ING Clarion To Acquire REIT

ING Clarion Partners has agreed to acquire Apple Hospitality Two Inc., a REIT focused on the upscale, extended-stay suite segment of the hotel industry, for approximately $11.20 per share. The total deal would be valued at around $890 million, including debt. The Apple portfolio consists of 64 hotels, containing a total of 7,690 suites, across 25 states. UBS is advising Apple on the sale.