotels will occur under the outstanding purchase contracts. The following table summarizes the location, brand, expected number of rooms, refundable (if the seller does not meet its obligations under the contract) contract deposits paid, and gross purchase price for each of the contracts outstanding at September 30, 2015. All dollar amounts are in thousands.

Location

Brand

Rooms

Deposits Paid

Gross Purchase Price

Under Construction (a)

Cape Canaveral, FL  (b)

Homewood Suites
153 $ 3 $ 25,245

Rosemont, IL

Hampton Inn & Suites
158 300 25,400

Total
311 $ 303 $ 50,645

(a)   These hotels are currently under construction. The table shows the expected number of rooms upon hotel completion and the expected franchise brand. Assuming all conditions to closing are met, the purchase of these hotels is expected to close over the next three to six months from September 30, 2015.

(b)   If the seller meets all of the conditions to closing, the Company is obligated to specifically perform under the contract. As the property is under construction, at this time, the seller has not met all of the conditions to closing.

X

- Definition
Schedule of outstanding contracts for the potential purchase of hotels.
+ References
No definition available.
+ Details

Name: apple10_ScheduleOfOutstandingContractsForPotentialPurchaseOfHotelsTableTextBlock

Namespace Prefix: apple10_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

X

- Definition
Tabular disclosure of physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, balances by class of assets, depreciation and depletion expense and method used, including composite depreciation, and accumulated deprecation.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.13)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 360

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 13

-Subparagraph b

-Article 5

+ Details

Name: us-gaap_PropertyPlantAndEquipmentTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

X

- References
No definition available.
+ Details

Name: us-gaap_RealEstateAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 805

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=56956515&loc=d3e1486-128463

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 805

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=56956515&loc=d3e1392-128463

+ Details

Name: us-gaap_ScheduleOfBusinessAcquisitionsByAcquisitionTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

XML 35 R16.htm IDEA: XBRL DOCUMENT v3.3.0.814

Organization and Summary of Significant Accounting Policies (Details)
3 Months Ended 9 Months Ended

Sep. 30, 2015

shares

Sep. 30, 2014

shares

Sep. 30, 2015

shares

Sep. 30, 2014

shares

Dec. 31, 2014

shares

Organization and Summary of Significant Accounting Policies (Details) [Line Items]

Unit Description one common share and one Series A preferred share

Preferred Stock, Shares Issued 0 0 0

Number of Reportable Segments 1

Number of Hotels 54 54

Number of States in which Hotels Are Located 17 17

Aggregate Number of Hotel Rooms 6,898 6,898

Weighted Average Number Diluted Shares Outstanding Adjustment 0 0 0 0

Series B Convertible Preferred Stock [Member]

Organization and Summary of Significant Accounting Policies (Details) [Line Items]

Preferred Stock, Shares Issued 480,000 480,000 480,000

Issued on August 13, 2010 (Initial Capitalization) [Member] | Series B Convertible Preferred Stock [Member]

Organization and Summary of Significant Accounting Policies (Details) [Line Items]

Units sold at inception 10 10

Preferred Stock, Shares Issued 480,000 480,000

X

- References
No definition available.
+ Details

Name: apple10_OrganizationandSummaryofSignificantAccountingPoliciesDetailsLineItems

Namespace Prefix: apple10_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
The description of a Unit.
+ References
No definition available.
+ Details

Name: apple10_UnitDescription

Namespace Prefix: apple10_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Number of Units sold at inception.
+ References
No definition available.
+ Details

Name: apple10_UnitsSoldAtInception

Namespace Prefix: apple10_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: instant

X

- Definition
The number of real estate properties owned as of the balance sheet date.
+ References
No definition available.
+ Details

Name: us-gaap_NumberOfRealEstateProperties

Namespace Prefix: us-gaap_

Data Type: xbrli:integerItemType

Balance Type: na

Period Type: instant

X

- Definition
Number of segments reported by the entity. A reportable segment is a component of an entity for which there is an accounting requirement to report separate financial information on that component in the entity's financial statements.
+ References
No definition available.
+ Details

Name: us-gaap_NumberOfReportableSegments

Namespace Prefix: us-gaap_

Data Type: xbrli:integerItemType

Balance Type: na

Period Type: duration

X

- Definition
The number of states the entity operates in as of the balance sheet date.
+ References
No definition available.
+ Details

Name: us-gaap_NumberOfStatesInWhichEntityOperates

Namespace Prefix: us-gaap_

Data Type: xbrli:integerItemType

Balance Type: na

Period Type: instant

X

- Definition
The number of units in a real estate property owned as of the balance sheet date.
+ References
No definition available.
+ Details

Name: us-gaap_NumberOfUnitsInRealEstateProperty

Namespace Prefix: us-gaap_

Data Type: xbrli:integerItemType

Balance Type: na

Period Type: instant

X

- Definition
Total number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) issued to shareholders (includes related preferred shares that were issued, repurchased, and remain in the treasury). May be all or portion of the number of preferred shares authorized. Excludes preferred shares that are classified as debt.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.28)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 29

-Article 5

+ Details

Name: us-gaap_PreferredStockSharesIssued

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: instant

X

- Definition
The sum of dilutive potential common shares or units used in the calculation of the diluted per-share or per-unit computation.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 50

-Paragraph 1

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

+ Details

Name: us-gaap_WeightedAverageNumberDilutedSharesOutstandingAdjustment

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: duration

X

- Details

Name: us-gaap_StatementClassOfStockAxis=apple10_SeriesBConvertiblePreferredStockMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: apple10_SharesholdersEquityAxis=apple10_IssuedOnAugust_13_2010InitialCapitalizationMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

XML 36 R21.htm IDEA: XBRL DOCUMENT v3.3.0.814

Credit Facility and Mortgage Debt (Details) - USD ($)
9 Months Ended

Sep. 30, 2015

Sep. 30, 2014

Dec. 31, 2014

Credit Facility and Mortgage Debt (Details) [Line Items]

Long-term Line of Credit $ 800,000 $ 0

Assumed Mortgage Debt 16,569,000 $ 0

Revolving Credit Facility [Member]

Credit Facility and Mortgage Debt (Details) [Line Items]

Line of Credit Facility, Maximum Borrowing Capacity $ 100,000,000

Debt Instrument, Maturity Date, Description July 2, 2017

Debt Issuance Cost $ 400,000

Long-term Line of Credit $ 800,000 $ 0

Line of Credit Facility, Interest Rate at Period End 2.04%

Line of Credit Facility, Covenant Terms The credit facility contains customary affirmative covenants, negative covenants and events of default. In addition, the credit facility contains covenants restricting the level of certain investments and quarterly financial covenants which include, among others, a minimum net worth requirement, maximum debt limits, minimum debt service and fixed charge coverage ratios, and maximum distribution limits. The Company was in compliance with each of the applicable covenants at September 30, 2015. The amendment to the credit facility increased the Minimum Net Worth (as defined in the amended credit facility) requirement to $580 million and limits, effective July 2, 2016, distributions to 100% of Funds From Operations (as defined in the amended credit facility).

Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member]

Credit Facility and Mortgage Debt (Details) [Line Items]

Debt Instrument, Description of Variable Rate Basis one-month LIBOR

Courtyard Oceanside, CA and Hilton Garden Inn Omaha, NE [Member] | Mortgage Debt [Member]

Credit Facility and Mortgage Debt (Details) [Line Items]

Debt Issuance Cost $ 500,000

Debt Instrument, Face Amount $ 36,900,000

Debt Instrument, Collateral by the Company’s Oceanside, California Courtyard and Omaha, Nebraska Hilton Garden Inn

Debt Instrument, Periodic Payment $ 182,000

Debt Instrument, Frequency of Periodic Payment monthly

Debt Instrument, Payment Terms loan will amortize on a 30 year term with a balloon payment due at maturity in October 2025

Debt Instrument, Interest Rate, Stated Percentage 4.28%

Hilton Garden Inn Denver, CO [Member] | Mortgage Debt [Member]

Credit Facility and Mortgage Debt (Details) [Line Items]

Debt Issuance Cost $ 200,000

Debt Instrument, Face Amount $ 35,000,000

Debt Instrument, Collateral the Company’s Denver, Colorado Hilton Garden Inn

Debt Instrument, Periodic Payment $ 194,000

Debt Instrument, Frequency of Periodic Payment monthly

Debt Instrument, Payment Terms loan will amortize on a 25 year term with a balloon payment due at maturity in June 2025

Debt Instrument, Interest Rate, Stated Percentage 4.46%

Residence Inn San Juan Capistrano, CA [Member] | Mortgage Debt [Member]

Credit Facility and Mortgage Debt (Details) [Line Items]

Debt Issuance Cost $ 20,000

Debt Instrument, Periodic Payment $ 83,000

Debt Instrument, Frequency of Periodic Payment monthly

Debt Instrument, Payment Terms balloon payment due at maturity in June 2020

Debt Instrument, Interest Rate, Stated Percentage 4.15%

Assumed Mortgage Debt $ 16,600,000

Minimum [Member] | Revolving Credit Facility [Member]

Credit Facility and Mortgage Debt (Details) [Line Items]

Line of Credit Facility, Unused Capacity, Commitment Fee Percentage 0.20%

Minimum [Member] | Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member]

Credit Facility and Mortgage Debt (Details) [Line Items]

Debt Instrument, Basis Spread on Variable Rate 1.85%

Maximum [Member] | Revolving Credit Facility [Member]

Credit Facility and Mortgage Debt (Details) [Line Items]

Line of Credit Facility, Unused Capacity, Commitment Fee Percentage 0.30%

Maximum [Member] | Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member]

Credit Facility and Mortgage Debt (Details) [Line Items]

Debt Instrument, Basis Spread on Variable Rate 2.35%

X

- References
No definition available.
+ Details

Name: apple10_CreditFacilityandMortgageDebtDetailsLineItems

Namespace Prefix: apple10_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Percentage points added to the reference rate to compute the variable rate on the debt instrument.
+ References
No definition available.
+ Details

Name: us-gaap_DebtInstrumentBasisSpreadOnVariableRate1

Namespace Prefix: us-gaap_

Data Type: num:percentItemType

Balance Type: na

Period Type: duration

X

- Definition
Discussion of whether the debt instrument is secured or unsecured, and, if secured, a description of the collateral and guarantees required or provided.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.22(a)(1))

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 942

-SubTopic 470

-Section 50

-Paragraph 3

-Subparagraph (d)

-URI http://asc.fasb.org/extlink&oid=6479336&loc=d3e64711-112823

+ Details

Name: us-gaap_DebtInstrumentCollateral

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
The reference rate for the variable rate of the debt instrument, such as LIBOR or the US Treasury rate and the maturity of the reference rate used, such as three months or six months LIBOR.
+ References
No definition available.
+ Details

Name: us-gaap_DebtInstrumentDescriptionOfVariableRateBasis

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Face (par) amount of debt instrument at time of issuance.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 835

-SubTopic 30

-Section 55

-Paragraph 8

-URI http://asc.fasb.org/extlink&oid=34725769&loc=d3e28878-108400

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 835

-SubTopic 30

-Section 45

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28551-108399

+ Details

Name: us-gaap_DebtInstrumentFaceAmount

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Description of the frequency of periodic payments (monthly, quarterly, annual).
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 942

-SubTopic 470

-Section 50

-Paragraph 3

-Subparagraph (c)

-URI http://asc.fasb.org/extlink&oid=6479336&loc=d3e64711-112823

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.22)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

+ Details

Name: us-gaap_DebtInstrumentFrequencyOfPeriodicPayment

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Contractual interest rate for funds borrowed, under the debt agreement.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.22(a)(1))

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

+ Details

Name: us-gaap_DebtInstrumentInterestRateStatedPercentage

Namespace Prefix: us-gaap_

Data Type: num:percentItemType

Balance Type: na

Period Type: instant

X

- Definition
Description of the maturity date of the debt instrument including whether the debt matures serially and, if so, a brief description of the serial maturities.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.22(a)(2))

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

+ Details

Name: us-gaap_DebtInstrumentMaturityDateDescription

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Description of the payment terms of the debt instrument (for example, whether periodic payments include principal and frequency of payments) and discussion about any contingencies associated with the payment.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.22(a)(3))

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 942

-SubTopic 470

-Section 50

-Paragraph 3

-Subparagraph (c)

-URI http://asc.fasb.org/extlink&oid=6479336&loc=d3e64711-112823

+ Details

Name: us-gaap_DebtInstrumentPaymentTerms

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Amount of the required periodic payments including both interest and principal payments.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.22)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 942

-SubTopic 470

-Section 50

-Paragraph 3

-Subparagraph (c)

-URI http://asc.fasb.org/extlink&oid=6479336&loc=d3e64711-112823

+ Details

Name: us-gaap_DebtInstrumentPeriodicPayment

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
Amount of debt issuance costs (for example, but not limited to, legal, accounting, broker, and regulatory fees).
+ References
No definition available.
+ Details

Name: us-gaap_DebtIssuanceCosts

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 942

-SubTopic 210

-Section S99

-Paragraph 1

-Subparagraph (SX 210.9-03.16)

-URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 944

-SubTopic 210

-Section S99

-Paragraph 1

-Subparagraph (SX 210.7-03.16)

-URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 19, 20, 22

-Article 5

+ Details

Name: us-gaap_LineOfCredit

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Description of the conditions for borrowing under the credit facility including the nature of any restrictions.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.19(b),22(b))

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

+ Details

Name: us-gaap_LineOfCreditFacilityCovenantTerms

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
The effective interest rate at the end of the reporting period.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.19(b),22(b))

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

+ Details

Name: us-gaap_LineOfCreditFacilityInterestRateAtPeriodEnd

Namespace Prefix: us-gaap_

Data Type: num:percentItemType

Balance Type: na

Period Type: instant

X

- Definition
Maximum borrowing capacity under the credit facility without consideration of any current restrictions on the amount that could be borrowed or the amounts currently outstanding under the facility.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.19(b),22(b))

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

+ Details

Name: us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
The fee, expressed as a percentage of the line of credit facility, for available but unused credit capacity under the credit facility.
+ References
No definition available.
+ Details

Name: us-gaap_LineOfCreditFacilityUnusedCapacityCommitmentFeePercentage

Namespace Prefix: us-gaap_

Data Type: num:percentItemType

Balance Type: na

Period Type: duration

X

- Definition
The amount of debt that an Entity assumes in acquiring a business or in consideration for an asset received in a noncash (or part noncash) acquisition. Noncash is defined as transactions during a period that affect recognized assets or liabilities but that do not result in cash receipts or cash payments in the period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 50

-Paragraph 5

-URI http://asc.fasb.org/extlink&oid=6367179&loc=d3e4332-108586

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 50

-Paragraph 4

-URI http://asc.fasb.org/extlink&oid=6367179&loc=d3e4313-108586

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6367179&loc=d3e4304-108586

+ Details

Name: us-gaap_NoncashOrPartNoncashAcquisitionDebtAssumed1

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Details

Name: us-gaap_CreditFacilityAxis=us-gaap_RevolvingCreditFacilityMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_VariableRateAxis=us-gaap_LondonInterbankOfferedRateLIBORMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_RealEstateAndAccumulatedDepreciationDescriptionOfPropertyAxis=apple10_CourtyardOceansideCAAndHiltonGardenInnOmahaNEMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_LongtermDebtTypeAxis=apple10_MortgageDebtMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_RealEstateAndAccumulatedDepreciationDescriptionOfPropertyAxis=apple10_HiltonGardenInnDenverCOMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_RealEstateAndAccumulatedDepreciationDescriptionOfPropertyAxis=apple10_ResidenceInnSanJuanCapistranoCAMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_RangeAxis=us-gaap_MinimumMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_RangeAxis=us-gaap_MaximumMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

XML 37 R26.htm IDEA: XBRL DOCUMENT v3.3.0.814

Subsequent Events (Details)
$ / shares in Units, $ in Thousands, shares in Millions
1 Months Ended 9 Months Ended

Oct. 31, 2015

USD ($)

$ / shares

shares

Sep. 30, 2015

USD ($)

Sep. 30, 2014

USD ($)

Oct. 29, 2015

USD ($)

Subsequent Events (Details) [Line Items]

Payments of Ordinary Dividends, Common Stock $ 55,885 $ 52,218

Payments for Repurchase of Equity $ 13,896 $ 12,508

Number of Units in Real Estate Property 6,898

Subsequent Event [Member]

Subsequent Events (Details) [Line Items]

Payments of Ordinary Dividends, Common Stock $ 6,200

Common Stock, Dividends, Per Share, Cash Paid (in Dollars per share) | $ / shares $ 0.06875

Units Redeemed (in Shares) | shares 0.9

Payments for Repurchase of Equity $ 9,200

Redemption requests redeemed, percentage 100.00%

Hampton Inn & Suites Rosemont, IL [Member] | Subsequent Event [Member]

Subsequent Events (Details) [Line Items]

Number of Units in Real Estate Property 158

Business Acquisition, Gross Purchase Price $ 25,400

X

- Definition
Total cash paid and debt assumed, if any, to acquire entity.
+ References
No definition available.
+ Details

Name: apple10_BusinessAcquisitionGrossPurchasePrice

Namespace Prefix: apple10_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
Percentage of requests for Unit redemptions redeemed during the period.
+ References
No definition available.
+ Details

Name: apple10_RedemptionRequestsRedeemedPercentage

Namespace Prefix: apple10_

Data Type: num:percentItemType

Balance Type: na

Period Type: duration

X

- References
No definition available.
+ Details

Name: apple10_SubsequentEventsDetailsLineItems

Namespace Prefix: apple10_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Number of Units redeemed during the period.
+ References
No definition available.
+ Details

Name: apple10_UnitsRedeemed

Namespace Prefix: apple10_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: duration

X

- Definition
Aggregate dividends paid during the period for each share of common stock outstanding.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.3-04)

-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770

+ Details

Name: us-gaap_CommonStockDividendsPerShareCashPaid

Namespace Prefix: us-gaap_

Data Type: num:perShareItemType

Balance Type: na

Period Type: duration

X

- Definition
The number of units in a real estate property owned as of the balance sheet date.
+ References
No definition available.
+ Details

Name: us-gaap_NumberOfUnitsInRealEstateProperty

Namespace Prefix: us-gaap_

Data Type: xbrli:integerItemType

Balance Type: na

Period Type: instant

X

- Definition
The cash outflow to reacquire common and preferred stock.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Financing Activities

-URI http://asc.fasb.org/extlink&oid=6513228

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 15

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3291-108585

+ Details

Name: us-gaap_PaymentsForRepurchaseOfEquity

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
Amount of cash outflow in the form of ordinary dividends to common shareholders of the parent entity.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 15

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3291-108585

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Financing Activities

-URI http://asc.fasb.org/extlink&oid=6513228

+ Details

Name: us-gaap_PaymentsOfDividendsCommonStock

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Details

Name: us-gaap_SubsequentEventTypeAxis=us-gaap_SubsequentEventMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_RealEstateAndAccumulatedDepreciationDescriptionOfPropertyAxis=apple10_HamptonInnSuitesRosemontILMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

XML 38 R5.htm IDEA: XBRL DOCUMENT v3.3.0.814

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
9 Months Ended

Sep. 30, 2015

Sep. 30, 2014

Cash flows from operating activities:

Net income $ 39,239 $ 37,768

Adjustments to reconcile net income to cash provided by operating activities:

Depreciation 26,156 21,237

Other non-cash expenses, net 355 397

Changes in operating assets and liabilities:

Increase in due from third party managers, net (5,667) (4,052)

Decrease in other assets, net 373 731

Increase in accounts payable and other liabilities 1,165 610

Net cash provided by operating activities 61,621 56,691

Cash flows from investing activities:

Acquisition of hotel properties, net (85,729) (40,207)

Deposits and other disbursements for potential acquisitions (150) (325)

Capital improvements (10,983) (12,276)

Increase in capital improvement reserves (231) (899)

Net cash used in investing activities (97,093) (53,707)

Cash flows from financing activities:

Net proceeds related to issuance of Units 0 134,820

Redemptions of Units (13,896) (12,508)

Distributions paid to common shareholders (55,885) (52,218)

Net proceeds from (payments on) credit facility 800 (71,239)

Proceeds from mortgage debt 71,850 0

Payments of mortgage debt (1,942) (1,585)

Financing costs (1,166) (254)

Net cash used in financing activities (239) (2,984)

Decrease in cash and cash equivalents (35,711) 0

Cash and cash equivalents, beginning of period 46,341 0

Cash and cash equivalents, end of period 10,630 0

Supplemental cash flow information:

Interest paid 6,642 6,867

Income taxes paid 180 3,665

Non-cash transactions:

Notes payable assumed in acquisitions $ 16,569 $ 0

X

- Definition
The net change during the reporting period in the amount due relating to owner's distribution of property operating cash flow from the hotel managers.
+ References
No definition available.
+ Details

Name: apple10_IncreaseDecreaseInDueFromThirdPartyManagers

Namespace Prefix: apple10_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- References
No definition available.
+ Details

Name: us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Cash

-URI http://asc.fasb.org/extlink&oid=6506951

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section 45

-Paragraph 1

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=28358313&loc=d3e6676-107765

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 4

-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3044-108585

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Cash Equivalents

-URI http://asc.fasb.org/extlink&oid=6507016

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.1)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

+ Details

Name: us-gaap_CashAndCashEquivalentsAtCarryingValue

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
Amount of increase (decrease) in cash and cash equivalents. Cash and cash equivalents are the amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Includes effect from exchange rate changes.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 24

-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3521-108585

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 830

-SubTopic 230

-Section 45

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=49171198&loc=d3e33268-110906

+ Details

Name: us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
The amount of expense recognized in the current period that reflects the allocation of the cost of tangible assets over the assets' useful lives. Includes production and non-production related depreciation.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 28

-Subparagraph (b)

-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3602-108585

+ Details

Name: us-gaap_Depreciation

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
The amount of cash paid during the current period to foreign, federal, state, and local authorities as taxes on income.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6367179&loc=d3e4297-108586

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 25

-Subparagraph (f)

-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3536-108585

+ Details

Name: us-gaap_IncomeTaxesPaid

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
The increase (decrease) during the reporting period in the amounts payable to vendors for goods and services received and the amount of obligations and expenses incurred but not paid.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 28

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3602-108585

+ Details

Name: us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- References
No definition available.
+ Details

Name: us-gaap_IncreaseDecreaseInOperatingCapitalAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
The increase (decrease) during the reporting period in other assets used in operating activities not separately disclosed in the statement of cash flows. May include changes in other current assets, other noncurrent assets, or a combination of other current and noncurrent assets.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 28

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3602-108585

+ Details

Name: us-gaap_IncreaseDecreaseInOtherOperatingAssets

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
The net cash inflow or outflow for the increase (decrease) associated with funds that are not available for withdrawal or use (such as funds held in escrow) and are associated with underlying transactions that are classified as investing activities.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 12

-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3179-108585

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 13

-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3213-108585

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Investing Activities

-URI http://asc.fasb.org/extlink&oid=6516133

+ Details

Name: us-gaap_IncreaseDecreaseInRestrictedCash

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
The amount of cash paid for interest during the period.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6367179&loc=d3e4297-108586

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 25

-Subparagraph (e)

-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3536-108585

+ Details

Name: us-gaap_InterestPaid

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
Amount of cash inflow (outflow) from financing activities, including discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 24

-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3521-108585

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 26

-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3574-108585

+ Details

Name: us-gaap_NetCashProvidedByUsedInFinancingActivities

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- References
No definition available.
+ Details

Name: us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Amount of cash inflow (outflow) from investing activities, including discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 24

-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3521-108585

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 26

-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3574-108585

+ Details

Name: us-gaap_NetCashProvidedByUsedInInvestingActivities

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- References
No definition available.
+ Details

Name: us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Amount of cash inflow (outflow) from operating activities, including discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 24

-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3521-108585

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 28

-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3602-108585

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 25

-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3536-108585

+ Details

Name: us-gaap_NetCashProvidedByUsedInOperatingActivities

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: na

Period Type: duration

X

- References
No definition available.
+ Details

Name: us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Net Income

-URI http://asc.fasb.org/extlink&oid=51831255

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 28

-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3602-108585

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 944

-SubTopic 225

-Section S99

-Paragraph 1

-Subparagraph (SX 210.7-04.19)

-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 225

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SX 210.5-03.18)

-URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 944

-SubTopic 225

-Section S99

-Paragraph 1

-Subparagraph (SX 210.7-04.22)

-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Other Comprehensive Income

-URI http://asc.fasb.org/extlink&oid=51831270

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 03

-Paragraph 19

-Article 5

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 04

-Paragraph 20

-Article 9

+ Details

Name: us-gaap_NetIncomeLoss

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- References
No definition available.
+ Details

Name: us-gaap_NoncashInvestingAndFinancingItemsAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
The amount of debt that an Entity assumes in acquiring a business or in consideration for an asset received in a noncash (or part noncash) acquisition. Noncash is defined as transactions during a period that affect recognized assets or liabilities but that do not result in cash receipts or cash payments in the period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 50

-Paragraph 5

-URI http://asc.fasb.org/extlink&oid=6367179&loc=d3e4332-108586

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 50

-Paragraph 4

-URI http://asc.fasb.org/extlink&oid=6367179&loc=d3e4313-108586

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6367179&loc=d3e4304-108586

+ Details

Name: us-gaap_NoncashOrPartNoncashAcquisitionDebtAssumed1

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
Other income (expense) included in net income that results in no cash inflows or outflows in the period. Includes noncash adjustments to reconcile net income (loss) to cash provided by (used in) operating activities that are not separately disclosed.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 28

-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3602-108585

+ Details

Name: us-gaap_OtherNoncashIncomeExpense

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
The cash outflow for acquisition of or capital improvements to properties held for investment (operating, managed, leased) or for use.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Investing Activities

-URI http://asc.fasb.org/extlink&oid=6516133

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 13

-Subparagraph (c)

-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3213-108585

+ Details

Name: us-gaap_PaymentsForCapitalImprovements

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
Cash outflow related to amounts given in advance to show or confirm an intention to complete an acquisition of land, buildings, other structures, or any item classified as real estate.
+ References
No definition available.
+ Details

Name: us-gaap_PaymentsForDepositsOnRealEstateAcquisitions

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
The cash outflow to reacquire common and preferred stock.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Financing Activities

-URI http://asc.fasb.org/extlink&oid=6513228

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 15

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3291-108585

+ Details

Name: us-gaap_PaymentsForRepurchaseOfEquity

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
Amount of cash outflow in the form of ordinary dividends to common shareholders of the parent entity.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 15

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3291-108585

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Financing Activities

-URI http://asc.fasb.org/extlink&oid=6513228

+ Details

Name: us-gaap_PaymentsOfDividendsCommonStock

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
The cash outflow for loan and debt issuance costs.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 15

-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3291-108585

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Financing Activities

-URI http://asc.fasb.org/extlink&oid=6513228

+ Details

Name: us-gaap_PaymentsOfFinancingCosts

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
The cash outflow associated with the acquisition of a business, net of the cash acquired from the purchase.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 13

-Subparagraph (b)

-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3213-108585

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Investing Activities

-URI http://asc.fasb.org/extlink&oid=6516133

+ Details

Name: us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
The cash inflow during the period from additional borrowings in aggregate debt. Includes proceeds from short-term and long-term debt.
+ References
No definition available.
+ Details

Name: us-gaap_ProceedsFromIssuanceOfDebt

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
The cash inflow from the issuance of common stock, preferred stock, treasury stock, stock options, and other types of equity.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Financing Activities

-URI http://asc.fasb.org/extlink&oid=6513228

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 14

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3255-108585

+ Details

Name: us-gaap_ProceedsFromIssuanceOrSaleOfEquity

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
The net cash inflow or cash outflow from a contractual arrangement with the lender, including letter of credit, standby letter of credit and revolving credit arrangements, under which borrowings can be made up to a specific amount at any point in time with either short term or long term maturity that is collateralized (backed by pledge, mortgage or other lien in the entity's assets).
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 9

-Subparagraph c

-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3098-108585

+ Details

Name: us-gaap_ProceedsFromRepaymentsOfLinesOfCredit

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
The cash outflow to repay long-term debt that is wholly or partially secured by collateral. Excludes repayments of tax exempt secured debt.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 15

-Subparagraph (b)

-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3291-108585

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Financing Activities

-URI http://asc.fasb.org/extlink&oid=6513228

+ Details

Name: us-gaap_RepaymentsOfSecuredDebt

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- References
No definition available.
+ Details

Name: us-gaap_SupplementalCashFlowInformationAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

XML 39 R10.htm IDEA: XBRL DOCUMENT v3.3.0.814

Related Parties
9 Months Ended

Sep. 30, 2015

Related Party Transactions [Abstract]

Related Party Transactions Disclosure [Text Block]
5.  Related Parties

The Company has, and is expected to continue to engage in, significant transactions with related parties. These transactions cannot be construed to be at arm’s length and the results of the Company’s operations may be different if these transactions were conducted with non-related parties. The Company’s independent members of the Board of Directors oversee and annually review the Company’s related party relationships (including the relationships discussed in this section) and are required to approve any significant modifications to existing relationships, as well as any new significant related party transactions. The Board of Directors is not required to approve each individual transaction that falls under the related party relationships. However, under the direction of the Board of Directors, at least one member of the Company’s senior management team approves each related party transaction. There have been no changes to the contracts and relationships discussed in the Company’s 2014 Annual Report on Form 10-K. Below is a summary of the related party relationships in effect and transactions that occurred during the nine months ended September 30, 2015 and 2014.

The Company is externally managed and does not have any employees. ASRG provides the Company with property acquisition and disposition services. Its advisor, A10A, provides the Company with its day-to-day management services. The Company pays fees and reimburses certain expenses to A10A and ASRG for these services. Effective March 1, 2014, A10A subcontracted its obligations to Apple Hospitality REIT, Inc. (“Apple Hospitality”). The subcontract agreement provides that Apple Hospitality provides to the Company the advisory services contemplated under the A10A advisory agreement (“Advisory Agreement”) and Apple Hospitality receives the fees and expense reimbursements payable under the Advisory Agreement from the Company. The subcontract agreement has no impact on the Company’s Advisory Agreement with A10A.

Glade M. Knight, the Company’s Chairman and Chief Executive Officer, is also Executive Chairman of Apple Hospitality, and owns ASRG and A10A. Effective January 1, 2015, Justin G. Knight, the Company’s President, was appointed to the Board of Directors of Apple Hospitality. He also serves as President and Chief Executive Officer of Apple Hospitality.

ASRG Agreement

The Company has a contract with ASRG to acquire and dispose of real estate assets for the Company. A fee of 2% of the gross purchase price or gross sale price in addition to certain reimbursable expenses is paid to ASRG for these services. As of September 30, 2015, payments to ASRG for fees under the terms of this contract have totaled approximately $19.4 million since inception. Of this amount, the Company incurred $2.1 million and $0.9 million, respectively, for the nine months ended September 30, 2015 and 2014, which is included in acquisition related costs in the Company’s consolidated statements of operations.

A10A Agreement

Under the Advisory Agreement, A10A provides management services to the Company. As discussed above, effective March 1, 2014, A10A subcontracts its obligations under this agreement to Apple Hospitality. An annual fee ranging from 0.1% to 0.25% of total equity proceeds received by the Company, in addition to certain reimbursable expenses as described below, is payable to Apple Hospitality for these management services.

Total advisory fees incurred by the Company under the Advisory Agreement are included in general and administrative expenses and totaled approximately $1.9 million and $1.0 million for the nine months ended September 30, 2015 and 2014, respectively. The increase from 2014 to 2015 was primarily due to the Company reaching the next fee tier under the Advisory Agreement due to improved results of operations.

Advisors Cost Sharing Structure

In addition to the fees payable to ASRG and A10A, the Company reimbursed to ASRG or A10A, or paid directly to Apple Hospitality on behalf of ASRG or A10A, approximately $1.9 million and $2.0 million for the nine months ended September 30, 2015 and 2014. The costs are included in general and administrative expenses and are for the Company’s allocated share of the staffing and related costs provided by Apple Hospitality through its relationships with A10A and ASRG.

As part of the cost sharing arrangements, certain day-to-day transactions may result in amounts due to or from Apple Hospitality. To efficiently manage cash disbursements, the Company, Apple Hospitality, A10A or ASRG may make payments for any or all of the related companies. Under the cash management process, each of the companies may advance or defer up to $1 million at any time. Each month, any outstanding amounts are settled among the affected companies. This process allows each company to minimize its cash on hand, which, in turn, reduces the cost of each company’s credit facility. The amounts outstanding at any point in time are not significant to any of the companies.

Apple Air Holding, LLC (“Apple Air”) Membership Interest

Included in other assets, net on the Company’s consolidated balance sheet as of September 30, 2015 and December 31, 2014 is a 26% equity investment in Apple Air. As of September 30, 2015, the other member of Apple Air was Apple Hospitality, which owned a 74% interest. The Company’s equity investment was approximately $0.7 million and $0.9 million as of September 30, 2015 and December 31, 2014, and is included in other assets, net in the Company’s consolidated balance sheets. The Company has recorded its share of income and losses of the entity under the equity method of accounting and adjusted its investment in Apple Air accordingly. For both the nine months ended September 30, 2015 and 2014, the Company recorded a loss of approximately $0.2 million as its share of the net loss of Apple Air, which primarily relates to the depreciation of the aircraft, and is included in general and administrative expense in the Company’s consolidated statements of operations. Through its equity investment, the Company has access to Apple Air’s aircraft primarily for acquisition, asset management and renovation purposes. Total costs paid for the usage of the aircraft for the nine months ended September 30, 2015 and 2014 were approximately $0.06 million and $0.1 million.

X

- References
No definition available.
+ Details

Name: us-gaap_RelatedPartyTransactionsAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 850

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39603-107864

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 850

-SubTopic 10

-Section 50

-Paragraph 4

-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39622-107864

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 850

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 850

-SubTopic 10

-Section 50

-Paragraph 5

-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39678-107864

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 850

-SubTopic 10

-Section 50

-Paragraph 6

-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39691-107864

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.4-08.(k))

-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 04

-Paragraph b

-Article 3A

+ Details

Name: us-gaap_RelatedPartyTransactionsDisclosureTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

XML 40 FilingSummary.xml IDEA: XBRL DOCUMENT 3.3.0.814 html 87 156 1 true 37 0 false 4 false false R1.htm 000 - Disclosure - Document And Entity Information Sheet http://www.applereitten.com/role/DocumentAndEntityInformation Document And Entity Information Cover 1 false false R2.htm 001 - Statement - CONSOLIDATED BALANCE SHEETS Sheet http://www.applereitten.com/role/ConsolidatedBalanceSheet CONSOLIDATED BALANCE SHEETS Statements 2 false false R3.htm 002 - Statement - CONSOLIDATED BALANCE SHEETS (Parentheticals) Sheet http://www.applereitten.com/role/ConsolidatedBalanceSheet_Parentheticals CONSOLIDATED BALANCE SHEETS (Parentheticals) Statements 3 false false R4.htm 003 - Statement - CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) Sheet http://www.applereitten.com/role/ConsolidatedIncomeStatement CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) Statements 4 false false R5.htm 004 - Statement - CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) Sheet http://www.applereitten.com/role/ConsolidatedCashFlow CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) Statements 5 false false R6.htm 005 - Disclosure - Organization and Summary of Significant Accounting Policies Sheet http://www.applereitten.com/role/OrganizationandSummaryofSignificantAccountingPolicies Organization and Summary of Significant Accounting Policies Notes 6 false false R7.htm 006 - Disclosure - Investment in Real Estate Sheet http://www.applereitten.com/role/InvestmentinRealEstate Investment in Real Estate Notes 7 false false R8.htm 007 - Disclosure - Credit Facility and Mortgage Debt Sheet http://www.applereitten.com/role/CreditFacilityandMortgageDebt Credit Facility and Mortgage Debt Notes 8 false false R9.htm 008 - Disclosure - Fair Value of Financial Instruments Sheet http://www.applereitten.com/role/FairValueofFinancialInstruments Fair Value of Financial Instruments Notes 9 false false R10.htm 009 - Disclosure - Related Parties Sheet http://www.applereitten.com/role/RelatedParties Related Parties Notes 10 false false R11.htm 010 - Disclosure - Shareholders' Equity Sheet http://www.applereitten.com/role/ShareholdersEquity Shareholders' Equity Notes 11 false false R12.htm 011 - Disclosure - Subsequent Events Sheet http://www.applereitten.com/role/SubsequentEvents Subsequent Events Notes 12 false false R13.htm 012 - Disclosure - Accounting Policies, by Policy (Policies) Sheet http://www.applereitten.com/role/AccountingPoliciesByPolicy Accounting Policies, by Policy (Policies) Policies http://www.applereitten.com/role/OrganizationandSummaryofSignificantAccountingPolicies 13 false false R14.htm 013 - Disclosure - Investment in Real Estate (Tables) Sheet http://www.applereitten.com/role/InvestmentinRealEstateTables Investment in Real Estate (Tables) Tables http://www.applereitten.com/role/InvestmentinRealEstate 14 false false R15.htm 014 - Disclosure - Shareholders' Equity (Tables) Sheet http://www.applereitten.com/role/ShareholdersEquityTables Shareholders' Equity (Tables) Tables http://www.applereitten.com/role/ShareholdersEquity 15 false false R16.htm 015 - Disclosure - Organization and Summary of Significant Accounting Policies (Details) Sheet http://www.applereitten.com/role/OrganizationandSummaryofSignificantAccountingPoliciesDetails Organization and Summary of Significant Accounting Policies (Details) Details 16 false false R17.htm 016 - Disclosure - Investment in Real Estate (Details) Sheet http://www.applereitten.com/role/InvestmentinRealEstateDetails Investment in Real Estate (Details) Details http://www.applereitten.com/role/InvestmentinRealEstateTables 17 false false R18.htm 017 - Disclosure - Investment in Real Estate (Details) - Hotel Acquisitions Sheet http://www.applereitten.com/role/HotelAcquisitionsTable Investment in Real Estate (Details) - Hotel Acquisitions Details http://www.applereitten.com/role/InvestmentinRealEstateTables 18 false false R19.htm 018 - Disclosure - Investment in Real Estate (Details) - Investment in Real Estate Sheet http://www.applereitten.com/role/InvestmentinRealEstateTable Investment in Real Estate (Details) - Investment in Real Estate Details http://www.applereitten.com/role/InvestmentinRealEstateTables 19 false false R20.htm 019 - Disclosure - Investment in Real Estate (Details) - Outstanding Contracts Sheet http://www.applereitten.com/role/OutstandingContractsTable Investment in Real Estate (Details) - Outstanding Contracts Details http://www.applereitten.com/role/InvestmentinRealEstateTables 20 false false R21.htm 020 - Disclosure - Credit Facility and Mortgage Debt (Details) Sheet http://www.applereitten.com/role/CreditFacilityandMortgageDebtDetails Credit Facility and Mortgage Debt (Details) Details http://www.applereitten.com/role/CreditFacilityandMortgageDebt 21 false false R22.htm 021 - Disclosure - Fair Value of Financial Instruments (Details) Sheet http://www.applereitten.com/role/FairValueofFinancialInstrumentsDetails Fair Value of Financial Instruments (Details) Details http://www.applereitten.com/role/FairValueofFinancialInstruments 22 false false R23.htm 022 - Disclosure - Related Parties (Details) Sheet http://www.applereitten.com/role/RelatedPartiesDetails Related Parties (Details) Details http://www.applereitten.com/role/RelatedParties 23 false false R24.htm 023 - Disclosure - Shareholders' Equity (Details) Sheet http://www.applereitten.com/role/ShareholdersEquityDetails Shareholders' Equity (Details) Details http://www.applereitten.com/role/ShareholdersEquityTables 24 false false R25.htm 024 - Disclosure - Shareholders' Equity (Details) - Schedule of Unit Redemption Sheet http://www.applereitten.com/role/ScheduleofUnitRedemptionTable Shareholders' Equity (Details) - Schedule of Unit Redemption Details http://www.applereitten.com/role/ShareholdersEquityTables 25 false false R26.htm 025 - Disclosure - Subsequent Events (Details) Sheet http://www.applereitten.com/role/SubsequentEventsDetails Subsequent Events (Details) Details http://www.applereitten.com/role/SubsequentEvents 26 false false All Reports Book All Reports In ''CONSOLIDATED BALANCE SHEETS'', column(s) 3, 4 are contained in other reports, so were removed by flow through suppression. In ''CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)'', column(s) 2, 3 are contained in other reports, so were removed by flow through suppression. apple10-20150930.xml apple10-20150930_cal.xml apple10-20150930_def.xml apple10-20150930_lab.xml apple10-20150930_pre.xml apple10-20150930.xsd true true XML 41 R20.htm IDEA: XBRL DOCUMENT v3.3.0.814

Investment in Real Estate (Details) - Outstanding Contracts
$ in Thousands
9 Months Ended

Sep. 30, 2015

USD ($)

Sep. 30, 2014

USD ($)

Under Construction (a)

Rooms 6,898

Deposits Paid $ 150 $ 325

Potential Purchase of Additional Hotels [Member]

Under Construction (a)

Rooms 311

Deposits Paid $ 303

Gross Purchase Price $ 50,645

Homewood Suites Cape Canaveral, FL [Member] | Potential Purchase of Additional Hotels Under Construction [Member]

Under Construction (a)

Brand ^[1],[2] Homewood Suites

Rooms 153

Deposits Paid $ 3

Gross Purchase Price $ 25,245

Hampton Inn & Suites Rosemont, IL [Member] | Potential Purchase of Additional Hotels Under Construction [Member]

Under Construction (a)

Brand ^[2] Hampton Inn & Suites

Rooms 158

Deposits Paid $ 300

Gross Purchase Price $ 25,400

[1] If the seller meets all of the conditions to closing, the Company is obligated to specifically perform under the contract. As the property is under construction, at this time, the seller has not met all of the conditions to closing.

[2] These hotels are currently under construction. The table shows the expected number of rooms upon hotel completion and the expected franchise brand. Assuming all conditions to closing are met, the purchase of these hotels is expected to close over the next three to six months from September 30, 2015.

X

- Definition
Total cash paid and debt assumed, if any, to acquire entity.
+ References
No definition available.
+ Details

Name: apple10_BusinessAcquisitionGrossPurchasePrice

Namespace Prefix: apple10_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- References
No definition available.
+ Details

Name: apple10_UnderConstructionAAbstract

Namespace Prefix: apple10_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Name of the acquired entity.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 805

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=56956515&loc=d3e1392-128463

+ Details

Name: us-gaap_BusinessAcquisitionNameOfAcquiredEntity

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
The number of units in a real estate property owned as of the balance sheet date.
+ References
No definition available.
+ Details

Name: us-gaap_NumberOfUnitsInRealEstateProperty

Namespace Prefix: us-gaap_

Data Type: xbrli:integerItemType

Balance Type: na

Period Type: instant

X

- Definition
Cash outflow related to amounts given in advance to show or confirm an intention to complete an acquisition of land, buildings, other structures, or any item classified as real estate.
+ References
No definition available.
+ Details

Name: us-gaap_PaymentsForDepositsOnRealEstateAcquisitions

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Details

Name: us-gaap_BusinessAcquisitionAxis=apple10_PotentialPurchaseOfAdditionalHotelsMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_RealEstateAndAccumulatedDepreciationDescriptionOfPropertyAxis=apple10_HomewoodSuitesCapeCanaveralFLMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_BusinessAcquisitionAxis=apple10_PotentialPurchaseOfAdditionalHotelsUnderConstructionMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_RealEstateAndAccumulatedDepreciationDescriptionOfPropertyAxis=apple10_HamptonInnAndSuitesRosemontILMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

Shareholders' Equity (Details) - Schedule of Unit Redemption - Redemptions [Member] - shares	3 Months Ended
	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014
Shareholders' Equity (Details) - Schedule of Unit Redemption [Line Items]
Total Requested Unit Redemptions at Redemption Date	524,458	402,201	425,833	296,642	496,839	479,078	357,013
Units Redeemed	524,458	402,201	425,833	296,642	496,839	479,078	242,644
Total Redemption Requests Not Redeemed at Redemption Date	0	0	0	0	0	0	114,369

Fair Value of Financial Instruments	9 Months Ended
Fair Value of Financial Instruments	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value Disclosures [Text Block]	4. Fair Value of Financial Instruments The Company estimates the fair value of its debt by discounting the future cash flows of each instrument at estimated market rates consistent with the maturity of a debt obligation with similar credit terms and credit characteristics, which are Level 3 inputs under the fair value hierarchy. Market rates take into consideration general market conditions and maturity. As of September 30, 2015, the carrying value and estimated fair value of the Company’s debt was $206.5 million and $208.4 million, respectively. As of December 31, 2014, the carrying value and estimated fair value of the Company’s debt was $119.7 million and $122.8 million, respectively. The carrying value of the Company’s other financial instruments approximates fair value due to the short-term nature of these financial instruments.

Credit Facility and Mortgage Debt	9 Months Ended
Credit Facility and Mortgage Debt	Sep. 30, 2015
Debt Disclosure [Abstract]
Debt Disclosure [Text Block]	3. Credit Facility and Mortgage Debt Credit Facility On July 2, 2015, the Company entered into a second amendment of its existing $100 million revolving credit facility. The amendment extends the maturity date to July 2, 2017, reduces the annual interest rate to the one-month LIBOR (the London Inter-Bank Offered Rate for a one-month term) plus a margin ranging from 1.85% to 2.35%, depending upon the Company’s leverage ratio, as calculated under the terms of the credit agreement, and reduces the annual unused facility fee to 0.20% or 0.30% on the average unused portion of the revolving credit facility, based on the amount of borrowings outstanding during each quarter. The Company incurred approximately $0.4 million of loan origination costs related to the amendment, which will be amortized as interest expense through the maturity date. At September 30, 2015 the outstanding balance on the Company’s $100 million revolving credit facility was $0.8 million, increasing from no amounts outstanding at December 31, 2014. The annual interest rate at September 30, 2015 was 2.04%. The credit facility contains customary affirmative covenants, negative covenants and events of default. In addition, the credit facility contains covenants restricting the level of certain investments and quarterly financial covenants which include, among others, a minimum net worth requirement, maximum debt limits, minimum debt service and fixed charge coverage ratios, and maximum distribution limits. The Company was in compliance with each of the applicable covenants at September 30, 2015. The amendment to the credit facility increased the Minimum Net Worth (as defined in the amended credit facility) requirement to $580 million and limits, effective July 2, 2016, distributions to 100% of Funds From Operations (as defined in the amended credit facility). Mortgage Debt In September 2015, the Company entered into a secured mortgage loan agreement with a commercial lender. The mortgage loan for approximately $36.9 million is jointly secured by the Company’s Oceanside, California Courtyard and Omaha, Nebraska Hilton Garden Inn. Scheduled payments of interest and principal of approximately $182,000 are due monthly, and the loan will amortize on a 30 year term with a balloon payment due at maturity in October 2025. The mortgage loan has an annual fixed interest rate of approximately 4.28%. At closing, the Company used proceeds from the loan to reduce the outstanding balance on its revolving credit facility, and to pay loan origination costs. Loan origination costs totaling approximately $0.5 million are being amortized as interest expense through the maturity date. In June 2015, the Company entered into a secured mortgage loan agreement with a commercial lender. The mortgage loan for $35.0 million is secured by the Company’s Denver, Colorado Hilton Garden Inn. Scheduled payments of interest and principal of approximately $194,000 are due monthly, and the loan will amortize on a 25 year term with a balloon payment due at maturity in June 2025. The mortgage loan has an annual fixed interest rate of approximately 4.46%. At closing, the Company used proceeds from the loan to reduce the outstanding balance on its revolving credit facility, and to pay loan origination costs. Loan origination costs totaling approximately $0.2 million are being amortized as interest expense through the maturity date. In June 2015, the Company assumed approximately $16.6 million in mortgage debt in connection with the acquisition of the San Juan Capistrano, California Residence Inn. Scheduled payments of interest and principal of approximately $83,000 are due monthly with a balloon payment due at maturity in June 2020. The mortgage loan has an annual fixed interest rate of approximately 4.15%. Loan origination costs totaling approximately $0.02 million are being amortized as interest expense through the maturity date.

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Assets
Investment in real estate, net of accumulated depreciation of $98,262 and $72,106, respectively	$ 918,311	$ 839,032
Cash and cash equivalents	10,630	46,341
Restricted cash-furniture, fixtures and other escrows	12,855	11,920
Due from third party managers, net	11,446	5,565
Other assets, net	11,297	6,178
Total Assets	964,539	909,036
Liabilities
Credit facility	800	0
Mortgage debt	205,691	119,708
Accounts payable and other liabilities	11,317	12,162
Total Liabilities	217,808	131,870
Shareholders' Equity
Preferred stock, value issued	0	0
Common stock, no par value, authorized 400,000,000 shares; issued and outstanding 89,685,096 and 91,037,588 shares, respectively	878,012	891,801
Distributions greater than net income	(131,329)	(114,683)
Total Shareholders' Equity	746,731	777,166
Total Liabilities and Shareholders' Equity	964,539	909,036
Series A Preferred Stock [Member]
Shareholders' Equity
Preferred stock, value issued	0	0
Series B Convertible Preferred Stock [Member]
Shareholders' Equity
Preferred stock, value issued	$ 48	$ 48

Organization and Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block]	1. Organization and Summary of Significant Accounting Policies Organization Apple REIT Ten, Inc., together with its wholly owned subsidiaries (the “Company”), is a Virginia corporation that has elected to be treated as a real estate investment trust (“REIT”) for federal income tax purposes. The Company was formed to invest in hotels and other income-producing real estate in selected metropolitan areas in the United States. Initial capitalization occurred on August 13, 2010, when 10 Units, each Unit consisting of one common share and one Series A preferred share, were purchased by Apple Ten Advisors, Inc. (“A10A”) and 480,000 Series B convertible preferred shares were purchased by Glade M. Knight, the Company’s Chairman and Chief Executive Officer. The Company began operations on March 4, 2011, when it purchased its first hotel. The Company concluded its best-efforts offering on July 31, 2014. The Company’s fiscal year end is December 31. The Company has no foreign operations or assets and its operating structure includes only one reportable segment. The consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany accounts and transactions have been eliminated. Although the Company has interests in potential variable interest entities through its purchase commitments, it is not the primary beneficiary as the Company does not have any elements of power in the decision making process of these entities, and therefore does not consolidate the entities. As of September 30, 2015, the Company owned 54 hotels located in 17 states with an aggregate of 6,898 rooms. Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with the rules and regulations for reporting on Form 10-Q. Accordingly, they do not include all of the information required by accounting principles generally accepted in the United States for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. These unaudited financial statements should be read in conjunction with the Company’s audited consolidated financial statements included in its 2014 Annual Report on Form 10-K. Operating results for the three and nine months ended September 30, 2015 are not necessarily indicative of the results that may be expected for the twelve month period ending December 31, 2015. Use of Estimates The preparation of the financial statements in conformity with United States generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Earnings Per Common Share Basic earnings per common share is computed based upon the weighted average number of shares outstanding during the period. Diluted earnings per common share is calculated after giving effect to all potential common shares that were dilutive and outstanding for the period. There were no potential common shares with a dilutive effect for the three and nine months ended September 30, 2015 and 2014. As a result, basic and diluted earnings per common share were the same. Series B convertible preferred shares are not included in earnings per common share calculations until such time that such shares are eligible to be converted to common shares. Recent Accounting Standards In September 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2015-16, Simplifying the Accounting for Measurement-Period Adjustments, which requires that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period, including the cumulative effect of changes in depreciation, amortization, or other income effects, in the reporting period in which the adjustment amounts are determined. Previously, acquirers were required to recognize these adjustments retrospectively. The standard is effective for annual reporting periods beginning after December 15, 2015, and interim periods within those years, with early adoption permitted. The standard will be applied on a prospective basis. The adoption of this standard is not expected to have a material impact on the Company’s consolidated financial statements. In April 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs, which requires debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. The standard is effective for annual reporting periods beginning after December 15, 2015, and interim periods within those years, with early adoption permitted. The standard will be applied on a retrospective basis. The adoption of this standard is not expected to have a material impact on the Company’s consolidated financial statements.

Fair Value of Financial Instruments (Details) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Fair Value Disclosures [Abstract]
Long-term Debt	$ 206.5	$ 119.7
Long-term Debt, Fair Value	$ 208.4	$ 122.8

CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Real estate accumulated depreciation (in Dollars)	$ 98,262	$ 72,106
Preferred stock, shares authorized	30,000,000	30,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, shares authorized	400,000,000	400,000,000
Common stock, shares issued	89,685,096	91,037,588
Common stock, shares outstanding	89,685,096	91,037,588
Series A Preferred Stock [Member]
Preferred stock, shares authorized	400,000,000	400,000,000
Preferred stock, shares issued	89,685,096	91,037,588
Preferred stock, shares outstanding	89,685,096	91,037,588
Series B Convertible Preferred Stock [Member]
Preferred stock, shares authorized	480,000	480,000
Preferred stock, shares issued	480,000	480,000
Preferred stock, shares outstanding	480,000	480,000

Investment in Real Estate (Details) $ in Thousands	3 Months Ended		9 Months Ended		62 Months Ended
Investment in Real Estate (Details) $ in Thousands	Sep. 30, 2015 USD ($)	Sep. 30, 2014 USD ($)	Sep. 30, 2015 USD ($)	Sep. 30, 2014 USD ($)	Sep. 30, 2015 USD ($)
Investment in Real Estate (Details) [Line Items]
Assumed Mortgage Debt			$ 16,569	$ 0
Business Combination, Acquisition Related Costs	$ 14	$ 13	2,236	1,054
Revenues	69,280	56,791	199,734	166,585
Operating Income (Loss)	16,788	$ 13,051	45,937	36,768
Goodwill	$ 0		$ 0		$ 0
Number of Hotels	54		54		54
Number of States in which Hotels Are Located	17		17		17
Aggregate Number of Hotel Rooms	6,898		6,898		6,898
Costs Other Than ASRG Fee [Member] \| Acquisition-related Costs [Member]
Investment in Real Estate (Details) [Line Items]
Business Combination, Acquisition Related Costs			$ 100
Apple Suites Realty Group (ASRG) [Member]
Investment in Real Estate (Details) [Line Items]
Real estate acquisition and disposal fee, Related Party, Percent			2.00%
Apple Suites Realty Group (ASRG) [Member] \| Real Estate Acquisition and Disposal Fees Incurred [Member]
Investment in Real Estate (Details) [Line Items]
Costs and Expenses, Related Party			$ 2,100	$ 900	$ 19,400
Chairman and CEO of Company [Member] \| Apple Suites Realty Group (ASRG) [Member]
Investment in Real Estate (Details) [Line Items]
Related person ownership of related parties			100.00%
Hotel Acquisitions [Member]
Investment in Real Estate (Details) [Line Items]
Number of Businesses Acquired			3
Business Combination, Acquisition Related Costs			$ 2,200
Revenues			11,500
Operating Income (Loss)			$ 3,600
Potential Purchase of Additional Hotels [Member]
Investment in Real Estate (Details) [Line Items]
Number of Hotels	2		2		2
Aggregate Number of Hotel Rooms	311		311		311
Business Acquisition, Gross Purchase Price	$ 50,645		$ 50,645		$ 50,645
Hotel Construction, Time to Completion			over the next three to six months
Residence Inn San Juan Capistrano, CA [Member]
Investment in Real Estate (Details) [Line Items]
Aggregate Number of Hotel Rooms	130		130		130
Business Acquisition, Gross Purchase Price	$ 29,200		$ 29,200		$ 29,200
Residence Inn San Juan Capistrano, CA [Member] \| Hotel Acquisitions [Member]
Investment in Real Estate (Details) [Line Items]
Assumed Mortgage Debt			$ 16,600
Land Lease, Remaining Initial Term			27 years
Number of Renewal Options on Land Lease			4
Land Lease Renewal Period			30 years
Finite-Lived Intangible Asset, Off-market Lease, Favorable, Gross	4,400		$ 4,400		4,400
Operating Leases, Future Minimum Payments Due	$ 46,400		$ 46,400		$ 46,400

Document And Entity Information - shares	9 Months Ended
Document And Entity Information - shares	Sep. 30, 2015	Nov. 01, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	Apple REIT Ten, Inc.
Document Type	10-Q
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding		88,785,416
Amendment Flag	false
Entity Central Index Key	0001498864
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Non-accelerated Filer
Entity Well-known Seasoned Issuer	No
Document Period End Date	Sep. 30, 2015
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q3

Investment in Real Estate (Details) - Hotel Acquisitions $ in Thousands	9 Months Ended
	Sep. 30, 2015 USD ($)
Business Acquisition [Line Items]
Rooms	6,898
Fairfield Inn & Suites Tustin, CA [Member]
Business Acquisition [Line Items]
State	CA
Brand	Fairfield Inn & Suites
Manager	Marriott
Date Acquired	Feb. 05, 2015
Rooms	145
Gross Purchase Price	$ 31,000
Residence Inn Tustin, CA [Member]
Business Acquisition [Line Items]
State	CA
Brand	Residence Inn
Manager	Marriott
Date Acquired	Feb. 05, 2015
Rooms	149
Gross Purchase Price	$ 42,800
Residence Inn San Juan Capistrano, CA [Member]
Business Acquisition [Line Items]
State	CA
Brand	Residence Inn
Manager	Marriott
Date Acquired	Jun. 05, 2015
Rooms	130
Gross Purchase Price	$ 29,200
Total [Member]
Business Acquisition [Line Items]
Rooms	424
Gross Purchase Price	$ 103,000

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2015
Subsequent Events [Abstract]
Subsequent Events [Text Block]	7. Subsequent Events In October 2015, the Company declared and paid approximately $6.2 million, or $0.06875 per outstanding common share, in distributions to its common shareholders. In October 2015, under the guidelines of the Company’s Unit Redemption Program, the Company redeemed approximately 0.9 million Units in the amount of $9.2 million, representing 100% of the requested Unit redemptions. On October 29, 2015, the Company closed on the purchase of a 158-room Hampton Inn & Suites hotel in Rosemont, Illinois. The gross purchase price was $25.4 million.

Related Parties (Details) - USD ($) $ in Thousands	9 Months Ended		62 Months Ended
Related Parties (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Dec. 31, 2014
Related Parties (Details) [Line Items]
Related Party Transaction, Description of Transaction	To efficiently manage cash disbursements, the Company, Apple Hospitality, A10A or ASRG may make payments for any or all of the related companies. Under the cash management process, each of the companies may advance or defer up to $1 million at any time. Each month, any outstanding amounts are settled among the affected companies.
Apple Hospitality's Interest in Apple Air Holding, LLC [Member]
Related Parties (Details) [Line Items]
Equity Method Investment, Ownership Percentage	74.00%		74.00%
Apple Suites Realty Group (ASRG) [Member]
Related Parties (Details) [Line Items]
Real estate acquisition and disposal fee, Related Party, Percent	2.00%
Apple Suites Realty Group (ASRG) [Member] \| Real Estate Acquisition and Disposal Fees Incurred [Member]
Related Parties (Details) [Line Items]
Costs and Expenses, Related Party	$ 2,100	$ 900	$ 19,400
Apple Ten Advisors (A10A) [Member]
Related Parties (Details) [Line Items]
Management Advisory Fee, Related Party, Percent	0.1% to 0.25%
Apple Ten Advisors (A10A) [Member] \| Advisory Fees Incurred [Member]
Related Parties (Details) [Line Items]
Costs and Expenses, Related Party	$ 1,900	1,000
ASRG and A10A [Member] \| Reimbursement to Related Party for Company's Proportionate Share of Staffing and Related Costs Provided by Related Party [Member]
Related Parties (Details) [Line Items]
Costs and Expenses, Related Party	$ 1,900	2,000
Apple Air Holding, LLC [Member]
Related Parties (Details) [Line Items]
Equity Method Investment, Ownership Percentage	26.00%		26.00%	26.00%
Equity Method Investments	$ 700		$ 700	$ 900
Income (Loss) from Equity Method Investments	(200)	(200)
Apple Air Holding, LLC [Member] \| Aircraft Usage Fees [Member]
Related Parties (Details) [Line Items]
Costs and Expenses, Related Party	$ 60	$ 100

Investment in Real Estate (Details) - Investment in Real Estate - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Investment in Real Estate [Abstract]
Land	$ 87,439	$ 77,943
Building and Improvements	848,456	762,134
Furniture, Fixtures and Equipment	77,146	67,529
Franchise Fees	3,532	3,532
	1,016,573	911,138
Less Accumulated Depreciation	(98,262)	(72,106)
Investment in Real Estate, net	$ 918,311	$ 839,032

Accounting Policies, by Policy (Policies)	9 Months Ended
Accounting Policies, by Policy (Policies)	Sep. 30, 2015
Accounting Policies [Abstract]
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	Organization Apple REIT Ten, Inc., together with its wholly owned subsidiaries (the “Company”), is a Virginia corporation that has elected to be treated as a real estate investment trust (“REIT”) for federal income tax purposes. The Company was formed to invest in hotels and other income-producing real estate in selected metropolitan areas in the United States. Initial capitalization occurred on August 13, 2010, when 10 Units, each Unit consisting of one common share and one Series A preferred share, were purchased by Apple Ten Advisors, Inc. (“A10A”) and 480,000 Series B convertible preferred shares were purchased by Glade M. Knight, the Company’s Chairman and Chief Executive Officer. The Company began operations on March 4, 2011, when it purchased its first hotel. The Company concluded its best-efforts offering on July 31, 2014. The Company’s fiscal year end is December 31. The Company has no foreign operations or assets and its operating structure includes only one reportable segment. The consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany accounts and transactions have been eliminated. Although the Company has interests in potential variable interest entities through its purchase commitments, it is not the primary beneficiary as the Company does not have any elements of power in the decision making process of these entities, and therefore does not consolidate the entities. As of September 30, 2015, the Company owned 54 hotels located in 17 states with an aggregate of 6,898 rooms.
Basis of Accounting, Policy [Policy Text Block]	Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with the rules and regulations for reporting on Form 10-Q. Accordingly, they do not include all of the information required by accounting principles generally accepted in the United States for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. These unaudited financial statements should be read in conjunction with the Company’s audited consolidated financial statements included in its 2014 Annual Report on Form 10-K. Operating results for the three and nine months ended September 30, 2015 are not necessarily indicative of the results that may be expected for the twelve month period ending December 31, 2015.
Use of Estimates, Policy [Policy Text Block]	Use of Estimates The preparation of the financial statements in conformity with United States generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.
Earnings Per Share, Policy [Policy Text Block]	Earnings Per Common Share Basic earnings per common share is computed based upon the weighted average number of shares outstanding during the period. Diluted earnings per common share is calculated after giving effect to all potential common shares that were dilutive and outstanding for the period. There were no potential common shares with a dilutive effect for the three and nine months ended September 30, 2015 and 2014. As a result, basic and diluted earnings per common share were the same. Series B convertible preferred shares are not included in earnings per common share calculations until such time that such shares are eligible to be converted to common shares.
New Accounting Pronouncements, Policy [Policy Text Block]	Recent Accounting Standards In September 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2015-16, Simplifying the Accounting for Measurement-Period Adjustments, which requires that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period, including the cumulative effect of changes in depreciation, amortization, or other income effects, in the reporting period in which the adjustment amounts are determined. Previously, acquirers were required to recognize these adjustments retrospectively. The standard is effective for annual reporting periods beginning after December 15, 2015, and interim periods within those years, with early adoption permitted. The standard will be applied on a prospective basis. The adoption of this standard is not expected to have a material impact on the Company’s consolidated financial statements. In April 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs, which requires debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. The standard is effective for annual reporting periods beginning after December 15, 2015, and interim periods within those years, with early adoption permitted. The standard will be applied on a retrospective basis. The adoption of this standard is not expected to have a material impact on the Company’s consolidated financial statements.

Organization and Summary of Significant Accounting Policies (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2015 shares	Sep. 30, 2014 shares	Sep. 30, 2015 shares	Sep. 30, 2014 shares	Dec. 31, 2014 shares
Organization and Summary of Significant Accounting Policies (Details) [Line Items]
Unit Description			one common share and one Series A preferred share
Preferred Stock, Shares Issued	0		0		0
Number of Reportable Segments			1
Number of Hotels	54		54
Number of States in which Hotels Are Located	17		17
Aggregate Number of Hotel Rooms	6,898		6,898
Weighted Average Number Diluted Shares Outstanding Adjustment	0	0	0	0
Series B Convertible Preferred Stock [Member]
Organization and Summary of Significant Accounting Policies (Details) [Line Items]
Preferred Stock, Shares Issued	480,000		480,000		480,000
Issued on August 13, 2010 (Initial Capitalization) [Member] \| Series B Convertible Preferred Stock [Member]
Organization and Summary of Significant Accounting Policies (Details) [Line Items]
Units sold at inception	10		10
Preferred Stock, Shares Issued	480,000		480,000

Credit Facility and Mortgage Debt (Details) - USD ($)	9 Months Ended
Credit Facility and Mortgage Debt (Details) - USD ($)	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Credit Facility and Mortgage Debt (Details) [Line Items]
Long-term Line of Credit	$ 800,000		$ 0
Assumed Mortgage Debt	16,569,000	$ 0
Revolving Credit Facility [Member]
Credit Facility and Mortgage Debt (Details) [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 100,000,000
Debt Instrument, Maturity Date, Description	July 2, 2017
Debt Issuance Cost	$ 400,000
Long-term Line of Credit	$ 800,000		$ 0
Line of Credit Facility, Interest Rate at Period End	2.04%
Line of Credit Facility, Covenant Terms	The credit facility contains customary affirmative covenants, negative covenants and events of default. In addition, the credit facility contains covenants restricting the level of certain investments and quarterly financial covenants which include, among others, a minimum net worth requirement, maximum debt limits, minimum debt service and fixed charge coverage ratios, and maximum distribution limits. The Company was in compliance with each of the applicable covenants at September 30, 2015. The amendment to the credit facility increased the Minimum Net Worth (as defined in the amended credit facility) requirement to $580 million and limits, effective July 2, 2016, distributions to 100% of Funds From Operations (as defined in the amended credit facility).
Revolving Credit Facility [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Credit Facility and Mortgage Debt (Details) [Line Items]
Debt Instrument, Description of Variable Rate Basis	one-month LIBOR
Courtyard Oceanside, CA and Hilton Garden Inn Omaha, NE [Member] \| Mortgage Debt [Member]
Credit Facility and Mortgage Debt (Details) [Line Items]
Debt Issuance Cost	$ 500,000
Debt Instrument, Face Amount	$ 36,900,000
Debt Instrument, Collateral	by the Company’s Oceanside, California Courtyard and Omaha, Nebraska Hilton Garden Inn
Debt Instrument, Periodic Payment	$ 182,000
Debt Instrument, Frequency of Periodic Payment	monthly
Debt Instrument, Payment Terms	loan will amortize on a 30 year term with a balloon payment due at maturity in October 2025
Debt Instrument, Interest Rate, Stated Percentage	4.28%
Hilton Garden Inn Denver, CO [Member] \| Mortgage Debt [Member]
Credit Facility and Mortgage Debt (Details) [Line Items]
Debt Issuance Cost	$ 200,000
Debt Instrument, Face Amount	$ 35,000,000
Debt Instrument, Collateral	the Company’s Denver, Colorado Hilton Garden Inn
Debt Instrument, Periodic Payment	$ 194,000
Debt Instrument, Frequency of Periodic Payment	monthly
Debt Instrument, Payment Terms	loan will amortize on a 25 year term with a balloon payment due at maturity in June 2025
Debt Instrument, Interest Rate, Stated Percentage	4.46%
Residence Inn San Juan Capistrano, CA [Member] \| Mortgage Debt [Member]
Credit Facility and Mortgage Debt (Details) [Line Items]
Debt Issuance Cost	$ 20,000
Debt Instrument, Periodic Payment	$ 83,000
Debt Instrument, Frequency of Periodic Payment	monthly
Debt Instrument, Payment Terms	balloon payment due at maturity in June 2020
Debt Instrument, Interest Rate, Stated Percentage	4.15%
Assumed Mortgage Debt	$ 16,600,000
Minimum [Member] \| Revolving Credit Facility [Member]
Credit Facility and Mortgage Debt (Details) [Line Items]
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage	0.20%
Minimum [Member] \| Revolving Credit Facility [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Credit Facility and Mortgage Debt (Details) [Line Items]
Debt Instrument, Basis Spread on Variable Rate	1.85%
Maximum [Member] \| Revolving Credit Facility [Member]
Credit Facility and Mortgage Debt (Details) [Line Items]
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage	0.30%
Maximum [Member] \| Revolving Credit Facility [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Credit Facility and Mortgage Debt (Details) [Line Items]
Debt Instrument, Basis Spread on Variable Rate	2.35%

Subsequent Events (Details) $ / shares in Units, $ in Thousands, shares in Millions	1 Months Ended	9 Months Ended
	Oct. 31, 2015 USD ($) $ / shares shares	Sep. 30, 2015 USD ($)	Sep. 30, 2014 USD ($)	Oct. 29, 2015 USD ($)
Subsequent Events (Details) [Line Items]
Payments of Ordinary Dividends, Common Stock		$ 55,885	$ 52,218
Payments for Repurchase of Equity		$ 13,896	$ 12,508
Number of Units in Real Estate Property		6,898
Subsequent Event [Member]
Subsequent Events (Details) [Line Items]
Payments of Ordinary Dividends, Common Stock	$ 6,200
Common Stock, Dividends, Per Share, Cash Paid (in Dollars per share) \| $ / shares	$ 0.06875
Units Redeemed (in Shares) \| shares	0.9
Payments for Repurchase of Equity	$ 9,200
Redemption requests redeemed, percentage	100.00%
Hampton Inn & Suites Rosemont, IL [Member] \| Subsequent Event [Member]
Subsequent Events (Details) [Line Items]
Number of Units in Real Estate Property				158
Business Acquisition, Gross Purchase Price				$ 25,400

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Cash flows from operating activities:
Net income	$ 39,239	$ 37,768
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation	26,156	21,237
Other non-cash expenses, net	355	397
Changes in operating assets and liabilities:
Increase in due from third party managers, net	(5,667)	(4,052)
Decrease in other assets, net	373	731
Increase in accounts payable and other liabilities	1,165	610
Net cash provided by operating activities	61,621	56,691
Cash flows from investing activities:
Acquisition of hotel properties, net	(85,729)	(40,207)
Deposits and other disbursements for potential acquisitions	(150)	(325)
Capital improvements	(10,983)	(12,276)
Increase in capital improvement reserves	(231)	(899)
Net cash used in investing activities	(97,093)	(53,707)
Cash flows from financing activities:
Net proceeds related to issuance of Units	0	134,820
Redemptions of Units	(13,896)	(12,508)
Distributions paid to common shareholders	(55,885)	(52,218)
Net proceeds from (payments on) credit facility	800	(71,239)
Proceeds from mortgage debt	71,850	0
Payments of mortgage debt	(1,942)	(1,585)
Financing costs	(1,166)	(254)
Net cash used in financing activities	(239)	(2,984)
Decrease in cash and cash equivalents	(35,711)	0
Cash and cash equivalents, beginning of period	46,341	0
Cash and cash equivalents, end of period	10,630	0
Supplemental cash flow information:
Interest paid	6,642	6,867
Income taxes paid	180	3,665
Non-cash transactions:
Notes payable assumed in acquisitions	$ 16,569	$ 0

Related Parties	9 Months Ended
Related Parties	Sep. 30, 2015
Related Party Transactions [Abstract]
Related Party Transactions Disclosure [Text Block]	5. Related Parties The Company has, and is expected to continue to engage in, significant transactions with related parties. These transactions cannot be construed to be at arm’s length and the results of the Company’s operations may be different if these transactions were conducted with non-related parties. The Company’s independent members of the Board of Directors oversee and annually review the Company’s related party relationships (including the relationships discussed in this section) and are required to approve any significant modifications to existing relationships, as well as any new significant related party transactions. The Board of Directors is not required to approve each individual transaction that falls under the related party relationships. However, under the direction of the Board of Directors, at least one member of the Company’s senior management team approves each related party transaction. There have been no changes to the contracts and relationships discussed in the Company’s 2014 Annual Report on Form 10-K. Below is a summary of the related party relationships in effect and transactions that occurred during the nine months ended September 30, 2015 and 2014. The Company is externally managed and does not have any employees. ASRG provides the Company with property acquisition and disposition services. Its advisor, A10A, provides the Company with its day-to-day management services. The Company pays fees and reimburses certain expenses to A10A and ASRG for these services. Effective March 1, 2014, A10A subcontracted its obligations to Apple Hospitality REIT, Inc. (“Apple Hospitality”). The subcontract agreement provides that Apple Hospitality provides to the Company the advisory services contemplated under the A10A advisory agreement (“Advisory Agreement”) and Apple Hospitality receives the fees and expense reimbursements payable under the Advisory Agreement from the Company. The subcontract agreement has no impact on the Company’s Advisory Agreement with A10A. Glade M. Knight, the Company’s Chairman and Chief Executive Officer, is also Executive Chairman of Apple Hospitality, and owns ASRG and A10A. Effective January 1, 2015, Justin G. Knight, the Company’s President, was appointed to the Board of Directors of Apple Hospitality. He also serves as President and Chief Executive Officer of Apple Hospitality. ASRG Agreement The Company has a contract with ASRG to acquire and dispose of real estate assets for the Company. A fee of 2% of the gross purchase price or gross sale price in addition to certain reimbursable expenses is paid to ASRG for these services. As of September 30, 2015, payments to ASRG for fees under the terms of this contract have totaled approximately $19.4 million since inception. Of this amount, the Company incurred $2.1 million and $0.9 million, respectively, for the nine months ended September 30, 2015 and 2014, which is included in acquisition related costs in the Company’s consolidated statements of operations. A10A Agreement Under the Advisory Agreement, A10A provides management services to the Company. As discussed above, effective March 1, 2014, A10A subcontracts its obligations under this agreement to Apple Hospitality. An annual fee ranging from 0.1% to 0.25% of total equity proceeds received by the Company, in addition to certain reimbursable expenses as described below, is payable to Apple Hospitality for these management services. Total advisory fees incurred by the Company under the Advisory Agreement are included in general and administrative expenses and totaled approximately $1.9 million and $1.0 million for the nine months ended September 30, 2015 and 2014, respectively. The increase from 2014 to 2015 was primarily due to the Company reaching the next fee tier under the Advisory Agreement due to improved results of operations. Advisors Cost Sharing Structure In addition to the fees payable to ASRG and A10A, the Company reimbursed to ASRG or A10A, or paid directly to Apple Hospitality on behalf of ASRG or A10A, approximately $1.9 million and $2.0 million for the nine months ended September 30, 2015 and 2014. The costs are included in general and administrative expenses and are for the Company’s allocated share of the staffing and related costs provided by Apple Hospitality through its relationships with A10A and ASRG. As part of the cost sharing arrangements, certain day-to-day transactions may result in amounts due to or from Apple Hospitality. To efficiently manage cash disbursements, the Company, Apple Hospitality, A10A or ASRG may make payments for any or all of the related companies. Under the cash management process, each of the companies may advance or defer up to $1 million at any time. Each month, any outstanding amounts are settled among the affected companies. This process allows each company to minimize its cash on hand, which, in turn, reduces the cost of each company’s credit facility. The amounts outstanding at any point in time are not significant to any of the companies. Apple Air Holding, LLC (“Apple Air”) Membership Interest Included in other assets, net on the Company’s consolidated balance sheet as of September 30, 2015 and December 31, 2014 is a 26% equity investment in Apple Air. As of September 30, 2015, the other member of Apple Air was Apple Hospitality, which owned a 74% interest. The Company’s equity investment was approximately $0.7 million and $0.9 million as of September 30, 2015 and December 31, 2014, and is included in other assets, net in the Company’s consolidated balance sheets. The Company has recorded its share of income and losses of the entity under the equity method of accounting and adjusted its investment in Apple Air accordingly. For both the nine months ended September 30, 2015 and 2014, the Company recorded a loss of approximately $0.2 million as its share of the net loss of Apple Air, which primarily relates to the depreciation of the aircraft, and is included in general and administrative expense in the Company’s consolidated statements of operations. Through its equity investment, the Company has access to Apple Air’s aircraft primarily for acquisition, asset management and renovation purposes. Total costs paid for the usage of the aircraft for the nine months ended September 30, 2015 and 2014 were approximately $0.06 million and $0.1 million.